Bravada Reacquires 100% of Wind Mountain, Drilling Underway at Shoshone Pediment
13 Mai 2013 - 3:00PM
Marketwired Canada
Bravada Gold Corporation (TSX VENTURE:BVA)(FRANKFURT:BRT) ("Bravada" or the
"Company") announced today that Argonaut Gold Inc. (AR.T, "Argonaut") has
elected to relinquish its option to purchase the Company's Wind Mountain gold
and silver property, located in northwestern Nevada and, accordingly, Bravada
holds an unencumbered 100% ownership of the property subject to a 2% NSR payable
to the Vendor of the property, subject to a "buydown" of 1% thereof for $1
million. Bravada plans additional in-fill drilling of the highest-grade portion
of the resource together with engineering studies in preparation for a planned
pre-feasibility study and continuation of mine permitting submissions. The
Company also announced today final assays from the most recent drilling program,
which consisted of seven reverse-circulation holes that further tested two
exploration targets and an expansion of the Breeze resource. The goal of this
program was to identify new oxide mineralization that would 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 dated April 11,
2012 for details).
President Joe Kizis commented, "We thank Argonaut for its funding of exploration
efforts at Wind Mountain. The two Argonaut-funded drilling programs tested
alluvial-covered areas which we believed could have undiscovered significant
oxide resources, including two areas which are ideally suited for heap-leach
sites. These two areas can now be designated as heap-leach sites, significantly
reducing estimated haulage costs compared to the costs utilized for the
heap-leach site modelled in the project's 2012 PEA. Bravada plans to re-evaluate
the Wind Mountain deposit utilizing a two-phase mining scenario, with Phase I
focusing on development of the shallow, higher-grade core of the deposit."
Shoshone Pediment
Baker Hughes OilField Operations, Inc. has notified Bravada that it has
commenced a reverse-circulation drilling program at Bravada's Shoshone Pediment
gold project. The program, designed to test for the presence of barite
mineralization, will consist of 12 or 13 reverse-circulation holes
(approximately 1,150 meters in total). The property is located along the Battle
Mountain-Eureka Gold trend, which, in the project area, overlaps one of Nevada's
most important regions for barite production. Baker Hughes has the option to
acquire 100% of any barite ore, whereas Bravada will retain all other mineral
rights, including gold, and will receive a split of the drill samples from the
barite drilling for its independent geologic logging and assaying.
Baker Hughes makes annual payments to Bravada and pays claim maintenance fees
during the option period and during any subsequent barite mining. Baker Hughes
can exercise an option by paying to Bravada an option fee anytime within the
six-year option period terminating in April 2015. Bravada will receive a
quarterly royalty payment on any barite production greater than 150,000 tons.
Should there be a discovery of both barite and other metals; each company would
have the right to mine their respective minerals while stockpiling minerals
belonging to the other party.
President Joe Kizis commented, "Barite has historically been produced from an
open pit adjacent to the Shoshone Pediment property, and the property lies along
the northwesterly projection of a linear cluster of small gold deposits hosted
in Upper Plate rocks along Slaven Canyon. Extensive low-level gold anomalies
have been detected in surface samples of Upper Plate rocks from the property.
Two potential gold targets exist; one being a prominent limestone horizon
located directly beneath the barite beds in the Upper Plate rocks, and one being
the Lower Plate carbonates, which are the host rocks to Nevada's largest gold
deposits."
2012/2013 Wind Mountain Drill Intercepts
----------------------------------------------------------------------------
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Hole # Orientation T.D. (m) From (m) To (m)
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Connector Target
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WM12-088(i) -70, 275 240.8 192.0 219.4
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WM12-089(i) -90 196.6 155.4 196.6
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Including 185.9 196.6
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Including 187.4 190.5
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WM13-091 -90 176.8 32.0 38.1
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0.0 62.5 77.7
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111.2 117.3
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125.0 143.2
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WM13-092 -65, 090 201.2 21.3 45.7
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70.1 82.3
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123.4 131.1
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157.0 175.3
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WM13-093 -90 160.0 0.0 6.1
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77.7 83.8
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112.8 150.9
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----------------------------------------------------------------------------
North Hill Target
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WM12-080 -90 147.8
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WM12-081 -90 50.3
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WM12-082 -90 91.4
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WM12-083 -50, 271 106.7 4.6 16.8
----------------------------------------------------------------------------
WM12-084 -90 61.0 12.2 19.8
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WM12-085 -90 91.4 4.6 13.7
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WM12-086 -90 61.0 7.6 19.8
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WM12-087 -90 61.0
----------------------------------------------------------------------------
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Zephyr Target
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WM12-078 -90 182.9
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WM12-079 -90 132.6
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WM13-094 -90 121.9
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WM13-095 -90 91.4
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WM13-096 -90 213.3
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SouthMin Target
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WM13-090 -90 213.3
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TOTAL = 2601.3 meters
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------------------------------------------
2012/2013 Wind Mountain Drill Intercepts
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Hole # Interval (m) Au (g/t) Ag (g/t) Comments
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----------------------------------------------------------------------------
Connector Target
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----------------------------------------------------------------------------
WM12-088(i) 27.4 0.334 12.1 Within 455-790'TD (335')
of 206ppb Au & 8.5ppm Ag
----------------------------------------------------------------------------
WM12-089(i) 41.1 0.356 13.8 lost hole in strongest
min.
----------------------------------------------------------------------------
Including 10.7 0.935 33.7
----------------------------------------------------------------------------
Including 3.0 1.861 67.4
----------------------------------------------------------------------------
WM13-091 6.1 0.185 nil
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15.2 0.328 6.4
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6.1 0.290 10.4
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18.3 0.207 8.5
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WM13-092 24.4 0.187 nil
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12.2 0.234 9.3
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7.6 0.197 10.2
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18.3 0.302 12.0
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WM13-093 6.1 0.169 22.9 Mine-dump Fill
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6.1 0.184 10.3
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38.1 0.211 10.2
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----------------------------------------------------------------------------
North Hill Target
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WM12-080 nil nil max. 124 ppb Au & 6.3ppm
Ag
----------------------------------------------------------------------------
WM12-081 nil nil 30'-60'(30') ave. 137ppb
Au & 3.1ppm Ag
----------------------------------------------------------------------------
WM12-082 nil nil max. 75 ppb Au & 4.6ppm
Ag
----------------------------------------------------------------------------
WM12-083 12.2 0.179 6.8
----------------------------------------------------------------------------
WM12-084 7.6 0.196 7.5
----------------------------------------------------------------------------
WM12-085 9.1 0.208 6.7
----------------------------------------------------------------------------
WM12-086 12.2 0.198 2.3
----------------------------------------------------------------------------
WM12-087 nil nil max. 83ppb Au in Qal
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zephyr Target
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WM12-078 nil nil Anom. Au (max. 55ppb) &
Ag (max. 4.5ppm) in lake
seds
----------------------------------------------------------------------------
WM12-079 nil nil Anom. Au (max. 80ppb) &
Ag (max. 5.2ppm) in lake
seds
----------------------------------------------------------------------------
WM13-094 nil nil Anomalous to max 163ppb
Au & 1.7ppm Ag
----------------------------------------------------------------------------
WM13-095 nil nil Host rock eroded below
Qal
----------------------------------------------------------------------------
WM13-096 nil nil Host rock eroded below
Qal
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SouthMin Target
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WM13-090 nil nil Anomalous to max of
141ppb Au & 5.5ppm Ag
----------------------------------------------------------------------------
----------------------------------------------------------------------------
True thicknesses are estimated to be 80-90% of interval.
Intervals based on +0.171g/t Au (0.005 opt Au, which was the cut-off in
MDA's PEA) over 6.1m (20 feet) minimum
(i) Previously releases assay results included for completeness
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.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tons oz Au/T oz Ag/T Tonnes
----------------------------------------------------------------------------
Indicated resource
----------------------------------------------------------------------------
Oxide at 0.005 oz Au/ton cut off
----------------------------------------------------------------------------
58,816,000 0.010 0.25 53,372,051
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Mixed/Sulfide at 0.01 oz Au/ton cut off
----------------------------------------------------------------------------
498,000 0.012 0.40 451,906
----------------------------------------------------------------------------
Total 59,314,000 53,823,956
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred resource
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Oxide at 0.005 oz Au/ton cut off
----------------------------------------------------------------------------
19,866,000 0.006 0.17 18,027,223
----------------------------------------------------------------------------
Mixed/Sulfide at 0.01 oz Au/ton cut off
----------------------------------------------------------------------------
14,595,000 0.016 0.46 13,244,102
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Total 34,461,000 31,271,325
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----------------------------------------------------------------------------
----------------------------------------------------------------------------
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gms Au/T gms Ag/T oz Au oz Ag
----------------------------------------------------------------------------
Indicated resource
----------------------------------------------------------------------------
Oxide at 0.005 oz Au/ton cut off
----------------------------------------------------------------------------
0.343 8.6 564,600 14,539,000
----------------------------------------------------------------------------
Mixed/Sulfide at 0.01 oz Au/ton cut off
----------------------------------------------------------------------------
0.411 13.7 5,900 197,000
----------------------------------------------------------------------------
Total 570,500 14,736,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred resource
----------------------------------------------------------------------------
Oxide at 0.005 oz Au/ton cut off
----------------------------------------------------------------------------
0.206 5.8 125,200 3,443,000
----------------------------------------------------------------------------
Mixed/Sulfide at 0.01 oz Au/ton cut off
----------------------------------------------------------------------------
0.549 15.8 229,100 6,672,000
----------------------------------------------------------------------------
Total 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 and has
approved its disclosure.
On behalf of the Board of Directors of Bravada Gold Corporation
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation
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 map associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/bva-0513-map.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Bravada Gold Corporation
Liana Shahinian
604.641.2773 or toll free: 1.888.456.1112
liana@mnxltd.com
www.bravadagold.com
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