Brigadier Gold Limited

Brigadier Gold Limited

November 03, 2009 17:29 ET

Brigadier Gold (TSX-V: BRG) Options Little Stull Lake Project

Exploration project has an estimated historic potential 250,000 oz gold resource near 1.2 M Oz Monument Bay deposit

TORONTO, ONTARIO--(Marketwire - Nov. 3, 2009) - Brigadier Gold Limited ("Brigadier" or "the Company") (TSX VENTURE:BRG) today announced it has entered into a Term Sheet for an Option Agreement with Puma Exploration Inc. ("Puma"), which will follow with a formal agreement, to acquire Puma's 71.6% interest in the Little Stull Lake gold project in northeastern Manitoba.

Under terms of the Option Agreement, which is subject to regulatory approval, Brigadier can acquire Puma's interest by issuing 1,000,000 common shares to Puma, along with an additional 4,000,000 common shares following a 60-day due diligence period. Tanqueray Resources Limited, which has a right of first refusal on Puma's interest, owns the remaining 28.4% interest in the Little Stull Lake gold project. The Option Agreement includes a Pre-Commercial Production Advance Royalty and NSR. Brigadier will be the operator.

"We're excited to be adding such a prospective project that has an estimated historic potential gold resource in what could be a new Canadian gold mining camp," said Herb Kokotow, President and CEO. "Along with our other projects in the Kirkland Lake-Larder Lake, and Matachewan camps, Brigadier has projects in some of Canada's richest gold producing areas."

The Little Stull Lake project is located 15 km north of the Monument Bay deposit, owned by Rolling Rock Resources. Monument Bay contains slightly more than 1,212,000 ounces of gold at 5.98 g/t gold (cut off grade 3 g/t) in a geologic setting similar to that identified at Little Stull Lake. This Rolling Rock Resources NI 43-101-compliant resource estimate was carried out by Beacon Hill Consultants in November 2008. In February 2009 Rolling Rock Resources also released a positive preliminary economic assessment of Monument Bay.

The Little Stull Lake Project has five (5) mineralized zones containing gold-bearing lenses, located along a major fault zone of approximately 60 km in length. A historical (non-43-101-compliant) resource of approximately 250,000 ounces of gold (750,000 tonnes @ 10.3 g/t Au) was estimated by Westmin Resources in 1991.

In its Phase One drilling campaign, Puma completed ten (10) drillholes totaling 1,500 metres in the 11W Zone. This zone carries the highest gold grades intersected in drilling during previous work, with intersections of 330 g/t Au, 202 g/t Au, and 125 g/t Au over one metre of core. All of Puma's holes intersected the mineralized zone, which contains an average of three core intersections per hole, each approximately one metre in length with gold values ranging up to 46 g/t Au. Individual intersections contained values as high as 46.0 g/t Au, 15.6 g/t Au, 8.4 g/t Au, and 7.2 g/t Au (see Puma's press Release of 09/01/2008). Brigadier's exploration is supervised by L.G. Hobbs, P.Eng., Project Geologist and a qualified person under National Instrument 43-101. Mr. Hobbs has reviewed and approved the contents of this news release.

The resource estimate quoted herein is based on prior data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to verify the classification of the mineral resource estimate. The Company is not treating the mineral resource estimate as NI 43-101 defined resources verified by a qualified person. The historical estimate should not be relied upon. This property requires considerable further evaluation which Brigadier's management and consultants intend to carry out in due course. The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of this release. This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Brigadier, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Brigadier's expectations are disclosed under the heading "Risk Factors" and elsewhere in Brigadier's documents filed from time-to-time with regulatory authorities.

Contact Information

  • Brigadier Gold Limited
    Herb Kokotow
    President & CEO
    (416) 410-7956
    (905) 707-1520 (FAX)