VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2011) - Bravo Gold Corp. (News - Market indicators)(FRANKFURT:B6I) ("Bravo") reports today that it has acquired an option from a private vendor to acquire up to 100% interest in the 596-square-kilometre Kinskuch Project located adjacent to, and to the southeast of, Bravo's Homestake Ridge project in northern British Columbia. The Kinskuch Project contains over 37 documented precious- and base-metal mineral occurrences(1), many of which are hosted in the same rocks as those hosting the Homestake Ridge VMS/vein deposits, in addition to several occurrences exhibiting potential for copper and gold porphyry hosted mineralization.
Terms of the option include an initial payment to optionors of C$60,000 and a first-year work commitment of $750,000, which is currently proposed to include airborne geophysics, geologic mapping, sampling, and drilling. Bravo can earn an 85% interest by making Advanced Minimum Royalty payments totaling $580,000 and spending $3,000,000 in work on the property during the next four years. Bravo can purchase the remaining 15% interest by paying the Optionor $2,000,000 and granting a 2% NSR royalty, of which 1% may be purchased for $1,000,000.
President Joe Kizis commented, "Our Homestake Ridge project is in a well-recognized precious metal-rich district where we believe many other deposits still remain to be discovered, so we are very pleased to acquire such prospective ground under reasonable terms. In addition, we shall soon receive our updated resource calculation for the Homestake Silver deposit from Roscoe Postle Associates Inc. on the basis of which our consulting mining engineer Mr. Sveinson will proceed with evaluating economic parameters for future production feasibility. Additional deposits which may be discovered in the adjacent Kinskuch holdings district would be accretive to the already defined resources that we have discovered to date at Homestake Ridge."
Initial exploration on the Kinskuch property will focus on two areas in the same geological setting as the Homestake Ridge deposits: the area bordering the access road from Bravo's logistical base in Alice Arm, where preliminary soil sampling returned gold values ranging to 660 ppb; and Illiance Valley, where multiple Ag-Au-Pb-Zn enriched mineral occurrences occur along a 8 kilometer long trend of felsic tuff and intrusive rocks. Selected chip and grab samples taken by Teck Cominco Ltd in 2001 at several occurrences along the Illiance River trend returned values of up to 3761g/t Ag , 7.6% Pb and 17.0% Zn (2) with several samples containing in excess of one gram per tonne gold. Limited soil sampling at the Gold Stream target by the Kinskuch optionor outlined a 300 metre x 900 metre gold-in-soil anomaly, the limits of which remain to be defined yet represents a potential drill target for the upcoming 2011 exploration program. Airborne geophysics will assist with geologic mapping and targeting in this area of very poor exposure.
About Bravo Gold Corp.
Bravo Gold Corp. has a 100 percent interest in the Homestake Ridge project located in a prolific mineral belt in northwestern British Columbia. The project is being advanced as an underground mining operation with a current NI43-101 compliant Indicated Resource, at a 3.0 g/t AuEq. cut-off, of 191,000 oz gold and 1,350,000 oz silver plus an Inferred Resource of 348,000 oz gold and 7,990,000 oz silver(3). Two deposits have been identified to date and multiple exploration targets remain to be tested on this 2585 hectare property. Bravo also holds a 17 percent interest in Bravada Gold Corporation (TSX VENTURE:BVA), which is exploring 22 projects in Nevada.
Robert Macdonald (P.Geo) is the Qualified Person as defined by National Instrument 43-101 for the Homestake Ridge project and has reviewed and approved the technical contents of this release.
On behalf of the Board of Directors
"Joseph A. Kizis, Jr."
Joseph A. Kizis Jr., Director, President, Bravo Gold Corp.
- Source: BC Minfile reports
- Bravo advises that the reported values are from historic sampling, and remain unverified. Grab and select chip samples may not be representative of all mineralization on the property
- The current estimate, as reported in NR-07-10, was prepared by Roscoe Postle Associates Inc. (RPA) and carried out using a block model constrained by 3D wireframes of the mineralized zones. The block model comprised an array of blocks measuring 5 m x 5 m x 5 m, with grades for Au, Ag, Cu, Pb, and Zn interpolated using Inverse Distance to the Third Power (ID3) weighting. At a 3.0g/t AuEq. cut-off, the model identified an indicated resource of 888,000 tonnes averaging 6.7g/t Au, 47.2g/t Ag and 0.15% Cu and an inferred resource of 2,340,000 tonnes averaging 4.6g/t Au, 105.5g/t Ag and 0.13% Cu.
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. Bravo Gold Corp. 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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