"BRAVO REPORTS 73M OF 20.99 GRAMS GOLD PER TONNE AT HOMESTAKE RIDGE INCLUDING AN INTERCEPT OF 7.65M OF 181.58 GRAMS GOLD PER TONNE
Bravo Venture Group Inc. has received additional assays from its 100-per-cent-owned Homestake Ridge project in northwestern British Columbia, including what it considers to be the richest and most significant gold intercept yet recorded from the project. The company said certified assays from hole HR08-87 include a 73-metre downhole intercept (approximate true width of 52 metres) averaging 20.99 grams per tonne (g/t) gold (Au). The extensive intercept includes a downhole 7.65-metre bonanza intercept averaging 181.58 g/t Au.
Bravo president Joe Kizis said the mineralized interval begins at a relatively shallow downhole depth of 64.6 metres, and is believed to be related to high-grade mineralization encountered in previously completed nearby holes HR-07-30 (5.93 metres averaging 10.79 g/t Au within 66.75 metres averaging 2.4 g/t Au) and HR-07-50 (4.96 metres averaging 14.3 g/t Au within a 45.3-metre interval averaging 2.6 g/t Au). All intervals are true thicknesses.
The upper portion of the intercept contains grades that are similar to the blanket-style mineralization that is widespread in the Main Homestake deposit. The lower zone of bonanza-grade mineralization is less well geologically understood and may reflect proximity to a feeder structure. Visual examination of the mineralized interval does not reveal a particular structure, but the entire zone is strongly silicified.
Said Mr. Kizis: "Although we don't yet fully understand the geometry of the extremely high-grade mineralization, we believe it is related to zones of mineral fluid upwelling or feeder zones. Hole 87 validates that the Main Homestake zone is an important new gold discovery with an enviable shallow zone of blanket mineralization with a fairly consistent grade, as well as important zones of very high-grade mineralization. The full impact of hole 87 is still being evaluated, but its shallow location should significantly boost project economics."
The company awaits assay results from several other holes that have been completed in this extension of the deposit, as well as assay results from holes drilled at other portions of the Homestake Ridge property.
Hole No. Depth From To Interval Estimated Au Ag Cu
(m) (m) (m) (m) true (g/t) (g/t) (ppm)
thickness
(m)
HR08-87 212.75 64.60 137.60 73.00 52.50 20.99 11.60 618
including 64.60 111.00 46.40 33.37 1.34 3.99 82
and 111.00 132.00 21.00 15.10 69.22 29.40 1,641
including 124.35 132.00 7.65 5.50 181.58 71.55 3,761
The results were analyzed by FA-ES/ICP by Acme Analytical Labs, Vancouver, B.C.
Samples greater than 34 g/t Au reassayed with FA-Grav check assays are pending.
Bravo has now completed, in the 2008 exploration program, 36 core holes totalling more than 7,400 metres of drilling at Homestake Ridge. Bravo anticipates completing the remaining planned holes at the Main Homestake zone by the end of October. To date, 29 drill holes have been completed at the Main Homestake Ridge target, three drill holes have been completed at the Homestake silver target, and two holes completed on each of the Vanguard gold and Vanguard copper targets.
A long section showing the location of completed drill holes on the Main Homestake zone has been posted on the company's website.
Private placement update
Bravo has closed the first tranche of a previously announced private placement (see the company's news release in Stockwatch on Aug. 15, 2008) of 2.4 million units at a price of 25 cents per unit. The company said it has issued 700,000 units for gross proceeds of $175,000 and states it will not proceed with the balance of the proposed financing.
Each unit comprises one common share and one share purchase warrant exercisable to purchase one additional common share at an exercise price of 30 cents per share for a period of 18 months from the closing date. All the common shares issued pursuant to this offering carry a legend restricting the shares from trading for a period of four months until Jan. 13, 2009.
About Homestake Ridge
The property consists of mineral title claims and Crown-granted claims in which a 100-per-cent interest was earned by Bravo from Teck Cominco and a private optionor, respectively. There is a 2-per-cent net smelter return (NSR) royalty in favour of Teck Cominco and, on other portions of the located mineral claims, there is a 2-per-cent NSR royalty in favour of the original optionor. Bravo has the right to purchase 1 per cent of the Teck Cominco royalty for $1-million and 1 per cent of the original optionor's royalty for $1-million. The Crown-granted mineral claims also are subject to a 2-per-cent NSR royalty.
In March, 2007, Bravo announced in Stockwatch an inferred resource estimate at the Main Homestake zone of 903,231 ounces of gold and 5,745,746 ounces of silver (Ag) contained within 11.9 million tonnes with an average grade of 2.36 g/t Au and 15.0 g/t Ag using a cut-off grade of 0.5 g/t gold. The deposit remains open downdip, and along strike to the southeast and northwest (1). A long section showing the location of completed drill holes on the Main Homestake zone has been posted on the company's website.
(1) An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling, and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Due to the uncertainty which may attach to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Inferred mineral resources must be excluded from estimates forming the basis of feasibility or other economic studies (43-101CP, CIM, 2001)." |
