Bravada Adds Claims & Initiates Exploration Program at Wind Mountain, Nevada
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/19/13 -- Bravada Gold Corporation (TSX VENTURE: BVA)(FRANKFURT: BRT) ("Bravada") announced today that it has staked an additional 32 lode claims and has initiated the next phase of exploration and development at its Wind Mountain gold and silver property, located in northwestern Nevada. The program is expected to consist of eight reverse-circulation holes that will further test two exploration targets, which are separate from existing resources, and one probable expansion of Bravada's Breeze resource. Bravada's current drill permit is being modified to allow for the new drill sites, with drilling expected to begin mid to late March. The goal of this program is to identify new mineralization that will add to 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 Table below and news release NR-06-12 for details).
The drilling program will be funded by Argonaut Gold Inc. (AR.T, "Argonaut"), with Bravada as project manager. Argonaut can fund staged expenditures totalling US$7.5 million over a three-year period to exercise their option to purchase the project by paying Bravada a price of $30 per ounce of gold-equivalent contained 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).
Breeze Resource Expansion - Drilling in 2012 confirmed that the Breeze and DeepMin resources are one relatively continuous deposit, separated originally due to a lack of sufficient drilling. For example, recent hole WM12-089 is located between the two resources and ended in thick zones of mixed oxide/sulfide gold mineralization, with the bottom of the hole containing 10.7 meters of 0.935g/t Au and 33.7g/t Ag (see news release NR-01-13). A fence of three holes will be drilled approximately 400 meters south of the 2012 Preliminary Economic Assessment (PEA)-designed open pits. Two previously drilled holes in the vicinity indicate there is a fault that could host significantly higher-grade "feeder" mineralization in the area of the planned drilling.
Zephyr Exploration Target - Four scout holes are planned to test four separate anomalies identified by gravity geophysics at this gravel-covered extension of the Wind Mountain trend of gold/silver mineralization. Claims were added to cover a portion of this target.
SouthMin Exploration Target - A new target has been identified in a gravel-covered area that is west of the South End resource. One scout hole is planned to determine if the prospective host horizon is preserved and mineralized, as predicted by our structural reconstruction. Claims were added to cover a portion of this target.
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.
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oz oz gms gms
Tons Au/T Ag/T Tonnes Au/T Ag/T oz Au oz Ag
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Indicated resource
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Oxide at 0.005 oz Au/ton cut off
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58,816,000 0.010 0.25 53,372,051 0.343 8.6 564,600 14,539,000
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Mixed/Sulfide at 0.01 oz Au/ton cut off
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498,000 0.012 0.40 451,906 0.411 13.7 5,900 197,000
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Total 59,314,000 53,823,956 570,500 14,736,000
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Inferred resource
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Oxide at 0.005 oz Au/ton cut off
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19,866,000 0.006 0.17 18,027,223 0.206 5.8 125,200 3,443,000
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Mixed/Sulfide at 0.01 oz Au/ton cut off
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14,595,000 0.016 0.46 13,244,102 0.549 15.8 229,100 6,672,000
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Total 34,461,000 31,271,325 354,300 10,115,000
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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 (HSR.V) 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 website 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: 1-888-456-1112
liana@mnxltd.com
www.bravadagold.com