Bravo’s Strategic Priorities for Luanga PGM+Au+Ni Deposit and IOCG Cu-Au Targets Work Streams Advancing Upside Potential on Multiple Fronts
NEWS RELEASE
24 March2025
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Bravo’s Strategic Priorities for Luanga PGM+Au+Ni Deposit and IOCG Cu-Au Targets
Work Streams Advancing Upside Potential on Multiple Fronts
VANCOUVER, March 24, 2025 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF), (“Bravo” or the “Company”) is
pleased to announce its strategic priorities for its 100% owned Luanga project including work to advance its palladium
+ platinum + rhodium + gold + nickel deposit (“Luanga deposit” or “ Luanga PGM+Au+Ni deposit”) as well as its
copper-gold +/- nickel exploration targets, all located in the Carajás Mineral Province, Pará State, Brazil.
“With a strong balance sheet, a recently updated mineral resource with more tonnes at higher grade, and a granted
preliminary licence, Bravo is well placed to benefit from renewed interest in PGMs. We have initiated a focused 2025
program that we are advancing on multiple fronts - building on our IOCG and magmatic Ni-Cu exploration successes
while continuing to advance the potential of the Luanga PGM -Au-Ni deposit through a metallurgical optimization
program,” said Luis Azevedo, Chairman and CEO. “We are just in the early stages of understanding Luanga’s broader
mineral potential beyond our PGM+Au+Ni deposit, yet we have already made multiple discoveries of a variety of
styles of copper, nickel, PGM and gold mineralization across our holdings. As we refine our modelling and
interpretation of our numerous exploration targets and drill test them, we see potential for the discovery of new
magmatic and IOCG-style deposits typical of the Carajás, one of the most well-endowed mineral belts in the world.”
Highlights Include:
▪ Drill testing of HeliTEM targets in 2024 returned encouraging results for several different styles of
mineralization, outside of the known Luanga PGM+Au+Ni deposit, including:
o High Cu, low Ni (negligible PGM+Au) mineralization at T1 and T2
o Low Cu, high Ni + PGM + Au at T3
o High Cu, High Au (IOCG) mineralization at T5
o Moderate Cu + moderate Ni (negligible PGM+Au) mineralization at T6 and T16
These results indicate potential not just for IOCG mineralization a s drilled at T5, but several other styles of
mineralization where significant Cu is present, in contrast to the 8.1km of strike at the Luanga deposit, which
contains negligible Cu. These targets warrant immediate follow-up work in 2025.
▪ The 2025 budgeted work program for the Luanga Project will be focused on two principal streams:
o Exploration: Focused on (a) the recently discovered potential for Iron Oxide Copper Gold (“IOCG”)
mineralization, and (b) the continuation of magmatic Ni/Cu exploration.
o Metallurgy: Luanga PGM+Au+Ni Deposit - Additional metallurgical testing focused on optimizing
recoveries and concentrate grades of concentrates for all styles of mineralization, providing potential
for increased payabilities.
▪ IOCG Exploration will soon commence with four planned drill holes at T5, followed by:
o Testing of n ewly selected HeliTEM targets located in the same structural corridor that hosts the T5
IOCG mineralization, including the recently selected T39 to T49 targets (Figure 1).
o Advancement of five Cu-Au targets (Figure 2) with potential for large-scale, IOCG-style, disseminated
sulphide mineralization (Lizard, Scorpion, Jupiter, Lynx and Perseus exploration targets).
o Phase 1 scout drilling, totalling 7,000 metres, with potential for additional drilling, based on the results
received.
▪ The approved work program will be carried on throughout 2025.
▪ Strong cash position – US$ 26.1 million as of September 30, 2024 (last reported financial statements).
NEWS RELEASE
24 March2025
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2025 Work Program
The 2025 exploration program is divided into two areas of focus:
1. Exploration focused on (a) the recently demonstrated potential for IOCG -style mineralization and (b) the
continuation of magmatic Ni/Cu exploration , based on exploration targets generated from the previously
completed helicopter electromagnetic (“EM”) survey (“HeliTEM’’) as well as those selected based on regional
structures, aeromagnetic anomalies and Cu-in-soil anomalies.
2. Continued work on the advanced stage Luanga PGM+Au+Ni deposit , with focus on further metallurgical test
work, continuing optimization and variability studies.
1. Exploration for IOCG and magmatic Ni/Cu sulphide mineralization over the entire Luanga property
A. Continue with exploration (geological mapping, geochemistry, geophysics and auger drilling) over newly selected
HeliTEM targets located in the same structural corridor that hosts the high-grade T5 IOCG mineralization. This
includes the recently selected T39 to T49 exploration targets (Figure 1). Subsequent drill testing of prioritized
exploration targets will be success-driven, with 7,000 metres of scout diamond drilling in the 2025 work program.
Figure 1: Location of HeliTEM target selected: T1, T5, T6, T39, T40, T41, T42, T43, T45, T46, T47, T48 and T49.
• Exploration over five Cu-Au targets (Figure 2) selected for their potential to host large-scale, IOCG-style
disseminated sulphide mineralization . These targets were chosen based on key indicators , including
proximity to significant mantle-tapping structures known to host other IOCG deposits in the region, airborne
magnetic high signatures that could relate to IOCG alteration, and Cu-in-soil anomalies. These targets are
ranked by priority from 1 to 5 respectively, Lizard (#1) proximal to the Sereno shear zone, Scorpion, Jupiter,
Lynx on the Cinzento shear zone, and Perseus (#5).
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24 March2025
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Figure 2: Location of Lizard, Scorpion, Jupiter, Lynx and Perseus.
B. Advance exploration on HeliTEM targets that returned encouraging drill results in 2024, including the T1, T3, T5,
T6 and T16 exploration targets. The Company has now received all outstanding results, including re-analysis and
additional element analysis, from 2024 scout drilling at HeliTEM targets on the Luanga property.
• T1 Target
Two drill holes were drilled in 2024 at the T1 EM target (Figure 1 and 6), totalling 305 metres. Both holes
intercepted narrow semi -massive sulphide intervals containing high Cu, low Ni ( with negligible PGM+Au)
mineralization, with biotite-amphibole-carbonate hydrothermal alteration plus quartz veining . This style of
mineralization stands in stark contrast to the 8.1km of strike at the Luanga deposit, which has negligible Cu
NEWS RELEASE
24 March2025
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present. The best intercept returned 1.7m @ 1.91% Cu, 0.13% Ni (DDH2401T002), demonstrating potential
for other types of massive and semi -massive sulphides in the area . The local country rock is a tonalitic
intrusion, and the geological/mineralogical system appears to be similar to the T5 Cu-Au exploration target
and therefore warrants additional work to vector in on the source of Cu. Follow up work is planned in
Q2/2025.
• T3 Target
A total of three drill holes (DDH2403T001, DDH2403T002 & DDH2403T003) were drilled at the T3 Target
(Figure 3 and 6), totalling 1,001 metres, all three of which intercepted mineralization . Results to date again
demonstrate the presence of high Cu (unlike the Luanga depo sit) and, in this case , associated with Ni and
PGM mineralization . The T3 exploration target is only partially tested and warrants additional work to
evaluate the potential for larger scale, potentially higher grade mineralization similar to that intercepted in
DDH23LU047 (11m @ 4.24 g/t 3PGM+Au, 2.04% Ni + 1.23% Cu, see news release dated October 17, 2022).
o Drill hole DDH2403T001 tested the strong magnetic anomaly located close to the Ni/Cu/PGM massive
sulphide zone intercepted in hole DDH23LU047. The best intercept in DDH2403T001 was 1.0m @
0.52% Ni.
o Drill hole DDH2403T002 was drilled to test the down dip extension of a Cu occurrence previously
worked by artisanal miners (“garimpeiros”). The hole intercepted 1.00m @ 0.90% Cu, confirming the
presence of Cu mineralization in the area.
o Drill hole DDH2403T003 was drilled on the same section of DDH2403T001 to test an IP chargeability
anomaly. The hole intercepted 35.5m @ 0.92g/t PGM+Au, 0.39% Ni, 0.09% Cu associated with a
sulphide-bearing orthopyroxenite sequence. Follow up work is planned in Q2/2025.
The search for more mineralization similar to that intercepted in hole DDH23LU047 continues in and around
the T3 area.
Figure 3: T3 Target.
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24 March2025
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• T5 Target
Since the start of drilling at the T5 exploration target (Figure 1 and 6) , 22 drill holes have been completed
totalling 4,92 2 metres of diamond drilling. These holes have defined a zone of high -grade, IOCG -style
mineralization, including intercepts of 11.5m @ 14.3% Cu, 3.3g/t Au and 8.8m @ 9.5% Cu, 2.1g/t Au (see
press release dated May 28, 2024 and June 10, 2024). Recently, assay results have been received for the last
five holes completed on the margins of the T5 mineralized system (Figure 4 and Table of Recent Intercepts
below).
Follow-up drilling (four diamond holes) at T5 is planned to commence in Q 2/2025 to test for possible down
plunge extensions to mineralization , possible feeder zones and a potential larger source for the massive
sulphides intercepted to date.
Figure 4: T5 Target.
• T6 Target
As previously reported (see news release dated May 28, 2024), the mineralization apparently responsible for
the T6 conductor (Figure 1 and 6) consists of 6m of massive/semi-massive/breccia sulphides, predominantly
pyrrhotite, with the best intercept comprising 3.8m @ 0.48% Cu, 0.11% Ni in hole DDH2416T002.
Results show m oderate Cu + moderate Ni in magmatic sulphides, and unlike the Luanga deposit , there is
negligible PGM+Au mineralization present.
Given the significant intercept of magmatic sulphides, further work is warranted, starting with a
comprehensive review of the HeliTEM and borehole electromagnetic (“BHEM”) survey data collected to date
to evaluate potential for extensions or feeder zones to the mineralization identified to date.
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24 March2025
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Figure 5: DDH2406T002 Massive/semi-massive/ breccia sulphide mineralization at T6 target (57.0 – 60.7m shown).
• T16 Target
A follow-up diamond hole (DDH2416T002) was drilled in 2024 at the T16 (Figure 6) target, for 150 metres.
The drill hole intercepted two narrow semi -massive sulphide intervals hosted in mafic volcanic rocks
overprinted by a biotite -amphibole-carbonate hydrothermal alteration , with the best intercept returning
3.0m @ 0.87% Cu, 0.48% Ni in DDH2416T002 . The hydrothermal alteration system is similar to that
associated with the high-grade T5 IOCG Cu-Au mineralization, while the mineralization is distinctly different.
Follow-up work is planned, commencing with a review of HeliTEM and BHEM results to evaluate potential
for extensions or feeder zones to the mineralization identified to date.
Figure 6: Location of Bravo Drilling reported in this News Release.
NEWS RELEASE
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2. Luanga PGM+Au+Ni Deposit Work Plans
• Initial focus on finalizing the remaining 2024 metallurgical test work programs, followed by a program focused
on optimizing recoveries and concentrate grades with a view to enhanced payabilities from third -party
downstream processing faci lities. This test work is already underway at third-party metallurgical facilities in
Canada.
• Complete a carbon capture study on future tailings and/or waste rocks from the Luanga deposit with a view to
evaluating the opportunity to take advantage of the natural potential of the host rocks at Luanga to absorb and
permanently fix carbon dioxide from the atmosphere.
• Evaluate other PGM opportunities: Re-evaluate historic data from the Luanga South and Luanga North layered
mafic-ultramafic intrusions (where they are located inside the Luanga property), assessing exploration potential
in light of knowledge gained in and around the Luanga deposit, and conducting drill testing of priority targets, if
warranted.
The approved budget for 2025 allows the company to implement these programs simultaneously, at a steady pace
throughout 2025.
Note: Exploration targets and/or exploration zones and/or exploration areas are speculative and there is no certainty
that any future work or evaluation will lead to the definition of a mineral resource.
NEWS RELEASE
24 March2025
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Complete Table of Recent Intercepts.
HOLE-ID From
(m)
To
(m)
Thickness
(m)
Cu* (%)
Sulphide
Ni* (%)
Sulphide
Au
(g/t)
Pd
(g/t)
Pt
(g/t)
Rh
(g/t)
PGM
+ Au TYPE
DDH2401T001 69.3 71.4 2.1 0.13 0.05 0.02 -- -- -- -- FR
DDH2401T002 94.0 95.7 1.7 1.91 0.13 0.04 -- -- -- -- FR
DDH2403T001 0.0 10.3 10.3 NA NA 0.08 0.36 0.15 0.59 Ox
DDH2403T002 50.30 51.30 1.0 0.90 0.01 0.02 <0.01 <0.01 --
No Significant Result
DDH2403T003 191.6 227.1 35.5 0.09 0.39 0.08 0.58 0.15 0.11 0.92 FR
DDH2405T018 54.4 56.4 2.0 1.20 0.01 0.48 -- -- -- -- FR
DDH2405T019 No Significant Result
DDH2405T020 No Significant Result
DDH2405T021 139.3 142.6 3.3 1.09 0.01 0.26 -- -- -- -- FR
DDH2405T022 No Significant Result
DDH2406T002 54.8 58.6 3.8 0.48 0.11 0.01 <0.01 <0.01 <0.01 <0.01 FR
DDH2406T003 75.3 77.0 1.7 0.16 0.04 0.02 -- -- -- -- FR
DDH2406T004 34.9 37.2 2.3 0.37 0.03 0.03 -- -- -- -- FR
DDH2407T001 No Significant Result
DDH2408T001 No Significant Result
DDH2409T001 No Significant Result
DDH2410T001 77.6 81.2 3.6 0.28 0.56 0.06 0.91 0.30 0.01 1.28 FR
And 83.8 84.7 0.9 0.12 0.51 0.06 0.85 0.27 <0.01 1.18 FR
And 129.3 132.3 3.0 0.06 0.26 0.01 0.60 0.27 0.09 0.97 FR
And 138.3 146.3 8.0 0.03 0.26 0.01 0.56 0.26 0.10 0.93 FR
And 149.3 157.3 8.0 0.03 0.17 0.04 0.91 0.43 0.09 1.47 FR
DDH2411T001 No Significant Result
DDH2412T001 No Significant Result
DDH2413T001 121.0 122.1 1.1 -- 0.53 0.01 0.01 <0.01 <0.01 <0.01 FR
DDH2415T001 101.5 103.5 2.0 0.03 0.15 0.02 0.07 0.02 0.03 0.15 FR
DDH2415T002 83.7 84.7 1.0 0.51 0.19 0.02 0.02 0.01 <0.01 0.05 FR
And 146.6 147.6 1.0 <0.01 0.62 0.01 0.29 0.01 <0.01 0.31 FR
DDH2416T002 99.3 102.3 3.0 0.87 0.48 0.04 0.04 0.01 <0.01 0.08 FR
And 109.3 112.3 3.0 0.32 0.21 0.03 0.05 0.01 <0.01 0.09 FR
DDH2417T001 107.2 108.2 1.0 0.26 0.35 0.01 0.07 0.14 <0.01 0.22 FR
DDH2417T002 168.8 169.8 1.0 0.11 0.91 0.02 0.01 <0.01 <0.01 0.03 FR
DDH2417T003 No Significant Result
Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. ‘NA’ Not applicable for Oxide material. ‘--’ Not Assayed.
At T5 thicknesses are estimated at 140% of true thickness. For all other targets the true thickness of mineralization is currently unknown.
Type: Ox = Oxide. FR = Fresh 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.