Burin Gold (BURG.V): drills broad zones of gold mineralisation at Hickey’s Pond, including 16.00 m of 1.57 g/t Au

VANCOUVER, British Columbia, April 20, 2022 (GLOBE NEWSWIRE) — Burin Gold Corp. (“Burin Gold” or the “Company”) (TSX-V: BURG) is pleased to announce gold assay results from an initial seven holes on the Company’s 2022 program of 10,000 m of diamond drilling at its 100%-owned Hickey’s Pond – Paradise Gold Property, southeastern Newfoundland, Canada.

Highlights

• 16.00 m of 1.57 g/t Au in HP-22-011, including 8.24 m of 2.58 g/t Au, 10.65 m of 1.14 g/t Au in HP-22-008, 10.50 m of 1.37 g/t Au in HP-22-013
• Broad zones of gold mineralisation now reported in over 400 m of strike, including best result from 2020 drilling of 10.8 m of 4.43 g/t Au in HP-20-002
• Large high-sulphidation epithermal gold system open along strike and to depth
• Assays from 2,600 m of the initial 3,777 m drilled are still pending
• Two drills mobilising to the property in mid-May
• Upgrade of ATV trail to Hickey’s Pond approved by Government of Newfoundland & Labrador
• Company will host a corporate update webinar on April 26th

These assay results represent the first 7 holes for which assays have been received, out of a total of 22 drill holes completed to date this year. A total of 3,777 m of diamond drilling has been completed out of the Company’s previously announced 10,000 m drill program. All holes completed have been logged and sampled, and all core samples are now at the analytical laboratory for assay. Additional results will be released as they are received.

David Clark, PGeo, Burin Gold’s CEO, commented: “These initial holes focus on approximately 150 m of strike length and test the mineralisation to 75 m of vertical depth. It’s encouraging to see consistent grade and thickness at these shallow depths. These results build on the scout drilling program we completed in 2020 which gave a best result of 10.8 m of 4.43 g/t Au, and they confirm the presence of a near-surface gold system at Hickey’s Pond, with geological characteristics consistent with those of other large-scale epithermal gold deposits in the Avalonian terrane of eastern North America. We are fully funded to complete our 10,000 m program this year. Our goals are to quickly advance towards an initial mineral resource at Hickey’s Pond, and systematically test the other high-priority epithermal targets on the property, each of which represents real discovery potential.”

Phillip Walford, Burin Gold’s Chairman, commented: “The first phase of the 2022 drilling program at Hickey’s Pond is consistent with the geological model used for the property and follows the initial 2020 seven drill hole program at Hickey’s Pond. It is still early days at Hickey’s Pond with only a small part of the 7 km long trend of interest identified by geology and geophysics. Locating areas of higher grades in the broad zone of lower gold grades is a priority. It is important to note that Hickey’s Pond is only one of the ten known showings of undrilled epithermal alteration identified to date on the 33 km length of the property. I look forward to starting the drill testing of these targets this year.”

It is expected that diamond drilling activities will resume in May after the spring breakup in Newfoundland. Two diamond drill rigs will be mobilised, with one focused on resource-level drilling at Hickey’s Pond, and the other focused on testing the other priority targets on the Company’s large land package, none of which have ever seen any historical drilling.

Burin Gold is also pleased to announce that the Hickey’s Pond trail upgrade project has been released from environmental review by the Government of Newfoundland & Labrador. The upgrade of this trail from an ATV access trail to a gravel dirt road is expected to begin in late April and its completion will considerably raise ease-of-access and travel safety to the drilling project at Hickey’s Pond.

Assay results for Hickey’s Pond drilling program

Gold fire assay results have been received for seven holes out of the twenty-two holes drilled so far in the Company’s 2022 program. Composited assays for gold are given below in Table 1. Collar location and orientation data are given in Table 2. Multi-element geochemistry and spectral mineralogy interpretations are pending.

Table 1: Composited gold intercepts for Hickey’s Pond drilling. Assay results have been received out of sequence from the analytical laboratory and are reported as they are received. Assays are pending for holes HP-22-009, HP-22-015 to HP-22-019, and HP-22-021 to HP-22-029. True thickness is estimated based on an assumed dip of the shear zone of 45° to the NW and the attitude of the drill hole.

A plan map is given in Figure 1, showing the drill collars and traces for all holes completed during the Company’s winter 2022 program, as well as the holes completed by the Company in its scout 2020 program. Two schematic sections are shown in Figure 2 and Figure 3 showing intial 2022 results in the area of Hickey’s Pond. The sections show mineralisation is continuous along strike and open to depth. These intial holes test the mineralisation at shallow depths of up to 75 m vertical distance. Mineralisation is associated with boudined quartz-hematite-alunite alteration and quartz-hematite breccias hosted within a northwest-dipping shear zone.

Summer drill program update

The Company expects that the next phase of Burin Gold’s drill program will commence in late May and will include two diamond drills. The first will continue work on the Hickey’s Pond mineralised system, drilling on systematic drill centres. The objective of this summer program will be to document the system in sufficient detail to be able to prepare a preliminary resource estimate for H1/2023. The second drill will focus on the Company’s several high-priority targets on its large land package. The Company has documented each of these targets and has completed geochemical, geological, and geophysical surveys across the large land package. Each of these targets represents a centre of epithermal activity which could represent significant mineralisation in the subsurface, and none of them have ever been drilled historically.

Hickey’s Pond gravel road upgrade authorized

On March 25^th, 2022, the Minister for Environment and Climate Change of the Government of Newfoundland & Labrador released the Company’s proposed project to upgrade the Hickey’s Pond ATV access trail to an all-weather gravel road. Subject to standard conditions and additional minor permitting required for culverts and a small bridge, the Company is now fully authorized to start work on this project. The work is anticipated to begin in late April, to be completed in time for the Company’s summer drill program. The gravel road upgrade is expected to greatly increase the safety and ease of access to the Hickey’s Pond showing and the 7 km long trend of geophysical anomaly the Company intends to test later this year.

Upcoming webinar

The Company is also pleased to announce that President and CEO, David Clark, and Chairman, Phillip Walford, will be presenting a corporate update in a live webinar taking place on Tuesday, April 26th at 13:00 PDT / 16:00 EDT. The webinar will be hosted by Focus Communications Investor Relations (“FCIR”) and Cory Fleck of the Korelin Economics Report. Participants are encouraged to submit any questions for the Company prior to the event by emailing FCIR at [email protected]. To register for the webinar please click the link below.

Registration: https://event.webinarjam.com/channel/BURG

Figure 1: Plan map of diamond drill hole traces around the Hickey’s Pond showing
https://www.globenewswire.com/NewsRoom/AttachmentNg/2d0a4827-638e-4098-b410-0f71eda49651

Figure 2: Schematic section through the Hickey’s Pond system, section A-A’ (see plan map).
https://www.globenewswire.com/NewsRoom/AttachmentNg/2d5d429a-bc7d-467a-99c5-41b6a59b4184

Figure 3: Schematic section through the Hickey’s Pond system, section B-B’ (see plan map). Assays for hole HP-22-009 are pending.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3fbbca70-8f3a-43f7-af29-19410be80994

Sampling, quality assurance & quality control

NQ-sized core samples with nominal lengths of 1.0 m were sawed longitudinally in half. Half-core samples were collected for assay, and the remaining half-core returned to the core box. Appropriate geochemical standards spanning a range of gold concentrations (OREAS North America Inc.), geochemical blanks (locally sourced granite), as well as sample duplicates were introduced into the sample stream following industry best practice guidelines. Core samples were delivered by Company personnel to Eastern Analytical Ltd., Springdale NL, for gold fire assay analysis. The entire sample is crushed, an appropriate subsample pulverised, and a 30 g gold fire assay with atomic absorption instrumental finish performed.

Drill hole collar information

Table 2: Hole collar location data. Positional data is given in UTM zone 21 projection, NAD83 horizontal datum, and CGVD28 HTv2.0 vertical datum. Azimuths are given in degrees relative to UTM north, and inclination in degrees.

About Burin Gold Corp.

Burin Gold is a recently listed public company on the TSX Venture Exchange (TSX-V:BURG). The Company’s principal asset is its Hickey’s Pond-Paradise Gold Project on the Burin Peninsula, Newfoundland. This project contains the Hickey’s Pond gold prospect, drill tested with an initial 1,000 m drill program in 2020 with best results of 10.8 m of 4.43 g/t Au, as well as numerous other historical high-sulphidation epithermal gold showings that have yet to be drill tested. The Company has initiated a 10,000 m diamond drill program on the property in Q1/2022 and expects to be drilling throughout the year.

Qualified Person

David Clark, MSc, PGeo, CEO of Burin Gold, is the Company’s designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). He has prepared the technical content of this news release.

Acknowledgement

The Company acknowledges the financial assistance of the Mineral Development Division, Department of Industry, Energy, and Technology, Government of Newfoundland & Labrador, via its Junior Exploration Assistance Program. The program provides valuable financial rebates on exploration expenditures made in the province to qualifying exploration companies. The Company has benefited from the program yearly since 2018.

On behalf of the Board

“David Clark”

CEO & Director

Forward Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.