Gold Stock News - Big Gold (CSE: BG) Acquires Tabor Project in Shebandowan Area
Toronto, Ontario - April 6, 2023 (Newsfile Corp.) (Investorideas.com Newswire) Big Gold Inc. (CSE: BG) (the "Company" or "Big Gold") is pleased to announce the acquisition of the Tabor Project ("Tabor" or the "Project") located within the Shebandowan Greenstone Belt northwest of Thunder Bay, Ontario. The addition of Tabor places Big Gold on trend with Goldshore's 4.17 million ounce (grading 1.1 g/t Gold) Moss Lake Gold deposit* (see Figure 1) and gives the Company an opportunity to explore year round.
The Tabor property consists of 156 mineral claims and is well located, with a highway, rail line and power line all cutting through or adjacent to the project. Local communities and educated workers will help make exploration efficient and cost effective. The Project is located immediately to the east of the extensive landholdings of Goldshore Resources Inc.'s high profile Moss Gold Project (where a 100,000 metre drill program is underway) and west along trend with Delta Resources' Delta-1 Gold project which recently drilled 6.49 g/t gold over 10 metres.
Gold mineralization on the Project of roughly 3,120 hectares is reportedly associated with quartz veins, shearing and sulphides including pyrite, pyrrhotite, sphalerite and chalcopyrite. Geological host rocks include mafic volcanics, sericite schists, felsic porphyry units and chemical sediments. Gabbro, sericite schist and bedded sediments are also reported to outcrop on the Project.
"As our technical team continues its interpretation of the fall 2022 exploration campaign at our Martin Kenty Project, we are focusing our attention on geographical diversification to ensure that we have year-round catalysts driving shareholder value," commented President and CEO Scott Walters. "Tabor is located in a great jurisdiction with numerous deposits and developments on trend and our timing to acquire the project allows us to launch a program right away."
Claims that cover part of the land package have been the subject of sporadic exploration over the past 70 years with drill programs first undertaken in 1955, then again in 1960s, and in 1983. Work carried out at Tabor by Realm Mining Corporation was sufficiently interesting that in 1960 The Northern Miner wrote an article that reported: "...the drill holes tested the zone over a length of 200 feet and indicated a grade of 1.38 ounces of gold per ton across an average width of 4.1 feet. The best intersection is reported to have assayed 2.00 ounces of gold per ton over a true width of 5.1 feet (The Northern Miner, 18 Feb. 1960)".
Of note, in 1980 prospector Knut Kuhner carried out trenching and sampling and extracted 47 tons of mineralized material. Noranda processed 7 tons of that material and Northern Concentrators processed 40 tons. The 47 tons yielded approximately 13 ounces of gold, implying a recovered grade of roughly 0.276 ounces of gold per ton*.
Under the terms of the Acquisition, Big Gold will issue 1,400,000 common shares of the Company and pay the Vendor $6,500 for a 100% interest in the Tabor Property, subject to a 2% NSR ("net smelter royalty"). The Company can buy back 1% of the NSR for one million dollars.
Learn more about the Company on its website: https://biggold.ca/.
Bruce Durham, P.Geo., is a Qualified Person, as that term is defined by Canadian regulatory guidelines under NI 43-101 and has read and approved the technical information contained in this press release.
About Big Gold Inc.
Big Gold Inc. is a junior mining exploration company. Its initial focus is to conduct exploration programs on the Martin Kenty Property located in Ontario. Big Gold will also continue to consider other opportunities as they arise, with the objective of acquiring and exploring early-stage base and precious metal projects.
For more information, please contact investor relations at firstname.lastname@example.org.
On Behalf of the Board of Directors,
President and CEO
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results.
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