Bravada Expands Relationship with Goldspike to Explore Its North Lone Mountain Gold/Zinc Property in Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 2, 2015) - Bravada Gold Corp. ("Bravada" or the "Company") (TSX VENTURE:BVA) (FRANKFURT:BRT) has signed a Letter of Intent with Goldspike Exploration Inc. ("Goldspike") to explore the Company's North Lone Mountain property (the "Property"), located along the Battle Mountain-Eureka Gold trend in central Nevada. Goldspike controls the Lone Mountain Zinc project, located approximately 10 kilometers to the southeast where Goldspike is delineating high-grade zinc mineralization and has an option to purchase a 100% interest through payments of cash, shares, and a retained royalty Bravada's South Lone Mountain property (see NR-08-14 for details of that agreement). South Lone Mountain is adjacent to the Lone Mountain Zinc property and soil geochemistry indicates that mineralization extends onto Bravada's claims.
To view the North Lone Mtn Zinc/Gold Project map, please visit the following link: http://media3.marketwire.com/docs/994685.pdf
The North Lone Mountain agreement allows Goldspike to earn a 50% interest in the property by funding a work program of US$150,000 over two years, after which the companies will form a joint venture to further explore and develop the property. Bravada will be operator during the earn-in period. Should either party be diluted to a 10% working interest, its interest will revert to a 1% NSR for base metals and a 1.5% NSR for precious metals. An underlying vendor also holds a royalty on the property of a 1% NSR for all metals and which can be reduced to 0.5% NSR for a cash payment of $3,000,000. No payments are due to the underlying vendor other than production royalties. Please note that Goldspike has announced a name change to Nevada Zinc Corporation effective March 6, 2015.
President Joe Kizis commented, "We are pleased to arrange with Goldspike to provide funding and expertise in the exploration of our two properties while it develops its main zinc-rich property. Goldspike's continuing success at the Lone Mountain property makes it an ideal partner to further explore and develop the North Lone Mountain property for both zinc and gold."
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 Corp. (HSR.V) owns approximately 9.8% of Bravada's 11,970,210 outstanding common shares.
About Goldspike Exploration, Inc.
Goldspike is a junior resource company focused on making high impact mineral discoveries in safe jurisdictions. Goldspike is currently exploring the Lone Mountain Zinc Property in the Eureka area of Nevada. Goldspike maintains a large portfolio of precious metals properties in Yukon that include properties adjacent to Kaminak Gold Corp., Victoria Gold Corp., and ATAC Resources Ltd.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) is Bravada's President and is the Qualified Person within the meaning of NI 43-101 who prepared and approved the technical information disclosed in this news release.
On behalf of the Board of Directors of Bravada Gold Corp.
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corp.
For further information, please visit Bravada Gold Corp.'s website at bravadagold.com.
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 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.
