Bravada Gold Corporation (TSX-V: BVA) (FSE: BRTN) announces that the Company has closed the first tranche of its previously reported non-brokered private placement by issuing 4,260,000 units at a price of $0.07 per unit for gross proceeds of $298,200. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of two years at an exercise price of $0.12 per share. Securities issued pursuant to this tranche of the private placement, including common shares and share purchase warrants carry a legend restricting trading of the securities until December 7th, 2021. Finders’ fees and commissions may be paid by the Company in relation to the units sold in this Offering. The private placement is subject to regulatory approval.
Net proceeds from the private placement will be used for continued exploration on the Company’s 100% owned Wind Mountain Au-Ag project, sustaining fees for the Company’s Nevada-based claims, and for working capital.
President Joe Kizis commented on Bravada’s various programs, “This financing will allow the Company to further de-risk our flagship Wind Mountain Gold/Silver Property towards renewed production, initially by updating the independent Resource and PEA. In the past few years, we have drilled mineralization that has not been added yet to the Resource base, and we have identified a portion of the resource near the Breeze pit that might be developed as a “starter” pit with higher-than-average grades of both gold and silver. We conducted a 13-hole program to fill in gaps between the 2012 resource blocks and to test possible extensions in that area. We reported results for the first seven of those holes (see New Release NR-07-21 on July 12, 2021); however, assays are pending for the remaining holes. Hole WM21-109 was the highlight hole of the first batch of drill samples, which contains two thick zones of oxide mineralization starting at 18.3 metres depth: 21.3m of 0.456g/t Au/7.1g/t Ag followed immediately by 47.2m of 0.771g/t Au/24.2g/t Ag, including 10.7m of 1.342g/t Au/45.3g/t Ag.
In addition, we are increasing our understanding of potential upwelling zones (also called feeder zones) at the property. These are zones with focused fluid flow that should result in thicker and higher-grade disseminated gold and silver mineralization compared to areas farther from the upwelling zones at shallower depths and high-grade veins at deeper depths. Hole WM21-109 may be an example of a shallow upwelling zone, and suggests an attractive high-grade vein zone may exist deeper. Another upwelling zone is our Feeder Target, where we intersected high-grade silver in a zone of quartz veins in hole WM20-102 last December. We drilled four holes this year along what we project to be the vein zone beneath cover of overburden and reclaimed waste rock from previous open-pit mining. All four holes intersected banded quartz veining, testing a strike length of 330m, which is open in both directions. Assays are still pending.
Drilling continues at Bravada’s Highland project in western Nevada by Headwater Gold, which holds an option on the Property. Several well-developed targets are being drilled at Highland, including the Western Vein zone, where previous drilling by Bravada and others have encountered high-grade gold and silver in low-sulfidation quartz veins. A small amount of geologic work is also planned for the Company’s Baxter and SF/HC properties, which we expect will refine our drill targets.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the units, nor shall there be any sale of the units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The units being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person.
Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. Bravada has successfully identified and advanced properties with the potential to host high-margin deposits, frequently attracting partners to fund later stages of project development. Bravada’s value is underpinned by a substantial gold and silver resource with a positive PEA at Wind Mountain, and the Company has significant upside potential from possible new discoveries at its exploration properties.
Since 2005, the Company signed 32 earn-in joint-venture agreements for its properties with 19 publicly traded companies, as well as a similar number of property-acquisition agreements with private individuals. Bravada currently has 10 projects in its portfolio, consisting of 810 claims for approximately 6,500 ha in two of Nevada’s most prolific gold trends. Most of the projects host encouraging drill intercepts of gold and already have drill targets developed. Several videos are available on the Company’s website that describe Bravada’s major properties, answering commonly asked investor questions. Simply click on this link https://bravadagold.com/projects/project-videos/.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513) is the qualified person responsible for reviewing and preparing the technical data presented in this release and has approved its disclosure.
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We acknowledge the [financial] support of the Government of Canada.