Bravada Gold Corporation

Bravada Gold Corporation

June 14, 2016 09:30 ET

New Zone of Shallow Gold Mineralization Intersected at Bravada's Baxter Gold Property, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 14, 2016) - Bravada Gold Corporation (the "Company" or "Bravada") (TSX VENTURE:BVA)(FRANKFURT:BRT) has received assays for recent drilling at the Company's Baxter Low-sulfidation gold property in the Walker Lane Gold trend in Nevada. Kinross Gold U.S.A., Inc., a wholly owned subsidiary of Kinross Gold Corporation ("Kinross") completed 16 reverse-circulation drill holes for a total of 4,439 meters at the Baxter property (see Table I for locations and orientations of holes).

A new zone of gold mineralization was discovered at the Sinter target, one of several target areas partially tested during the recent drilling program. Hole BAX16-13 intersected 6.1m averaging 2.199 grams gold per ton (g/t gold) beginning at 32m depth within a thicker interval of 32.0m averaging 0.880g/t gold. Hole BAX16-14 is collared approximately 180m to the north of BAX16-13 and intersected 10.6m interval of 1.023g/t gold beginning at 54.9m. Other holes in the target area intersected lower grades of gold mineralization at approximately the same horizon and geophysical data suggests mineralization may be controlled by an easterly trending fault (see attached figures). Although delineated by only a few holes to date, the mineralization appears to be relatively flat-lying and open along strike. True thicknesses are estimated to be 65-100% of the reported drill intercepts. Table II lists significant intervals of +0.2g/t Au, although holes in other targets contain narrow intercepts of up to several hundred ppb gold as well. Silver and base metal concentrations are generally very low.

Encouraged by these results, Kinross has initiated permitting for +2,000m of additional reverse-circulation drilling in 10 to 12 shallow holes to test lateral extensions of the shallow mineralization and potentially to provide vectors to high-grade upwelling zones, so called "feeders", which should underlie the high-level, disseminated mineralization. Drilling is expected to begin during July.

In addition to encouragement at the Sinter target, drill hole BAX16-16 provided an initial test of the Rhyolite Peak target, a new and previously undrilled target area with favorable geology and anomalously high concentrations of gold in soil samples. The hole returned a shallow intercept of 1.312g/t gold over 1.5m beginning at 1.5m depth. It is believed that the hole collared near the surface projection of a mineralized structure in this poorly exposed area and continued away from the mineralized structure. A follow-up hole is being planned to test deeper along the structure, which geophysical data appears to delineate.

The Baxter property consists of 240 unpatented lode claims (~1,940 hectares) in the Walker Lane Gold trend of western Nevada. Bravada previously demonstrated extensive low-sulfidation gold and silver mineralization at surface and in relatively shallow reverse-circulation drill holes at several target areas.

Kinross has the option to earn a 60% interest in the property by spending $2.0 million over five years and it can earn an additional 15% interest by spending an additional $2 million on exploration and development expenses over two additional years. Upon Kinross completing its earn-in, Bravada may contribute to expenditures at its percentage of interest or be diluted. Should Bravada's working interest reduce below 10% as a consequence of Kinross contributing Bravada's working interest share of agreed exploration program expenditures, Bravada would convert its working interest to a 1% NSR royalty (see NR-01-15 dated February 3, 2015).

President Joe Kizis commented, "Baxter is another example of Bravada's ability to recognize opportunities in relatively inexpensive, early-stage exploration properties and to advance them to groups best suited to extract value for our mutual benefit. In addition to future cash flow from the Company's barite royalty at Shoshone Pediment and the significant gold and silver resource that we have defined at Wind Mountain, we believe that Baxter will add significant value for Bravada's shareholders."

Sample preparation and quality control

Supervision and organization of reverse-circulation drilling samples were undertaken by Kinross personnel. Samples were collected at five-foot intervals from a rotating wet splitter. Chip-tray samples were collected from the reject side of the splitter and the splitter was adjusted to produce 10 to 20 pounds of sample for assay. Samples were collected from the drill in cloth bags by employees of Boart Longyear under the supervision of Kinross personnel and contractors. Samples were logged and catalogued by Kinross geologists and stored in a secure location. Certified reference standards were placed in the sample stream of each drill hole at random intervals. Blank material was also inserted at random intervals. Duplicate pulps of random samples were created and assayed to check for consistency in sample prep.

Assay techniques

Preparation of the samples was done at Bureau Veritas' facility in Reno, Nevada. A 500-gram master pulp was taken, and then splits were assayed by Bureau Veritas in Reno, Nevada and Vancouver, B.C. A 30-gram pulp was analyzed for gold by fire assay and various composites or individual samples were analyzed by 59-element package using four-acid digestion with ICP-MS.

Laboratory quality assurance/quality control

Quality control samples from the lab include numerous control blanks, duplicates and standards. Reference standards used include OxC109, OxD73 and SN60. No issues were noted with analytical accuracy or precision.

Bureau Veritas' Reno and Vancouver locations have ISO/IEC 17025:2005 accreditation.

Table I. 2016 Drill Hole Location and Orientations
Hole # Easting Northing Total
Dip Azimuth
BAX16-01 426860 4328231 925 281.94 -55 270
BAX16-02 427159 4328051 965 294.132 -53 270
BAX16-03 427436 4325050 730 222.504 -65 235
BAX16-04 427440 4325050 1300 396.24 -79 235
BAX16-05 427023 4325604 705 214.884 -56 235
BAX16-06 427027 4325606 900 274.32 -75 235
BAX16-07 426702 4325857 1000 304.8 -54 235
BAX16-08 426703 4325861 610 185.928 -70 235
BAX16-09 426525 4326585 850 259.08 -52 235
BAX16-10 426525 4326586 875 266.7 -50 280
BAX16-11 427020 4328049 1200 365.76 -56.5 250
BAX16-12 427020 4328047 880 268.224 -68 252
BAX16-13 427020 4328046 865 263.652 -55 328
BAX16-14 426951 4328229 965 294.132 -55 252
BAX16-15 426954 4328233 950 289.56 -55 200
BAX16-16 425358 4328211 845 257.556 -56 243
NOTES: All holes NAD 27, Zone 11
Table II. Significant Intercepts - Baxter Property
Drill Hole From (m) To (m) Interval (m) Au (g/t)
Sinter Target
BAX16-11 38.1 41.1 3.0 0.572
BAX16-12 109.7 114.3 4.6 0.278
BAX16-13 32.0 64.0 32.0 0.880
including 32 38.1 6.1 2.199
BAX16-14 54.9 65.5 10.6 1.023
BAX16-15 45.7 56.4 10.7 0.311
and 181.4 182.9 1.5 3.757
Rhyolite Peak Target
BAX16-16 1.5 3.0 1.5 1.312
NOTE 1: Values at 0.2g/t Cut-off and no more than 3.0m of internal waste
NOTE 2: Other holes contain anomalous gold up to several hundred ppb over narrow intervals.
NOTE 3: Mineralization at Sinter appears to be relatively flat-lying & if confirmed by additional drilling, true thicknesses would be 65-100% of these drill intercepts.

To view the map accompanying this press release, click on the following link:

About Bravada

Bravada is an exploration company with 15 properties in Nevada, one of the best mining jurisdictions in the world. The Company follows a portfolio approach to exploration, focusing on gold and silver, and during the past 11 years has successfully identified and advanced properties that have the potential to host high-margin deposits while successfully attracting partners to fund later stages of project development. Currently, five of its Nevada properties are being funded by partners, which in aggregate include earn-in work expenditures of up to $6.5 million and payments to Bravada of up to +$3.0 million in cash and shares, with Bravada retaining residual working or royalty interests.

Bravada's most advanced precious metals property is Wind Mountain, which hosts a significant Indicated and Inferred resource of gold and silver with exciting potential for new discoveries. Currently defined resources at Wind Mountain are primarily oxide and near surface; thus, a low-cost open-pit, heap-leach operation could be permitted relatively quickly. The Company also holds a royalty interest in the Shoshone Pediment barite deposits, which are being permitting for mining by Baker Hughes.

Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) is the Qualified Person responsible for reviewing and preparing the technical data presented in this release and has approved its disclosure.

On behalf of the Board of Directors of Bravada Gold Corporation

Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation

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

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. Bravada Gold Corporation 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.

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