Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (OTCQB: BGAVF) (the "Company" or "Bravada") reports assays for the first batch of seven In-fill and Expansion reverse-circulation holes drilled at the Company's wholly owned Wind Mountain AuAg Project in northwestern Nevada. The recently completed program totaled 17 holes (2,186.8 metres) and consisted of: a) 13 holes (1,324.3 metres) into under-drilled portions of and potential extensions of the existing oxide resource near the Breeze open pit where shallow, higher-than-average gold and silver grades are expected based on geologic projections, and b) four holes (862.5 metres) at the Feeder Target to offset a vein zone encountered in hole WM20-102, which intersected 1.5 metres of 4.5gt Au-eq (0.404gt Au and 269.0gt Ag) within a thicker interval of quartz veining with anomalous gold and silver mineralization.
Wind Mountain - 2021 Drilling Program - Significant Assay Intervals
|From (metres)||To||Length||Au PPM||Ag PPM||Au-eq PPM||Comments|
1) Drill intervals of 20 feet or greater averaging greater than or equal to 0.300ppm Au or 0.150 ppm Au-eq as potentially above cut-off grade in open pit/heap leach in Nv.
2) R.C. drilling with entire sample crushed & puverized to create a 500-gram pulp with 30-gm FA/AAS for Au & 0.5gm ICP for Ag.
3) True thickesses not known, but expected to be ~70% or greater.
4) Caution: Ag recovery is highly variable in oxidized mineralization, thus 70:1 (Ag:Au) metal-price ratio for Au-eq probably significantly over estimates Au-eq for evaluating economics but useful for zoning. Tests needed to evaluate recovery variation by crush size, grade, etc.
5) Rounding errors converting from footages explain conflicts in intervals for metric intervals.
President Joe Kizis commented, "The purpose of this drill program was to validate our belief in the extension of the gold oxide resource in areas which were not mined when the property was in production by its previous owner. The geologic model for the shallow, oxide gold resource is validated, based on assay results from the first batch of drill results. The holes generally contain thicker and stronger gold and silver mineralization than projected into those areas for the 2012 Independent Resource Estimate, which was based on insufficient drilling available in 2012 for these areas and were thus given low or no resource estimates.
Holes WM21-108 and -109 are particularly exciting because they expand an area with similarly strong assays in nearby historic drill holes, suggesting the area is a possible up-welling zone from a feeder vein system at depth, which we will evaluate further via 3D modeling and possibly follow-up drilling later this year with the intention to obtain a current independent resource calculation of the expanded oxide gold resource of the property."
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About Wind Mountain
The Wind Mountain Property is in northwestern Nevada approximately 160km northeast of Reno in a sparsely populated region with excellent logistics, including county-maintained road access and a power line to the property. It is an historic past-producing, bulk-tonnage gold-silver mine. An independent resource estimate and Preliminary Economic Evaluation 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
- 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 dated April 11, 2012 for details of the resource update. 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.
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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.
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 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/89940