Bravo Drills 29.6 Metres of 2.7g/t Gold at Homestake Ridge
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/21/11 -- Bravo Gold Corp. (TSX VENTURE: BVG)(FRANKFURT: B6I) reported today that final 2010 drilling results have been received from its 100 per cent owned Homestake Ridge Project, located in northwestern British Columbia.
Homestake Silver Deposit
Highlights from these remaining core drill holes at the Homestake Silver deposit include (all values are reported as estimated true thickness):
-- a 29.6 metre interval averaging 2.7g/t gold and 5.6g/t silver, which
includes a 3.6 metre interval averaging 5.3g/t gold and 25.5g/t silver
in hole HR10-214
-- and a 33.7 metre interval averaging 1.2g/t gold and 45.7g/t silver,
which includes a 2.6 metre interval averaging 5.0g/t gold and 198.3g/t
silver in hole HR10-213
Holes HR10-213 and -214 were drilled up-dip and down-dip respectively of previously reported mineralization in HR10-199 (45.5 metres grading 2.1g/t gold and 16.5g/t silver) and HR09-165 (24 metres grading 12.1g/t gold) and similarly define broad intervals of strongly anomalous gold mineralization.
Fox Reef Zone
The company also reported that drilling at the Fox Reef zone continues to return silver-enriched lead-zinc mineralization including 0.6 metres averaging 0.3g/t gold, 10g/t silver and 0.7% lead and 3.6% zinc from drill hole HR10-202. Several other holes that tested the Fox Reef zone contain anomalous mineralization averaging 0.1g/t gold over 100 metre intervals with locally narrower intervals of more strongly enriched precious metals.
2010 Exploration Summary
The company reports that the 2010 exploration program was successful in:
-- significantly expanding the overall 'footprint' of the Homestake Silver
deposit which now measures 620 metres strike and 480 metres down-dip.
The deposit can be traced northwest to within 200 metres of the
southeast extent of the Main Homestake deposit. The Homestake Silver
deposit remains open down-dip and on strike to the northwest.
-- providing better internal definition of the deposit geometry.
Preliminary modeling the deposit (at a 2g/t cut-off), now including the
2010 data, has defined a minimum of 12 sub-vertical, en-echelon lenses
and splays.
-- providing better definition of the distribution of gold and silver
within the Homestake Silver deposit and the identification of a new
higher-grade lens of mineralization on the northwestern margin of the
deposit and centered around drill hole HR10-198 (9.6 metres grading
5.9g/t gold and 6.0g/t silver).
-- identifying additional exploration potential down-dip of silver-enriched
veins to the northeast, in the hangingwall of the Homestake Silver
deposit. Several of these veins, intersected in drill holes, contain up
to 40g/t silver and strongly anomalous pathfinders elements (arsenic-
antimony) and lie too far to the east of the known deposit, suggesting
the veins may grade downward into another deposit. Similar metal values
were identified in the early stages of exploration above the Homestake
Silver deposit.
-- showing continued exploration potential in a parallel structure at the
Fox Reef zone, located 600m to the southwest of the Homestake Silver
deposit, in the North Dome area, in the area immediately northeast of
the Homestake Silver deposit and several other targets identified
through surface exploration following of the 2009 airborne geophysical
anomalies.
Results have now been reported from all 2010 drill holes on the Homestake Ridge Project, although minor in-fill sampling continues on weakly altered portions of some holes. Data from these holes has been incorporated into the geological model and an updated resource estimate is underway, optimizing for higher grade values. The work, undertaken by Scott Wilson, Roscoe, Postle Associates Inc., will focus primarily on results from the Homestake Silver deposit.
An updated long section of the 2010 drill plan and a full compilation of the 2010 assay summaries are available on Bravo's website at bravogoldcorp.com.
To view Figure 1, click on the following link: http://media3.marketwire.com/docs/0121BVGfig1.jpg
Table 1: Select Assays from 2010 Drilling at the Homestake Silver Deposit
Homestake Silver Deposit:
---------------------------------------------------------------------------
Est.
Collar Data Inter- Tr.
Az Dip Depth From To val Thck Au Ag
Hole # Deg Deg (m) (m) (m) (m) (m) (g/t) (g/t) Comments
---------------------------------------------------------------------------
HR10- 240.0 -55.0 431.9 227.6 229.3 1.7 1.1 0.3 341.0
205
---------------------------------------------------------------------------
---------------------------------------------------------------------------
HR10- 223.0 -45.0 352.7 NSV NSV
207
---------------------------------------------------------------------------
---------------------------------------------------------------------------
HR10- 237.0 -64.0 453.2 287.8 298.3 10.5 5.9 1.7 2.9
208
inc. 289.1 294.6 5.5 3.1 2.4 3.4
---------------------------------------------------------------------------
---------------------------------------------------------------------------
HR10- 213.0 -54.0 383.1 101.7 131.0 29.3 20.9 0.1 67.4 0.15% Pb
209 178.0 181.2 3.3 2.3 0.1 153.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------
HR10- 239.0 -45.0 366.4 59.1 64.8 5.7 4.4 0.1 45.4 0.19% Pb,
211 0.53% Zn
---------------------------------------------------------------------------
---------------------------------------------------------------------------
HR10- 237.0 -49.0 370.9 208.8 254.1 45.4 33.7 1.2 45.7 0.12% Zn
213
inc. 243.0 254.1 11.2 8.3 2.2 78.7 0.20% Pb,
0.36% Zn
inc. 249.6 253.0 3.5 2.6 5.0 198.3 0.61% Pb,
1.12% Zn
---------------------------------------------------------------------------
---------------------------------------------------------------------------
HR10- 219.0 -45.0 733.7 516.0 552.1 36.2 29.6 2.7 5.6
214
inc. 537.3 549.2 11.9 9.7 4.0 11.4
inc. 544.8 549.2 4.5 3.6 5.3 25.5
---------------------------------------------------------------------------
---------------------------------------------------------------------------
HR10- 261.0 -68.0 175.9 66.6 71.1 4.6 UNK 0.0 18.9 0.1% Mo
215
and 118.3 151.2 32.9 UNK 0.0 15.3
---------------------------------------------------------------------------
Fox Reef Zone:
---------------------------------------------------------------------------
Est.
Collar Data Inter- Tr.
Az Dip Depth From To val Thck Au Ag
Hole # Deg Deg (m) (m) (m) (m) (g/t) (g/t) Comments
---------------------------------------------------------------------------
HR10- 215.0 -53.0 297.8 71.6 72.3 0.7 UNK 0.4 12.6 0.52% Pb,
202 1.74% Zn
and 107.2 107.9 0.8 UNK 0.8 15.2 0.13% Pb,
1.47% Zn
and 249.1 252.9 3.8 UNK 0.7 4.8 0.13% Pb,
0.59% Zn,
25%
Dilution
inc. 252.3 252.9 0.6 UNK 0.3 10.0 0.71% Pb,
3.61% Zn
---------------------------------------------------------------------------
---------------------------------------------------------------------------
HR10- 200.0 -48.0 279.5 UNK NSV NSV Entire
204 Drillhole
averages
0.1g/t Au
---------------------------------------------------------------------------
---------------------------------------------------------------------------
HR10- 232.0 -47.0 279.5 UNK NSV NSV 133.7m of
206 0.17g/t Au
from 109.6
and 243.2m
---------------------------------------------------------------------------
---------------------------------------------------------------------------
HR10- 201.0 -64.0 380.5 116.5 122.4 5.9 UNK 0.1 20.8 0.11% Pb,
210 0.3% Zn,
(Diluted)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
HR10- 203.0 -54.0 136.3 UNK NSV NSV
212
---------------------------------------------------------------------------
Analyzed by FA-ES/AA for gold and ICP-MS by Acme Labs, Vancouver BC; Samples
greater than 10g/t Au re-assayed with FA-Grav - check assays are pending;
Silver overlimits (greater than 100g/t Ag) re-assayed with FA-Grav.
greater than 0.5g/t Au or 15g/t Ag cut-off used for compositing intervals,
less than 25% internal dilution unless otherwise indicated
About Bravo
Bravo Gold Corp. has a 100 percent interest in the Homestake Ridge project located in a prolific mineral belt in northwestern British Columbia. The project is being advanced as a potential high-grade underground mining operation with a current NI43-101 compliant indicated resource, at a 3.0 g/t AuEq. cut-off, of 191,000 ozs gold and 1,350,000 ozs silver plus an inferred resource of 348,000 ozs gold and 7,990,000 ozs silver (1). Two deposits have been indentified to date and multiple exploration targets remain to be tested on the large, 2585ha property. Bravo also holds a 17 percent interest in Bravada Gold Corp. (TSX VENTURE: BVA), which is exploring 22 projects in Nevada.
Robert Macdonald (P.Geo) is the Qualified Person as defined by National Instrument 43-101 for the Homestake Ridge project and has reviewed and approved the technical contents of this release.
On behalf of the Board of Directors
Joseph A. Kizis Jr., Director, President, Bravo Gold Corp.
(1) The current estimate, as reported in NR-07-10, was prepared by Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) and carried out using a block model constrained by 3D wireframes of the mineralized zones. The block model comprised an array of blocks measuring 5 m x 5 m x 5 m, with grades for Au, Ag, Cu, Pb, and Zn interpolated using Inverse Distance to the Third Power (ID3) weighting. At a 3.0g/t AuEq. cut-off, the model identified an indicated resource of 888,000 tonnes averaging 6.7g/t Au, 47.2g/t Ag and 0.15% Cu and an inferred resource of 2,340,000 tonnes averaging 4.6g/t Au, 105.5g/t Ag and 0.13% Cu.
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. Bravo 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.
We seek safe harbor.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Contacts:
Bravo Gold Corp.
Liana Shahinian
1-888-456-1112 or 604-641-2773
liana@mnxltd.com
www.bravogoldcorp.com