Bravo Drills New Mineralization at Homestake and Confirms Mineralization at Kinskuch
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/03/11 -- Bravo Gold Corp. (TSX VENTURE: BVG)(FRANKFURT: B6I) ('Bravo') reported today that it has identified and partially drill-tested several areas of mineralization at both the Homestake Ridge Project and the Kinskuch Project over the course of the 2011 exploration program. The season's program consisted of diamond drilling; surface soil and rock-chip sampling, and geophysics at both projects and crews are now in the process of de-mobilization. Engineering and metallurgical work continues. Assay results for most the drilling program have not been received yet due to lab delays.
Homestake Project
A total of 23 core holes were drilled on the Homestake property for approximately 7364 metres during this year's program. Surface IP geophysics totaling approximately 15 line-kilometres was completed over the Main Homestake deposit, the Homestake Silver deposit and several additional target areas on the property.
Channel sampling was completed in historic trenches over the Main Homestake deposit, and soil sampling was completed over the lines cut for surface geophysics.
Drilling initially focused on two hangingwall structures to the Homestake Silver deposit and the connecting area between the Main Homestake and Homestake Silver deposits. A total of 9 holes for 2172 metres were completed in these target areas. Eight drill holes (one lost) tested the southeastern extension of the Homestake Silver deposit, where alteration and base-metal mineralization are visually encouraging.
IP geophysics was used to direct drilling 350 metres to the southeast of the Fox Reef zone in an area that is now called the South Reef zone. Four holes were drilled into this target and each contained significant alteration and base-metal mineralization in three distinct mineralized intervals. Mineralization has only been tested to a depth of 160 metres and the geophysical signature can be traced for over 800 metres along the projected strike.
Assays of samples from the channel sampling and all 23 drill holes are pending owing to a combination of a delayed start to drilling caused by a late snow melt and unusually high sample volumes experienced by the assays laboratories.
Kinskuch Project
The Kinskuch project is a strategic acquisition that contains much of the access road to Homestake Ridge and several highly prospective areas that had not been explored with modern technology.
Exploration on the property during the 2011 field season included a 3820 line-kilometre DIGHEM airborne survey over much of the project area, aggressive surface exploration of the main mineralized trends throughout the property, and 855 metres of diamond drilling in four holes.
Drilling targeted the Illiance River Trend, which includes multiple mineral occurrences along an eight kilometre-long belt of altered and mineralized felsic volcanics. Drilling during the late 1980's within a 1.6 kilometre-long portion of this trend returned several high-grade silver intercepts of up to 1.8 metres of 297g/t Ag, 2.89% Pb and 9.56% Zn(1). More recent chip and grab sampling in the area returned assays of up to 11,485g/t Ag, 5.34% Pb and 24.6% Zn(1).
Bravo's 2011 field exploration program was successful in confirming these surface occurrences. Assays received from 54 rock samples taken along the 1.6km trend average 415g/t Ag, 0.49% Cu, 2.78% Pb and 3.18% Zn. Highlights from this program include a 1m true width sample containing 5227g/t Ag, 4.67% Pb and 8.44% Zn from a trench at the Silver Bar North occurrence, located in the northern part of the trend, and a 0.5m sample containing 383g/t Ag, 7.76% Pb and 26.67% Zn in the United Metals zone, located at the southern end of the trend. Channel sampling is ongoing in this area and assays are pending.
One drill hole was completed at the Silver Bar North occurrence and three holes were completed at the United Metals occurrence. All three holes in the United Metals zone returned thick intervals of altered host rock and visible base-metal sulphides. Assays for these holes are also pending.
About Bravo
Bravo Gold Corp. has a 100 percent interest in the Homestake Ridge project, which is located in a prolific mineral belt in northwestern British Columbia. The project is being advanced as a potential high-grade underground mining operation with a current NI43-101 compliant Indicated Resource, at a 3.0 g/t AuEq. cut-off, of 191,000 oz gold and 1,350,000 oz silver plus an Inferred Resource of 530,000 oz gold and 13,470,000 oz silver(2). Two deposits have been identified to date and multiple exploration targets remain to be tested on the large 2585 hectare property. Bravo recently acquired an option to acquire the 596-square-kilometre Kinskuch project located adjacent to, and to the southeast of, Bravo's Homestake Ridge project. Bravo also holds an 11.7 percent interest in Bravada Gold Corporation (TSX VENTURE: BVA), which is exploring 22 projects in Nevada.
Robert Macdonald (P.Geo) is the Qualified Person as defined by National Instrument 43-101 for the Homestake Ridge project and has reviewed and approved the technical contents of this release.
On behalf of the Board of Directors
Joseph A. Kizis Jr., Director, President, Bravo Gold Corp.
For further information, please visit the company's website at bravogoldcorp.com.
(1) Bravo advises that grades, thicknesses and tonnages are from historic records, primarily BC ARIS Assessment Reports, and remain unverified; thus, should not be relied upon. Grab and select chip samples may not be representative of all mineralization on the property.
(2) The current estimate was prepared by Roscoe Postle Associates Inc. (RPA). Mineral Resources on the Main Homestake deposit were estimated previously in 2010 using a block model constrained by 3D wireframes of the mineralized zones. Mineral Resources on the Homestake Silver deposit were estimated in 2011 using a block model constrained by pierce points projected to 2D surfaces. The Main Homestake block model comprised an array of blocks measuring 5 m x 5 m x 5 m, with grades for Au, Ag, and Cu interpolated using ID3 weighting. The Homestake Silver block model comprised an array of blocks measuring 10 m x 10 m. At a 3.0g/t AuEq. cut-off, the models identified an indicated resource of 888,000 tonnes averaging 6.7g/t Au, 47.2g/t Ag and 0.15% Cu and a cumulative inferred resource of 4,060,000 tonnes averaging 4.3g/t Au, 158g/t Ag.
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. Bravo Gold Corp. 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.
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Contacts:
Bravo Gold Corp.
Liana Shahinian
1-888-456-1112 or 604-641-2773
liana@mnxltd.com
www.bravogoldcorp.com
