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Bravada Closes Oversubscribed Equity Financing, Prepares Wind Mountain for Drilling
November 22, 2017 6:00 PM EST | Source: Bravada Gold Corporation
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2017) - Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (the "Company" or "Bravada") announces that the previously announced $800,000 non-brokered private placement has been oversubscribed and Bravada will now issue 8,534,900 units ("Units") in a non-brokered private placement at a price of $0.10 per Unit for gross proceeds of $853,490. Each Unit consists of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.15 per share. Securities issued pursuant to this private placement, including common shares and share purchase warrants, carry a legend restricting trading of the securities until March 23, 2018.
Net proceeds from the private placement will be used: a) to drill 2-3 proof-of-concept holes at the Wind Mountain property to test for high-grade "Hishikari-type" gold-silver mineralization at the unconformity between Mesozoic metasediments & Tertiary volcanic rocks; and b) for working capital. President Joe Kizis commented, "With an approved drilling permit and adequate funds now in place, we are preparing to drill at Wind Mountain. A drilling contract has been signed, supplies have been obtained, and drill sites will be constructed over the next couple of weeks in preparation for drilling to commence in mid-December.
As we have previously noted, many large, epithermal disseminated-gold systems like Wind Mountain develop above much higher-grade 'feeder' zones, and many of these zones contain their highest concentrations at significant rock changes called unconformities. Our 3D modeling has identified two regions, approximately 1,500 metres apart, that could host such 'feeder' zones and both will be tested with this proof-of-concept drilling program. These types of deposits include some of the world's richest gold deposits, such as the Hishikari deposit in Japan."
About Wind Mountain
The Wind Mountain Property is in northwestern Nevada approximately 160km northeast of Reno in a sparsely populated region with excellent logistics, including county-maintained road access and a power line to the property. It is an historic past-producing, bulk-tonnage gold-silver mine. An independent resource estimate and Preliminary Economic Evaluation 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
354,000 ounces of gold and 10.1 million ounces of silver in the Inferred category.
See the table below and news release NR-06-12 dated April 11, 2012 for details of the resource update. 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.
| 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-eq/T 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-only/T 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-eq/T 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-only/T 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 | |||||
Mine Development Associates compiled the Technical Report and PEA. 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. Details of the PEA produced by Mine Development Associates (MDA) of Reno can be found on SEDAR, as previously reported (see NR-07-12 dated May 1, 2012). Note that although the PEA was encouraging, it is preliminary in nature, 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
Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. During the past 12 years the Company has successfully identified and advanced properties that have the potential to host high-margin deposits while successfully attracting partners to fund later stages of project development. Currently, three of its Nevada properties are being funded by partners.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) is the Qualified Person responsible for reviewing and preparing the technical data presented 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
For further information, please visit Bravada Gold Corporation's website at bravadagold.com.
Contact Information:
Jay Oness
VP Investor Corporate Development
Tel: 604-641-2759
Email: joness@mnxltd.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 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.