The Bravo Venture Group announced today that the company continues to record high-grade gold assay results from the Homestake Ridge Project in the “Eskay Creek” region of northwestern British Columbia optioned from Teck Cominco Limited and private interests. The company reports that it has now received preliminary results from the final nine of 16 core holes (total of 3,100 metres) completed as the Phase I drill program on the property for 2006. Phase II drilling is currently underway with two core rigs. Recently received assays are highlighted by an 18.6 metre intercept of 5.68 g/t Au, including a 3.5 metre intercept of 20.6 g/t Au in hole HR06-35.
Other significant intercepts recently received include a 26.5 metre interval of 1.3g/t Au , which contains a 1.5 metre interval of 10.3 g/t Au in hole HR06-31 and a 10 metre interval grading 2.3 g/t Au in hole HR06-34.
These results continue to extend the main mineralized horizon both down dip and laterally to the northwest and southeast and they represent significant step-outs from previously reported high-grade drill intercepts of 8.5 metres of 25.3 g/t Au in hole HR06-27 and 14.8 metres of 15.7 g/t Au in hole HR06-24 (see NR-25-06 dated September 18, 2006 and NR-21-06 dated August 28, 2006).
Figure 1: Homestake Ridge – Preliminary Long Section of the Main Mineralized Zone
A preliminary evaluation of the Phase I drill results suggests the presence of both “stratabound” horizons of mineralization and crosscutting “feeder-style” zones oriented at oblique angles to the main mineralized horizons. Thick zones of higher-grade mineralization may be occurring at the intersections of these mineralized trends. Continued basin analysis is needed to determine both the orientation and dimension of the high-grade mineralized zones.
Phase II drilling, which started on the property in late September, has completed to date approximately 2500 metres of an anticipated 3000 metres of drilling in ten additional core holes. Drilling has tested the target horizon to below the 600 metre level (see figure 1), continuing to extend the strike length of the zone and thus increasing the likelihood of identifying further high-grade lenses of mineralization.
Click here for the table of assays
Bravo can earn a 100% interest in the Homestake Ridge project, from Teck Cominco Limited, by expending $3,000,000 in exploration and issuing 200,000 shares and carrying the holding costs of the claims. Teck Cominco Limited may re-acquire a 60% interest in the property by spending two times Bravo Venture expenditures and can earn up to an additional 10% by sole funding a feasibility study and arranging production financing and construction quarantees.
The Crown Grant portion of the Homestake Ridge project consists of six claims and fractions, totaling 92 ha that are entirely surrounded by the property optioned from Teck. The acquisition terms for the Crown Grant properties include staged cash payments totaling $210,000; the staged issuance of 400,000 shares and aggregate property expenditures totaling $1,250,000 up to December 31st, 2007. All of these expenditures may be applied toward the earn-in with Teck Cominco Ltd.
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.
Rob Macdonald (P.Geo.) is the Qualified Persons responsible for reviewing the technical results reported in this release.
On behalf of the Board of Directors
"Joseph A. Kizis, Jr."
Joseph A. Kizis Jr., Director
Bravo Venture Group Inc. |
Thread abonnieren
