Bravada Cuts 13.7m of 1.26g/t Au-eq in New Shallow Zone at Wind Mountain, Nevada
July 25 2011 - 9:15AM
Marketwired Canada
Bravada Gold Corporation (TSX VENTURE:BVA)(FRANKFURT:BRT) ("The Company") is
pleased to report that it has identified and partially delineated a new zone of
near-surface mineralization at its wholly owned Wind Mountain Low-sulfidation
Gold/Silver project, located within Nevada's Walker Lane Gold trend 160km
northeast of Reno.
The South End Target is located approximately 800m south of the existing Wind
Mountain resource, where nine holes were completed in this program for a total
of 611m. The strongest mineralization was intersected in hole WM11-034, where
6.1m averaging 1.88g/t Au and 17.6g/t Ag (2.14g/t Au-eq @ 70Ag:1Au) occurs
within a 13.7m interval averaging 1.050g/t Au and 14.9g/t Ag (1.26g/t Au-eq)
starting at 29m depth. The hole was lost at the bottom of this interval due to
drilling problems in the highly altered rock. Follow-up drilling is planned
after other necessary holes have been completed.
The Wind Mountain project, a previous Amax Gold open-pit/heap-leach mine,
contains an independent NI43-101-compliant resource estimate of 406,000 ounces
of gold in the Measured plus Indicated Resource categories (33.7 million short
tons averaging 0.411 g/t Au, using a cutoff grade of 0.257g/t Au), plus an
additional 92,000 ounces of gold in the Inferred category (9.8 million short
tons averaging 0.308g/t Au), using the same cut-off grade (see FRX news release
dated January 8, 2008). An independent NI43-101-compliant Preliminary Economic
Assessment (PEA) and associated Technical Report by Mines Development Associates
(MDA) were conducted, modeling an open pit using $850 per ounce of gold and
$14.50 per ounce of silver. MDA's PEA indicates a pre-tax NPV@ 5% of
US$13.2million (IRR=15%) at $850 per ounce gold and, assuming a 20% increase in
metal prices, a pre-tax NPV@5% of US$43.7million (IRR=38%) at $1,020 per ounce
gold for the same pit design (see FRX news release NR-05-10 dated April 13,
2010).
The current, on-going reverse-circulation drilling program is planned to consist
of 70 holes, +6,000m in total. Many of the holes will be in-fill within the Wind
Mountain and Breeze deposits, with some of the holes testing structures that
appear to host higher-than-average grade for the deposits. Currently, drill
holes along these structures are too widely spaced to demonstrate continuity of
the higher grades within the resource block model. Some of the drill holes will
test areas of shallow mineralization previously intersected in widely scattered
historic drill holes, such as at the South End Target, and some will test
anomalies identified by the Company's January soil survey, where gold values
ranged from nil to 1.4 g/t. Those holes that could expand the currently modelled
open pit or delineate new areas for open pits are being tested first because
successfully adding additional shallow, oxidized resource could significantly
enhance the economics of the Wind Mountain property by reducing operating costs
per tonne and increasing the mine life, while only marginally adding to capital
costs.
The first hole in this on-going program, WM11-028, was drilled in the Wind Pit
as an in-fill hole and intersected mineralization as predicted by the existing
block model of mineralization.
President Joe Kizis commented, "The South End target confirms our belief that
additional shallow zones of mineralization can be delineated at Wind Mountain.
We are encouraged by the attractive grade intersected in hole WM11-034, and
mineralization at the South End target remains open along strike and at depth.
Any additional surface-mineable ounces that we can delineate should have a very
positive effect on the economics of the project."
2011 Wind Mountain Drill Intercepts
----------------------------------------------------------------------------
Inter-
Orient- T.D. From To val Au Ag Au-eg
Hole # ation (m) (m) (m) (m) (g/t) (g/t) (70:1) Comments
----------------------------------------------------------------------------
Wind Pit
----------------------------------------------------------------------------
WM11-028 -90 182.9 36.6 47.2 10.7 0.163 11.6 0.329
----------------------------------------------------------------------------
54.9 73.1 18.3 0.297 8.0 0.412
----------------------------------------------------------------------------
83.8 89.9 6.1 0.167 13.1 0.355
----------------------------------------------------------------------------
103.6 150.9 47.2 0.255 13.4 0.446
----------------------------------------------------------------------------
South End
Target
----------------------------------------------------------------------------
WM11-029 -70, 090 51.8 15.2 21.3 6.1 0.097 19.2 0.372
----------------------------------------------------------------------------
29.0 32.0 3.0 0.322 7.9 0.615
----------------------------------------------------------------------------
WM11-030 -50, 090 61.0 10.7 21.3 10.7 0.227 20.2 0.517
----------------------------------------------------------------------------
WM11-031 -70, 090 70.1 24.4 30.5 6.1 0.231 14.9 0.444
----------------------------------------------------------------------------
WM11-032 -50, 090 68.6 0.0 0.0 0.0 NSV
----------------------------------------------------------------------------
WM11-033 -50, 271 106.7 0.0 0.0 0.0 NSV
----------------------------------------------------------------------------
Lost hole,
no sample
WM11-034 -70, 090 45.7 29.0 42.7 13.7 1.050 14.9 1.262 below 42.7m
----------------------------------------------------------------------------
Including 36.6 42.7 6.1 1.883 17.6 2.135
----------------------------------------------------------------------------
no sample
48.8-50.2m,
poor
recovery
WM11-035 -50, 090 76.2 42.7 48.8 6.1 0.341 9.2 0.473 below
----------------------------------------------------------------------------
WM11-036 -70, 085 71.6 0.0 0.0 0.0 NSV
----------------------------------------------------------------------------
WM11-037 -50, 085 59.4 42.7 45.7 3.0 0.391 2.2 0.421
----------------------------------------------------------------------------
Intercepts calculated +0.2g/t Au &/or +10g/t Ag combined, intervals of
+0.3g/t Au-eq reported. Nothing above or below intercept included if less
than 0.3 Au-eq & no barren intervals greater than 6m included internally
True thicknesses are approximately 90% for the hole in the Wind Pit and
uncertain for holes in the South End Target
A ratio of 70Ag:1Au is used to reflect expected lower recoveries of Ag
relative to Au, although detailed metallurgy has not been completed
Bravada also reported that metallic screen assays have been received for the
remaining mineralized intervals of the Company's recently completed holes at the
East Manhattan project. Metallic screen assays average 12% higher values than
original fire assays (total of 41 paired samples compared) demonstrating a minor
"nugget" effect. A new permit is being prepared with the U.S. Forest Service for
additional drilling.
In addition, modelling is underway for the Quito Gold project in order to select
initial drill sites for core drilling that is expected to begin at Quito in
September. The 3,700ha Quito Carlin-type gold project is a past-producing
high-grade open-pit mine. The Quito mine was operated by Austin Gold venture, a
joint venture between Inspiration Gold and FMC Gold companies, from 1986 to 1989
and was reported to have produced 174,460 ounces of gold (historic company
reports). Published reports of the original deposit stated an initial reserve of
1,700,000 short tons at an average grade of 6.34g/t gold. There is a small
historic resource reportedly remaining on the property; however, Bravada has not
independently confirmed either the past production or remaining resource, and
these historic figures should not be relied upon. Post-mining exploration
efforts were directed at discovering additional shallow, open pit resources;
however, historic drill holes contain numerous intercepts of relatively
high-grade gold (+3 to +10g/t) that are below likely levels of open-pit mining
that may be amenable to underground mining. The core drilling program is
designed to provide an initial test of these high-grade zones.
About Bravada Gold Corporation
Bravada Gold Corporation is a member of the Manex Resource Group of companies
with an exploration office in Reno, Nevada from which it is exploring its
extensive (22 properties covering over 20,000 hectares) Carlin-type and
low-sulfidation-type gold holdings strategically located within numerous
productive gold trends in Nevada. The Company has several projects available for
joint venture with qualified groups.
Joseph Anthony Kizis, Jr. (P.Geo.) is the Qualified Person responsible for
reviewing the technical results in this release.
On behalf of the Board of Directors of Bravada Gold Corporation
Joseph A. Kizis Jr., Director, President, Bravada Gold Corporation
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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