Bravada/OceanaGold Announce 2019 Work Program for the Highland Gold/Silver Project in Nevada
Vancouver, British Columbia--(Newsfile Corp. - April 10, 2019) - Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) ("Bravada") announces that the Highland Project Technical Committee composed of Bravada and Option/Joint Venture partner OceanaGold U.S. Holdings Inc. ("OceanaGold"), a wholly owned subsidiary of OceanaGold Corp. have approved a +US$400,000 exploration program for 2019.
Planned work includes additional geological mapping, approximately 35-line-kilometers of detailed geophysics, 35-line-kilometers of soil sampling for assay and XRF study, and permitting for a 2020 drilling campaign. The project has been increased in size by 60% through staking additional claims and now consists of 163 claims (approximately 1,300 hectares/3,200 acres).
As previously announced (see news release NR-09-18 dated December 20, 2018), OceanaGold may earn up to a 75 percent interest in Bravada's low-sulfidation Highland gold/silver project in Nevada's Walker Lane Gold trend.
President Joe Kizis commented, "Highland has characteristics of the world's great Low-sulfidation gold deposits. The extent of alteration and veining is very large, and surface sampling and limited drilling have demonstrated that this large system is capable of hosting high grades of gold and silver. Extensive areas of sinter demonstrate that the gold zone has not yet been eroded and should be preserved in its entirety at depth.
We believe the careful, systematic approach laid out in the work program will result in great success with the drill, as has been demonstrated by OceanaGold elsewhere in the world for similar deposits. Low-sulfidation deposits worldwide are among the most attractive, highest-margin gold/silver deposits, with many exploited by small-footprint, underground mining and relatively benign milling operations. An important characteristic of low-sulfidation deposits is that they typically occur as clusters of similar-grade deposits, many of which may be blind at surface. Discovery rates tend to be high in such districts long after mining has begun. Highland's location in an established mining region in Nevada reduces risks associated with land tenure, logistics, and capital and operation costs when compared to many regions of the world."
About Highland - The Highland low-sulfidation-type project consists of 163 Federal lode claims for a total of approximately 1,300 hectares and is located along the Walker Lane Gold trend of western Nevada. Previous drilling by Bravada's US subsidiary intersected vein zones with locally high-grade intercepts; the Company's best hole, H02013, intersected 1.5 meters (m) of 66.9 grams of gold per ton (g/t) and 397.7g/t silver within a 12.2m intercept of 9.5g/t gold and 109.4g/t silver, with true thicknesses estimated at 65% of the intervals. A thin layer of alluvial gravel covers much of the property and several targets have been identified that have not been previously tested with drilling.
Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. 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. With the addition of OceanaGold's option of Highland, four of Bravada's eleven Nevada properties are being funded by partners. As well, there are no NSR-type royalties to vendors that cannot be reduced. Bravada's value is underpinned by a substantial gold and silver resource with a positive PEA at Wind Mountain and the Company has significant upside potential from possible new discoveries at its exploration properties, most of which host encouraging drill intercepts of gold and which already have drill targets developed by the Company.
OceanaGold Corporation is a mid-tier, high-margin, multinational gold producer with assets located in the Philippines, New Zealand and the United States. The Company's assets encompass the Didipio Gold-Copper Mine located on the island of Luzon in the Philippines. On the North Island of New Zealand, the Company operates the high-grade Waihi Gold Mine while on the South Island of New Zealand, the Company operates the largest gold mine in the country at the Macraes Goldfield which is made up of a series of open pit mines and the Frasers underground mine. In the United States, the Company operates the Haile Gold Mine, a top-tier, long-life, high-margin asset located in South Carolina. OceanaGold also has a significant pipeline of organic growth and exploration opportunities in the Americas and Asia-Pacific regions.
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
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation
For further information, please visit Bravada Gold Corporation'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 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.
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