Bravada Announces Financing; Resource Update and Exploration Drilling Planned Q2 at Wind Mountain Au-Ag Project, Nevada

Bravada Announces Financing; Resource Update and Exploration Drilling Planned Q2 at Wind Mountain Au-Ag Project, Nevada

Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (OTCQB: BGAVF) ("Bravada" or "Company") plans to issue up to 30,000,000 units ("Units") in a non-brokered private placement at a price of $0.05 per Unit for gross proceeds of $1.5M. Each Unit will consist of one common share and one share purchase warrant, exercisable to purchase one additional common share for a period of two years at an exercise price of $0.10 per share. The Company will make provision for an over-allotment option (Greenshoe) to allow a purchase of up to 10% additional Units beyond the number of Units in this private placement.

Net proceeds from the private placement will be used to continue exploration drilling at the Wind Mountain property and to incorporate higher-grade gold and silver assay results from 2021 in-fill drilling, as well as results from earlier post-2012 drilling, into an update of the resource calculation and PEA. Net proceeds will also cover property maintenance for the Company's portfolio of Nevada properties and for working capital.

The Company may pay finders' fees comprised of cash and non-transferable warrants in connection with the Offering, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the Offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About the Wind Mountain Au-Ag project

The Wind Mountain gold-silver property was mined by a former owner, operating an open-pit/heap-leach operation that produced 299,259oz gold & 1.8MMoz silver. Bravada subsequently acquired 100% ownership subject to a small royalty, and after a series of exploration and pre-development initiatives, commissioned in 2012 an independent resource estimate and a Preliminary Economic Evaluation* for Wind Mountain, which reported positive economics and a resource of:

• 570,000 ounces of gold and 14.7 million ounces of silver in the Indicated category, and

• 354,000 ounces of gold and 10.1 million ounces of silver in the Inferred category.

See the table* below and news release NR-06-12 (April 11, 2012) for details of the resource.

Bravada in 2021 successfully added higher-grade mineralization by in-filling certain portions of the 2012 study area. In addition, exploration drilling at the feeder target in Q4 2020 discovered the top of a banded vein zone beneath mine waste and other overburden, and in 2021 drilling expanded this zone beneath cover for 330 metres of strike and is open-ended in both directions. The Company recently completed permitting five new drill sites to test deeper portions of the vein system where much higher grades are expected based on analogies with similar vein systems in Nevada and elsewhere.

The proposed exploration program is designed to add tonnage and higher grades to the mineral inventory as the next step towards mining of the resource. The program is permitted, and a drilling rig is scheduled for commencement of a drill program in May 2022.

President Joe Kizis commented, "This is an exciting time for Bravada with this financing focusing on de-risking our flagship Wind Mountain Gold/Silver Property in northwestern Nevada towards renewed production. Recent drilling at Wind Mountain successfully confirmed suspected horizons of higher grade gold and silver mineralization at the shallow Breeze portion of the resource, and exploration drilling has greatly added to our understanding of potentially high-grade "feeder" veins that we have long predicted to exist beneath the known widespread disseminated gold/silver mineralization.

Considering the increase in gold price since our 2012 Wind Mountain PEA, we feel it is appropriate to update the independent Resource and PEA. We have drilled additional mineralization that has not been added to the resource, particularly the higher grades confirmed near the Breeze pit that might be developed as a "starter" pit.

Wind Mountain will not be the only source of news flow. There is strong interest in several of Bravada's other projects, with various groups evaluating Highland, Baxter, and East Manhattan, which are low-sulfidation systems with drilled gold mineralization and targets delineated for further drilling. Covid issues continue to delay these evaluations, particularly for non-North American parties, but the interest is strong for the opportunity to earn into low-risk exploration opportunities in one of the world's safest, premier mining jurisdictions."

Chairman Lawrence Page Q. C., further commented, "The world needs new, large gold and silver discoveries to continue the current pace of production, and Wind Mountain provides the unique opportunity for a potential near-term, "starter pit" that could initiate cash flow while exploration and development continues to evaluate a potentially much higher grade and larger "feeder vein zone" at depth."

Wind Mountain Resource

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/5343/117342_f8d325b4c49119fa_001.jpg

Table 1

To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/5343/117342_f8d325b4c49119fa_001full.jpg.

*Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be classified as mineral reserves. There is no assurance that any part of the resources will ultimately be converted to mineral reserves.

Mine Development Associates compiled the Technical Report and PEA. Thomas Dyer, P.E. is a Senior Engineer for MDA and is responsible for sections of the Technical Report involving mine designs and the economic evaluation, and Steven Ristorcelli, C.P.G., is a Principal Geologist for MDA and is responsible for the sections involving the Mineral Resource estimate. These are the Qualified Persons of the technical report for the purpose of Canadian NI 43-101, Standards of Disclosure for Economic Analyses of Mineral Projects. Details of the PEA produced by Mine Development Associates (MDA) of Reno can be found on SEDAR, as previously reported (see NR-07-12 dated May 1, 2012). Note that although the PEA was encouraging, it is preliminary in nature, it includes Inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized.

About Bravada

Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. Bravada has successfully identified and advanced properties with the potential to host high-margin deposits while successfully attracting partners to fund later stages of project development. Bravada's value is underpinned by a substantial gold and silver resource with a positive PEA at Wind Mountain, and the Company has significant upside potential from possible new discoveries at its exploration properties.

Since 2005, the Company signed 32 earn-in joint-venture agreements for its properties with 19 publicly traded companies, as well as a similar number of property-acquisition agreements with private individuals. Bravada currently has 10 projects in its portfolio, consisting of 810 claims for approximately 6,500 ha in two of Nevada's most prolific gold trends. Most of the projects host encouraging drill intercepts of gold and already have drill targets developed. Several videos are available on the Company's website that describe Bravada's major properties, answering commonly asked investor questions. Simply click on this link https://bravadagold.com/projects/project-videos/.

Joseph Anthony Kizis, Jr. (AIPG CPG-11513) is the qualified person responsible for reviewing and preparing the technical data presented in this release and has approved its disclosure.

On behalf of the Board of Directors

Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation

For further information, please visit Bravada Gold Corporation's website at bravadagold.com.

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 may contain forward-looking statements including, but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravada Gold Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Units, nor shall there be any sale of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Units being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person.

This news release is not intended for distribution to United States newswire services
or dissemination in the United States

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117342

News Provided by Newsfile via QuoteMedia

BVA:CA
The Conversation (0)
Bravada Gold Announces the Extension of the Expiry Date of Certain Common Share Purchase Warrants

Bravada Gold Announces the Extension of the Expiry Date of Certain Common Share Purchase Warrants

Bravada Gold Corporation (TSXV: BVA) (the "Company" or "Bravada") announces that it intends to apply to the TSX Venture Exchange ("TSXV") for approval to extend the original expiry dates of an aggregate 27,611,285 share purchase warrants (the "Warrants") as follows:

Number of WarrantsExercise Price per ShareClosing Date of Private PlacementOriginal Expiry DateProposed Amended Expiry Date
7,555,000$0.12May 13, 2019May 13, 2023May 13, 2024
4,552,142$0.12July 17, 2019July 17, 2023July 17, 2024
8,305,000$0.15June 11, 2020June 11, 2023June 11, 2024
4,260,000$0.12August 6, 2021August 6, 2023August 6, 2024
2,757,143$0.12October 1, 2021October 1, 2023October 1, 2024
182,000$0.12October 25, 2021October 25, 2023October 25, 2024

 

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Bravada Announces a Phase II Pad Site Sufficient to Process the Remaining 2022 In-Pit Gold/Silver Resource, Potentially Adding to Wind Mountain's Mine Life

Bravada Announces a Phase II Pad Site Sufficient to Process the Remaining 2022 In-Pit Gold/Silver Resource, Potentially Adding to Wind Mountain's Mine Life

Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (the "Company" or "Bravada") reports that it has received the results of an evaluation of a second pad site, not considered in its recent technical report (the "Report", see news release dated January 23, 2023). The Report may be found under the Company's profile at www.sedar.com and on Bravada's website https:bravadagold.com.

Economics reported in the Report improved significantly compared to the Company's 2012 PEA due to utilizing a near-mine, heap-leach Pad I site, which is of limited size, for a portion of the Pit-constrained resource and due to higher grades for early mining, which were predicted and then verified by drilling during 2021. To add additional mine life, a Phase II pad site was identified due north of the Phase I site (see Figure 1) but was not considered in the January 20th PEA. An internal evaluation by RESPEC demonstrates that the Pad II site is sufficient in size to process the remainder of the In-pit Resource, adding approximately 45% more resource tons and potentially increasing mine life by more than 2 years. Although Pad II is somewhat farther from the currently identified Pit-constrained resource than the Pad I site, it is located very close to outcropping mineralization at the North Hill target, which has only been tested with minor drilling. Other potential additions to mine life that the Phase I PEA did not consider, but which might be added to a Phase II or later Pad, include mineralization at the South End target, historic "waste rock piles" and partially spent heaps where the Company has identified potentially recoverable gold and silver.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Bravada Files Technical Report for the Wind Mountain Au/Ag Project, Nevada, Including Phase I PEA Results of 38% IRR and US$46.1 Million After-Tax NPV@5%

Bravada Files Technical Report for the Wind Mountain Au/Ag Project, Nevada, Including Phase I PEA Results of 38% IRR and US$46.1 Million After-Tax NPV@5%

Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (the "Company" or "Bravada") reports today that it has filed a technical report (the "Report") prepared in accordance with Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101"). The Report may be found under the Company's profile at www.sedar.com and on Bravada's website https:bravadagold.com.

The Report dated January 20, 2023 and entitled "Updated Technical Report and Preliminary Economic Assessment, Wind Mountain Gold-Silver Project", located in Washoe County, Nevada, was prepared by RESPEC Company LLC ("RESPEC", formerly Mine Development Associates), Woods Process Services, and Debra Struhsacker, Bravada's Environmental Permitting and Government Relations Consultant.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Bravada Reports 38% IRR and US$46.1 Million After-Tax NPV@5% for Phase I PEA at Wind Mountain Au/Ag Project, Nevada; Additional Leach-Pad Site Being Evaluated for Phase II

Bravada Reports 38% IRR and US$46.1 Million After-Tax NPV@5% for Phase I PEA at Wind Mountain Au/Ag Project, Nevada; Additional Leach-Pad Site Being Evaluated for Phase II

Highlights

  • The Phase I PEA includes a 30.3million ton capacity leach pad, roughly 62% of the updated, Pit-constrained Resource tons, taking advantage of a leach-pad site adjacent to the modeled open pit.
  • A potential Phase II pad site directly north of Phase I is being evaluated to include additional Pit-constrained Resource as well as adjacent, under-drilled outcropping mineralization at North Hill.
  • The PEA and Pit-constrained Resource were modeled with 3-year, trailing average prices of US$1,750 for gold and $21 for silver.
  • The Pit-constrained Resource consists of:
    • 46million tons at 0.010 oz Au per ton and 0.26 oz Ag per ton containing 474,000ounces of Au and 11,807,000ounces of Ag in the Indicated Category; and
    • 2.6million tons at 0.008 oz per ton Au and 0.19 oz Ag per ton containing 21,900ounces of Au and 497,000ounces of Ag in the Inferred Category.
  • The Phase I PEA consists of 96% of the gold ounces in the Indicated ResourceCategory, acceptable for Pre-feasibility study.
  • Compared to the Company's independent 2012 Resource/PEA study, the Phase I PEA considers only a portion of the pit-constrained Resource that will fit onto a restricted area available as a close-in heap-leach pad site; 30.3million tons (31% less than the 2012 model, which utilized a pad space located much farther from the mine) and produces 227,000 ounces of Au-eq (29% less than the 2012 model pit).
  • Even with fewer tons being mined, Initial Capital increased by 3% to $46MM, with most of the Sustaining Capital in year 3.
  • The strip ratio was reduced by 23% to 0.55:1 waste to ore and the payback period was reduced 15% to 1.9 years in the current Phase I study.
  • Higher grades predicted and then verified by 2021 drilling resulted in better grades in early years and conversion of certain Inferred blocks into Indicated blocks, improving economics.
  • The strip ratio may be reduced further with additional test work as 1.1million tons of historic "waste rock" that must be removed in Phase I can be removed and stored on a low-grade stockpile. The material is currently not considered part of the Resource but limited sampling and drilling suggest it may contain recoverable gold, which may be processed on the Phase I heap pad.
  • The economics of the Phase I PEA have improved significantly compared to the 2012 PEA despite higher costs for capital and many operating costs. The AFTER-TAX IRR is 38% (an 81% improvement over the 2012 IRR of 21%) and the AFTER-TAX NPV @5% discount is $46.1million (a 74% improvement over the earlier NPV @5% of $26.5MM).

Bravada Gold Corporation (TSXV: BVA) (the "Company" or "Bravada") reports the results of an updated, independent Resource and Phase I Preliminary Economic Assessment (PEA) for its Wind Mountain GoldSilver Property in Washoe County, Nevada.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Bravada Reports Results of Recent Drilling and Status of Updated PEA at Wind Mountain Au/Ag Project, Nevada

Bravada Reports Results of Recent Drilling and Status of Updated PEA at Wind Mountain Au/Ag Project, Nevada

Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (OTCQB: BGAVF) (the "Company" or "Bravada") has received assay results for the three deep reverse-circulation holes drilled during 2022. The holes tested below a banded vein zone discovered in Q4 2020 beneath mine waste and other overburden at the Feeder target, located approximately 450m south of the Wind Open Pit and where hole WM20-102 intersected 1.5 metres of 269.0gt Ag and 0.404gt Au within a thicker interval of banded quartz veining with anomalous gold and silver. The three 2022 holes intersected zones of low-grade disseminated gold and silver within the Truckee Formation, which is the host for the current resource of disseminated oxide gold north of the Feeder target. However, the banded quartz vein zone did not persist to the depths tested. Below disseminated mineralization in the Truckee Formation, however, many vein zones were encountered in the holes which are enriched in manganese, barium, tungsten, nickel, and zinc.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
M&A graphic.

Orla to Buy Musselwhite Gold Mine from Newmont for US$850 Million

Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) has entered into a definitive deal to buy the Musselwhite gold mine from Newmont (TSX:NGT,NYSE:NEM), positioning the company to more than double its annual gold production.

The purchase, valued at US$810 million, with two additional contingent payments of US$20 million each, will set Orla up as a diversified North American gold producer as it marks the company's entry into Canada.

The first contingent payment will be made if the spot gold price exceeds US$2,900 per ounce in the first year after the transaction closes, and the second will be made if the price exceeds US$3,000 in the second year after closure.

Keep reading...Show less
Gold map of the world over black background.

10 Largest Producers of Gold by Country (Updated 2024)

The top countries for gold production are poised to benefit from the current gold bull market, as are the gold mining operations in those countries.

After climbing throughout the year, the price of gold hit a high of US$2,782 per ounce on October 30, up more than US$700 since the start of 2024. While it pulled back to around US$2,600 in the weeks following the US election on November 5, prices are still elevated.

Additionally, falling interest rates, geopolitical tensions in Ukraine and the Middle East and continued central bank gold purchases are providing ongoing support for the price of gold.

Keep reading...Show less
Gold bars in front of Canadian flag.

Indigenous-owned Mining Royalty Firm Targeting Canadian Resource Opportunities

Nations Royalty (TSXV:NRC,OTCQB:NRYCF), the first mining royalty company with majority Indigenous ownership, is attracting attention since listing on the TSX Venture Exchange this past June.

With 77 percent ownership by the Nisga’a Nation, the firm is also backed by Canadian businessman Frank Giustra.

As explained on Nations Royalty's website, the idea is to use mining royalties as a means to achieve financial independence for Indigenous communities, while also providing opportunities for investors.

Keep reading...Show less

Kestrel Option Partner Centerra Gold Continues Drilling at QCM Property

Kestrel Gold Inc. ("Kestrel" or the "Corporation")(TSXV:KGC) is pleased to provide an update on work completed by Centerra Gold Inc. ("Centerra")(TSX:CG) on the QCM gold property ("QCM") located in the Manson-Germanson area of central British Columbia. Centerra is currently in the process of earning a 75% interest in QCM by making cash payments totaling $900,000 and completing $6,500,000 in exploration work, which must include a minimum of 13,500 metres of drilling, by May 7th, 2029

Centerra's reverse circulation ("RC") drill program is well underway. A total of 6 holes and 813.97 metres have been completed to date with drilling ongoing. Completed holes are located in the 14 Vein area where RC drilling by Kestrel in 2022 returned up to 2.33 g/t Au over 44.19 metres. Results for the Centerra drill program will be released once analytical results have been received and interpreted. Centerra has also advised that they have submitted to the Ministry of Energy, Mines and Low Carbon Innovation of British Columbia an application for a 5-year Multi-Year-Area-Based (MYAB) permit, which upon receipt will allow for property wide exploration and drilling.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

White Gold Corp. Announces Significant Increase in Mineral Resources to 1,203,000 oz Gold Indicated and 1,116,600 oz Gold Inferred at the White Gold Project, Yukon, Canada

White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W ) (the "Company") is pleased to announce an updated Mineral Resource Estimate ("MRE") for its flagship White Gold project located approximately 95 km south of Dawson City in west-central Yukon, Canada. The updated mineral resource includes a significant increase in total gold ounces, including a 18.5% increase in inferred resources and an 4.3% increase in indicated resources. The White Gold project now comprises 1,203,000 ounces of gold in the Indicated Resource category (17.7 million tonnes averaging 2.12 gt Au) and 1,116,600 ounces of gold in the Inferred Resource category (24.5 million tonnes averaging 1.42 gt Au) at US$2,000oz gold. The gold resources at the White Gold Project are near surface, almost entirely captured within an open pit, and remain open for expansion in multiple directions with additional opportunities to increase total resources via targets within close proximity. Additional increases to the size of the resource may also be possible through an ongoing analysis of the resource block model and by capturing additional ounces hosted within the Target for Further Exploration area which hosts an additional estimated 10 12 million tonnes grading between 1 2 gt Au. These results form part of the Company's work program supported by strategic partners including Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corporation (TSX: K, NYSE: KGC).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Red Mountain Mining

Stunning High Gold and Copper Soil Results Opens Up Potential New Gold and Copper Region

Red Mountain Mining Limited (“RMX” or the “Company”) is pleased to advise that it has received geochemical results for 284 soil samples collected during September from the Company’s 100%-owned Flicka Lake prospect in Ontario, Canada. The soil sampling was undertaken in parallel with a rock grab sampling program (refer ASX announcement: 6 November 2024). Samples were taken from around 400 locations within the Flicka Lake claims and 91 rock grab samples and 284 soil samples were collected and submitted for multielement geochemical analysis.

Keep reading...Show less

Latest Press Releases

Related News

×