Bravo receives Homestake Ridge technical report
2007-04-16 14:01 ET - News Release
Mr. Joseph Kizis Jr. reports
BRAVO RECEIVES TECHNICAL REPORT CONFIRMING INFERRED MINERAL RESOURCE AT HOMESTAKE RIDGE
Bravo Venture Group Inc. has received the 2007 technical report for the Homestake Ridge gold-silver (Au-Ag) deposit which confirms an inferred mineral resource(i) estimate of 903,231 ounces of gold and 5,745,746 ounces of silver, at a cut-off grade of 0.5 g/t Au, for the Homestake Ridge project (see news release NR-04-07).
The independent National Instrument (NI) 43-101-compliant technical evaluation of the property is authored by Peter Folk, PEng, and David Makepeace, PEng, and is now available on SEDAR. The report includes a summary of historical work on the property, a compilation of Bravo's exploration and development activities on the project since 2003 and a block model resource estimate for the Homestake zone, one of several priority targets identified on the property.
Results from the block model include:
Contained Contained
Gold Silver Copper gold silver
Cut-off Tonnes grade grade grade (troy (troy
(g/t Au) Category (000s) (g/t) (g/t) (%) ounces) ounces)
0.5 Inferred 11,914 2.36 15.00 0.11 903,231 5,745,746
3.0 Inferred 2,302 7.53 31.00 0.27 557,366 2,294,905
5.0 Inferred 1,265 10.61 38.30 0.37 431,685 1,558,004
The block model resource estimate, which outlines a preliminary gross tonnage and grade for the deposit, incorporates data from 45 diamond drill holes, totalling 8,788 metres, derived from Bravo's 2003, 2005 and 2006 drilling programs. The model places all resources into the inferred category using a 100-metre search radius and a specific gravity of 2.7 thousand tonnes per cubic metre. No cutting of high-grade assays was used in the calculations; however, only 13 intervals contain values in excess of 30 grams per tonne (g/t) Au. Resources at cut-off grades of 3.0 g/t Au and 5.0 g/t Au are also reported in this early assessment of the potential of the Homestake zone.
Mineralization remains open both along strike and at depth with some of the thickest and highest-grade intercepts returned from holes drilled along the northwest margin of the deposit.
The company said it was extremely encouraged by the initial inferred resource and is planning an aggressive, multirig drill campaign in 2007 that will focus on resource expansion and the testing of several recently defined on-strike drill targets within the host stratigraphy.
Tables containing all reported drill intercepts, a plan map showing the locations and traces of drill holes, a longitudinal section, and a series of cross sections that show the mineralized intercepts reported to date can be found on the company's website.
Bravo has earned a 100-per-cent interest in the Homestake Ridge project, from Teck Cominco Ltd., by expending $3-million in exploration and development work, issuing 200,000 shares and assuming the holding costs of the claims. Teck Cominco may reacquire a 60-per-cent interest in the property by spending 200 per cent of Bravo's expenditures and can earn up to an additional 10 per cent by sole financing a feasibility study and arranging production financing and construction guarantees.
The Crown grant portion of the Homestake Ridge project consists of six claims and fractions, totalling 92 hectares that are surrounded by the property optioned from Teck Cominco. The acquisition terms for the Crown grant properties include staged cash payments totalling $210,000; the staged issuance of 400,000 shares and total property expenditures totalling $1.25-million up to Dec. 31, 2007. All of these expenditures may be applied toward the earn-in with Teck Cominco. Bravo has fulfilled all obligations to earn a 100-per-cent interest from Teck Cominco and fulfilled all obligations to earn a 100-per-cent interest in the Crown grant claims with the exception of payment of the residual amount of $50,000 which is due on Dec. 31, 2007.
Rob Macdonald (PGeo) is the qualified person responsible for reviewing the technical results reported in this release.
(i) 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 (National Instrument 43-101 CP, Canadian Institute of Mining Metallurgy and Petroleum, 2001).
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