Vancouver, British Columbia--(Newsfile Corp. - August 31, 2023) - Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (OTCQB: BGAVF) (the "Company" or "Bravada") reports that the Company has requested a 30-day extension, subject to Exchange approval, to close the previously announced non-brokered private placement
Projects Update/Overview
Bravada is a junior exploration company focusing on gold, and to a lesser extent, silver in Nevada, one of the most attractive jurisdictions in which to explore, develop, and mine in the world. Five of the Company's 10 Nevada projects are reviewed below.
Baxter Au/Ag Project - Earn-in Option Agreement Signed with Endeavour Silver
Endeavour Silver owns the adjacent Bruner past-producing gold property and will need to complete $4,000,000 in work to earn into Bravada's Baxter property, which should further delineate a shallow oxide gold deposit on the property and could potentially form an add-on to Endeavour Silver's Bruner project. In addition, Bravada will be carried to production, with payback from its percentage of production, essentially eliminating much of the risk of being a minority JV partner.
Wind Mountain Au/Ag Project - 2022 PEA for a Phase I operation demonstrated positive economics
Figure 1
We feel that our Wind Mountain project is near the upper part of value curve (requiring more specialized input from engineering, metallurgy, permitting, and financing) to the Company and that shifting our exploration expenditures to our other projects, while investigating a possible partnership or sale with an established mining company, would minimize the typical risk-related trough in value and accelerate the Company's longer upturn in value. There is certainly more exploration to do at Wind Mountain, so our preference is to find a partner that would begin the phased mining approach that our recent PEA demonstrated would be a relatively small, but high-margin gold mining operation. Despite the uncertainty in the economy and downturn in market conditions, we continue to have discussions with a number of groups that have the appropriate skill sets to put Wind Mountain into production.
Highland Project - Nevada's next high-grade gold/silver discovery?
The Highland project provides BVA with an excellent discovery opportunity. Exploration by our previous partners has reinforced two strong, relatively shallow drill target areas in the eastern part of our property. We also have interesting targets in the west, but we will focus on the east for the next round of exploration. We have completed permitting for 16 drill sites, subject to posting the bond, and plan for an initial program of six holes for approximately 2,500 meters of reverse-circulation drilling. Widespread samples of float, outcrop, and soils collected at the Big Hammer target, contain grab samples with strongly anomalous gold and pathfinder geochemistry. Minimal erosion indicates undiscovered high-grade Au/Ag vein deposits will be preserved in their entirety. The first 4 holes will be testing the Big Hammer target, with offset holes already permitted to follow-up good visuals immediately.
Figure 2
Gabel Project - Carlin-type gold property shows promise beneath gravel cover
A soil sampling program was completed earlier this year with very positive results over a gravel-covered portion of the Gabel project, located within the Battle Mountain-Eureka Gold belt. Sitka Gold and Kinross have each discovered Carlin-style gold mineralization nearby in faults that project into the Gabel soil anomaly. Most of the known gold deposits elsewhere in the region occur at the intersection of major NE and NW trending faults.
Figure 3
SF/HC - Additional field work planned in 2023 for this Carlin-type gold project
Additional geologic mapping, soil sampling, and geophysics are planned in 2023 to refine drill targets at this project, which is located near Barrick's Goldrush/Red Hill high-grade mine and new deposits. Host rocks and structure are the same as at Goldrush/Red Hill and other mines in the Battle Mountain-Eureka Gold belt. Permitting is anticipated after integration of that data, with drilling planned in 2024.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513) is the qualified person for the Company and is responsible for reviewing and preparing the technical data presented in this release and has approved its disclosure.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
About Bravada
Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. During the past 12 years, the Company has successfully identified and advanced properties that have the potential to host high-margin deposits while successfully attracting partners to fund later stages of project development. Currently, five of its Nevada properties are being funded by partners, which in aggregate include earn-in work expenditures of up to $6.5 million and payments to Bravada of up to +$3.0 million in cash and shares, with Bravada retaining residual working or royalty interests.
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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.
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.
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.
This news release is not intended for distribution to United States newswire services or dissemination in the United States
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