Second-Phase Drilling Begins on New Zone of Shallow Gold Mineralization at Bravada's Baxter Gold Property, Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 25, 2016) - Bravada Gold Corp. (TSX VENTURE:BVA)(FRANKFURT:BRT) (the "Company" or "Bravada") has received notice that a second-phase drilling program is underway at the Company's Baxter Low-sulfidation gold property in the Walker Lane Gold trend in Nevada. Kinross Gold U.S.A., Inc., a wholly owned subsidiary of Kinross Gold Corp. ("Kinross"), plans to drill 10 to 14 reverse-circulation (R.C.) holes for approximately 2,400 meters, followed by 1 to 3 core holes for an additional 450 meters.
Earlier this year, Kinross completed 16 R.C. holes for a total of 4,439 meters at the Baxter property (see news release NR-07-16) and discovered a new zone of shallow, oxide gold mineralization at the Sinter target, one of several targets partially tested during the drilling program. Hole BAX16-13, for example, intersected 6.1m averaging 2.199 grams gold per ton (g/t gold) beginning at 32m depth within a thicker interval of 32.0m averaging 0.880g/t gold. Other holes in the target area intersected gold mineralization at approximately the same horizon. Geophysical data indicates mineralization may be controlled by an easterly trending fault, suggesting a long, untested strike length.
Encouraged by these early drill results, Kinross' next R.C. program will test lateral extensions of the new mineralization. The relatively shallow holes should also provide vectors to zones of potentially high- grade gold "feeders" beneath the high-level, disseminated mineralization. Potential feeders will be the target of the subsequently drilled core holes.
About Baxter
The Baxter property consists of 240 unpatented lode claims (~1,940 hectares) in the Walker Lane Gold trend of western Nevada. Bravada previously demonstrated extensive low-sulfidation gold and silver mineralization at surface and in relatively shallow reverse-circulation drill holes at several target areas.
Kinross has the option to earn a 60% interest in the property by spending $2.0 million over five years and it can earn an additional 15% interest by spending an additional $2 million on exploration and development expenses over two additional years. Upon Kinross completing its earn-in, Bravada may contribute to expenditures at its percentage of interest or be diluted. Should Bravada's working interest reduce below 10% as a consequence of Kinross contributing Bravada's working interest share of agreed exploration program expenditures, Bravada would convert its working interest to a 1% NSR royalty (see NR-01-15 dated February 3, 2015).
About Bravada
Bravada is an exploration company with 15 properties in Nevada, one of the best mining jurisdictions in the world. The Company follows a portfolio approach to exploration, focusing on gold and silver, and during the past 11 years has successfully identified and advanced properties that have the potential to host high-margin deposits while successfully attracting partners to fund later stages of project development. Currently, five of its Nevada properties are being funded by partners, which in aggregate include earn-in work expenditures of up to $6.5 million and payments to Bravada of up to +$3.0 million in cash and shares, with Bravada retaining residual working or royalty interests.
Bravada's most advanced precious metals property is Wind Mountain, which hosts a significant Indicated and Inferred resource of gold and silver with exciting potential for new discoveries. Currently defined resources at Wind Mountain are primarily oxide and near surface; thus, a low-cost open-pit, heap-leach operation could be permitted relatively quickly. The Company also holds a royalty interest in the Shoshone Pediment barite deposits, which are being permitting for mining by Baker Hughes.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) 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 Corp.
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corp.
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 Corp. 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.