VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) — Burin Gold Corp. (TSXV:BURG), (“Burin Gold” or the “Company”) is pleased to announce that following its successful IPO and listing on the TSX Venture Exchange on November 22nd, 2021, the Company has moved rapidly to mobilise an airborne geophysical survey crew to its property on the Burin Peninsula of Newfoundland. The Company has contracted Geotech Ltd. (“Geotech”) to conduct a +1,600 line-km airborne Versatile Time-Domain Electromagnetic (“VTEM”) geophysical survey over the Hickey’s Pond – Paradise Gold Project. Geotech personnel are now at the property site and the survey will be ongoing over the next several days, subject to favourable aviation weather.
The Company previously completed a VTEM survey over parts of the property in 2019. The airborne inductively induced polarization (“AIIP”) anomaly generated from the survey data by Geotech correlated closely with the spatial footprint of alteration and mineralisation around the Hickey’s Pond showing and delineated a 7 km long anomaly that is as-yet untested. With this new survey, the Company will have complete VTEM coverage over the property and will test for the first time a second trend of showings 6 km in length that has neither historical geophysical coverage nor historical drill holes.
David Clark, CEO of Burin Gold said, “We are serious about moving quickly and generating exploration results right out of the gate of our IPO. This survey will help us define drill targets on the Paradise trend, a 6 km long series of undrilled epithermal gold showings located west of our main Hickey’s Pond trend, will extend our previous survey along strike of the Hickey’s Pond trend, and help us better interpret the geology of the district. We plan to mobilise a drill in early Q1/2022 to start our resource-level drill program at Hickey’s Pond.”
Preliminary results from the airborne survey are expected in December 2021. The survey results will help define targets along strike of the known alteration trends on the Company’s property and help with district-scale geological interpretation.
About Burin Gold Corp.
Burin Gold is a newly listed public company on the TSX Venture Exchange. The Company’s principal asset is its Hickey’s Pond-Paradise Gold Project on the Burin Peninsula, Newfoundland. This project contains the Hickey’s Pond gold prospect, drill tested with an initial 1,000 m drill program in 2020 with best results of 10.8 m of 4.43 g/t Au, as well as numerous other historical high-sulphidation epithermal gold showings that have yet to be drill tested. With the successful completion of its IPO, the Company is well-positioned to commence a significant diamond drilling campaign at the Hickey’s Pond prospect, planned to start Q1/2022.
Qualified Person
David Clark, MSc, PGeo, CEO of Burin Gold, is the Company’s designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). He has prepared the technical content of this news release.
Acknowledgement
The Company acknowledges the financial assistance of the Mineral Development Division, Department of Industry, Energy, and Technology, Government of Newfoundland & Labrador, via its Junior Exploration Assistance Program. The program provides valuable financial rebates on exploration expenditures made in the province to qualifying exploration companies. The Company has benefited from the program yearly since 2018.
On behalf of the Board
“David Clark”
CEO & Director
Further Information:
David Clark
CEO & Director
Burin Gold Corp.
1-877-620-4185 – toll free
info@burin-gold.com
Forward Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
