Brigadier Gold Limited: Press Release
01.10.2012 | Marketwire
TORONTO, ONTARIO -- (Marketwire - Oct. 1, 2012) - Brigadier Gold Limited (TSX VENTURE:BRG) (FRANKFURT:B7LN) announced today it had entered into a letter of intent (LOI) with Aman Mining Lda and Jacoma Minerais Lda, both of Maputo, Mozambique, to acquire a 70% interest in a joint venture to exploit certain resource properties in Mozambique. This follows on the purchase of Mozambique Gold Corp., as announced in May of this year. The properties are located in the TSIQUIRE-GORONGOSA area of Mozambique. Arrangements have been taken to produce a 43-101 report on the properties.On entering a definitive agreement, Brigadier will pay $1.2 million on signing the contract and a further $600,000 one year later. Brigadier will also contribute a minimum of $1 million for expenditures on the properties in each of the next 2 years at the end of which it will earn the 70% interest.
If the 43-101 report indicates significant ounces of gold on the properties, then Brigadier shall pay an additional cash bonus based on the number of indicated ounces contained in the report, including subsequent indications in follow-up reports.
The parties have committed to enter a definitive agreement by December 20th 2012.
The Tsiquire gold project, Mozambique, comprises 25.6 km² (2560 hectares) and is located near the town of Gorongosa, in Sofala Province, Mozambique. The Property encloses five groups of open pit excavations excavated by artisanal miners.
Gold mineralization has been defined by artisanal miners on the Tsiquire property over an area with a 2.7 km east-west and 1 km north-south extent. Three preliminary samples collected from 2 of the excavations, (side walls of the open pits and a high-grade artisanal stockpile) and assayed by Brigadier, returned gold values ranging from 0.7 grams per tonne (gpt) gold, to 170 gpt gold (with 96 gpt silver). The latter high-grade sample was collected from a several tonne stockpile collected by artisanal miners. Material in the 1-2 gpt gold range, which is expected to form the bulk of gold mineralization at Tsikiri, is routinely discarded by the artisanal miners, as it is not cost effective for them to recover the gold. Brigadier's exploration target is a multi-million ounce, open-pittable, high tonnage gold deposit with bonanza-grade mineralization.
Six hand-dug open pits, up to 20 metres in depth and over several hectares in total area, have been excavated within the five artisanal areas. These pits, located as a result of the discovery of high gold values in soils and vein-quartz float, have been developed in areas amenable to easy extraction and are not necessarily indicative of better gold grades. At the largest of these pits, an extensive stockworks zone may have contributed to the positive relief which aided both in the discovery and subsequent exploitation of the gold veins. Quartz float at Tsiquire is also found well away from the current diggings over an area of several square kilometres, with the full areal extent of the float yet to be defined. Quartz veining and stockworks ranging in thickness from millimetres to centimetres are readily apparent within the open pits. As well, the diggings are separated by drainages containing placer workings upstream from the pit areas, indicating as yet undefined mineralization.
An international geological team will now carry out a more detailed examination of the property.
The Mozambican Government is firmly committed to encouraging foreign investment in developing Mozambique's mining industry. To this end, a new mining and exploration policy has been implemented with the revision of the Mining Law (2002) and Regulations (2003). The new Act and Regulations have streamlined the licensing procedure and introduced reasonable minimum constraints on prospecting and mining activities which has provided security of tenure and created a more favourable investment and exploration environment.
Qualified person and quality assurance/quality control: Mr. Thomas H. Carpenter, BSc, PGeo, of Discovery Consultants, and a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Carpenter is not independent of Brigadier by virtue of being a holder of incentive stock options. Samples collected by Mr. Carpenter during a June, 2012 site visit were sealed and shipped via bonded courier to the facilities of Acme Analytical in Vancouver, BC for analysis. Acme's quality control system complies with International Standard ISO 9001:2000 requirements. Analytical accuracy and precision are monitored by the analyses of reagent blanks, reference materials and replicate samples. Quality control is further assured by the use of international and in-house standards.
Neither the 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 news release.
Contact
Brigadier Gold Limited
Mr. Denis Hayes, President & CEO
+1 (250) 317-1110
info@brigadiergold.com