Bravada Receives Data Update for Baxter Au/Ag Property from Kinross
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 14, 2015) - Bravada Gold Corp. ("Bravada" or the "Company") (TSX VENTURE:BVA)(FRANKFURT:BRT) announced today that it has received data from work recently completed by Kinross Gold USA Inc. ("Kinross") (a wholly owned subsidiary of Kinross Gold Corp.) at the Company's Baxter gold and silver property. Baxter now consists of 240 unpatented lode claims (approximately 1,940 hectares) and is located 6.5 kilometers west of the Bruner district in Nevada's Walker Lane Gold trend. Bravada previously identified extensive low-sulfidation-style gold and silver mineralization exposed at surface and in reverse-circulation holes drilled by Bravada and others on the property.
Kinross' program consisted of adding 188 mining claims, mapping, rock-chip and soil sampling over the newly expanded claim block, conducting detailed ground gravity and air-borne magnetics/radiometrics over the entire claim block, and conducting mineralogy studies to identify clay and other alteration products in surface and drill chips.
In addition to verifying local high-grade concentrations of gold in grab samples from several veins, specific target areas were identified for drill testing. Five samples contain 10.1 to 43.7g/t Au of the 92 samples of vein, dump material, and wall rock that were collected. The remaining samples assay in the range of less than detection limits to 7.8g/t Au. Sites are being permitted with the Bureau of Land Management; however, specific details and timing for drilling have not been finalized.
Kinross has the option to earn a 60% interest in the property by spending $2.0 million over five years and it can earn an additional 15% interest by spending an additional $2 million on exploration and development expenses over two additional years. Upon Kinross completing its earn-in, Bravada may contribute to expenditures at its percentage of interest or be diluted. Should Bravada's working interest reduce below 10%, Bravada would convert its working interest to a 1% NSR royalty (see NR-01-15 dated February 3, 2015).
President Joe Kizis commented, "Kinross has done excellent work advancing the Baxter property through further geological, geochemical, and geophysical investigations. We look forward to Kinross drill testing the new targets."
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.
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.
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.
