Bravo Announces Commencement of Phase 2 Program at Luanga Planned 21,500 metres focused on exploration and extensional drilling at depth
NEWS RELEASE
28 March 2023
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Bravo Announces Commencement of Phase 2 Program at Luanga
Planned 21,500 metres focused on exploration and extensional drilling at depth
VANCOUVER, March 28, 2023 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF), (“Bravo” or the “Company ”)
announced that it has completed the total drilling planned for the Phase 1 program 1 and commenced its Phase 2
program1 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.
“We are pleased to report the completion of the Phase 1 program , and the encouraging results thereof, while
advancing both maiden mineral resource estimate (“MRE”) and metallurgical testwork programs. The
commencement of Phase 2 marks a significant milestone in Bravo’s progress a fter only eight months since listing on
the TSXV,” said Luis Azevedo, Chairman and CEO of Bravo. “Starting in the Central Sector, where thicker mineralized
areas have been consistently encounter ed at depth , Phase 2 was initiated with extensional drilling below known
mineralization and where we have also observed increasing levels of magmatic nickel sulphides associated with
PGM+Au, albeit at an early stage of interpretation. Drilling will also be testing through the basal ultramafics, where
most of the higher-grade magmatic nickel sulphides have been intersected to date, and significantly higher rhodium
to palladium ratios have been identified , indicating the possibility of new styles of mineralization and a potential
vector towards higher-grade nickel sulphide zones.”
Highlights Include:
▪ Drilling for Phase 1 work program completed for delivery of Luanga’s maiden MRE , following receipt ,
compilation and interpretation of results for the final 45 holes where assays are pending.
▪ Phase 1 Metallurgical testwork program ongoing to support the MRE.
▪ Phase 2 field p rogram commenced, starting with extensional drilling below known mineralization in the
Central Sector, where results from Bravo’s infill drilling to date ha s consistently encountered greater
mineralized thicknesses at depth (See January 18th, 2023 and February 28th, 2023 news releases).
▪ Ground g eophysics continu es seamlessly from Phase 1 to Phase 2 , targeting magmatic nickel ( ± copper)
sulphide mineralization (See February 14th, 2023 and August 16th, 2022 news releases).
▪ Ground geophysics to also investigate the basal (footwall) harzburgite (ultramafic) sequence where most of
the higher -grade magmatic nickel (± copper) sulphides have been intersected to date , and which lies
stratigraphically below the main PGM mineralized horizon (as defined by historical and Bravo drilling).
▪ Exploration drilling , targeting new areas and prospects outside of the principal mineralized areas, to
commence in third quarter 2023.
1 As defined in the Independent Technical Report for the Luanga PGE+Au+Ni Project, Pará State, Brazil (Effective date April 12, 2022).
NEWS RELEASE
28 March 2023
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Luanga Drill Program Progress
A total of 165 drill holes (30 in 2023) have been completed by Bravo to date, for 2 8,338 metres, including all eight
planned twin holes and all eight metallurgical holes (not being subject to routine assaying).
Results have been reported for 112 Bravo drill holes to date. Excluding the 8 metallurgical holes, results for 45 Bravo
drill holes are currently outstanding.
Luanga’s maiden NI 43-101 MRE is on-track for H2/2023.
The Phase 2 program of work will focus on extensional and exploration drilling. Extensional drilling will look to extend
known zones of PGM+Au+Ni mineralization at depth, below the approximate 150m vertical depth previously defined
by historical drilling and Bravo’s Phase 1 program.
The Phase 2 program includes an extensive drilling allocation for exploration, which will focus on following up newly
identified higher -grade magmatic nickel (± copper ) sulphide mineralization identified within the Luanga footwall
(stratigraphically below the historically defined PGM+Au mineralization), the potential feeder zone(s) to Luanga, and
the exploration of new targets (outside the footprint of the mineralization identified to date).
Further, a noticeable change in PGM chemistry (significantly higher rhodium to palladium ratio) has been identified
in most assay results from both nickel sulphide zones. This points to a new style of mineralization and provides
another possible vector into higher-grade nickel sulphide zones.
About Bravo Mining Corp.
Bravo is a Canada and Brazil-based mineral exploration and development company focused on advancing its Luanga
PGM+Au+Ni Project in the world-class Carajás Mineral Province of Brazil.
The Luanga Project benefits from being in a location close to operating mines, with excellent access and proximity to
existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was
previously de-forested for agricultural grazing land. Bravo’s current Environmental, Social and Governance activities
includes replanting trees in the project area, hiring and contracting locally, and ensuring protection of the
environment during its exploration activities.
Technical Disclosure
Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow
Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s “qualified
person” as defined in National Instrument 43 -101 Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr.
Mottram has verified the technical data and opinions contained in this news release.
For further information about Bravo, please visit www.bravomining.com or contact:
Alex Penha
EVP Corporate Development
NEWS RELEASE
28 March 2023
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Forward Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward -looking
information is characterized by words such a s “on-track”, “significant”, “potential”, “consistent”, “greater”,
“increasing”, “higher-grade”, “possible”, “extensional”, “new style”, “vector”, and other similar words, phrases, or
statements that certain events or conditions “should” , or “will” occur. This news release contains forward -looking
information pertaining to the Company’s ongoing drill ing and metallurgical programs and the results thereof; the
expected completion of geophysical surveys and the results of such surveys; the potential for the defi nition of new
styles of mineralization, nickel (+/- copper) magmatic sulphides in the basal ultramafics and extensions to depth; the
potential for a feeder zone(s) and the potential of new targets outside of the current mineralized footprint; and the
Company’s plans in respect thereof. Forward -looking information involves risks, uncertainties and other factors that
could cause actual events, results, and opportuniti es to differ materially from those expressed or implied by such
forward-looking information. Factors that could cause actual results to differ materially from such forward -looking
information include, but are not limited to, unexpected results from explora tion programs, changes in the state of
equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental
approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the
mineral exploration and development industry. Forward -looking information in this news release is based on the
opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to,
the assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel,
PGMs and Au; that the mineralization remains open to depth, that grades are improving to depth, that final drill and
assay results will be in line with management’s expectations; that activities will not be adversely disrupted or impeded
by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project
will not be materially affected by potential supply chain disruptions; and general business and economic conditions
will not change in a materially adverse manner. Although the Company believes that the assumptions and factors
used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be
placed on such information. The Company disclaims any intention or obligation to update or revise any forward -
looking information, other than as required by applicable securities laws.