Bravo Gold Corp (TSX.V - BVG) (“Bravo”) reported today on plans to explore its newly acquired 596 square-kilometre Kinskuch project located adjacent to, and to the southeast of, Bravo’s Homestake Ridge project in northern British Columbia. The Kinskuch property provides Bravo with several near-term drill targets and much attractive and highly prospective ground in this strongly mineralized district. Any discoveries will be accretive to the two deposits already discovered by Bravo at the adjacent Homestake Ridge property which have 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 530,000 oz gold and 13,470,000 oz silver(1). Initial exploration on the Kinskuch property will focus on two areas in the same stratigraphic section as the Homestake Ridge deposits and a third area in the northern part of the claim group.
The Kinskuch project is a strategic acquisition which contains much of the access road to Homestake Ridge and several highly prospective areas that have not been explored with modern technology. Current exploration plans include an airborne V-TEM survey over much of the project area, aggressive surface exploration of the main mineralized trends throughout the property and an anticipated 2000 metres of diamond drilling on several targets identified through detailed data review and compilation.
Bravo has developed five priority target areas for the 2011 field season. Two of the targets lie along the access road between Homestake Ridge and Bravo’s logistical center at Alice Arm; success at either of these targets could positively affect near-term economics of Bravo’s property in the district.
Situated just north of Alice Arm, this target offers excellent accessibility for exploration, drilling, and if successful, potential mine development. Five documented mineral occurrences are located within this area where exploration dates back to the early 1900s. The Esperanza Mine is a small-scale past producer with 4,660 tonnes mined between 1911 and 1948 at an average grade of 994g/t Ag, 1.8g/t Au and 0.14% Pb (2).
Chip sampling of narrow veins (0.05 to 0.5 metres) in the historic workings contain multiple assays between 111g/t and 1,913g/t Ag and between 1.5g/t and 159g/t Au. Sampling of historic drill core from 1969 assayed up to 5,583g/t Ag and 6.0g/t Au over a 0.25 metre interval (2).
The historic work at the Esperanza Mine provides an excellent basis for fast-tracking targeting for drilling during the 2011 season. In addition, gold-in-soil anomalies (>40ppb) in recent reconnaissance soil sampling extend the area of interest about 1.5 kilometres to the north of the Esperanza mine.
Road North Anomaly
The Road North Anomaly is an underexplored area located on trend to the north of the Esperanza Mine and also along the access road to the Homestake Ridge staging area. Two known historic mineral occurrences are located in this area. Soil sampling in 2007/08 identified multiple gold-in-soil anomalies (up to 170ppb Au) along this +4 kilometre long mineralized trend, which is the southern extension of the same stratigraphic section that hosts the Homestake Ridge deposits. This area received sporadic historical exploration. Airborne geophysics, field mapping, and sampling are planned to delineate drill targets.
Illiance River Trend
This trend includes multiple mineral occurrences that occur along an 8 kilometre belt of altered and mineralized felsic volcanics and is located about 15 kilometres east-northeast of Alice Arm. Drilling in the late 1980’s within a 1.6 kilometre long portion of this trend returned several high-grade silver-enriched intercepts of up to 1.8 metres of 297g/t Ag, 2.89% Pb and 9.56% Zn(2). More recent chip and grab samples in the area returned assays of up to 11,485g/t Ag, 5.34% Pb and 24.6% Zn(2). Airborne geophysics, mapping, and sampling are expected to provide highly prospective drill targets for follow-up during 2011.
This area lies to the north of the Illiance River along the banks of Lahte Creek, approximately 20 kilometres northeast of Alice Arm. Recent detailed soil sampling has outlined a 900 by 300 metre multi-element soil anomaly with individual Au values of up to 1,550ppb, making this an attractive drill target. Other historic surface sampling returned assays of up to 3oz/t Ag and 1-2% Pb and Zn(2) in this area. Field confirmation is planned prior to selection of drill sites for 2011 exploration.
The RTH Anomaly (also referred to as Round the Hill) comprises two clusters of surface samples with anomalous precious metals in the area north of Kinskuch Lake and southeast of Jade Lake. They represent two of the several early-stage prospective areas on the property, which will require additional mapping and surface sampling in preparation for drill targeting.
Bravo Gold Corp has a 100 percent interest in the Homestake Ridge project, which is located in a prolific mineral belt in northwestern British Columbia. The project is being advanced as a potential high-grade 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 530,000 oz gold and 13,470,000 oz silver(1). Two deposits have been identified to date and multiple exploration targets remain to be tested on the large 2585 hectare property. Bravo recently acquired an option to acquire the 596-square-kilometre Kinskuch project located adjacent to, and to the southeast of, Bravo’s Homestake Ridge project. Bravo also holds a 13 percent interest in Bravada Gold Corporation (TSX.V-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.
(1) The current estimate was prepared by Roscoe Postle Associates Inc. (RPA). Mineral Resources on the Main Homestake deposit were estimated previously in 2010 using a block model constrained by 3D wireframes of the mineralized zones. Mineral Resources on the Homestake Silver deposit were estimated in 2011 using a block model constrained by pierce points projected to 2D surfaces. The Main Homestake block model comprised an array of blocks measuring 5 m x 5 m x 5 m, with grades for Au, Ag, and Cu interpolated using ID3 weighting. The Homestake Silver block model comprised an array of blocks measuring 10 m x 10 m. At a 3.0g/t AuEq. cut-off, the models identified an indicated resource of 888,000 tonnes averaging 6.7g/t Au, 47.2g/t Ag and 0.15% Cu and a cumulative inferred resource of 4,060,000 tonnes averaging 4.3g/t Au, 158g/t Ag.
(2) Bravo advises that grades, thicknesses and tonnages are from historic records, primarily BC ARIS Assessment Reports, and remain unverified; thus, should not be relied upon. Grab and select chip samples may not be representative of all mineralization on the property
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.