Bravo Gold Corp.
TSX VENTURE : BVG
FRANKFURT : B6I

Bravo Gold Corp.

September 23, 2010 20:05 ET

Bravo Announces Potential New Discovery at Homestake Ridge

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2010) - Bravo Gold Corp (TSX VENTURE:BVG)(FRANKFURT:B6I) today announced a potential new discovery at the Fox Reef exploration target based on encouraging assays at its 100% owned Homestake Ridge project, located in northwestern British Columbia. In addition, drilling continues to expand the Homestake Silver deposit. Data from other exploration drill targets are also being evaluated for possible follow-up drilling. Bravo is conducting an aggressive +$6.5 million drilling program and anticipates completing over 15,000 metres of drilling in up to 50 drill holes before the end of the 2010 season. Thirty-six drill holes, for a total of 13,141 metres, have been completed to date. Complete assays have been received for 16 drill holes. One hole was abandoned prior to intersecting the target.

Fox Reef Exploration Target

To date Bravo has completed 18 drill holes in five exploration targets on the property, including several areas identified using airborne geophysics in 2009. Drilling at the Fox Reef exploration target has intersected potentially economic mineralization at relatively shallow depths.

Highlights from Fox Reef include (reported as down-hole thickness):

  • 4.0 metres averaging 2.7g/t gold and 2.2g/t silver in hole HR10-184, and
  • 3.0 metres averaging 3.4g/t gold and 0.9g/t silver, including 1.0 metre averaging 8.0 g/t gold and 1.7g/t silver in hole HR10-189.

Mineralization at Fox Reef has been drilled in two separate areas approximately 400 metres apart, which are located 700 metres to the southwest of the Homestake Silver zone. Identification of +1g/t gold in relatively shallow drill holes is comparable to initial drilling on each of the Main Homestake and Homestake Silver deposits, both of which now contain 43-101 compliant mineral resources. Robust base metal values were returned from several intervals including a 1.2 metre (down-hole) interval which averaged 0.4g/t gold, 1.1% copper, 2.54% lead and 8.39% zinc in HR10-183. Assays are pending from four holes, and one drill rig is currently drilling additional holes to further delineate mineralization.

Homestake Silver Deposit

In the 2010 exploration program, Bravo has completed 18 holes, for a total of 8,260 metres, in the Homestake Silver deposit and the northwest towards the Main Homestake deposit. Assays have been received from eight holes, which represent 70 metre to +100 metre step-outs from 2009 drilling. One rig is continuing to delineate mineralization between the Homestake Silver and Main Homestake deposits.

Highlights from 2010 holes include (all values are reported as estimated true thickness):

  • 24.1 metres averaging 2.3g/t gold and 3.6g/t silver including 7.1 metres averaging 4.4g/t gold and 6.7g/t silver from hole HR10-170
  • 15.4 metres averaging 2.2g/t gold and 2.6g/t silver including 3.1 metres averaging 3.7g/t gold and 2.1g/t silver from hole HR10-175
  • 4.9 metres averaging 2.4g/t gold and 174g/t silver including 0.8 metres averaging 5g/t gold and 1000.3g/t silver from hole HR10-185

Intervals of anomalous gold and silver occur in multiple drill holes and establish the lateral continuity of individual mineralized horizons within the deposit and continue to extend the boundaries of Homestake Silver deposit, particularly to the northwest towards the Main Homestake deposit. As with previous results, mineralization located near the top of the main host volcanic sequence is enriched in silver while mineralization deeper in the volcanic stratigraphy is enriched in gold.

Only partial results are available from drill holes HR10-185 and HR10-188 with assays still pending from the lower parts of these holes. Alteration is present in all holes and one drill rig is offsetting those holes in order to more fully delineate mineralization.

Table 1: Select Assays from 2010 Drilling at Homestake Ridge Project

Homestake Ag Zone:

    Collar Data                            
    Az   Dip   Depth   From   To   Interval   Est.   Au   Ag    
Hole #   Deg   Deg   (m)   (m)   (m)   (m)   Tr. Thck   (g/t)   (g/t)   Comments
HR10-168   220.0   -49.0   483.7                   NSV        
 
HR10-169       Did not finish - redrilled as HR10-170           ---   ---    
 
HR10-170   218.0   -55.0   691.0   362.4   364.60   2.3   1.6   2.8   20.4   1.08% Pb, 0.77% Zn
inc               362.4   363.55   1.2   0.8   4.8   31.6   1.6% Pb, 1.3% Zn
and               487.3   521.35   34.1   24.1   2.3   3.6   0.1% Pb
inc.               493.3   510.45   17.2   12.1   3.8   4.7    
and               500.6   510.45   9.9   7.0   4.4   6.7    
 
HR10-172   226.0   -48.0   559.9   332.1   344.8   12.7   9.9   1.5   2.4   29.9% Dilution
HR10-172               409.1   421.7   12.7   9.8   1.9   13.7   0.19% Zn
inc.               416.9   421.7   4.9   3.8   3.8   25.3   0.48% Zn, 30% Dilution
 
HR10-175   226.0   -55.0   602.6   472.8   494.8   22.0   15.4   2.2   2.6    
inc.               488.8   493.3   4.5   3.1   3.7   2.1    
 
HR10-177   209.9   -57.0   651.4   548.8   566.5   17.8   11.9   1.8   3.1    
 
HR10-179   219.9   -51.0   502.0   401.8   415.0   13.2   9.9   0.5   43.2    
inc.               410.6   411.6   1.0   0.7   3.3   357.0    
 
HR10-182   203.0   -45.0   499.0   400.5   407.8   7.4   5.8   0.8   188.4    
inc.               404.9   407.8   2.9   2.3   1.7   370.5    
 
HR10-185   214.0   -45.0   563.0   146.1   156.0   9.95   8.1   0.23   247.9   30% Dilution
inc.               147.2   148.1   0.90   0.7   0.18   1458.0   1.15% Pb
and               373.0   379.0   6.0   4.9   2.4   174.2   33% Dilution
inc.               373.0   374.0   1.0   0.8   5.0   1003.0   1.48% Pb, 3.26% Zn
                                        Additional Assays pending
 
HR10-188   213.0   -51.0   588.9   169.1   172.5   3.4   2.5   0.1   109.5    
                325.1   328.4   3.3   2.4   0.5   121.0   Additional Assays pending

Fox Reef Zone:

    Collar Data                            
    Az   Dip   Depth   From   To   Interval   Est.   Au   Ag    
Hole #   Deg   Deg   (m)   (m)   (m)   (m)   Tr. Thck   (g/t)   (g/t)   Comments
HR10-181   198.0   -45.0   224.6   112.6   114.7   2.1   Unkwn   0.1   105.8   0.1% Pb, 0.21% Zn
 
HR10-183   227.0   -60.0   249.0   119.0   122.8   3.8   Unkwn   1.0   13.8   0.58% Pb, 0.35% Zn
and               142.15   142.90   0.8   Unkwn   0.9   51.2   1.4% Cu, 3% Pb, 4% Zn
and               169.70   170.90   1.2   Unkwn   0.4   55.9   1.1% Cu, 2.54% Pb, 8.39% Zn
 
HR10-184   190.0   -60.0   300.8   140.4   144.9   4.6   Unkwn   0.5   20.3   0.44% Pb, 1% Zn
and               292.0   296.0   4.0   Unkwn   2.7   2.2    
 
HR10-189   210.0   -45.0   203.3   40.7   43.7   3.0   Unkwn   3.4   0.9   Additional Assays pending
inc.               40.7   41.7   1.0   Unkwn   8.0   1.7    
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.
 
>0.5g/t Au or 15g/t Ag cut-off used for compositing intervals, <20% internal dilution unless otherwise indicated

About Bravo

Bravo Gold Corp has a 100 percent interest in the Homestake Ridge project 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 ozs gold and 1,350,000 ozs silver plus an inferred resource of 348,000 ozs gold and 7,990,0000 ozs silver (1). Two deposits have been indentified to date and multiple exploration targets remain to be tested on the large, 2585ha property. Bravo also holds a 34 percent interest in Bravada Gold Corp, which is exploring 13 projects in the Battle Mountain-Eureka Gold trend 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., Director, President, Bravo Gold Corp.

  1. The current estimate, as reported in NR-07-10, was prepared by Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) and carried out using a block model constrained by 3D wireframes of the mineralized zones. The
    block model comprised an array of blocks measuring 5 m x 5 m x 5 m, with grades for Au, Ag, Cu, Pb, and Zn interpolated using Inverse Distance to the Third Power (ID3) weighting. At a 3.0g/t AuEq. cut-off, the model identified an indicated resource of 888,000 tonnes averaging 6.7g/t Au, 47.2g/t Ag and 0.15% Cu and an inferred resource of 2,340,000 tonnes averaging 4.6g/t Au, 105.5g/t Ag and 0.13% Cu.

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.

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