Bravo Readies Homestake Ridge for 2007 Drill Program
Bravo Venture Group Inc. reported today that field crews have been mobilized in preparation for an exploration program in excess of $3.0 million at its Homestake Ridge Au-Ag-Cu deposit later this month, which will include approximately 9,000 metres of diamond drilling in approximately 35 drill holes. The project is located 32km southeast of Stewart, within the “Eskay Creek” region of northwestern British Columbia. Two rigs will be utilized and will focus on both expanding the existing resource and testing several new on-strike targets where geology and geochemistry are similar to the resource area. The initial inferred resource of 903,231 ounces of gold and 5,745,746 ounces of silver contained within 11.9 million tonnes with an average grade of 2.36 g/t Au and 15.0 g/t Ag, using a cut-off grade of 0.5 g/t gold (see NR-04-07) (1) remains open both along strike and at depth, with some of the thickest and highest grade intercepts returned from holes along the northwest margin of the deposit.
Examples of high-grade intercepts from the 2006 drill program include an 4.85 metre intercept of 25.3 g/t Au, including a 2.25 metre intercept of 48.3 g/t Au from hole HR06-27, and a 14.5 metre intercept of 5.68 g/t Au, including a 3.5 metre intercept of 20.6 g/t Au in hole HR06-35.
In addition, the company previously had reported a 45.30 metre intercept of 2.6 g/t Au from hole HR06-50, which contains a 1.94 metre intercept grading 28.7 g/t Au and 14.0 g/t Ag, and a 66.75 metre intercept grading 2.4 g/t Au from hole HR06-30, which contains 4.55 metres grading 10.4 g/t Au and 13.7 g/t Ag. All intercepts are reported using estimated true thickness.
The aggressive multi-rig 2007 drill program will test an additional 400 metres of strike length beyond the known extent of the mineral resource and to vertical depths of up to 500 metres. The current resource is largely contained within a 200 metre strike length of the mineralized horizon.
Bravo has earned a 100% interest in the Homestake Ridge mineral claims optioned from Teck Cominco Limited (“Teck Cominco”) in June 2003 by issuing 200,000 shares to Teck Cominco and spending in excess of $3.0 million on exploration and development work on the claims. Upon Bravo providing notice that they have spent a minimum of $5.0 million (to a maximum of $8.0 million) Teck Cominco may back-in by the later of December 31, 2007 and the date which is ninety days after receiving notice from Bravo in which to elect to earn a 60% interest by expending 200% of Bravo’s expenditures, in scheduled yearly increments at a minimum annual expenditure of 20%, on continued exploration and development work on the mineral claims. Teck Cominco can also earn up to an additional 10% by sole funding a feasibility study and arranging production financing and construction guarantees.
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