Mr. Mike Bandrowski reports

BIG RIDGE GOLD CORP ANNOUNCES 2024 HOPE BROOK WORK PROGRAM

Big Ridge Gold Corp. has released details of its 2024 work program for the Hope Brook gold project located on the southwest coast of Newfoundland and Labrador. The program will follow up on the results of the successful 2023 geophysical program (see April 18, 2024, press release) in preparation for future drilling, completion of environmental baseline work initiated by the previous operator and additional ore sorting studies of Hope Brook ore.

Highlights:

• Mobilize team in mid-July;
• Complete environmental baseline work;
• Continue Hope Brook ore sorting study;
• Conduct reconnaissance work to develop drill program on newly defined extensions to Main and 240 zones;
• Advance Hope Brook toward preliminary economic assessment;
• Prepare project registration.

Michael Bandrowski, president and chief executive officer of the company, commented: "We are excited to be heading back to Hope Brook to complete another phase of work to prepare for future drilling at the Main zone and 240 zone deposits and their potential extension to the southwest. We believe there is tremendous resource growth potential at Hope Brook, and look forward to reviewing potential development scenarios that Newfoundland and Labrador presents."

Environmental baseline work

Environmental survey work was begun by Castillian Resources Inc. and successor Coastal Resources Inc. in 2010 with a view to compiling information to fulfill the requirements for an application for project registration of the Hope Brook gold project as required under environmental regulation in Newfoundland and Labrador. The study includes evaluation of the natural environment surrounding the former mine and its current condition as a brownfield mine site. Work in 2024 will continue to build on this required information. Newfoundland-based Fracflow Consultants Inc. will undertake the fieldwork and studies.

Ore sorting and gold deportment

In the second half of 2024, Big Ridge will conduct ore sorting tests to establish whether zero-grade lithologies within the HBGP mineral resource wire frames can be separated from mineralized lithologies. These tests will be conducted by the Saskatchewan Research Council.

Zero-grade lithologies are composed of postmineralization mafic and intermediate dikes and sills, which intrude the mineralized host rocks. In 2013, a preliminary X-ray transmission test of HBGP rocks suggested separation of non-mineralized rock was possible.

Available core from the project's 198 available drill holes has been selected, representing various grade and alteration characteristics of the deposit, along with associated intervals of mafic and intermediate intrusive. Zero-grade material in core accounts for 20 to 25 per cent of material in the Hope Brook deposit wire frames. Many intrusive units intersected by drill holes in the wire frames may be too small to be excluded during mining. Two tests are planned:

• A success-based dynamic test of approximately 150 kilograms of sample;
• Positive dynamic test results selectively removing mafic and intermediate dike rocks will promote a performance test using approximately one tonne of mineralized material to be conducted in conjunction with advanced metallurgical testing.

In addition to the ore sorting test, SRC will conduct a gold deportment study on selected mineralized samples to assess distribution of gold and other metallic elements and their interrelationships, including copper, a positive economic component of the mineralization.

Preparation for 2025 drill program

During 2024 field operations, Big Ridge staff will follow up on the results and interpretations developed from the 2023 DC induced polarization, magnetometer and reconnaissance sampling surveys, with a focus on a five-kilometre section of the Cinq Cerfs deformation zone, extending from the 240 zone to the southwest. This stratigraphy contains variably argillic-altered metavolcanic rocks and several prominent chargeability anomalies in strike continuation from the Hope Brook deposits. The work will assist with placement of drill holes for a new campaign in 2025. The team will also investigate a suite of anomalous gold-in-rock results, located south of the Cinq Cerfs deformation zone also identified in 2023.

Qualified person

William McGuinty, PGeo, vice-president, exploration, for Big Ridge, a qualified person within the meaning of National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed and approved the technical information contained in this news release.

About Hope Brook

The Hope Brook gold project is an advanced-stage, high-grade gold project that produced 752,162 ounces of gold from 1987 to 1997. Initial production consisted of an open pit before moving to underground mining. Hope Brook operated using both heap leach (1987 to 1990) and conventional cyanidation milling methods (1989 to 1997) with a later inclusion of flotation concentration to recover copper (1991). Government records indicate that gold recoveries from milling ranged between a low of 78.8 per cent in 1987 and a high of 85.9 per cent in 1989. Government and company annual reports indicate that gold recoveries ranged between a low of 82.1 per cent in 1994 and a high of 89.83 per cent in 1996 following a change of ownership. Copper flotation produced a concentrate at approximately 22 per cent copper and 34.3 grams per tonne gold for shipment in 1992.

Hope Brook hosts an indicated gold resource totalling 16.19 million tonnes grading 2.32 grams per tonne gold for 1.2 million ounces and inferred resources totalling 2,215,000 tonnes grading 3.25 grams per tonne gold for 231,000 ounces based on 0.4-and 2.0-gram-per-tonne cut-off grades for open-pit and underground resources, respectively, using a long-term gold price of $1,750 (U.S.).

The Hope Brook gold deposit is a high-sulphidation 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 is 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-coloured, massive, vuggy silicic alteration with an associated, less developed grey silicic alteration with pyrite, chalcopyrite and lesser bornite accessory minerals. 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 dikes whose contacts are often mineralized. All the altered and mineralized sequences and the intruded dikes have been folded.

Hope Brook is located 85 kilometres east of Port aux Basques, Nfld. The project has well-maintained infrastructure on site, including an operational 28-person camp, a 1,100-metre airstrip, an ice-free docking facility and, importantly, connection to the provincial electrical power grid through an on-site substation.

About Big Ridge Gold Corp.

Big Ridge is an exploration and development company managed by a disciplined and experienced team of officers and directors. The company is committed to the development of advanced-stage mining projects using industry best practices combined with strong social licence from its local communities. Big Ridge owns a 100-per-cent interest in the highly prospective Oxford gold project located in Manitoba and the Destiny gold project in Quebec. Big Ridge is the operator of the Hope Brook gold project located in Newfoundland and Labrador. The company currently owns 51 per cent of the Hope Brook gold project and has an option to earn up to 80 per cent by June, 2026.

Acknowledgment

Big Ridge acknowledges and appreciates the Newfoundland and Labrador Ministry of Natural Resources' financial support of the company's 2023 exploration programs through the junior exploration assistance program.

We seek Safe Harbor.