TORONTO, Sept. 29, 2020 /PRNewswire/ - Battle North Gold Corporation (TSX: BNAU) (OTCQX: BNAUF) ("Battle North" or the "Company") has commenced regional exploration work on its Red Lake Properties, with emphasis on the high-priority targets of McCuaig, East Bay, Slate Bay/DMC and Sidace Lake. This multiphase work program will position the Company to commence extensive exploration drilling in early 2021.
Battle North President and Chief Executive Officer George Ogilvie, P.Eng., stated, "Our Red Lake Properties contain several high-potential exploration targets that have shown signatures of high-grade mineralization from historical exploration drilling. We believe there is the potential for a major discovery on our Red Lake Properties and the targets we have identified are within trucking-distance of our significant infrastructure at the Bateman Gold Project. The initial review of our Red Lake Properties and the historical exploration work completed, positions us to commence exploration drilling in early 2021. I am very encouraged by the initial thoughts from our consultants on the potential exploration targets, based on their deep knowledge of the Red Lake gold camp. The Company has also initiated a search of candidates to fill a new Regional Exploration leadership role, with the expectation that the incumbent will be in the role before year–end."
Red Lake Properties Strategy
With the maiden Feasibility Study for the 100% owned, shovel-ready Bateman Gold Project on the verge of completion, the Company will be intensifying exploration efforts on its vast Red Lake Properties. Battle North owns more than 28,000 hectares of prime exploration land in Red Lake (the second largest exploration land ownership in the region) and believes that the thorough exploration of these Red Lake Properties could unlock organic growth opportunities outside of the Bateman Gold Project and the nearby String of Pearls exploration targets (which include the McFinley and Pen Zones). The Red Lake Properties encompass four major gold deformation zones in the region, including the famous Mine Trend and the East Bay Deformation Zone ("EBDZ"). Battle North has already identified high-priority targets within 10 kilometres of the Bateman Gold Project that it intends to drill in early 2021. Some of these exploration targets have historical high-grade drilling information that warrants follow up and/or are adjacent to known areas of gold mineralization. Please see Diagram 1 displaying Battle North's Red Lake Properties and its high-priority exploration targets. Some specifics of the Red Lake Properties strategy are as follows:
- Hired external consultants with deep Red Lake exploration experience to conduct an initial assessment of the Red Lake Properties and develop exploration work programs, including geophysics, geochemistry, and plans for drilling including this winter season.
- The Company is currently evaluating candidates for a new Regional Exploration leadership role and anticipates completing the process before year-end. The role will oversee all of the exploration work programs at the Red Lake Properties and the Company's properties in Nevada and Utah.
- The Company has budgeted C$10 million for exploration work for completion by December 31, 2021.
Battle North has hired the Nordmin Group of Companies Ltd. ("Nordmin") to assist with the review of the exploration work programs for the Red Lake Properties. The key consultants of Nordmin, Messrs. Tim Twomey, P.Geo. and Glen Kuntz, P.Geo., have extensive exploration experience in the prolific Red Lake gold mining camp.
Mr. Twomey, a renowned geoscientist, has more than 30 years of exploration, production and management expertise, with a major portion of his career in the Red Lake gold mining camp. Tim played a key role in the discovery, development and production of the High-Grade Zone at the Red Lake Gold Mines, and was also part of the exploration team that discovered the GAZ Zone, at the Red Lake Gold Mines (now owned by Evolution Mining Ltd.). The GAZ Zone is located directly south of Battle North's East Bay exploration target and within the East Bay Deformation Zone, a major gold-bearing geological structure running north east in the Red Lake gold mining camp. In addition, Tim has been involved with the review of many of the Red Lake exploration targets over his career.
Mr. Kuntz, a geoscientist veteran, also has exploration, production, and management expertise in the Red Lake gold camp. Glen spent 6 years in the Red Lake camp working as a Senior Resource Geologist and Project Geologist at the Red Lake Gold Mines. He was responsible for key activities, such as grade control, mineral resource and mineral reserve estimation, and provided mine and district-wide 3D geological and structural models for building a production pipeline of the Projects. Mr. Kuntz has over 27 years of experience working in numerous international mining jurisdictions, including Australia, South America, South Africa and the United States.
About Battle North Gold Minerals Corporation
Battle North Gold is a Canadian gold mine developer led by an accomplished management team with successful underground gold mine operations, finance, and capital markets experience. Battle North owns the significantly de-risked and shovel-ready Bateman Gold Project, located in the renowned Red Lake gold district in Ontario, Canada and controls the strategic and second largest exploration ground in the district. Battle North also owns a large gold exploration land package on the Long Canyon gold trend near the Nevada-Utah border in the United States. Battle North's shares are listed on the Toronto Stock Exchange (BNAU) and the OTCQX markets (BNAUF). For more information, please visit our website at www.battlenorthgold.com.
BATTLE NORTH GOLD CORPORATION
George Ogilvie, P.Eng.
President, CEO, and Director
Diagram 1: Red Lake Gold Camp Properties Map including Battle North Red Lake Properties
Cautionary Statement regarding Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipates", "assumptions", "believe", "budgeted", "contingencies", "could", "demonstrate", "de-risked", "driver", "efforts", encouraged", "exhibits", "exploration", "factors", "forward", "future", "intends", "may", "ongoing", "opportunities", "plans", "possible", "potential", "profile", "program", "project", "shovel-ready", "signatures", "strategy", "study", "targets", trend", "uncertainties", and "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, will (or not) be achieved, demonstrate, occur, provide, result or support in the future. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include statements regarding mineralization; exploration targets including initial thoughts of consultants; exploration work programs and exploration drilling including timing and potential outcomes; the ongoing Feasibility Study for the Bateman Gold Project; and hiring of a Regional Exploration leader including timing.
Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this news release which may prove to be incorrect include those set forth herein, and in the Company's Management's Discussion and Analysis for the quarter ended June 30, 2020 (the "Q2, 2020 MD&A") and the accompanying financial statements, and the July 7, 2020 Technical Report for the Bateman Gold Project (the "July 2020 Technical Report"), all available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com.
Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of Battle North to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others: gold price fluctuations; possible variations in mineralization, grade or recovery or throughput rates; uncertainty of mineral resource estimates; inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of exploration activities including their impact; delays in completion of exploration and other drilling or plans, and any modelling, re-interpretations or studies, including the ongoing Feasibility Study for the Project, for any reason including insufficient capital and other risks, uncertainties, contingencies and factors identified herein; labour issues at the Company or third parties, such as government and regulatory agencies, suppliers and service providers, including labour shortages and/or work curtailments or stoppages as may result from COVID-19; conclusions of economic, geological or structural evaluations and models; changes in Bateman Gold Project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays and other risks related to operations; the ability to obtain and maintain permits, including drilling permits, and other regulatory approvals (as well as the timing and terms thereof) and to comply with such permits, approvals and other applicable regulatory requirements; the ability of Battle North to comply with its obligations under material agreements including its current loan facility and other financing agreements; the availability of financing for proposed programs and working capital requirements on reasonable terms and in a timely manner; the ability to meet, repay, or refinance, or replace, or renegotiate current and future debt obligations on reasonable terms and in a timely manner including the current loan facility and closure and reclamation surety bond; the ability of third-party service providers and other suppliers to deliver on reasonable terms and in a timely manner (including those working on the ongoing Feasibility Study for the Bateman Gold Project); risks associated with the ability to retain key executives and key operating personnel; cost of environmental expenditures and potential environmental liabilities; relations with local communities including First Nations; failure of plant, equipment or processes to operate as anticipated; cost of supplies; market conditions and general business, economic, competitive, political and social conditions; our ability to generate sufficient cash flow from operations or obtain adequate financing to fund our capital expenditures and working capital needs and meet our other obligations; the volatility of our stock price, and the ability of our common stock to remain listed and traded on the TSX; epidemics, pandemics and other public health crises, including COVID-19 or similar such viruses; and the "Risk Factors" in the Company's annual information form dated March 27, 2020 ("2020 AIF") as well as the risks, uncertainties, contingencies and other factors identified in the July 2020 Technical Report and the Q2, 2020 MD&A and accompanying financial statements, all of which are available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company's business, financial condition and prospects that is provided in the 2020 AIF.
The forward-looking statements referenced or contained herein are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the Q2, 2020 MD&A, the 2020 AIF and the July 2020 Technical Report. Forward-looking statements contained herein are made as of the date of this news release (or as otherwise expressly specified) and Battle North disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
SOURCE Battle North Gold Corporation