Bravada Reacquires 100% of Wind Mountain, Drilling Underway at Shoshone Pediment
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/13/13 -- 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
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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
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WM12-089(i) 41.1 0.356 13.8 lost hole in strongest
min.
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Including 10.7 0.935 33.7
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Including 3.0 1.861 67.4
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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
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WM12-080 nil nil max. 124 ppb Au & 6.3ppm
Ag
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WM12-081 nil nil 30'-60'(30') ave. 137ppb
Au & 3.1ppm Ag
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WM12-082 nil nil max. 75 ppb Au & 4.6ppm
Ag
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WM12-083 12.2 0.179 6.8
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WM12-084 7.6 0.196 7.5
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WM12-085 9.1 0.208 6.7
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WM12-086 12.2 0.198 2.3
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WM12-087 nil nil max. 83ppb Au in Qal
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Zephyr Target
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WM12-078 nil nil Anom. Au (max. 55ppb) &
Ag (max. 4.5ppm) in lake
seds
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WM12-079 nil nil Anom. Au (max. 80ppb) &
Ag (max. 5.2ppm) in lake
seds
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WM13-094 nil nil Anomalous to max 163ppb
Au & 1.7ppm Ag
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WM13-095 nil nil Host rock eroded below
Qal
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WM13-096 nil nil Host rock eroded below
Qal
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SouthMin Target
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WM13-090 nil nil Anomalous to max of
141ppb Au & 5.5ppm Ag
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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.
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Tons oz Au/T oz Ag/T Tonnes
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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
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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
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Total 59,314,000 53,823,956
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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
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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
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Total 34,461,000 31,271,325
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gms Au/T gms 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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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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0.411 13.7 5,900 197,000
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Total 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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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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0.549 15.8 229,100 6,672,000
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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
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
