Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (OTCQB: BGAVF) (the "Company" or "Bravada") announces that it has reacquired 100% of the Highland goldsilver project after OceanaGold US Holdings Inc. ("OceanaGold"), a wholly owned subsidiary of OceanaGold Corp., elected not to continue earning an interest. OceanaGold stated it has made the strategic decision to focus on organic growth at its existing mine properties.
Big Hammer Target Section looking Northwest - Highland Project
To view an enhanced version of this image, please visit:
The 2020 Highland exploration program was funded by OceanaGold and consisted of limited field mapping, surface sampling for geochemical and clay-species data, and drilling two core holes at the Big Hammer Target. The drill holes were designed to explore for high-grade vein zones along several faults interpreted on a series of CSAMT geophysics lines collected during OceanaGold's 2019 exploration program at Highland. The cross-section above shows the four suspected faults (identified as F1 through F4) that were chosen for drill testing. Hole HL-1 tested an area covered by alluvial soil and confirmed faults F1 and F2; however, weak alteration and low-level gold and pathfinder geochemistry do not indicate proximity to significant gold mineralization where these faults were intersected.
In contrast, hole HL-2 intersected a series of faults at F3 with widespread low-temperature silica alteration in the upper portion of the hole along with pervasive anomalous gold (
President Joe Kizis commented, "Based on analogies with some known low-sulfidation deposits, the type of widespread alteration and geochemistry that we encountered at surface and in HL-2 may lie above high-grade gold veins by only a couple of hundred meters or less. We plan to complete hole HL-2 to test the originally targeted zone in F4, as well as to test F3 approximately 200m below the interval intersected in hole HL-2."
A permit is being prepared for submission to the BLM for the offset holes and, additionally, for a fence of holes to test possible extensions of the F3 and F4 faults approximately 500 meters to the south-southeast of HL-2, where alteration and anomalous gold (0.1 to 1.0g/t Au) occurs in samples of float and in samples from shallow historic drill holes. Drilling at Big Hammer is anticipated to begin in late Spring or early Summer 2021 depending on weather conditions.
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. Two of Bravada's ten Nevada properties are being funded by partners. 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://www.bravadagold.com/en/management-videos.php.
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 of Bravada Gold Corporation
"Joseph A. Kizis, Jr."
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70131