COMPANY PRESS RELEASE
- Assays for six additional holes from the Resource Upgrade program are reported, increasing to nine holes that intersected thicker zones of near-surface, oxidized, higher-than-average gold and silver grades.
- Hole WM21-111 (released here) returned 21.3m of 1.235g/t Au & 20.4g/t Ag within an oxidized interval of 77.7m of 0.518g/t Au & 12.1g/t Ag, located ~250m to the southwest of hole WM21-109.
- Hole WM21-109 (previously released, see NR-07-21, July 12, 2021) returned 10.7m of 1.342g/t Au & 45.3g/t Ag within an oxidized interval of 47.2m of 0.771g/t Au & 24.2g/t Ag.
- Wind Mountain disseminated mineralization occurs along a +4km-long zone of multiple, gently south-dipping mineralized horizons that are partially offset by post-mineral faults. Drilling confirms that higher grades occur within these horizons along several northeast-, north-, and northwest-trending fracture zones, and that within these fracture zones are narrow intercepts with much higher grades of gold and silver.
- Feeder target drill holes extended the banded quartz vein zone to +330m beneath overburden and mine waste, and multi-element geochemistry is consistent with vein mineralogy and textures indicating the holes intersected the top of a well-zoned vein system with potentially high-grade gold below current drilling.
Bravada Gold Corporation (the “Company” or “Bravada”) reports assays for the final 10 In-fill, Expansion, and Exploration reverse-circulation holes drilled at the Company’s wholly owned Wind Mountain Au/Ag Project in northwestern Nevada. The recently completed program totaled 17 holes (2,186.8 metres) and consisted of 13 holes (1,324.3 metres) into under-drilled portions of and potential extensions of the existing oxide resource near the Breeze open pit and four holes (862.5 metres) at the Feeder target to offset a vein zone encountered in hole WM20-102, which intersected 1.5 metres of 0.404g/t Au and 269.0g/t Ag within a thicker interval of quartz veining with anomalous gold and silver mineralization.
Resource Upgrade Program
Assays from the final six holes of the Resource Upgrade program continue to provide additional encouraging results (see attached summary of drill intercepts). Nine holes of the 13-hole program returned near-surface, thick zones of oxidized gold and silver with higher grades than estimated for those areas in the 2012 Resource Estimate/PEA, confirming our 3D geologic model.
This program focused on a shallow portion of the 2012 Resource with strongly oxidized mineralization that is exposed in surface outcrops and in the small Breeze open pit (Amax 1990’s). Disseminated gold and silver mineralization occurs in multiple, gently south-dipping mineralized horizons, which were permeable horizons and possibly boiling horizons. Higher grades occur within the disseminated horizons along several northeast, north, and northwest fracture zones. Within these fracture zones are narrow intercepts of much higher grades of gold and silver mineralization, often with 1.5m and longer drilled intervals returning 1 to +10 grams gold per tonne (g/t) and 50 to +300g/t silver.
President Joe Kizis commented, “We are pleased that this phase of the Resource Upgrade program successfully demonstrates that higher grades exist where our 3D model predicts. The holes provide higher confidence to model these zones for our planned Q1 2021 update to the 2012 Resource and PEA in an area that was largely categorized as Indicated Resource, a category that is acceptable for Pre-feasibility Studies, and which may be developed into a near-term Phase I open-pit/heap-leach mining operation.”
Feeder Target Exploration
Four holes were drilled to offset a vein zone encountered in hole WM20-102, which intersected 1.5 metres of 0.404g/t Au and 269.0g/t Ag within a thicker interval of quartz veining with anomalous gold and silver mineralization. Hole WM21-116 was designed to test beneath the intercept in hole -102; however, the hole flattened significantly, testing much shallower and only intersecting moderately anomalous silver and gold. Hole WM21-117 also shallowed significantly and intersected only somewhat deeper than hole -102 with several 1.5m intervals of anomalous silver up to 54g/t Ag. Hole WM21-118 did not cross the fault but intersected narrow banded quartz vein zones with 1.5m intervals up to 78g/t Ag. Hole WM21-119 tested a projection of the fault/vein zone but unfortunately lost several samples crossing the zone; however, hole -119 did encountered anomalous values of gold and silver in banded low-temperature quartz veins at shallower levels than hole -102.
President Joe Kizis commented, “All four of the 2021 holes in the Feeder Target intersected banded quartz veins with anomalous selenium and precious metals beneath an intense halo of mercury and chalcedonic silica flooding. Zoning in geochemistry, alteration, and silica textures indicate upwelling hydrothermal fluids, but at a level above expected major gold deposition. Deeper testing of the banded quartz veins is justified, and new sites will need to be permitted. The upwelling zone constrained between impermeable Mesozoic metasediments and Tertiary volcanic rocks is a very attractive target for vein development.”
About Wind Mountain
The Wind Mountain Property is in northwestern Nevada approximately 160km northeast of Reno in a sparsely populated region with excellent logistics, including county-maintained road access and a power line to the property. It is an historic past-producing, bulk-tonnage gold-silver mine. An independent resource estimate and Preliminary Economic Evaluation for Wind Mountain commissioned by Bravada in 2012 reported:
- 570,000 ounces of gold and 14.7 million ounces of silver in the Indicated category, and
- 354,000 ounces of gold and 10.1 million ounces of silver in the Inferred category.
See the table below and news release NR-06-12 (April 11, 2012) for details of the resource update. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be classified as mineral reserves. There is no assurance that any part of the resources will ultimately be converted to mineral reserves.
Mine Development Associates compiled the Technical Report and PEA. 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. Details of the PEA produced by Mine Development Associates (MDA) of Reno can be found on SEDAR, as previously reported (see NR-07-12 dated May 1, 2012). Note that although the PEA was encouraging, it is preliminary in nature, it includes Inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized.
Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. Bravada has successfully identified and advanced properties with the potential to host high-margin deposits while successfully attracting partners to fund later stages of project development. Bravada’s value is underpinned by a substantial gold and silver resource with a positive PEA at Wind Mountain, and the Company has significant upside potential from possible new discoveries at its exploration properties.
Since 2005, the Company signed 32 earn-in joint-venture agreements for its properties with 19 publicly traded companies, as well as a similar number of property-acquisition agreements with private individuals. Bravada currently has 10 projects in its portfolio, consisting of 810 claims for approximately 6,500 ha in two of Nevada’s most prolific gold trends. Most of the projects host encouraging drill intercepts of gold and already have drill targets developed. Several videos are available on the Company’s website that describe Bravada’s major properties, answering commonly asked investor questions. Simply click on this link https://bravadagold.com/projects/project-videos/.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513) 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 Corporation
“Joseph A. Kizis, Jr.”
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation
For further information, please visit Bravada Gold Corporation’s website at bravadagold.com or contact the Company at 604.684.9384 or 775.746.3780.
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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.