Bravo Reports Additional High-grade Silver at Homestake Ridge
Wed Nov 5, 10:00 AM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2008) - Bravo Venture Group Inc. (TSX VENTURE: BVG.V)(FRANKFURT:B6I) reported today additional silver assays from its 100 percent owned Homestake Ridge project in NW British Columbia including new high-grade intervals from the Homestake Silver target and strongly anomalous values from the "Hangingwall Silver zone" at the Main Homestake target.
The company said the higher silver grades were returned from hole HR-104 and include a 1.2 metre intercept of 468.0g/t Ag within a 12.5 metre interval averaging 57.8g/t Ag and 0.1g/t Au. Additional higher grade silver, including 273.4g/t Ag over 2.6 metres, was returned from a second mineralized zone within the hole.
Drill hole HR-104 is one of three new drill holes cored into the Homestake Silver zone in 2008, for a total of six drill holes in this target, and represents a 85 metre lateral and greater than 40 metre vertical offset from the previous drilling. Both HR08-104 and HR08-95 (see Table I) reported distinctly stronger overall gold assays than have been previously returned from this zone and may reflect vectors to a more gold-enriched part of the Homestake Silver mineralizing system. Three dimensional modeling shows a distinct northwest alignment of the Homestake Silver and Main Homestake zones, extending the overall strike of this evolving mineralized trend to over 1.4 kilometres in length.
Main Homestake Zone
Additional silver-rich assays were returned from the Main Homestake zone where a 9.8 metre interval of strongly anomalous silver from drill hole HR08-93 averaged 50.3g/t Ag and 1.5g/t Au, demonstrating the continuity of the "Hangingwall silver" zone which can be traced over the central part of the main zone for roughly 175 metres strike and 75 metres down dip. Previously reported values from the hangingwall silver zone include a 22.3 metre interval averaging 513.7g/t Ag from hole HR08-96 (NR-24-08).
The company also reported that preliminary gold assays from drill holes HR08-97 and HR08-109 continue to demonstrate near surface, bulk-tonnage gold grades in the upper parts of the deposit. Hole HR08-97 averages 1.1g/t Au over 14.0 metres and includes a higher grade interval of 14.5g/t Au over 0.7 metres. This hole is an approximate 35 metre lateral offset to hole HR06-50 (45.3m grading 2.6g/t Au; see NR-01-07) and intersected mineralization at less than 15 metres below surface. Similarly, drill hole HR08-109 collared in mineralization and includes a 16.8 metre interval grading 1.1g/t Au.
Bravo has now completed 42 core holes totaling more than 8,400 metres of drilling at Homestake Ridge in 2008. Thirty-five 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 have been completed on each of the Vanguard Gold and Vanguard Copper targets. Drill holes HR08-117, HR08-118 and HR08-120 which were designed to offset previously reported high-grade mineralization in hole HR08-87 (52.5 metres true-width grading 21.0g/t Au; see NR-22-08) have been logged and sampled. The camp at Alice Arm has been decommissioned for the season and all drill core moved to warehouse storage facilities in Prince Rupert, BC. Core logging and preparation of samples for assay will continue through the month of November. To date assays have been received for 20 drill holes. Assays are pending for the remaining 22 drill holes.
A long section showing the location of completed drill holes on the Homestake Main zone has been posted on the company's website www.bravoventuregroup.com.
About Homestake Ridge
The property consists of Mineral Title claims and Crown Grant claims in which a 100% interest was earned by Bravo from Teck Cominco and a private Optionor, respectively. There is a 2% NSR royalty in favour of Teck Cominco and on other portions of the located mineral claims there is a 2% NSR royalty in favour of the original Optionor. Bravo has the right to purchase 1% of the Teck Cominco royalty for $1 million and 1% of the original Optionor's royalty for $1 million. The Crown Granted mineral claims also are subject to a 2% NSR royalty.
Table I: Summaries of Selected New Assays from the Homestake Ridge Project
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Collar Data Est.
--------------------- True
AZ Inter- Thick-
Deg DIP Depth From To val ness Au Ag
Hole No. (UTM N) Deg (m) m m m m g/t g/t
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HOMESTAKE SILVER
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HR08-104 190.5 -49.0 270.4 104.9 120.5 15.6 12.5 0.1 57.8
inc. 117.6 119.1 1.5 1.2 0.1 468.0
and 139.1 155.6 16.5 13.2 0.4 69.6
inc. 144.5 147.7 3.2 2.6 1.1 273.4
and 194.3 238.7 44.4 35.5 0.4 18.6
inc. 208.6 217.4 8.8 7.0 1.0 25.8
and 235.5 237.0 1.5 1.2 0.5 141.0
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HR08-95 256.5 -45.0 328.3 219.3 249.3 30.0 20.4 0.3 18.2
and 256.6 263.8 7.2 4.9 0.4 55.3
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HOMESTAKE MAIN
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HR08-92 254.5 -71.5 90.5 Hole Lost
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HR08-93 255.5 -72.0 183.4 100.9 113.8 14.5 11.0 1.5 50.3
inc. 102.6 105.8 3.2 2.4 4.9 145.0
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HR08-94 193.5 -68.0 245.4 NSV NSV NSV NSV
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HR08-97 172.5 -66.5 135.6 15.0 70.6 47.8 41.1 0.7 2.6
inc. 15.0 34.0 19.0 14.0 1.1 3.1
inc. 22.9 23.9 1.0 0.7 14.5 39.0
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HR08-109 252.5 -77.0 99.7 2.5 44.8 42.4 33.3 0.8 Pending
inc. 23.5 44.8 21.3 16.8 1.1 Pending
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Analyzed by FA-ES / ICP by Acme Analytical Labs, Vancouver BC; Samples
greater than 34g/t Au re-assayed with FA-Grav - check assays are pending;
Silver overlimits (greater than 100g/t Ag) reassayed with FA-Grav.
In March 2007 Bravo announced an Inferred Resource estimate at the Main Homestake zone of 903,231 ounces of gold and 5,745,746 ounces of silver contained within 11.9 million tonnes with an average grade of 2.36g/t Au and 15.0g/t Ag using a cut-off grade of 0.5g/t gold (see NR-04-07).(1) The deposit remains open down dip and along strike to the southeast and northwest. A long section showing the location of completed drill holes on the Homestake Main zone has been posted on the company's website www.bravoventuregroup.com.
About Bravo Venture Group Inc.
Bravo Venture Group Inc. is focused on exploring precious and base metal-rich projects within North America, currently with properties in Nevada, Alaska, and British Columbia. The company has extensive holdings strategically located within the Battle Mountain/Eureka "Cortez" gold trend in Nevada. The Woewodski Island project in southeast Alaska hosts both precious and base metal-rich massive sulphides and gold-rich orogenic quartz veins. The Homestake Ridge project is a gold-rich epithermal/VMS-related vein system within Eskay Creek/Silbak-Premier stratigraphy.
Options
The company reported today that it has granted 2,295,000 incentive stock options to directors, officers, employees and consultants, each exercisable at $.40 per share and for a period of five years.
The grant of options is made subsequent to the cancellation of 2,295,000 options that have been outstanding for more than 12 months and will result in no change in the present number of shares outstanding on a fully diluted basis.
Rob Macdonald (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release.
On behalf of the Board of Directors
Joseph A. Kizis Jr., Director, President, Bravo Venture Group Inc.
(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).
We seek safe harbor.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Contacts
Jay Oness
Bravo Venture Group Inc.
1-888-456-1112 or (604) 684-9384
Email: corpdev@mnxltd.com
Website: www.bravoventuregroup.com |
