TORONTO, Feb. 16, 2021 /CNW/ - Battle North Gold Corporation (TSX: BNAU)(OTCQX: BNAUF) ("Battle North" or the "Company") is pleased to provide an update on its 2021 Red Lake exploration plans. The Company plans to conduct exploration activity on its high-priority targets on its Red Lake Properties and is pleased to announce that drilling at its highly prospective McCuaig target has commenced.
CEO Comment
Battle North President and CEO George Ogilvie, P.Eng., commented, "We are pleased to finally start drilling on our Red Lake Properties and are excited by the potential for meaningful discoveries through our planned work programs this year. Our programs will reflect and greatly benefit from the impressive wealth of knowledge and experience of Red Lake geology of Maura Kolb, P.Geo., our Director, Regional Exploration, her team and our consultants. The regional program will supplement our existing mine site exploration activity which has yielded positive results over the past few years."
"Our first drill program of the year has been activated on the McCuaig target. We recently completed our first hole, which is currently being logged and will soon be sent for assaying. It is encouraging that the hole encountered the lithological sequence that we expected for the McCuaig target and we look forward to updating the markets upon completing the assaying and our analysis from our drilling."
"Drilling at the McFinley Zone will focus on potentially expanding its Mineral Resource estimate, particularly at depth, where the mineralization remains open. We are encouraged by the drilling to date and we look to update the markets upon the receipt of assay results. By the end of Q1/ 2021, we plan to issue a Mineral Resource estimate for the Pen Zone, where mineralization remains open at depth and drilling continues to potentially expand that anticipated estimate."
"In addition, a third exploration drill has been secured and will mobilize to our East Bay target shortly."
2021 Exploration Plans
In 2021, Battle North is committing up to C$7 million on exploration of its Red Lake Properties (See Diagram 1 at the end of this news release for the Red Lake Regional Properties map) and its key String of Pearls targets – the McFinley and Pen Zones (See Diagram 2 for a map). The Company has planned up to 22,000 metres ("m") of drilling in 2021.
Red Lake Properties
Battle North's Red Lake Properties consist of more than 288 square kilometres ("km") of contiguous, prime exploration land in the Red Lake Gold District, the second largest holdings in the district. The Red Lake Properties lay on the heart of the major gold-bearing structural trends of the district. These trends host most of the Red Lake belt's gold occurrences and historical and current gold production in the district, including the Mine Trend, the East Bay Trend, the Post Narrows Trend, the Pipe Stone Bay Trend, the Rivard Trend, the Newman-Todd Trend and the Howey Bay Trend. The Company has not conducted significant exploration work on its Red Lake Properties in more than 10 years.
McCuaig and Humlin South Targets
McCuaig is located approximately 8 km southwest of the Bateman Gold Project ("Project"). Humlin South is located approximately 7 km southwest of the McCuaig target. (See Diagram 3 for the geological map of the McCuaig and Humlin South targets.) In early February, Battle North commenced drilling at the McCuaig target, its top priority, and expects to commence drilling at the Humlin South target upon completion of the McCuaig drilling.
Reasons for exploring:
Work program:
Diagram 3 – McCuaig and Humlin South Targets and Geological Map
East Bay Target
East Bay is located approximately 5 km northeast of the Project. (See Diagram 4 for the geological map of the East Bay target.)
Reasons for exploring:
Work program:
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1 For more information regarding the F2 Gold Deposit (including current Mineral Reserve and Mineral Resource estimates) and the McFinley Zone (including current Mineral Resource estimates) please refer to the current Technical Report for the Project dated January 27, 2021 (the "Project Technical Report"), available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com. |
Diagram 4 – East Bay Targets and Geological Map
Slate Bay Target
Slate Bay is located approximately 10 km west of the Project and 5 km northwest of the McCuaig target. (See Diagram 5 for the geological map of the Slate Bay target.)
Reasons for exploring:
Work program:
Diagram 5 – Slate Bay Target and Geological Map
Advance-Wolf Bay Targets
Advance-Wolf Bay is located approximately 30 km southwest of the Project. (See Diagram 6 for the geological map of the Advance/Wolf Bay targets.)
Reason for exploring:
Work program:
Diagram 6 – Advance-Wolf Bay Target and Geological Map
Other Targets
The Company will also be conducting exploration work on other highly-prospective targets including Adams Lake and targets on the Post Narrows Trend (DMC, Humlin North, and Red Lake North). These work programs will consist of data compilation, digitization, field mapping, sampling, and interpretation/model updates.
String of Pearls – McFinley and Pen Zone
The McFinley and Pen Zones continue to demonstrate strong exploration upside and the potential to provide incremental mill feed to the Project due to their close proximity to the Project's existing infrastructure. Battle North recently declared a McFinley Zone Mineral Resource estimate1 and is on schedule to provide a maiden Mineral Resource estimate at the Pen Zone by the end of Q1/2021; both zones remain open along strike and at depth. The Company is planning up to 6,400 m of drilling in 2021. Drilling will be focused on testing the depth extensions of these zones, potentially expanding current McFinley Mineral Resource estimate and anticipated Pen Zone Mineral Resource estimate, as well as infill drilling at the McFinley Zone.
About Battle North
Battle North is developing the Bateman Gold Project to become the next gold producer in the renowned Red Lake Gold District in Ontario, Canada and controls the 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 Claims map
Diagram 2 String of Pearls Targets – Plan View Map
Cautionary Statements regarding Forward-Looking Statements and Other Matters
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 "anticipated", "assumption", "budget", "committing", "contingencies", "demonstrate", "developing", "encouraging", "estimate", "expected", "exploration", "factors", "favourable", "feasibility", "focus", "forecast", "forward", "future", "launches", "may", "model", "need", "plan", "potential", "priority", "program", "project", "promising", "prospective", "risk", "sampling", "schedule", "shortly", "shovel-ready", "soon", "strategic", "study", "subject to", "target", "testing", "trend", "uncertainties", "upon", "upside", and "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, may, could, should, will (or not) be achieved, occur, provide or result 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 the 2021 exploration plans for the Company's Red Lake Properties (including the various identified targets, and the prospectivity and potential thereof), related work programs (including the activities thereunder, scope (including metres of drilling), timing and potential thereof, and expenditures therefor); the String of Pearls (including the McFinley and Pen Zones) and planned drilling thereat, and the potential thereof (including openness at depth and along/on strike, and potential to expand Mineral Resource estimates); mineralization; Mineral Reserve and Mineral Resource estimates for the F2 Gold Deposit; Mineral Resource estimates for the McFinley Zone, expectations of declaration of a Mineral Resource estimates for the Pen Zone, the potential for any such targets to provide incremental mill feed for the Project; developing the Project; and future updates on any of the foregoing.
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, as well as the Project Technical Report, the Company's annual information form dated March 27, 2020 ("2020 AIF") and the Company's Management's Discussion and Analysis for the three-quarters ended in 2020 (collectively, the "2020 MD&A") and accompanying financial statements, all available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com, as well as: (1) permitting, exploration and development at the Project being consistent with the Company's current expectations including the maintenance of existing permits, licenses and other approvals and the timely receipt of other permits, licenses and other approvals necessary from time–to–time; (2) political and legal developments being consistent with its current expectations; (3) the completion of necessary work, evaluations and studies, and provision of services, on the timelines currently expected (notwithstanding the risks, uncertainties, contingencies and other factors described below including COVID-19) and the results being consistent with the Company's current expectations; (4) development and construction at the Project being consistent with the Company's expectations including budget, forecast cost and expenditures, and schedule thereof; (5) the exchange rate between the Canadian dollar and the U.S. dollar being approximately consistent with current expectations; (6) price assumptions for gold; (7) prices for diesel, natural gas, electricity and other key supplies being approximately consistent with current levels; (8) the accuracy of the Mineral Reserve and Mineral Resource estimates in the Project Technical Report (including ore tonnage and grade estimates) and the Company's internal models; (9) labour and materials costs being consistent with the Company's current expectations; (10) continuing amenable relations with key stakeholders including local communities and First Nations; (11) the closing of the Credit Facility previously announced by news release on December 22, 2020 substantially on the terms of the Commitment Letter described therein, a copy of which is available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com (the "Credit Facility News Release"); and (12) the Company's ability to meet future debt obligations and/or complete future financings to raise additional capital as and when needed to fund ongoing operations and construction of the Project.
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; variability and other uncertainty of geological settings, trends and structures; uncertainty of Mineral Reserve and Mineral Resource estimates; inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of exploration activities including their timing and impact; delays in completion of exploration and other drilling, programs or plans, and any modelling, re-interpretations or studies, 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 including those reflected in the Project's Feasibility Study and Mineral Reserve and Mineral Resource estimates; changes in 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 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 Project development and construction contracts and any current or future financing agreements; the availability of financing for proposed programs and working capital requirements on reasonable terms and in a timely manner; the ability to close the Credit Facility substantially on the terms of the Commitment Letter previously announced; not closing the Credit Facility substantially on the terms of the Commitment Letter as previously disclosed; the sufficiency of the proceeds of the Credit Facility, together with cash currently on the Company's balance sheet, to fund the Project to Commercial Production; 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 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; 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 the Company's share price, and the ability of our common shares to remain listed and traded on the TSX; epidemics, pandemics and other public health crises, including COVID-19 or similar such viruses; the impact of any merger, acquisition or other strategic transaction involving the Company including any acquisition or other change in control of the Company; the "Risk Factors" in the 2020 AIF, the risks, uncertainties, contingencies and other factors identified in the Project Technical Report and the 2020 MD&A (and accompanying financial statements). 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 and the other aforementioned documents.
The forward-looking statements referenced or contained herein are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the 2020 AIF, the Project Technical Report and the 2020 MD&A (and accompanying financial statements). 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.
Cautionary Statement regarding Mineral Reserve and Mineral Resource Estimates
Until mineral deposits are actually mined and processed, Mineral Reserves and Mineral Resources must be considered as estimates only. Mineral Resource estimates that are not Mineral Reserves do not have demonstrated economic viability. The estimation of Mineral Reserves and Mineral Resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described in the foregoing Cautionary Statements, as well as those described in the 2020 AIF, the 2020 MD&A (and accompanying financial statements) and the Project Technical Report. The Mineral Reserve and Mineral Resource estimates referenced in this news release were reported using Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (the "CIM Standards") in accordance with National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101").
Cautionary Statement to U.S. Readers
This news release uses the terms "Mineral Resource" and "Mineral Reserve" as defined in the CIM Standards (collectively, the "CIM Definitions") in accordance with NI 43-101. While these terms are recognized and required by the Canadian Securities Administrators in accordance with Canadian securities laws, they are not recognized by the United States Securities and Exchange Commission (the "SEC") and differ materially from the definitions in SEC Industry Guide 7 under the United States Securities Act of 1933, as amended. The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934 (the "SEC Modernization Rules") which, on January 1, 2021, replaced the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7. The SEC Modernization Rules include the adoption of terms describing "mineral reserves" and "mineral resources" that differ from the corresponding CIM Definitions. Accordingly, there is no assurance that any "Mineral Resource" or "Mineral Reserve" estimate that the Company may report under NI 43-101 would be the same had the Company prepared such estimates under the standards adopted under the SEC Modernization Rules. For the above reasons, the "Mineral Resource" and "Mineral Reserve" estimates and related information in this news release may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. The Company is not required to provide disclosure on its mineral properties under SEC Industry Guide 7 or the SEC Modernization Rules and will continue to provide disclosure under NI 43-101.
Qualified Person
The scientific and technical content of this news release has been read, verified and approved by Mike Willett, P.Eng., Battle North's Vice President, Operations and Projects and Maura Kolb, P.Geo., the Battle North's Director, Regional Exploration, who are a Qualified Persons as defined by NI 43-101.
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
Allan Candelario, CFA, Vice President, Investor Relations, Phone: +1 (416) 766-2804 | E-mail: [email protected] | www.battlenorthgold.com, Battle North Gold Corporation | Suite 830-121 King St. W. | Toronto ON, CANADA M5H 3T9
http://www.battlenorthgold.com/
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