October 20, 2021 – TheNewswire – Baru Gold Corporation (“Baru” or the “Company”) (TSXV:BARU) | (OTC:BARUF) is pleased to announce the appointment of Murphy Geological Services (“MGS”) to conduct a structural study for the entire Sangihe Island Contract of Work (CoW) area. The study is scheduled to be completed before the end of this calendar year. This effort will involve the acquisition, processing, and interpretation of Sentinel-2 and Hi-Res (WorldView, GeoEye and Pleiades) satellite imagery to develop a structural synthesis for the geological occurrence of known gold occurrences, and to establish a benchmark for future exploration targets. MGS has undertaken more than 225 remote sensing GIS and/or structural field analysis projects for mineral exploration in a wide range of tectonic settings across the world, and we look forward to using this technique to further our gold discovery ambitions.
Mr. Colin J Davies, Independent Director of Baru, adds, “I have used MGS on numerous occasions before in Indonesia, Malaysia and Mongolia, and the results are exceptional in gaining an understanding of the big picture. With this knowledge, you save time in regional exploration work by focussing on strain anomalies and the areas of structural dilation that are highlighted in this type of study. Targets are ranked by several parameters using the known data from the existing project areas as well as the satellite image interpretation, so it is both accurate and consistent. The object of the exercise is to discover more gold, and this method will certainly improve our chances in the new year.”
Mr. Terry Filbert, CEO of Baru, adds, “I believe the Company will benefit greatly from this very cost-effective exploration tool that will provide multiple ranked targets for our ground teams to follow-up and evaluate at the beginning of next year. Using this approach, MGS can also provide a high level of detail around the existing deposits, and this will aid our recently announced drilling program. I look forward to reporting the results in due course.”
On September 14, 2021, the Company announced the commencement of a 25,000 meter drilling program at the Sangihe Binbase-Bawone. This structural study will further support the reconnaissance mapping and sampling completed last month. The reconnaissance efforts identified four new prospects which could become future exploration drilling targets if the samples taken from these prospects return positive assay results. The Company will use the latest nonintrusive data gathering and interpretation methods to do the geological survey of the CoW. Nothing will be disturbed or damaged environmentally or socially.
Our team on the island has been very busy over the last few months in preparation for con-current execution of both the construction of two 100,000 tonnes heap leach pads (announced on October 5, 2021) and commencement of the drilling program (announced on September 14, 2021). During the last few weeks, the Company has constructed several drill pads in anticipation of the drill rig that is currently enroute to the island.
Note: The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s "Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia" (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in late 2021/early 2022.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
BARU GOLD CORPORATION
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
For investor contacts more information, please contact:
+1-647-725-3888 ext 702
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.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
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