Bravo’s Phase 2 Program Defines Thick, High-Grade PGM+Au+Ni Mineralization at Depths of up to 330m Below Surface Highlights include 54.2m at 3.33g/t PGM+Au, 0.22% Ni from 280.5m, including 32.5m at 4.99g/t PGM+Au, 0.30% Ni from 300.2m
NEWS RELEASE
15 August 2023
1 | P a g e
Bravo’s Phase 2 Program Defines Thick, High-Grade PGM+Au+Ni
Mineralization at Depths of up to 330m Below Surface
Highlights include 54.2m at 3.33g/t PGM+Au, 0.22% Ni from 280.5m, including 32.5m at 4.99g/t
PGM+Au, 0.30% Ni from 300.2m
VANCOUVER, August 15, 2023 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF), (“Bravo” or the “ Company”)
announced that it has received assay results from fifteen diamond drill holes (“DDH”) from the Southwest and Central
Sectors at its 100% owned Luanga palladium + platinum + rhodium + gold + nickel project (“ Luanga” or “ Luanga
PGM+Au+Ni Project”), located in the Carajás Mineral Province, state of Pará, Brazil. Results are all from Bravo’s Phase
2 Program that is successfully targeting potential extensions to mineralization down to approximately twice the depth
of both historical and Bravo’s Phase 1 drilling.
“The Phase 2 drill program continues to successfully define PGM+Au+Ni mineralization at depth from 150m to ~330m
below surface. DDH23LU175 demonstrates consistent thicknesses and grades at these depths, suggesting potential
for significant zones of high er-grade mineralization that could be amenable to open pit and/or underground
exploitation in the future,” said Luis Azevedo, Chairman and CEO of Bravo. “Central Sector Drilling (DDH23LU163 and
DDH23LU164) continues to intercept n arrow zones of magmatic nickel sulphide mineralization supporting Luanga’s
nickel sulphide exploration potential. With final HeliTEM survey and ground geophysics (magnetics and micro-gravity)
data interpretation expected to be completed soon, our upcoming exploration drilling efforts will be directed towards
targets pinpointed by these surveys, commencing soon.”
Highlights Include:
▪ DDH23LU175 returned one of Bravo’s deepest higher-grade intercepts yet with 54m at 3.33g/t PGM+Au from
280m, including a high-grade zone of 32m at 4.99g/t PGM+Au and 0.30% Ni from 300m downhole (Figure 1).
▪ Results from d eeper drilling ( Phase 2 Program) in the Central Sector continue to identify higher-grade
mineralization at depths of ~150m to 330m below surface, which is under Bravo’s Phase 1 and historical drilling
(Figures 1 and 2) and suggests potential to double the depth extent of mineralization in these areas.
▪ Final data has been received from the HeliTEM (airborne electromagnetics) survey over the entire (7 ,810ha)
Luanga project. Full interpretation will commence next week. The detailed ground magnetic and micro-gravity
surveys covering all the prospective stratigraphy at Luanga are expected to be completed in the next 10 days.
It is anticipated that the interpretations of all 3 geophysical surveys will be available together.
HOLE-ID From
(m)
To
(m)
Thickness
(m)
Pd
(g/t)
Pt
(g/t)
Rh
(g/t)
Au
(g/t)
PGM +
Au (g/t) Ni* (%) TYPE Sector
DDH23LU163 200.60 201.10 0.50 0.42 0.1
2
1.34 0.08 1.96 3.48 FR Central And 266.82 267.52 0.70 2.05 0.5
3
1.17 0.50 4.25 2.45 FR
DDH23LU164 251.77 252.60 0.83 1.00 0.1
3
0.53 0.04 1.70 2.14 FR Central
DDH23LU173 204.12 242.15 38.03 1.00 0.7
2
0.13 0.06 1.91 0.10 FR Central
DDH23LU175 280.50 334.70 54.20 2.33 0.7
3
0.14 0.13 3.33 0.22 FR Central Including 300.25 332.70 32.45 3.51 1.0
9
0.21 0.19 4.99 0.30 FR
DDH23LU177 27.00 34.12 7.12 4.48 0.0
1
0.00 0.45 4.94 0.38 FR Central And 180.15 198.00 17.85 1.16 1.0
8
0.11 0.03 2.38 0.12 FR
DDH23LU180 91.65 115.60 23.95 1.10 0.4
8
0.08 0.07 1.72 0.08 FR Southwest
DDH23LU183 184.50 201.91 17.41 1.07 0.6
5
0.08 0.09 1.90 0.17 FR Central
DDH23LU184 110.90 120.90 10.00 1.55 0.7
2
0.08 0.10 2.44 0.15 FR Southwest
Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. ‘NA’ Not applicable for Oxide material.
Given the orientation of the hole and the mineralization, the intercepts are estimated to 110% to 120% of true thickness.
Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
* Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays.
NEWS RELEASE
15 August 2023
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Luanga Drilling Update
Results from a further fifteen diamond d rill holes have been received, all from the Phase 2 Program targeting
potential extensions of PGM+Au+Ni mineralization down to approximately 330m below surface, or twice as deep as
Phase 1 or historical drilling. Results from eight drill holes from the Central Sector and seven from the Southwest
Sector are reported in this news release. Results confirm that mineralization extends to depth at similar thicknesses
and grades to intercepts in historic drilling higher up in nearby drill sections, and in Bravo’s Phase 1 drill program.
Section 1 (Figure 1) in the Central Zone shows a new drill intersection (DDH23LU175) where, at depths approaching
300m below surface , mineralization is comparable or better in both thickness and grade to th at intercepted at
shallower depths tested during the Phase 1 drilling on this section. Furthermore, within the 54m minerali zed zone
grading 3.33g/t PGM+Au, 0.22% Ni, there is a high -grade zone 32.5m wide grading 4.99g/t PGM+Au, 0.30% Ni , and
the mineralization remains open at depth.
Figure 1: Central Sector (Section 1 on Figure 5) – Mineralization at depth, thicker and higher-grade, approximately 300m below surface.
NEWS RELEASE
15 August 2023
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A total of 209 drill holes (74 in 2023) have been completed by Bravo to date, for 40,787 metres, including all 8
planned twin holes and all 8 metallurgical holes (not subject to routine assaying ). Results have been reported for
186 Bravo drill holes to date. Results for 15 Bravo drill holes are currently outstanding (excluding the 8 metallurgical
holes). Completed drill holes reported in this news release are shown on Figure 5, along with completed drill holes
that are awaiting assay results.
Section 2 (Figure 2), at the Eastern side of the Central Sector, shows new drill intersection (DDH23LU183) where, at
depths approaching 200m below surface , mineralization is again comparable in both thickness and grade to that
intercepted at shallower depths (<150m).
Figure 2: Central Sector (Section 2 on Figure 5) – Continuation of mineralization at depth, approximately 200m below surface.
NEWS RELEASE
15 August 2023
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In the Central Sector, several narrow zones of magmatic nickel sulphide mineralization were intercepted in
DDH23LU163 and DDH23LU164 (Figures 3, 4 and 5 ), providing further evidence of magmatic nickel sulphide
mineralization in the Central Sector. Figures 3 and 4 show the location of drilling to date in the Central Sector.
Figure 3: Central Sector (West). Narrow zones of magmatic nickel sulphide mineralization intercepted in DDH23LU163 and DDH23LU164.
NEWS RELEASE
15 August 2023
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Figure 4: Central Sector – Eastern Side, showing continuous PGM+Au mineralization and widespread disseminated nickel sulphides.
Luanga Geophysics Update
Final data has been received from the HeliTEM (airborne electromagnetics) survey completed over the entire
(7,810ha) Luanga project. Full interpretation will commence in the next week. Preliminary HeliTEM data showed that
promising anomalies are present. Bravo’s geologists have already started ground truthing over more prominent
HeliTEM targets shown in preliminary data.
The detailed ground magnetic and micro -gravity surveys covering all the prospective stratigraphy at Luanga are
expected to be completed in the next 10 days.
It is anticipated that input from the interpretation of all three geophysical surveys are expected to be available for
interpretation together and should assist in defining additional drill targets.
NEWS RELEASE
15 August 2023
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Complete Table of Recent Intercepts.
HOLE-ID From To Thickness
(m)
Pd Pt Rh Au PGM + Au Ni* (%)
Sulphide TYPE (m) (m) (g/t) (g/t) (g/t) (g/t) (g/t)
DDH23LU163 195.98 204.10 8.12 0.78 0.26 0.19 0.03 1.26 0.55 FR
Including 200.60 201.10 0.50 0.42 0.12 1.34 0.08 1.96 3.48 FR
And 228.10 240.10 12.00 0.16 0.07 0.01 0.00 0.23 0.18 FR
And 249.10 258.10 9.00 0.25 0.15 0.03 0.00 0.44 0.18 FR
And 263.10 287.30 24.20 0.44 0.20 0.09 0.02 0.75 0.26 FR
Including 263.10 268.50 5.40 0.79 0.43 0.23 0.07 1.53 0.55 FR
Including 266.82 267.52 0.70 2.05 0.53 1.17 0.50 4.25 2.45 FR
DDH23LU164 101.50 103.50 2.00 0.66 0.24 0.00 0.18 1.07 0.06 FR
And 128.50 131.50 3.00 0.81 0.25 0.01 0.14 1.21 0.18 FR
And 172.50 177.80 5.30 0.74 0.23 0.00 0.11 1.09 0.22 FR
And 251.77 252.60 0.83 1.00 0.13 0.53 0.04 1.70 2.14 FR
And 255.60 265.20 9.60 0.69 0.22 0.05 0.04 1.00 0.22 FR
Including 260.20 261.20 1.00 3.29 0.89 0.13 0.24 4.55 0.62 FR
And 282.20 292.20 10.00 0.37 0.13 0.02 0.03 0.54 0.14 FR
And 302.75 311.75 9.00 0.73 0.25 0.02 0.01 1.02 0.13 FR
DDH23LU171 1.00 4.00 3.00 0.02 0.01 0.00 0.72 0.75 NA Ox
And 153.00 157.00 4.00 1.06 0.43 0.01 0.34 1.84 0.12 FR
And 170.65 197.50 26.85 0.44 0.17 0.02 0.02 0.64 0.23 FR
And 203.60 291.40 87.80 0.35 0.17 0.03 0.01 0.56 0.16 FR
DDH23LU172 80.03 89.60 9.57 0.16 0.05 0.09 0.00 0.31 0.32 FR
Including 80.03 82.62 2.59 0.22 0.07 0.25 0.01 0.55 0.71 FR
And 107.50 115.50 8.00 0.36 0.24 0.13 0.01 0.75 0.18 FR
And 137.50 150.50 13.00 0.29 0.12 0.01 0.01 0.43 0.18 FR
And 160.50 175.50 15.00 0.87 0.35 0.04 0.03 1.29 0.10 FR
DDH23LU173 72.00 74.83 2.83 3.12 1.21 0.01 0.09 4.43 0.29 FR
And 117.80 129.80 12.00 0.36 0.15 0.18 0.01 0.70 0.13 FR
And 197.15 202.15 5.00 0.41 0.21 0.01 0.22 0.86 0.10 FR
And 204.12 242.15 38.03 1.00 0.72 0.13 0.06 1.91 0.10 FR
Including 214.15 218.15 4.00 3.77 3.39 0.63 0.05 7.85 0.06 FR
DDH23LU175 280.50 334.70 54.20 2.33 0.73 0.14 0.13 3.33 0.22 FR
Including 300.25 332.70 32.45 3.51 1.09 0.21 0.19 4.99 0.30 FR
And 346.70 369.75 23.05 0.18 0.23 0.00 0.01 0.42 0.03 FR
DDH23LU176 256.00 266.00 10.00 0.29 0.09 0.02 0.00 0.40 0.16 FR
And 276.55 282.50 5.95 0.52 0.21 0.02 0.03 0.77 0.12 FR
And 285.50 298.00 12.50 0.91 0.32 0.05 0.06 1.34 0.15 FR
And 303.00 310.60 7.60 1.47 0.47 0.07 0.10 2.11 0.17 FR
And 360.60 370.20 9.60 0.24 0.24 0.00 0.01 0.49 0.01 FR
DDH23LU177 0.00 5.70 5.70 0.46 0.21 0.04 0.08 0.79 NA Ox
And 27.00 34.12 7.12 4.48 0.01 0.00 0.45 4.94 0.38 FR
Including 28.00 32.00 4.00 6.46 0.00 0.00 0.67 7.13 0.39 FR
And 72.00 78.00 6.00 0.66 0.37 0.00 0.03 1.07 0.12 FR
And 96.50 103.50 7.00 0.98 0.40 0.04 0.01 1.43 0.37 FR
And 111.50 115.50 4.00 0.62 0.22 0.03 0.00 0.88 0.20 FR
And 120.50 130.50 10.00 0.67 0.33 0.02 0.01 1.02 0.08 FR
NEWS RELEASE
15 August 2023
7 | P a g e
HOLE-ID From To Thickness
(m)
Pd Pt Rh Au PGM + Au Ni* (%)
Sulphide TYPE (m) (m) (g/t) (g/t) (g/t) (g/t) (g/t)
And 143.50 158.65 15.15 1.43 0.78 0.10 0.01 2.33 0.05 FR
Including 155.50 156.55 1.05 5.47 3.25 0.53 0.04 9.30 0.12 FR
And 163.85 172.30 8.45 0.68 0.36 0.05 0.01 1.09 0.08 FR
And 180.15 198.00 17.85 1.16 1.08 0.11 0.03 2.38 0.12 FR
Including 197.00 198.00 1.00 5.91 11.87 1.22 0.08 19.08 0.17 FR
And 210.00 216.00 6.00 0.62 0.26 0.03 0.02 0.93 0.12 FR
And 231.20 233.20 2.00 0.93 0.46 0.02 0.02 1.43 0.01 FR
DDH23LU178 177.10 186.10 9.00 0.11 0.11 0.01 0.00 0.23 0.01 FR
DDH23LU179 0.00 99.50 Assays Pending
And 186.80 197.80 11.00 1.11 0.55 0.07 0.05 1.79 0.03 FR
Including 194.80 197.80 3.00 2.40 1.04 0.14 0.06 3.64 0.05 FR
And 210.80 212.80 2.00 0.54 2.04 0.33 0.02 2.93 0.01 FR
DDH23LU180 0.00 90.50 Assays Pending
And 91.65 115.60 23.95 1.10 0.48 0.08 0.07 1.72 0.08 FR
Including 104.60 107.60 3.00 4.00 1.56 0.29 0.34 6.18 0.25 FR
DDH23LU181 0.00 6.50 6.50 0.35 0.16 0.01 0.00 0.53 NA Ox
And 14.95 29.90 14.95 0.65 0.24 0.02 0.00 0.91 0.19 FR
And 43.90 60.90 17.00 0.51 0.48 0.00 0.01 1.00 0.01 FR
DDH23LU182 0.00 300.40 No significant results***
DDH23LU183 0.00 100.70 Assays Pending
And 165.70 174.70 9.00 0.44 0.24 0.04 0.06 0.78 0.17 FR
Including 165.70 167.70 2.00 1.26 0.65 0.14 0.09 2.14 0.37 FR
And 184.50 201.91 17.41 1.07 0.65 0.08 0.09 1.90 0.17 FR
DDH23LU184 0.00 50.00 Assays Pending
And** 59.09 62.32 3.23 1.54 0.55 0.59 0.19 2.86 1.81 FR
And 110.90 120.90 10.00 1.55 0.72 0.08 0.10 2.44 0.15 FR
And 150.90 156.88 5.98 0.16 0.46 0.03 0.00 0.65 0.01 FR
And 171.70 178.70 7.00 0.18 0.53 0.03 0.01 0.76 0.01 FR
And 183.70 189.70 6.00 0.28 1.09 0.11 0.01 1.49 0.01 FR
Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. ‘NA’ Not applicable for Oxide material.
Given the orientation of the hole and the mineralization, the intercepts are estimated to 110% to 120% of true thickness.
Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
* Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays
** Partial result reported in previous news release
*** Hole DDH23LU182 was collared too far south-east to intercept the continuation of PGM mineralization at this depth.
NEWS RELEASE
15 August 2023
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Figure 5: Location of Bravo Drilling and Sections Reported in this News Release