News

December 17, 2024 Toronto, Canada - BG Gold Capital II Corp. (“BG Gold” or the “Company”) is pleased to announce the results of its successful exploration programme at the Whale Cove Project (formerly the Pistol Bay Project, the “Project”) in Nunavut, Canada.

We are pleased to have completed the largest ever drilling programme at the Vickers deposit, totalling 8,230m, which was delivered on time and within budget. The programme aimed to extend the deposit, particularly by testing if mineralisation extended down-plunge, and gather additional structural information on the mineralisation.

We are delighted that the results confirmed our structural and mineralisation thesis, intersecting gold mineralisation and critical geological units within all new targeted zones. This demonstrated an extension of the mineralisation zone down-plunge by up to approximately 200m and down to a vertical depth of 600m. Drilling in proximity to the main deposit also discovered additional high-grade zones, including the following mineralised intersections:

• 24PB109 71m @ 3.5 g/t

  • Including 26m @ 7.0 g/t

• 24PB107 30m @ 8.2 g/t

  • Including 3m @ 69.4 g/t

• 24PB110 14m @ 4.3 g/t

This has added a high-grade down-plunge extension of potentially approximately 90m and is expected to drive improved mineral resource parameters.

We deployed orientated drilling in 2024 which has provided us with critical structural data from the target zones. The geological indicators associated with high-grade mineralisation up-plunge were observed in the deep, down-plunge drill results, including the continuation of the primary mafic intrusion (Gereghty Plug) and the Quartz Feldspar Porphyry (interpreted as related to a source of goldbearing fluids).

The Company will combine the drilling data from 2024 with the results of our 2023 Vickers structural report to assess the potential of generating a current mineral resource estimate. This will inform the Company’s ongoing consideration of plans for 2025.

About BG Gold

BG Gold owns the Whale Cove Gold Project (formerly the Pistol Bay Project), a 781 km2 contiguous claim area near the hamlet of Whale Cove in Nunavut, Canada. Vickers, the principal target on the Project, has a historical inferred mineral resource estimate of 1.58 Moz of gold contained within 22,370,000 tonnes at 2.20 g/t Au, which includes high-grade intersections (e.g. 101m @ 12.3 g/t Au and 163m @ 5.6 g/t Au) that warrant follow-up drilling. Vickers is roughly 80 km away from Agnico Eagle’s Meliadine mine, which has a 3.77 Moz mineral reserve and produced 364 Koz in 2023. A further 13 prospective targets have been identified on the Whale Cove Gold Project.

For further information, please visit:

https://bggold.ca/

https://www.linkedin.com/company/102049875 

Qualified Person and Technical Information

The technical information contained in this press release has been reviewed and approved by David Reading, the Chair of BG Gold’s Technical Committee and a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

The mineral resource estimate referred to in this press release is considered a “historical estimate” as defined under NI 43-101 and has been derived from a technical report entitled “Technical Report for the Pistol Bay Gold Project, Nunavut, Canada” prepared for Nord Gold SE by Aleksandr Mitrofanov, PhD, PGeo and Joycelyn Smith, PGeo of SRK Consulting (Canada) Inc. (“SRK Canada”) dated February 27, 2020 with an effective date of February 5, 2020. The historical estimate is reported using the categories of mineral resources as defined by the CIM Definition Standards for Mineral Reserves, but the Company has not had a “qualified person” complete sufficient work to classify the historical estimate as a current mineral resource, and the Company is not treating such estimate as a current mineral resource estimate. However, the Company considers the estimate to be relevant and reliable as it was prepared by SRK Canada.

Intersections in this press release were determined using a cut-off grade of 0.5 g/t. Mineralised intersections include several zones of better grade mineralisation. For multiple meter samples, up to roughly seven metres of waste dilution is included and the weighted averages of sample length is applied for calculations. No top-caps have been applied prior to the calculation of multi-sample intercepts.

Caution Regarding Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements”. Such forward-looking statements involve risks and other factors which may cause the actual results, achievements or performance to be materially different from those expressed or implied by such forward-looking statements. Such risks and other factors include, but are not limited to, access to capital, regulatory approvals, commodity prices, new geological information or interpretations, and other risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable laws.