Big Ridge Gold Corp. announced additional diamond drill results from its Phase I exploration drill program at the past-producing Hope Brook Gold Project, located in southwestern Newfoundland and Labrador. Drill hole HB-22-185 intersected 0.64 g/t Au over 13.3 m including 2.37 g/t Au over 1.6 m, Drill hole HB-22-192 intersected 0.93 g/t Au over 17.0 m including 1.25 g/t Au over 9.0 m and 1.54 g/t Au over 1.0 m and 4.63 g/t Au over 1.0 m, Drill hole HB-22-193 intersected 17.5 g/t Au over 1.0 m. Of particular note are results from drill hole HB-22-198, intersecting 0.47 g/t Au over 87.0 m including 4.40 g/t Au over 2.0 m, 1.10 g/t Au over 2.0 m and 2.50 g/t Au over 7 m. This hole marks the most westward intersection of the Hope Brook deposit in the now completed Phase I diamond drill program and nearest to the previously defined 240 Zone resource.

The hole demonstrates a considerable thickening of the epithermal system in this area. Drilling continues to intersect gold and extend mineralization outside and along the projected trend of the current resource envelope, which is based on a gold price of US$1,200 per ounce and 3.0 g/t Au cut-off grade. The company has released 52 drill holes to date and 48 of those results have intersected gold mineralization.

These initial drill results have focused on near-surface mineralization to the southwest of the current resource estimate and the up-dip extensions to the 240 Zone. The Phase 1 drill program results continue to demonstrate that Hope Brook remains open in several directions and there are a series of assays pending from additional drill holes testing the 240 Zone and Main Zone. Results from the Phase I drill program continue to extend gold and copper mineralization to the southwest of the former producing Hope Brook open pit.

The holes reported in the press release confirm mineralization in a poorly tested gap to the southwest and down plunge of the resource envelope, between the Hope Brook Main Zone and the deeper 240 Zone to the west as well as continuity of the alteration package associated with the deposit. Copper mineralization which was recovered by past mine operators as a by-product credit and is known to be associated with gold mineralization at Hope Brook, has not been included in the historic resource estimates. Big Ridge's initial drill results have generated copper assays ranging from 0.05% Cu to 0.90% Cu in the majority of holes reported to date.

The Hope Brook Gold Project is an advanced stage, high-grade gold project that produced 752,162 ounces of gold from 1987 - 1997. Hope Brook hosts an indicated gold resource totalling 5,500,000 tonnes grading 4.77 grams per tonne gold for 844,000 ounces and inferred resources totalling 836,000 tonnes grading 4.11 grams per tonne gold for 110,000 ounces based on a 3.0 gram per tonne cut-off grade and a long-term gold price of USD 1,200, according to a technical report for Big Ridge Gold Corp. prepared by authors Michael Cullen, P. Geo., and Matthew Harrington, P. Geo., of Mercator Geological Services Limited and Jeffrey Burke, P. Geo., and titled "NI 43-101 Technical Report for the Hope Brook Gold Project, Newfoundland And Labrador, Canada", April 6, 2021.

The Hope Brook gold deposit is a high-sulfidation epithermal gold deposit hosted in the Proterozoic aged Whittle Hill Sandstone and is intruded by a Late Proterozoic quartz-feldspar porphyry sill-dike complex of the Roti Intrusive Suite. The deposit in located adjacent to and within an extensive advanced argillic alteration envelope which includes pyrophyllite, kaolinite, andalusite, and alunite. The principal gold mineralization occurs in a buff-colored massive, vuggy silicic alteration with an associated, less developed grey silicic alteration with pyrite, chalcopyrite and lesser bornite.

Gold mineralization is also found with pyrite in units of advanced argillic alteration adjacent to or near silicic alteration horizons. The altered and mineralized zone is cut by mafic dykes whose contacts are often mineralized. All of the altered and mineralized sequences and the intruded dykes have been folded.

Hope Brook is located 85 kilometers east of Port aux Basques, Newfoundland. The project has well maintained infrastructure on site, including an operational 28-person camp, an 1,100-meter airstrip, an ice-free docking facility and importantly, connection to the provincial electrical power grid via an on-site substation. Significant exploration potential remains on the 26,000-hectare concession providing a great opportunity to expand the mine area as well as surface showings throughout the concessions.