Bravo Venture Group Inc. (BVG - TSX Venture) (the "Company" or "Bravo") reports today that its wholly owned US subsidiary, Bravo Alaska, Inc., has signed an agreement with Agnico-Eagle (USA) Limited (“Agnico”), a subsidiary of Agnico-Eagle Mines Limited, to acquire their NSR property, located in the western portion of the Cortez Mining district. “The Cortez district hosts a major percentage of the gold discovered to date along the prolific Battle Mountain-Eureka Gold trend in central Nevada, and we are pleased to add such a significant property position within this important district to our existing portfolio of twelve properties along the trend. We plan to use this property position as a starting point to further expand our involvement in this exciting district,” commented President Joe Kizis. The property consists of 161 lode mining claims (approximately 1,300 hectares) as two irregular blocks, with adjacent ground generally being either private or claims held by others.Data provided by Agnico includes soil and rock geochemistry, geophysical surveys, historic drill data, and geology and geochemistry for five reverse-circulation holes drilled by Agnico. Limited surface rock-chip sampling by Bravo’s consultants confirms that anomalous gold exists up to +1g/t, with typical Carlin-style pathfinder geochemistry. Historic drilling indicates that several areas contain accumulations of strongly anomalous gold; however, historic drilling cannot be confirmed to have been conducted to NI-43-101 standards and cannot be relied upon to define any possible resource. Mineralization and alteration occur in Paleozoic-age ‘Upper Plate’ rocks and Eocene intrusions, but more-attractive ‘Lower Plate’ host-rocks have not been encountered yet at the property. In addition, most of the shallow, historic holes that were intended to test near-surface gold mineralization were drilled vertically, even though mineralization in ‘Upper Plate’ rocks is often predominately hosted by vertical structures, which may have been missed by those holes. Compilation of existing data, 3D geologic modeling, and additional geophysical surveys are expected to identify several attractive drill targets.Bravo can earn 100% interest by paying Agnico 300,000 common shares of the Company upon signing and exchange approval and by spending US$2.0 million over a maximum of six years. The agreement includes the immediate transfer of ownership of a logistical base in nearby Crescent valley, which includes a work-shop and a double-wide trailer for personnel. The base will be used for this and nearby Company properties. After Bravo completes earn-in, Agnico has 60 days to either accept a 2% NSR, of which 1% NSR can be purchased for $1.0 million, or elect to earn back 60% interest by spending $4.0 million over a four-year period, with a minimum expenditure of $1.0 million annually, and producing a bankable-quality feasibility document. Agnico can earn a further 10%, for a total of 70%, by loaning or arranging for financing of the Company’s share of capital required for mine development and construction cost, at Bravo’s option.Agnico-Eagle Mines Limited is a gold producer with mining operations located in Canada, Finland, and Mexico and exploration activities in Canada, Finland, Mexico and the United States.About Bravo Venture Group Inc. Bravo Venture Group Inc. is focused on exploring its precious and base metal-rich Homestake Ridge project in British Columbia, a gold-rich epithermal/VMS-related system within Eskay Creek/Silbak-Premier stratigraphy. Pursuant to the recently announced “Plan of Arrangement”, Bravada Gold Corp. will focus on exploring Bravo’s extensive Carlin-type gold holdings, strategically located within the Battle Mountain/Eureka “Cortez” gold trend in Nevada.
Joseph Anthony Kizis, Jr. (P.Geo.) is the Qualified Person responsible for reviewing the technical results in this release.
On behalf of the Board of Directors
“Joseph A. Kizis, Jr.” Joseph A. Kizis Jr., Director, President, Bravo Venture Group Inc.
Bravo Venture Group Inc. is committed to increasing shareholder value with an experienced management team that has successfully demonstrated the ability to identify, explore and develop gold/silver properties within North America that exhibit potential for discovery.
Bravo Venture Group Inc. is committed to increasing shareholder value with an experienced management team that has successfully demonstrated the ability to identify, explore and develop precious metal properties within North America that exhibit the potential for discovery.
Bravo’s exploration activities are focused in N.W. British Columbia and Nevada. The company’s 100% owned VMS/Epithermal Homestake Ridge gold/silver Project in British Columbia is rapidly advancing with excellent drill results. The company has completed an NI 43-101 compliant technical evaluation which reported an inferred resource of 903,231 ounces of gold and 5,745,746 ounces of silver contained within 11.9 tonnes with an average cut-off grade of 0.5 g/ton gold. (1)
Bravo also has the 100% owned Silver Basin Project which is located 14km southeast of Bravo’s Homestake Ridge project. The Silver Basin project consists of a single amalgamated claim of 760 hectares, Hazelton volcanic and sedimentary rocks underlie the project, which is the same package of rocks that host the bonanza-grade Eskay Creek mine farther north.
In addition, the company has acquired a substantial land package consisting of twelve properties located in the Battle Mountain/Eureka gold trend, Nevada that is being spun-out in a Plan of Arrangement to a newly formed company called “Bravada”.
