Bravo Venture Group Inc. said today planned reverse-circulation drilling has begun again at its Signal Project, located in the northwestern portion of the Eureka Mining District and one of the Company's 13 projects (approximately 65 sq.mi.) in the Battle-Mountain/Eureka (Cortez) gold trend. The track rig was originally “borrowed” from another junior, and has now returned to Signal to continue the Company's anticipated 3,500m program. Five holes were completed at Signal in October for 590m, all at the Main Signal target area.
Bravo has identified several targets in Lower Plate rocks, which crop out extensively at Signal. Bravo's initial five holes tested several geologic features, including the unconformity between Mississippian clastic rocks and underlying Devils Gate Limestone, two northerly trending high-angle faults, and a basin facies in the upper Devils Gate Limestone. Ob served alteration in Bravo's holes include jasperoid development, decalcification, and oxidation of iron minerals. Assays are pending.
While awaiting initial assays, new drilling will focus on the Bisoni and Atlas target areas, located approximately 2,200m to the southeast and 1,300 south of the Main Signal target area, respectively. The Bisoni target is an area of brecciated jasperoid float and subcrop within a vegetation “kill” area, formed at the intersection of N70W and N-S high-angle fault zones. Grab samples from this undrilled target contain 100's ppb to 3.0 g/t Au and strongly anomalous pathfinder elements. The Atlas target is approximately 1,200m west, along the same N70W fault, where historical drilling intersected encouraging gold values in the prospective “Yellow” beds of the upper Simonson Dolomite.
The Signal Project adjoins the western boundary of Barrick's Ruby Hill property, where the Archimedes mine is being readied for production.
Other Nevada Projects
Bravo also completed an initial drill test to 762m with a mud-rotary rig at its Shoshone Pediment project, and the rig has moved to the Company's HO project for an initial test there. Mud-rotary drilling is also planned for the Company's South Lone Mountain and South Gold Bar properties. All permits and bonds are in place for these projects. In addition, permits and bonds are in place for the Company's 3Bar and Gabel projects, with R.C. drilling anticipated in the early spring of 2007.
One or two mud-rotary holes (minimum of 460m budgeted) at HO are planned to determine basement lithology, alteration, and possible mineralization. The target is covered by gravel of unknown thickness; however, Bravo's detailed gravity geophysics suggests that cover is not excessive. Bravo also conducted detailed soil geochemistry and a lineament study as part of its targeting. Although covered by pediment, HO is adjacent to exposed auriferous Lower Plate rock at Barrick's Red Hills property.
A minimum of four mud-rotary holes and one R.C. hole (minimum of 2,100m budgeted) at South Lone Mountain are planned for the second-phase drill program, following up extensive surface work and initial drill testing during 2005/6. The holes will primarily evaluate an untested, northwesterly trending fault projected to have a three kilometer strike length along which it should cut several important Lower Plate host rocks. The fault may have been the source of gold intersected in oil well chips (see news release dated February 15, 2005). Detailed gravity, supported by seismic and soil geochemistry, ind icate that this fault continues northwestward onto the Company's adjacent South Gold Bar property, where at least one mud-rotary hole (minimum of 460m) is planned to determine basement lithology, alteration, and possible mineralization.
Drilling at Shoshone Pediment failed to encounter bedrock to the targeted depth, making the southwestern portion of the project unattractive. Exposed Upper Plate rocks in the northern and eastern portions of the project contain variable degrees of alteration and extensive low-level gold and anomalous pathfinder geochemistry, however. This area will be re-evaluated as time permits. Bravo has met the requirements to earn into the project with Placer Dome US Inc./Barrick (see news release dated August 22, 2005).
Homestake Ridge project
In other News, core drilling has been completed for the season at the Homestake Ridge Property in northwestern British Columbia where the company completed 28 holes for a total of 6,531.5 metres. Earlier reported highlight intercepts include 14.8 metres of 15.7 g/t Au in HR06-24 and 8.5 metres of 25.3 g/t Au, including 4.0 metres of 48.3 g/t Au in hole HR06-27, a 70–metre offset to hole HR06-24 (see news releases dated August 28th & September 18th, 2006). Mineralization is believed to be a VMS/Epithermal-related system and is hosted by Eskay Creek/Silbak-Premier stratigraphy.
All drill core from the 2006 program has been moved from the project site to a heated warehouse facility in Stewart, BC, where logging and splitting of the most recent 12 drill holes is in process. Samples are being submitted for assay from the remaining 11 holes and results when received will be the subject of future news releases.
Bravo can earn a 100% interest in the Homestake Ridge project, from Teck Cominco Limited and private interests. Teck Cominco Limited may re-acquire a 60% interest in the property by spending two times Bravo Venture expenditures and can earn up to an additional 10% by sole funding a feasibility study and arranging production financing and construction guarantees.
Woewodski Island project
Mechanical trenching of auriferous quartz veins is planned to begin in mid November at the Company's Woewodski Project in southeast Alaska , following up surface samples containing multi-ounce gold values reported earlier (see news release dated August 17th, 2006). The property hosts both precious and base metal-rich massive sulphides and gold-rich orogenic quartz veins.