Bravada Summarizes Recent Drill Results at Wind Mountain Au-Ag Property, Nevada
Vancouver, British Columbia--(Newsfile Corp. - February 14, 2018) - Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (the "Company" or "Bravada") reports that remaining assays have been received for the two reverse-circulation holes completed recently at the Company's 100% owned low-sulfidation Wind Mountain project, a past-producing gold/silver property located in northwestern Nevada. Previous work by Bravada outlined a large, shallow oxide resource hosted by permeable sediments of the Truckee Fm (see resource and PEA details below in About Wind Mountain). The two recent holes were drilled in search of feeder zones within underlying Pyramid volcanic rocks that would be the roots of the blanket-like mineralization. Hole WM17-097 is located near the southern end of the property, where an Inferred gold resource at the South End deposit occurs near the base of the Truckee Fm. Hole WM17-098 is located about 1,500 metres north of -097 and is in the bottom of the Wind Pit, close to where disseminate gold mineralization is thickest within the Truckee Fm.
Significant conclusions based on the drilling program and a subsequent review of existing data are listed below. A more detailed discussion can be found in a technical memo posted on the Company's website (http://www.bravadagold.com/uploads/projects/18windmtn_summaryreport_feb07.pdf).
- As previously announced, hole WM17-097 intersected significant low-grade gold and anomalous mercury in a thick package of tuffaceous sediments in the lower Pyramid Fm, which was previously thought to consist of a thick section of volcanic flows with only minor sediments based on published mapping to the east. The sediments are a potentially new host rock for gold at Wind Mtn.
- As previously announced, hole WM17-098 drilled through mineralized Truckee Fm within previously defined resource blocks and then intersected essentially fresh Pyramid Fm volcanic flows followed by a thick section of unaltered tuffaceous sediments. Previously pending assays from the bottom of this hole confirm the lack of mineralization, indicating significant lateral migration of ore fluids within the Truckee Fm from its feeder zone in the underlying Pyramid Fm.
- The lower Pyramid sediments are fresh in hole -098, but strongly altered to clay with anomalous gold, silver, and mercury in -097. This indicates that a feeder zone is closer to -097.
- Two prominent northeast-trending post-mineral faults were crossed in hole -098. No anomalous metal values were intersected, indicating these faults are not reactivated feeder faults, as suggested by the dramatic thickening of gold mineralization within the Truckee Fm in this area.
- Gold and silver mineralization is older than previously thought (+4.8Ma) and was deposited under a different stress regime than currently exists. Northwest- and north-trending faults appear to have been open structures during gold mineralization, in contrast to northeast-trending faults, which are the faults most recently open. Open fault orientations should host the strongest feeder mineralization.
- Several prominent calcite +/- quartz veins with variable amounts of gold and silver crop out at surface north of -097, and the veins form a sigmoidal pattern of north to northwest -trending veins (see figure below). Detailed structural mapping and sampling are planned and should provide vectors to feeder zones in the lower Pyramid Fm. Existing holes in the target area are shallow, ending in Truckee Fm or volcanic flows of the upper Pyramid Fm, and were not deep enough to test the feeder target.
- A thick section of permeable sediments in the lower Pyramid Fm lies directly above Mesozoic-age impermable metasediments along a low-angle fault. Mineralizing fluids passing from confined structures within metasediments into overlying permeable sediments should spread outward to form a funnel-like body instead of narrow veins that would be expected when confined within volcanic flows. A funnel-like body will be easier to test from the surface.
President Joe Kizis commented, "Nevada is one of the world's best regions for discovery and production of gold, and a new high-grade discovery there will richly reward Bravada's shareholders. Exploration in Nevada is at a mature stage, requiring conceptual 'out of the box' thinking if we are to discover major new deposits rather than to simply add marginally to previously known deposits.
Our recent drill holes provided critical information that caused us to re-think what a feeder zone will look like at Wind Mountain and to re-evaluate existing data within the target area, now reduced to approximately 1km by 0.5km. Although we were aware of anomalous gold and silver concentrations in shallow drill holes in that area, the discovery that a potential new host rock lies beneath Pyramid volcanic flows makes a feeder in this area very exciting. Detailed structure mapping and sampling, and possibly additional geophysical surveys, should assist in refining drill targets to be drilled in the second or third quarter of 2018, subject to funding and rig availability."
Wind Mountain - Open Pit
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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.
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.
|Tons||oz Au/T||oz Ag/T||Tonnes||gms Au/T||gms Ag/T||oz Au||oz Ag|
|Oxide at 0.005 oz Au/ton cut off|
|Mixed/Sulfide at 0.01 oz Au/ton cut off|
|Oxide at 0.005 oz Au/ton cut off|
|Mixed/Sulfide at 0.01 oz Au/ton cut off|
Bravada is an exploration company with a portfolio of 11 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, exploration expenses on three of its Nevada properties are being funded by partners. Seven of the Company's properties have been developed through exploration by Bravada and are drill-ready or close to being so with exploration to continue throughout 2018 subject to funding availability.
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.
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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.