Bravo Gold Corp (TSX.V - BVG) (“Bravo”) reported today new assays from 2011 drilling that expands the Homestake Silver deposit at its 100% owned Homestake Ridge project, located in northwestern British Columbia. Drilling intersected multiple zones of strongly silver-enriched mineralization, which contain several high-grade intervals including:
a 3.7 metre (estimated true thickness) interval averaging 587.2g/t silver (10.5g/t AuEq), within a 12.2 metre interval averaging 253.5g/t silver from drill hole HR11-237, and a 0.6 metre interval averaging 1.1g/t gold and 1281g/t silver (24.0g/t AuEq), within a broader 7.8 metre interval averaging 0.3g/t gold and 162.1g/t silver (3.2g/t AuEq) from drill hole HR11-238.
These newly reported holes tested an area down-dip of a previously reported 2011 drill intercept from HR11-228, which contains 4.0m of 1024g/t Ag and 3.7g/t Au see NR-12-11. The new holes extend the deposit to depths of approximately 500 metres below surface (see Figure 1). In addition, drill hole HR11-237 tested an area up-dip from earlier drilling and identified several thick intervals of strongly silver-enriched mineralization.
A gold equivalent (AuEq) calculation is provided for reference because a majority of the resources at the Homestake Project are strongly gold enriched, with only certain portions of the deposit being strongly enriched with silver. Metallurgical and preliminary engineering work continues to treat the gold and silver resources separately.
An updated longitudinal section of the 2011 drill plan and a full compilation of the 2011 assay summaries are available on Bravo’s website at bravogoldcorp.com.
Figure 1: Longitudinal Section showing the Homestake Silver and Main Homestake deposits, with Hangingwall zones noted with “HW”
Table 1: Select Assays from 2011 Drilling at the Homestake Ridge Project
Analyzed by FA-ES/AA for gold and ICP-MS by Acme Labs, Vancouver BC; Samples >10g/t Au re-assayed with FA-Grav – check assays are pending; Silver overlimits (>100g/t Ag) re-assayed with FA-Grav. AuEq calculations used a 56:1 conversion from gold to silver, based on the three year trailing average of gold and silver and relative metallurgic recoveries. >0.5g/t Au or 15g/t Ag lower cut-off used for compositing intervals, <25% internal dilution unless otherwise indicated.
The company has now received all assays from this season’s 23-hole program on the Homestake Ridge property. Highlights include:
the expansion of the both the main mineralized horizons and several hangingwall horizons of the Homestake Silver deposit, and the discovery of the new high-grade South Reef deposit, located approximately 700 metres to the southwest of the Homestake Silver deposit. Assays from the first three drill holes to test this area returned high-grade gold mineralization averaging +30g/t gold over intervals of 1 to 3.1 metres and to depths of up to 260 metres below surface (see NR-02-12 and NR-14-11).
A drilling program to delineate the new high-grade South Reef deposit is being formulated as a major focus of the 2012 program at the Homestake Ridge Project.
In Other Project News
Final assays are expected soon for four core holes from the Illiance River trend on the Kinskuch project, a 59,600 hectare claim package located adjacent to and south of Bravo’s Homestake Ridge project in northwestern British Columbia. Saw-cut channel samples from surface exposures and hand-dug trenches covering a 2.5 kilometre strike-length of the Illiance River trend returned high-grade silver/polymetallic values of up to 530g/t silver, 5.5% lead and 4.2% zinc (807g/t AgEq) over 2.2 metres and 373g/t silver, 7.8% lead and 5.2% zinc (743g/t AgEq) over 1.9 metres in the strongest mineralized areas (see NR-13-11 for full table of results).
Bravo Gold Corp’s wholly owned Homestake Ridge project 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). The resources occur in two deposits and a third deposit was discovered in 2011, which has not yet been adequately delineated by drilling to determine a resource. Several other exploration targets remain to be tested on the large 2,585 hectare property. Bravo 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 9.76 percent interest in Bravada Gold Corporation (TSX.V-BVA), which is exploring 21 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.
For further information, please visit the company’s website at bravogoldcorp.com or contact Liana Shahinian at either 1-888-456-1112 or 604-641-2773 or by email at email@example.com.
(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.
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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