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Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) ("Bravada" or "Company") plans to issue up to 10,000,000 units ("Units") in a non-brokered private placement at a price of $0.07 per Unit for gross proceeds of $700,000. Each Unit will consist of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of two years at an exercise price of $0.12 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 for continued exploration on the Company's 100% owned Wind Mountain Au-Ag project, sustaining fees for the Company's Nevada-based claims and for working capital.
President Joe Kizis commented, "This is an exciting time for Bravada and this financing will allow the Company to further de-risk our flagship Wind Mountain Gold/Silver Property in northwestern Nevada towards renewed production, as well as to advance several of our other Nevada Properties. Drilling at Wind Mountain last December and follow-up drilling earlier this summer 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. High-grade silver in a zone of quartz veins intersected in hole WM20-102 last December was followed up this year with four holes along what we project to be the vein zone beneath cover of overburden and reclaimed waste rock from previous open-pit mining. All four holes intersected banded quartz veining, testing a strike length of 330m, which is open in both directions; we now anxiously await assays over the next month.
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, but more importantly, we felt there were areas within and adjacent to the resource near the Breeze pit that could be expanded with higher-than-average grades, and which might be developed as a "starter" pit. We conducted a 13-hole program to test this concept and recently reported results for the first seven of those holes. The grades are indeed improved.
Several of the holes are noteworthy, because they successfully expanded a region of historic holes with thick intercepts of strong gold and particularly strong silver assays. Often in low-sulfidation vein deposits silver is enriched in the upper portions of the veins, suggesting there may be a high-grade feeder vein system below, which has not been drill tested.
Wind Mountain will not be the only source of news flow. We have optioned our Highland project to Headwater Gold, which is expected to drill several well-developed targets on the property starting this month. Previous drilling confirmed high-grade gold and silver in low-sulfidation quartz veins in several areas of this largely overburden-covered property in western Nevada.
A small amount of geologic work is also planned for the Company's Baxter and SF/HC properties, which we expect will refine our drill targets."
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/90498.
