Bravada Reacquires 100% of Wind Mountain Project, Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 5, 2015) - Bravada Gold Corp. ("Bravada" or the "Company") (TSX VENTURE:BVA)(FRANKFURT:BRT) announced today that Solidus Gold Inc. ("Solidus") has elected to relinquish its option to purchase the Company's Wind Mountain gold and silver property, located in northwestern Nevada.
Bravada holds an unencumbered 100% ownership of the property subject to a 2% NSR royalty payable to the Vendor of the property, which is subject to a "buy down" of 1% thereof for $1 million. The Company received from Solidus during the option period US$300,000 and 676,676 Solidus shares, which it presently holds.
An independent resource estimate for Wind Mountain commissioned by Bravada in 2012 reported 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 detail, mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be classified as mineral reserves. There is no assurance that any part of the resources will ultimately be converted to mineral reserves). No additional drilling or metallurgical studies were conducted by Solidus during the option period.
President Joe Kizis commented, "We are pleased to have this potentially near-term production asset back in Bravada's property portfolio. Of our 15 properties in Nevada and one in Ontario, we currently have agreements with five mining and exploration companies on six of our properties. Those option agreements in aggregate include earn-in work expenditures of up to $6.5 million and payments to Bravada of up to $3+ million of cash and shares, with residual working or royalty interests retained by the Company. We expect that Wind Mountain will be a desirable development property for a potential Optionee based upon its current resource and development potential, as well as its exploration potential."
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.
| Tons | oz Au/T | oz Ag/T | Tonnes | gms Au/T | gms Ag/T | oz Au | oz Ag | ||||||||
| Indicated resource | |||||||||||||||
| Oxide at 0.005 oz Au/ton cut off | |||||||||||||||
| 58,816,000 | 0.010 | 0.25 | 53,372,051 | 0.343 | 8.6 | 564,600 | 14,539,000 | ||||||||
| Mixed/Sulfide at 0.01 oz Au/ton cut off | |||||||||||||||
| 498,000 | 0.012 | 0.40 | 451,906 | 0.411 | 13.7 | 5,900 | 197,000 | ||||||||
| Total | 59,314,000 | 53,823,956 | 570,500 | 14,736,000 | |||||||||||
| Inferred resource | |||||||||||||||
| Oxide at 0.005 oz Au/ton cut off | |||||||||||||||
| 19,866,000 | 0.006 | 0.17 | 18,027,223 | 0.206 | 5.8 | 125,200 | 3,443,000 | ||||||||
| Mixed/Sulfide at 0.01 oz Au/ton cut off | |||||||||||||||
| 14,595,000 | 0.016 | 0.46 | 13,244,102 | 0.549 | 15.8 | 229,100 | 6,672,000 | ||||||||
| Total | 34,461,000 | 31,271,325 | 354,300 | 10,115,000 | |||||||||||
Note that the PEA is preliminary in nature, that it includes Inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized.
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 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 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.
