Bravada to Conduct 2020 Work Program at the Highland Gold/Silver Project in Nevada with Funding by OceanaGold
Vancouver, British Columbia--(Newsfile Corp. - February 19, 2020) - Bravada Gold Corporation (TSXV: BVA) ("Bravada") announces the Highland Project Technical Committee, composed of Bravada and Option/Joint Venture partner OceanaGold US Holdings Inc. ("OceanaGold"), a wholly owned subsidiary of OceanaGold Corp., has approved a 2020 Phase 1 US$250,000 exploration program, with Bravada conducting the program to be funded by OceanaGold.
Bravada and previous partners in earlier exploration programs intersected high-grade gold and silver in drill holes on the western portion of Highland; however, the majority of the property remains untested due to extensive shallow gravel cover and the high level of exposure of the mineral system (minimal erosion) as indicated by the presence of extensive sinter on the eastern portion of the property. OceanaGold's 2019 work program focused on the eastern portion of the property and included approximately 35-line-kilometers of CSAMT geophysics, 35-line-kilometers of soil sampling, staking additional claims (increasing the property by 60%), and initiating geological mapping (incomplete due to early snow conditions). Combining OceanaGold's 2019 work with pre-Bravada shallow drilling and Bravada's previous mapping and sampling in the area has resulted in the identification of several attractive target areas.
One target area is currently proposed for initial drill testing during 2020, which will be refined by detailed surface mapping this spring prior to permitting. In addition, several areas have been identified for target development by detailed sinter-facies/alteration mapping, geochemical zoning, and clay-mineral zoning prior to planned drill testing in late 2020 or 2021.
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, located in Nevada's Walker Lane Gold trend.
President Joe Kizis commented, "Many low-sulfidation deposits have developed into some of the world's best mines due to their high grades of gold/silver and relatively benign environmental impact. While sinter may have been deposited at the paleosurface when low-sulfidation deposits formed, high-grade gold/silver mineralization is usually deposited well below that paleosurface. The extensive area of sinter exposed in the eastern portion of the Highland Project indicates that zones of gold deposition should be preserved in their entirety at some depth, and the widespread leakage of gold values at the current erosional level suggests such depth may be relatively shallow. Also encouraging, extensive CSAMT geophysics conducted in 2019 indicates the widespread area of sinter is controlled by a graben; graben-margin faults are often the loci of high-grade precious-metal mineralization in low-sulfidation districts.
We appreciate that OceanaGold has entrusted Bravada to conduct the next phase of work on behalf of the Highland Option/Joint Venture Project."
The Highland low-sulfidation-type Project consists of 163 federal lode claims for a total of approximately 1,300 hectares (~3,200 acres) 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 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 respective intervals (previously reported). A thin layer of alluvial gravel covers much of the property and several targets have been identified but not 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. Bravada has successfully identified and advanced properties with the potential to host high-margin deposits while successfully attracting partners to fund later stages of project development. Three of Bravada's ten 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 has significant upside potential from possible new discoveries at its exploration properties, most of which host encouraging drill intercepts of gold and already have drill targets developed.
OceanaGold is a multinational gold producer with global operating, development and exploration experience.
OceanaGold is committed to the highest standards of technical, environmental and social performance and is continuously working to innovate and improve the way we explore, extract and process minerals. Operating assets include: the Didipio Mine on Luzon Island in the Philippines, the Macraes Operations in the South Island of New Zealand, the Waihi Operation in the North Island of New Zealand and Haile Gold Mine in South Carolina, United States of America.
OceanaGold has a significant pipeline of organic growth and exploration opportunities in the Americas and Asia-Pacific, and a track record for converting discoveries into production.
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 or contact the Company at 604.684.9384 or 775.746.3780.
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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