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BRG Brigadier Gold Limited

0.01
0.00 (0.00%)
23 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Brigadier Gold Limited TSXV:BRG TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.01 0.005 0.01 0 01:00:00

Brigadier Gold Limited: Press Release

01/10/2012 8:53pm

Marketwired Canada


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.


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