Additional High-Grade Gold Intersected at South Reef Discovery on Bravo's Homestake Ridge Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2012) - Bravo Gold Corp. (TSX VENTURE:BVG.V; OTC:BVGIF - News)(FRANKFURT:B6I.F - News) ("Bravo") reported today additional high-grade gold assays from the South Reef deposit. The discovery was made during 2011 and is located 750 metres to the southwest of, and in a structure parallel to, the two previously discovered deposits on the Homestake Ridge project. Homestake Ridge is located in northwestern British Columbia.
Two important zones of mineralization have been identified in drilling at South Reef, a shallow copper-rich sulfide zone and a deeper gold-rich zone. Three holes have now tested the gold-rich zone, with all three intersecting +30g/t gold mineralization. A fourth hole only tested the shallow, copper-rich sulfide zone.
Assays from core hole HR11-235 tested the gold-rich zone deeper than previously reported hole HR11-234 and approximately 70 metres along strike to the northwest from previously reported hole HR11-234 (see NR-14-11, dated December 21, 2011). HR11-235 intersected several intervals of gold mineralization including:
-- a 1.5 metre interval averaging 41.3g/t gold and 14.6g/t silver within a
2.5 metre interval averaging 25.2g/t gold and 9.6g/t silver from 289.5 -
292.0 metres down hole;
-- a 0.8 metre interval of 46.5g/t gold and 12.3g/t silver from 259.6 -
260.4 metres down hole; and
-- a 3.7 metre interval of copper-enriched massive sulphide mineralization
averaging 2.4g/t gold, 13.0g/t silver and 0.7% copper from 52.6 - 56.25
metres down hole.
The shallow, sulphide-rich zone was also intersected in drill hole HR11-236, a 15 metre down-dip offset from hole HR11-235, and returned a 1.55 metre interval averaging 0.81g/t gold, 51.3g/t silver, 0.8% copper, 2.1% lead and 4.0% zinc. Similar gold- and copper-enriched massive sulphide mineralization was identified in drill hole HR11-234 (6.3m averaging 3.4g/t gold, 15.7g/t silver, and 0.6% copper - NR-14-11) and on surface 2km to the southeast at the Vanguard Copper occurrence. These may represent significant hangingwall lenses that could guide future exploration for additional new gold deposits within a 2 kilometre long trend on the Homestake Ridge property that currently has not been tested with drilling.
Hole HR11-232 is considered the discovery hole at South Reef, with a reported 3.1m interval averaging 30.8g/t gold within an 8.7m interval averaging 11.3g/t gold beginning at 157.6m depth (NR-14-11).
Mineralization is associated with a strong IP geophysical anomaly that can be traced through much of the central part of the Homestake property. Gold mineralization is associated with chalcopyrite in a strongly quartz-chlorite altered volcanic host. The mineralization occurs near the stratigraphic base of the host volcanic stratigraphy and is similar in appearance to the basal gold zone of the Main Homestake deposit. Drill hole HR11-235 has tested the gold-rich zone to 260 metres beneath the surface, below which the zone remains open.
To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/BVG0116.pdf
To date, the Company has received assays from portions of 17 of this season's 23 holes on the Homestake Ridge property. All assays from the South Reef zone have now been received. Assays from five additional holes from the southeast margin of the Homestake Silver deposit are still pending.
For more information on this and Bravo's other projects please visit http://www.bravogoldcorp.com
Table 1: Select Assay composites from the South Reef Zone.
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From To Interval Au Ag Cu
Hole No. (m) (m) (m) (g/t) (g/t) (%) Comments
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HR11-235 44.0 45.0 1.0 7.9 3.9 ---
and 52.6 56.3 3.7 2.4 13.0 0.7
and 259.6 260.4 0.8 46.5 12.3 0.0
and 289.5 292.0 2.5 25.2 9.6 0.0
inc. 290.5 292.0 1.5 41.3 14.6 0.0 0.4% Zn
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HR11-236 82.8 84.3 1.6 0.8 51.3 0.8 2.1% Pb,
4.0% Zn
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Analyzed by FA-ES/AA for gold and ICP-MS by Acme Labs, Vancouver, BC;
Samples greater than 10g/t Au re-assayed with FA-Grav - check assays are
pending; Silver overlimits (greater than 100g/t Ag) re-assayed with
FA-Grav. greater than 0.5g/t Au or 15g/t Ag cut-off used for compositing
intervals, less than 25% internal dilution unless otherwise indicated.
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 3.0g/t AuEq. cut-off, of 191,000 oz gold and 1,350,000 oz silver (215,100 oz AuEq) plus an Inferred Resource of 530,000 oz gold and 13,470,000 oz silver (770,500 oz AuEq)(1). Two deposits have been identified to date and 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 VENTURE: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. AuEq
calculations used a 56:1 conversion from gold to silver, based on the
three year trailing average of gold and silver and relative metallurgic
recoveries.
Contact:
Liana Shahinian
Bravo Gold Corp.
1-888-456-1112 or 604-641-2773
liana@mnxltd.com
www.bravogoldcorp.com
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