Bravada Reports 2012 Drill Results and Initial 2013 Plans for Wind Mountain Project, Nevada
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/09/13 -- Bravada Gold Corporation (TSX VENTURE: BVA)(FRANKFURT: BRT) ("Bravada") announced today results from 2012 drilling at its Wind Mountain gold and silver property, located in northwestern Nevada. The program consisted of twelve reverse-circulation holes, 1393 meters in total, at three separate targets. The program was designed to provide information on exploration areas which are not presently included in Bravada's existing NI-43-101 resource at Wind Mountain, which consists of 570,000 ounces of gold and 14.7 million ounces of silver in the Indicated category and an additional 354,000 ounces of gold and 10.1 million ounces of silver in the Inferred category (see NR-06-12, dated April 11, 2012).
The drilling program was funded by Argonaut Gold Inc. (TSX: AR) ("Argonaut"), with Bravada as project manager. Argonaut can fund staged expenditures totalling US$7.5million over a three-year period to exercise its option to purchase the project by paying Bravada a price of $30 per ounce of gold-equivalent contained ounces within Measured and Indicated Resource categories as determined by independent Qualified Persons. Further details of the agreement can be found in Bravada's news release of September 18, 2012 (NR-11-12).
Connector Exploration Target - Geological re-modeling completed late in 2011 suggested that the Breeze and DeepMin resources are not two separate deposits, as originally thought, but one relatively continuous deposit. Two holes were drilled from the same location in order to test this theory, one vertical and one angled -70 degrees to the west. Holes WM12-088 and WM12-089 are located approximately 200 meters south of the existing Breeze resource and both holes ended in thick zones of mixed oxide/sulfide gold mineralization, with the bottom of hole WM12-089 ending in 10.7 meters of 0.935g/t Au and 33.7g/t Ag. Designed open pits modeled for the 2012 Preliminary Economic Assessment (PEA) did not include this area due to a lack of drill data; thus, any resource added in the Connector area could expand the open pit design. This limited drilling program indicates that the two resources can be connected with further delineation drilling.
Significant 2012 Wind Mountain Drill Intercepts - Connector Exploration
Target
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T.D. From To Interval Au Ag
Hole # Orientation (m) (m) (m) (m) (g/t) (g/t) Comments
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WM12-088 -70, 275 240.8 192.0 219.4 27.4 0.334 12.1 Within 139-241m
(102m) of
206ppb Au &
8.5ppm Ag. Lost
hole in
mineralization.
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WM12-089 -90 196.6 155.4 196.6 41.1 0.356 13.8 Lost hole in
mineralization.
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Including 185.9 196.6 10.7 0.935 33.7
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Intercepts calculated +0.2g/t Au &/or +10g/t Ag combined. No barren
intervals greater than 6m included internally.
True thicknesses are estimated to be 80-90% of interval.
Click here (http://bravadagold.com/docs/12WM_Intercepts_DrillingProgramSummary.pdf) to view the table.
Zephyr Exploration Target - Two vertical scout holes were drilled to 183 meters and 133 meters depth, respectively, in this large, alluvial-covered area. Neither hole intersected the targeted host rock; however, overlying lake sediments contain long intervals of anomalous gold and silver (20-80ppb gold and 1-5ppm silver). These concentrations are similar to the values encountered in lake sediments that overlie the DeepMin resource. A gravity geophysical survey was conducted in December over the Zephyr target and is being interpreted to identify structures and basement highs that could represent silicified rock at shallow depths. Follow-up drilling is being planned for Q2-Q3 2013.
North Hill Exploration Target - Drill holes tested the alluvium-covered, down-dip projection of shallow, oxide mineralization of the North Hill deposit. Unfortunately, the mineralized horizon was eroded prior to being covered by alluvium, limiting the size of the resource at North Hill. This area will now be evaluated as a heap leach site, which should reduce operating costs compared to costs attributed to the site used in the 2012 PEA.
Click here (http://media3.marketwire.com/docs/bva109i.pdf) to view the map.
President Joe Kizis commented, "In addition to further drilling at Zephyr, we are developing other exploration targets designed to expand our existing resource with new deposits and extensions of known deposits. Drilling is expected to recommence Q1-Q2 2013, once targeting has been completed and permits have been modified."
In Other News
Terra Rossa Gold Ltd. has notified Bravada that it will not continue with its option to earn an interest in the Signal property, located approximately 6km west of Barrick's Ruby Hill gold mine in the northwestern portion of the Eureka district. Terra Rossa reportedly drilled nine core holes on two targets west of shallow, Carlin-style gold mineralization that was identified previously by Bravada. The Company will evaluate Terra Rossa's data upon receipt in January.
About Wind Mountain
The past-producing Wind Mountain gold/silver project is located approximately 160km northeast of Reno, Nevada in a sparsely populated region with excellent logistics, including county-maintained road access and a power line to the property. A Technical Report for an independent Preliminary Economic Assessment (PEA) and resource estimate was conducted by Mine Development Associates (MDA) of Reno and has been posted on SEDAR, as previously reported (see NR-07-12 dated May 1, 2012).
Mine Development Associates compiled the technical report. 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.
About Bravada Gold Corporation
Bravada is a member of the Manex Resource Group of companies with an exploration office in Reno, from which it is exploring its extensive Carlin-type and low-sulfidation-type gold holdings strategically located within numerous productive gold trends in Nevada. Homestake Resource Corporation (TSX VENTURE: HSR) owns 10.19% of Bravada's 114,834,282 outstanding common shares.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) is the Qualified Person responsible for reviewing the technical results in this release.
On behalf of the Board of Directors of Bravada Gold Corporation
Joseph A. Kizis Jr., Director, President, Bravada Gold Corporation
For further information, please visit Bravada Gold Corporation's websites at www.bravadagold.com.
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.
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.
Contacts:
Bravada Gold Corporation
Liana Shahinian
604.641.2773 or Toll Free at 1.888.456.1112
liana@mnxltd.com
www.bravadagold.com