VANCOUVER, BRITISH COLUMBIA--(Marketwire -02/02/12)- Bravo Gold Corp. (TSX-V: BVG.V - News)(Frankfurt: B6I.F - News) ("Bravo") reported today that it has encountered high-grade silver-polymetallic mineralization in three of four core holes along the Illiance River trend, located on the eastern side of its Kinskuch project in northwestern British Columbia. The Illiance River trend is the first of several high-priority areas to be drill-tested by Bravo on this large 59,600ha property located adjacent to its Homestake Ridge project.
Highlights from the drilling include:
-- a 2.8 metre interval averaging 318g/t silver, 0.4g/t gold, 2.2% lead,
and 6.5% zinc (582g/t AgEq), which includes a 0.7 metre interval grading
735g/t silver, 0.82g/t gold, 3.5% lead, and 11.3% zinc (1190g/t AgEq)
from drill hole KN11-002;
-- a 3.9 metre interval averaging 268g/t silver, 0.2g/t gold, 1.3% lead,
and 6.5% zinc (491g/t AgEq), which includes a 0.9 metre interval grading
584g/t silver, 0.3g/t gold, 3.4% lead, and 17.7% zinc (1176g/t AgEq)
from drill hole KN11-003; and
-- a 9.7 metre interval averaging 77g/t silver, 0.1% copper, 1.4% lead and
3.9% zinc (233g/t AgEq), which includes a 1.6 metre interval averaging
338g/t silver, 0.2g/t gold, 0.6% copper, 5.0% lead, and 15.9% zinc
(957g/t AgEq) from drill hole KN11-004.
The Company drilled four holes on the Illiance River trend after mapping and sampling early in the 2011 exploration season provided encouragement. Silver and base-metal mineralization is exposed in a series of surface outcrops and hand-dug trenches along a 2.5 kilometre, northerly trending zone of the same strongly altered volcanic stratigraphy that hosts mineralization at the nearby Homestake Ridge project.
Holes KN11-002, -003 and -004 were drilled from two sites 500 metres apart in the southern portion of the exposed Illiance River trend and intersected mineralization similar in grade and thickness to that reported earlier by Bravo from surface saw-cut channel samples (see NR-13-11). High-grade silver mineralization is associated with quartz veining and base-metal sulphides, occurring within thick intervals of strongly sericite-altered host rock. Mineralization is open at depth as well as to the south and north. Estimated true thicknesses were not calculated for the reported intervals due to uncertainty in correlating mineral intercepts with surface exposures; however, it is likely that the mineralization is sub-vertical.
Table 1: Select Composited Drill Assays from the 2011 Exploration Program at
the Kinskuch project
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Hole No. From To Interval Au Ag Cu Pb Zn AgEquiv
(m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t)
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KN11-001 NSV NSV NSV NSV NSV NSV NSV NSV NSV
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KN11-002 70.0 72.7 2.8 0.4 318 0.1 2.2 6.5 582
inc. 72.1 72.7 0.7 0.8 735 0.2 3.5 11.3 1190
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KN11-003 46.5 50.4 3.9 0.2 267 0.1 1.3 6.5 491
inc. 49.5 50.4 0.9 0.3 584 0.2 3.4 17.7 1176
and 76.4 88.8 12.4 0.0 21 0.0 0.5 1.0 65
inc. 82.1 83.5 1.4 0.0 73 0.1 2.1 3.7 237
and 112.8 119.2 6.4 0.1 104 0.1 1.0 2.5 209
inc. 116.1 117.2 1.1 0.6 534 0.3 4.5 10.0 975
and 167.1 168.4 1.3 0.0 220 0.0 0.3 0.7 254
and 181.7 182.8 1.1 0.4 145 0.1 0.5 1.4 227
and 196.0 197.0 1.0 0.4 58 0.0 0.3 2.6 159
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KN11-004 62.8 63.8 1.0 0.0 36 0.0 0.4 3.6 146
and 88.3 90.3 2.1 0.2 58 0.1 0.5 3.4 180
and 94.9 104.5 9.7 0.1 77 0.1 1.4 3.9 233
inc. 100.4 102.0 1.6 0.2 338 0.6 5.0 15.9 957
and 131.6 145.0 13.4 0.0 74 0.0 0.6 1.5 136
inc. 143.3 145.0 1.7 0.1 288 0.1 1.9 5.1 489
and 196.9 197.7 0.8 0.2 103 0.0 4.1 4.5 341
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Analyzed by FA-AES for gold and ICP-MS by ALS Minerals, North Vancouver BC;
Silver overlimits (greater than 100g/t Ag) re-assayed with ICP-AES finish.
AgEq - is calculated using the approximate three-year trailing average for
the precious and base metals. Ag-$23, Au-$1255, Cu-$3.15, Pb-$0.9 and Zn-
$0.9. The AgEq calculation does not account for relative metal recoveries,
which are unknown at this time.
Strong precious-metal and base-metal mineralization over significant thicknesses encountered in this initial drilling program suggests that a resource can be delineated with further drilling, which is planned for the 2012 season. Mineralization along the Illiance River trend occurs within the same stratigraphic host rocks as mineralization at the Homestake Ridge deposits, and most of the 2.5 kilometre long trend has not been explored by drilling. Only shallow portions of three of the six known mineral occurrences were drill tested during the 2011 program, leaving a significant strike length of the trend for future exploration. In addition to the Illiance River trend, numerous other targets have been identified throughout the Kinskuch project, but remain to be investigated; several of those areas will be the subject of an aggressive exploration program in 2012.
For more information on this and Bravo's Homestake Ridge project please visit www.bravogoldcorp.com.
About Kinskuch
The Kinskuch project is a strategic acquisition, which includes much of the access road to the Homestake Ridge gold and silver deposits, and has several highly prospective areas that will be the target of further exploration in 2012. The goal is to add to Bravo's existing mineral resources and maximize the engineering and design efficiencies of the Homestake Ridge project.
Exploration on the property during the 2011 field season included a 3600 line-kilometre DIGHEM airborne survey over approximately 60% of the project area, aggressive surface exploration of select mineralized areas throughout the property, and 856 metres of diamond drilling in four drill holes. The first area selected for drilling was the Illiance River trend, an area with multiple mineral occurrences along a 2.5 kilometre belt of strongly altered and mineralized volcanic stratigraphy.
To view, "Figure 1: 2011 Drill-hole locations along the Illiance River trend, Kinskuch Project", please visit the following link: http://media3.marketwire.com/docs/bvg-0202-map.pdf.
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 (215,500 oz AuEq) plus an Inferred Resource of 530,000 oz gold and 13,470,000 oz silver (775,900 oz AuEq)(1). Two deposits have been delineated to date, with a third, South Reef, discovered late in 2011. Multiple exploration targets remain to be tested on the large 2585 hectare property. Bravo holds an option to acquire the 596-square-kilometre Kinskuch project located adjacent to, and to the southeast of, Bravo's Homestake Ridge project. Bravo holds a 9.76 percent interest in Bravada Gold Corporation (TSX-V: BVA.V - News), 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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