Bravo Gold Corp.

Bravo Gold Corp.

February 21, 2012 13:18 ET

Bravo Gold Corp.: Airborne Geophysical Survey Delineates 2012 Exploration Targets at Kinskuch Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2012) - Bravo Gold Corp. (TSX VENTURE:BVG)(FRANKFURT:B6I) ("Bravo") has received final results from the 2011 Airborne DIGHEM geophysical survey on its 596 square-kilometre Kinskuch project located adjacent to, and to the southeast of, Bravo's Homestake Ridge project in northwest British Columbia.

The survey utilized Fugro's DighemV-DSP electromagnetic system. The completed survey totaled 3,821 line-kilometres flown at a nominal 100 metre spacing, which included 364 line-kilometres of tie lines at 1,000 metre spacing, and was completed from August 1st to September 14th, 2011. The survey, which covers about 60% of the total project area, was completed from the company's base of operations at Alice Arm at the southern margin of the survey block.

Objectives of this survey were two-fold:

  • to provide high resolution electromagnetic and magnetic data for the direct detection and delineation of sulphide-associated gold occurrences, and
  • to facilitate the mapping of bedrock lithologies and structure, which in turn influence the emplacement or hosting of economic mineralization.

The objectives of the survey have been met. The data has enabled both the mapping and delineation of controlling structures, and the identification of areas with anomalous conductivity that suggests the presence of sulphide mineralization. Several zones of anomalous conductivity have been identified within key target areas throughout the project area.

The Illiance River trend, which was a target of the company's 2011 exploration efforts, shows up in the survey as both a broad magnetic low (possible alteration zone due to destruction of magnetic minerals) and an electro-magnetic high (conductive zone suggesting the presence of sulphides) extending over a five kilometre strike length of strongly altered volcanic stratigraphy that is an important host at the nearby Homestake Ridge project. The target in this area is high-grade silver-enriched polymetallic mineralization within a series of sub-vertical structures occurring along the altered trend. Only a 2.5 kilometre strike length of this geophysical trend was mapped and sampled by Bravo during 2011.

Bravo also completed four drill holes within the Illiance River trend in 2011, three of which returned encouraging assay results including a 2.8 metre interval averaging 318g/t Ag, 0.4g/t Au, 2.2% Pb and 6.5% Zn (582g/t AgEq) from drill hole KN11-02; and a 3.9 metre interval averaging 268g/t Ag, 0.2g/t Au, 3.4% Pb and 6.5% Zn (491g/t AgEq) from drill hole KN11-03 (see NR-04-12). The holes were drilled from two set-ups, 500 metres apart. Mineralization is open at depth and to the north and south.

A program of geological prospecting, sampling and ground geophysics is being recommended to further delineate the conductive zones and to identify disseminated sulphides that may indicate anomalous silver and gold mineralization.

Follow-up exploration will be carried out within the context of an expanded 2012 exploration program on the project, which is planned to include an aggressive surface exploration program and up to 10,000 metres of diamond drilling on the Illiance River trend and other targets throughout the property.

To view Figure 1 please click the following link:

Financing Update

Bravo has closed the final tranche of its previously reported non-brokered private placement by issuing 1,065,000 units at a price of $0.07 per unit for gross proceeds of $74,550.00. Each unit consists of one common share and one-half transferable share purchase warrant exercisable to purchase one additional common share for a period of two years at an exercise price of $0.10 per share. Together with the first tranche closing on December 30, 2011 and the second tranche closing on January 4, 2012 Bravo Gold has raised an aggregate $884,119.95.

About Bravo

Bravo Gold Corp. has a 100 percent interest in the Homestake Ridge project, which 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). Two deposits have been delineated to date, with a third, South Reef, discovered late in 2011. Multiple additional exploration targets remain to be tested on the large 2585 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 VENTURE: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., Director, President, Bravo Gold Corp.

  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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.

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