Bravo Venture options 100% interest in Silver Basin
Bravo Venture Group Inc (C:BVG)
Shares Issued 75,565,576
Last Close 6/26/2007 $1.08
Wednesday June 27 2007 - News Release
Mr. Joseph Kizis reports
BRAVO ACQUIRES SILVER BASIN PROJECT NEAR HOMESTAKE RIDGE
Bravo Venture Group Inc. has signed a letter agreement with a private vendor giving the company the option to acquire a 100-per-cent interest in the Silver Basin project. The new project is located 14 kilometres southeast of Bravo's Homestake Ridge project in British Columbia, where Bravo has developed an inferred mineral resource (i) of 903,231 ounces of gold and 5,745,746 ounces of silver at a 0.5-gram-per-tonne gold cut-off (see news release in Stockwatch dated March 2, 2007) and where the company plans an aggressive plus $3-million exploration/development program (see news release in Stockwatch dated April 19, 2007).
The Silver Basin project consists of a single amalgamated claim of 760 hectares. Bravo can acquire a 100-per-cent interest, subject to a royalty of 1.5 per cent of which up to 1 per cent can be purchased for $1-million, by making staged payments totalling $200,000 and incurring $500,000 in expenditures over a four-year period.
The only modern work at the project has been surface sampling, even though the geologic setting is similar to the nearby Homestake Ridge project and the Dolly Varden silver camp. Hazelton volcanic and sedimentary rocks underlie the project which are the same package of rocks that host the bonanza-grade Eskay Creek mine farther north. Grab and select rock-chip samples at Silver Basin contain concentrations that range from background levels up to 8,920 g/t silver, 25.8 per cent copper and 0.98 g/t gold. Geologic study and sampling are planned during 2007 in order to develop drill targets for testing in 2008. Historic production from the adjacent Dolly Varden camp was in excess of 20 million ounces Ag.
President Joe Kizis said: "The Silver Basin project provides Bravo shareholders with another exciting project near our existing Homestake Ridge project, in which Teck Cominco Ltd. has a back-in right after this year's exploration program. Silver Basin is outside of the Teck Cominco area of interest, ensuring Bravo's continued presence in this highly prospective region." Both projects lie within or immediately adjacent to the Kitsault River drainage. This provides several operational advantages, including road access from Alice Arm and nearby deepwater tidewater north to a hydropower station being developed at Kitsault Lake. The road lies between the Homestake and Silver Basin projects, approximately less than one kilometre at its closest point to Homestake and six km at its closest point to Silver Basin.
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 (43-101CP, CIM, 2001).
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