Gold Resource Significantly Increased at Bravada's Wind Mountain Gold/Silver Deposit, PEA Underway
11 Abril 2012 - 8:15AM
Marketwired Canada
Bravada Gold Corporation (TSX VENTURE:BVA)(FRANKFURT:BRT) ("Bravada") reported
today the results of an updated, independent resource estimate for its Wind
Mountain Gold/Silver Property conducted by Mine Development Associates (MDA) of
Reno. A Technical Report will be filed with SEDAR within 45 days, as per
NI-43-101 regulations.
Material classified as gold resources has increased significantly compared to
the 2007 resource estimate as a result of adding mineralization discovered after
the 2007 resource estimate was completed and lowering the cut-off grade from
0.008 to 0.005 ounces of gold per ton for oxidized material based on higher gold
prices. The geologic model that constrains mineralization also has been
significantly refined. A direct comparison to the 2007 estimate is difficult
because the earlier report did not include a distinction between oxide and
mixed/sulfide material, which is calculated at different cut-off grades;
however, a rough comparison follows:
-- The Indicated resource category has increased to 570,500 ounces of gold
from the 2007 estimate of 405,543 ounces, an increase of 164,957 ounces.
-- The Inferred resource category has increased to 354,300 ounces of gold
from the 2007 estimate of 92,437 ounces, an increase of 261,863 ounces.
-- The Indicated resource category contains 14,736,000 ounces of silver,
whereas no resource was estimated for silver in the 2007 estimate.
-- The Inferred resource category contains 10,115,000 ounces of silver,
where as no resource was estimated for silver in the 2007 estimate.
MDA is conducting an updated Preliminary Economic Assessment (PEA) utilizing the
new resource model. The PEA is well underway with results expected in the next
several weeks.
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oz oz gms gms oz oz
Tons Au/T Ag/T Tonnes Au/T Ag/T Au Ag
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Indicated resource
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Oxide at 0.005 oz Au/ton cut off
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58,816,000 0.010 0.25 53,372,051 0.343 8.6 564,600 14,539,000
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Mixed/Sulfide at 0.01 oz Au/ton cut off
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498,000 0.012 0.40 451,906 0.411 13.7 5,900 197,000
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Total 59,314,000 53,823,956 570,500 14,736,000
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Inferred resource
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Oxide at 0.005 oz Au/ton cut off
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19,866,000 0.006 0.17 18,027,223 0.206 5.8 125,200 3,443,000
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Mixed/Sulfide at 0.01 oz Au/ton cut off
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14,595,000 0.016 0.46 13,244,102 0.549 15.8 229,100 6,672,000
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Total 34,461,000 31,271,325 354,300 10,115,000
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President Joe Kizis commented, "Wind Mountain has excellent logistics and is
located in mining-friendly northwest Nevada. The updated resource includes a
lower cut-off gold grade to reflect higher gold prices than considered
previously. In addition, inclusion of an important silver resource will allow
flexibility in evaluating various potential development paths."
Geologic understanding of the Wind Mountain deposit has advanced with recent
mapping and age dating at Wind Mountain, demonstrating that it is very similar
to the nearby Hycroft gold/silver deposit of Allied Nevada. Manager of
Development, John Cox, commented, "Our detailed geology and mineralization 3D
model for Wind Mountain reveal several untested areas where we believe we can
discover large, additional resources. The most important immediate target is the
un-drilled, down-dip extension of our North Hill surface deposit, which appears
to be a down-faulted continuation of the Breeze resource."
Resource-estimate Methodology
To construct the resource estimate, paper cross sections were plotted with drill
data (geologic and analytical) and topography. Bravada interpreted the geology
on these sections, which included rock-unit contacts, the boundary between
oxidized and unoxidized rock, the base of the leach pads and dumps, and
post-mineral faults. The cross sections were digitized and used to guide domain
modeling. All modeling was done in Imperial units and metric conversions
presented in this news release are approximate.
One gold mineral domain and two silver mineral domains were modeled on sections
spaced approximately 100 feet (30 meters) apart. The boundary between the
low-grade domains and the country rock tends to be gradational, but the domains
themselves form clear zones with consistent internal grades.
Sample statistics were evaluated by domain and in total. Outlier sample grades
were capped and then the samples were composited into 10 feet (3m) down-hole
composites ignoring the domains. Then the composites were coded by the sections.
By coding after compositing, the boundaries were "softened" to better reflect
the style of mineralization with gradational boundaries.
The estimation parameters were selected to honor understood geologic controls,
sample distributions, and the deposit-grade statistics. Inverse-distance
estimation was chosen for the reported estimate, but estimates were also made by
nearest neighbor and kriging. Each domain was estimated separately and was then
weight averaged for the reported block-averaged model.
MDA classified the Wind Mountain resources by a combination of distance to the
nearest sample, number of samples, confidence in the underlying database, sample
integrity, analytical precision/reliability, and geologic interpretations.
In addition to the reported resources, there are four mine dumps that total
about 10 million tons (9 million tonnes) of material (1). Portions of the dumps
have variable amounts of drilling, trenching, and systematic surface sampling,
which indicate the dumps could average between 0.005oz Au/ton (0.171 grams per
tonne) and 0.013oz Au/ton (0.445 grams per tonne). MDA could not yet classify
this material as a resource as it is not possible, with the data at hand, to
estimate grades spatially and there is a potential sample-selection bias due to
size sorting. However, MDA is optimistic that with further drilling and sampling
the grade and tons of these dumps could be quantified for economic evaluation.
(1) Note that the potential quantity and grade of the dumps is conceptual in
nature, there has been insufficient exploration to define a mineral resource and
it is uncertain if further exploration will result in the dumps being delineated
as a mineral resource.
About Bravada Gold Corporation
Bravada Gold Corporation is a member of the Manex Resource Group of companies
with an exploration office in Reno, Nevada from which it is exploring its
extensive Carlin-type and low-sulfidation-type gold holdings, which are
strategically located within the numerous productive gold trends in Nevada.
Bravada is self funding its Wind Mountain property towards near-term production,
and is advancing its other properties with a combination of self funding and
partner funding. Bravada also holds the Drayton Archean gold property in
Ontario. Currently three of Bravada's 21 Nevada properties are being funded by
partners. Bravo Gold Corp. (TSX VENTURE:BVG) owns 9.76% of Bravada's 114,264,282
outstanding common shares.
About Wind Mountain
The past-producing Wind Mountain gold/silver project is located approximately
160km northeast of Reno, Nevada in a sparsely populated region with excellent
logistics, including county-maintained road access and a power line to the
property. AMAX Gold/Kinross Gold recovered nearly 300,000 ounces of gold and
over 1,700,000 ounces of silver between 1989 and 1999 from two small open pits
and a heap-leach operation (based on Kinross Gold files). Rio Fortuna
Exploration (U.S.) Inc., a wholly owned US subsidiary of Bravada Gold
Corporation, acquired 100% of the property via an earn-in agreement with
Agnico-Eagle (USA) Limited, a subsidiary of Agnico-Eagle Mines Limited, who
retains a 2% NSR royalty interest, of which 1% can be purchased for $1,000,000
any time prior to production. In early 2010, Rio Fortuna received a positive
Preliminary Economic Assessment (2) based on a gold price of US$850 per ounce
with a credit for silver at a price of $14.50 per ounce (See News Release
NR-05-10, dated April 13, 2010).
(2) Note that Canadian NI 43-101 guidelines define a PEA as follows: "A
preliminary economic assessment is preliminary in nature and it includes
inferred mineral resources that are considered too speculative geologically to
have the economic considerations applied that would enable them to be classified
as mineral reserves, and there is no certainty that the preliminary assessment
will be realized."
Deborah H. Schneider, AIPG Certified Professional Geologist #11098, is the
Qualified Person responsible for reviewing the technical results in this
release. The Independent Qualified Person responsible for the preparation of the
Mineral Resource estimate reported in this news release is Steven Ristorcelli,
C.P.G., Principal Geologist, Mine Development Associates.
On behalf of the Board of Directors of Bravada Gold Corporation
Joseph A. Kizis Jr., President and Director, Bravada Gold Corporation
For further information, please visit Bravada's website at www.bravadagold.com.
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 Bravada's
projects, and the availability of financing for Bravada'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. Bravada 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.
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