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Bravada Gold Corporation (TSXV:BVA) optionee Solidus Gold Inc. has elected to relinquish its option to purchase the company’s Wind Mountain gold and silver property, located in northwestern Nevada.
Bravada Gold Corporation (TSXV:BVA) optionee Solidus Gold Inc. has elected to relinquish its option to purchase the company’s Wind Mountain gold and silver property, located in northwestern Nevada.
As quoted in the press release:
Bravada holds an unencumbered 100% ownership of the property subject to a 2% NSR royalty payable to the Vendor of the property, which is subject to a “buy down” of 1% thereof for $1 million. The Company received from Solidus during the option period US$300,000 and 676,676 Solidus shares, which it presently holds.
An independent resource estimate for Wind Mountain commissioned by Bravada in 2012 reported 570,000 ounces of gold and 14.7 million ounces of silver in the Indicated category and an additional 354,000 ounces of gold and 10.1 million ounces of silver in the Inferred category (see Table below and news release NR-06-12 dated April 11, 2012 for detail, 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). No additional drilling or metallurgical studies were conducted by Solidus during the option period.
President Joe Kizis stated:
“We are pleased to have this potentially near-term production asset back in Bravada’s property portfolio. Of our 15 properties in Nevada and one in Ontario, we currently have agreements with five mining and exploration companies on six of our properties. Those option agreements in aggregate include earn-in work expenditures of up to $6.5 million and payments to Bravada of up to $3+ million of cash and shares, with residual working or royalty interests retained by the Company. We expect that Wind Mountain will be a desirable development property for a potential Optionee based upon its current resource and development potential, as well as its exploration potential.”
Click here for the Bravada Gold Corporation (TSXV:BVA) press release.
Click here for the Bravada Gold Corporation (TSXV:BVA) profile.