BRVO.V · 2023-02-28 12:00:00

Bravo Intercepts 93m at 3.2g/t PGM+Au From Surface, 16.7m at 36.1g/t PGM+Au From Surface, Including 8.5m at 63.3g/t PGM+Au (Which Includes 6.5g/t Rh), and 9.1m at 27.0*g/t PGM+Au Drilling at Luanga’s Central Sector Continues to Impress at Bravo’s Luanga Project

Drill Results

NEWS RELEASE

28 February 2023

1 | P a g e

Bravo Intercepts 93m at 3.2g/t PGM+Au From Surface, 16.7m at 36.1g/t PGM+Au From Surface,

Including 8.5m at 63.3g/t PGM+Au (Which Includes 6.5g/t Rh), and 9.1m at 27.0*g/t PGM+Au

Drilling at Luanga’s Central Sector Continues to Impress at Bravo’s Luanga Project

VANCOUVER, February 28, 2023 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF), (“Bravo” or the “Company”)

announced that it has received assay results from seventeen diamond drill holes (“DDH”) from the Central Sector 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. The assay results include fifteen infill diamond

drill holes, the last diamond twin holes, and rhodium overlimit assay results.

“New drill results from the Central Sector of our Luanga Project continue to show increased mineralized thicknesses

at depth (where it remains open) with similar or better assay g rades than historic intercepts. Drilling also continues

to demonstrate increasing levels of magmatic nickel sulphides (± copper) both at depth and /or near the basal

ultramafics,” said Luis Azevedo, Chairman and CEO of Bravo . “Bravo’s twin hole drill program , now concluded, has

provided confidence in grades and mineralized widths, successfully repeating historic results for some of the thickest,

highest-grade intersections . The latest results also include the highest sequential rhodium grades seen at Luanga

(DDH22LU043 includes 8.5m @ 6.48g/t rhodium). The exploration potential underlying the ~8.1km mineralized strike

at Luanga is just beginning to be revealed.”

Highlights Include:

▪ Assay results received from drilling in the Central Sector continue to show increasing mineralized grades and

thicknesses at depth, while also showing increasing magmatic nickel (± copper) sulphide content, both at depth

and/or near the basal ultramafic rocks.

▪ Twin hole DDH22LU043 , with nine consecutive rhodium samples grading >1.0g/t Rh , compares well with

historic results, intercepting the highest grade mineralized interval known to exist at Luanga and including an

exceptional rhodium intercept of 8.5m at 6.48g/t Rh.

▪ Twin hole DDH22LU083 repeated what it is likely the thickest high-grade mineralized intersection encountered

to date at Luanga, with 93.0m at 3.17g/t PGM+Au, comparing very favorably to the historic hole in thickness

but with higher PGMs.

HOLE-ID From

(m)

Thickness

(m)

(g/t)

(g/t

)

PGM +

Au (g/t)

Ni** (%)

Sulphide

**)

(%) TYPE

DDH22LU043 0.0 16.7 16.7 15.92 16.51 3.63 0.05 36.12 NA <0.01 Ox

Including 7.2 16.7 8.5 28.11 28.60 6.48 0.09 63.28 NA <0.01 Ox

And 34.9 86.5 51.6 0.84 0.56 0.08 0.12 1.60 0.16 0.06 FR

Including 41.6 47.6 6.0 4.01 2.44 0.34 0.48 7.26 0.39 0.08 FR

DDH22LU062 54.5 61.7 7.2 4.39 1.91 0.32 0.11 6.73 0.11 - FR

DDH22LU064 136.6 154.3 17.7 3.81 1.69 0.25* 0.22 5.98* 0.15 - FR

DDH22LU066 134.8 168.0 33.2 1.22 0.63 0.11 0.07 2.02 0.12 - FR

DDH22LU083 0.00 93.0 93.0 1.80 1.15 0.20 0.02 3.17 NA - Ox/FR

Including 32.4 93.0 60.6 1.34 0.82 0.14 0.02 2.32 0.16 - FR

DDH22LU084 80.8 96.8 16.0 1.38 0.70 0.13 0.01 2.23 0.09 - FR

DDH22LU103 0.0 45.1 45.1 0.86 0.50 0.08 0.05 1.49 NA - Ox

DDH22LU106 17.4 26.5 9.1 6.96 19.65* 0.39* 0.04 27.04* NA - Ox/LS

Including 18.4 22.4 4.0 15.63 44.11* 0.77* 0.08 60.59* NA - Ox/LS

DDH22LU107 163.1 200.1 37.0 1.05 0.69 0.12 0.17 2.04 0.21 - FR

Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. ‘NA’ Not applicable for Oxide material. ‘-’ Not Assayed.

Given the orientation of the hole and the mineralization, the intercepts are estimated to be 80% to 95% of true thickness.

Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.

* Includes result/s Rh >1.00g/t or Pt >100g/t. Overlimit analyses pending.

** Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historic total nickel assays.

NEWS RELEASE

28 February 2023

2 | P a g e

Luanga Central Sector Infill Drilling

Drill results received from Luanga’s Central Sector continue to show increasing mineralized thicknesses and/or grades

at depth and that mineralization is open at depth (see Sections 1, 2 and 3).

Drilling also displays an increasing presence of magmatic nickel (± copper) sulphides, in some cases at depth, where

nickel sulphides were not encountered in shallower drilling, and/or in other cases in drill holes that are near the basal

ultramafics. Figure 1 shows core photos from three different drill holes reported here, all of which show increasing

magmatic sulphides.

Figure 1: Core photos from Central Sector – Course-grained orthopyroxenites with magmatic nickel ± copper sulphide mineralization.

Figure 2 shows a larger (~2km of strike) perspective of Luanga’s Central Sector, where results from Bravo’s infill

drilling program can be viewed on this broader scale. The figure shows the greater mineralized widths that are being

consistently encountered at depth. It also shows a potentially interesting relationship to increasing nickel grades ,

which appear to be vectoring to wards a significant nickel -in-soil anomaly that is not coincident with the strike

direction of the Luanga PGM+Au+Ni deposit (as it is currently understood).

Surface EM (electromagnetics) combined with detailed ground magnet ic and micro -gravity surveys are due to

commence shortly at the Central Sector. This will extend coverage to the southeast to 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 below the main PGM mineralized horizon (as previously defined).

DDH22LU026 @44.3m.

2.36 g/t PGM+Au, 0.51% Ni.

Coarse-grained meso-cumulate orthopyroxenite

with ~7% cumulus magmatic sulphides.

DDH22LU043 @ 43.8m.

6.63g/t PGM+Au, 0.41% Ni.

Ad-cumulate orthopyroxenite with

~1% Intercumulus magmatic sulphides.

DDH22LU076 @138.4m.

1.34g/t PGM+Au, 0.22% Ni.

Orthopyroxenite with ~2%

Intercumulus magmatic sulphides.

NEWS RELEASE

28 February 2023

3 | P a g e

Figure 2: Central Sector (~2km strike) showing consistently improving results at depth, over historic Ni-in-soil geochemistry.

NEWS RELEASE

28 February 2023

4 | P a g e

Figure 3 ( Section 1 on Figure 7) is an excellent example of drilling by Bravo (shown in blue ) returning increased

mineralized thicknesses and higher nickel sulphide grades at depth. This relationship progresses from 13m (downhole

thickness) in PPT -LUAN-FD0154, to 16m (downhole thickness) in DDH22LU084, to 32m (downhole thickness) in

DDH22LU076.

Figure 3: Central Sector Section 1 – Increased mineralized widths at depth (open) with improved nickel sulphide grades.

NEWS RELEASE

28 February 2023

5 | P a g e

Figure 4 (Section 2 Figure 7) again shows the same thickness progression, from near surface in PPT-LUAN-FD0156 to

DDH22LU107 where magmatic nickel sulphides are more prevalent within and/or in close proximity to the basal

ultramafic rocks.

Figure 4: Central Sector Section 2 – Increased mineralized widths at depth (open) with better nickel sulphide grades.

NEWS RELEASE

28 February 2023

6 | P a g e

Figure 5 (Section 3 on Figure 7 ) again demonstrates increased mineralized widths with higher magmatic nickel

sulphide assay grades at depth and, in this case, with higher PGM+Au assay grades as well. Like the previous section

(Figure 4), mineralization is both within and/or in close proximity to the basal ultramafic rocks.

Figure 5: Central Sector Section 3 – Increased mineralized width at depth (open) with improving PGM+Au and nickel sulphide grades.

Luanga Twin Hole Drilling Program

During 2022 Bravo completed eight diamond twin holes against selected historic diamond drill holes, for 1,135m.

Results for DDH22LU043 (Figure 6) were finalized after receiving rhodium overlimit assay results for 9 consecutive

samples grading >1.00g/t rhodium. Assay results for the Bravo twin drill hole as compared to historic drill hole PPT-

LUAN-FD0136 are shown in the table and cross section (Figure 6) below.

The results for the twin holes compare favorably, e ven given the extremely high -grade nature of the historic drill

hole, which was the highest grade wide mineralized interval known to exist at Luanga. Results from both drill holes

show a difference of approximately 7%, well within the accuracy and precision ranges for the assay method. Of

additional interest is the >20% positive difference in average rhodium grade in favor of the Bravo drill hole, following

the receipt of the overlimit results. The deeper mineralized interval in holes DDH22LU043 and PPT-LUAN-FD0136 are

NEWS RELEASE

28 February 2023

7 | P a g e

also similar in thickness , but with the Bravo twin hole returning an average combined PGM+Au assay grade ~70%

higher over a slightly narrower interval.

The final diamond twin hole of the program, DDH22LU083 (Figure 7, North Sector) also returned comparable results

to its historic twin, PPT-LUAN-FD0095 as shown below. The assay results show a positive difference of approximately

18% in PGM+AU grade in favor of the Bravo diamond twin hole over identical thicknesses.

Comparison of assay results from Bravo twin diamond drill holes of historic VALE SA diamond drill holes

TWIN of Historic Hole PPT-LUAN-FD0136

HOLE-ID From

(m)

Thickness

(m)

(g/t)

Historic SGS

PGM+Au (g/t)

Bravo ALS PGM +

Au (g/t)

DDH22LU043 0.0 16.7 16.7 15.92 16.51 3.63 0.05 36.12

PPT-LUAN-FD0136 0.0 17.0

17.0 17.36 18.36 2.94 0.17 38.73

DDH22LU043 34.9 86.5 51.6 0.84 0.56 0.08 0.12 1.60

PPT-LUAN-FD0136 24.0 78.0 54.0 0.46 0.36 0.11 0.07 0.93

TWIN of Historic Hole PPT-LUAN-FD0083

HOLE-ID From

(m)

Thickness

(m)

(g/t)

Historic SGS

PGM+Au (g/t)

Bravo ALS PGM +

Au (g/t)

DDH22LU083 0.0 93.0 93.0 1.80 1.15 0.20 0.02 3.17

PPT-LUAN-FD0095 0.0 93.0 93.0 1.60 1.01 0.10 0.01 2.71

Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.

Given the orientation of the hole and the mineralization, the intercepts are estimated to be 80% to 95% of true thickness.

Figure 6: Central Sector Section 4 – DDH22LU043 twin diamond hole against PTT-LUAN-FD0136.

NEWS RELEASE

28 February 2023

8 | P a g e

Luanga Drill Program Progress

A total of 152 drill holes (17 in 2023) have been completed by Bravo to date, for 25,351 metres (99% of the planned

25,500 metre Phase 1 Drilling Program), including all 8 planned twin holes and all 8 metallurgical holes (not being

subject to routine assaying). Results have been reported for 77 Bravo drill holes to date.

Excluding the metallurgical holes, results for 67 Bravo drill holes are currently outstanding.

The Phase 1 diamond drill program is almost completed. Approximately 16 priority drill holes remain to be completed

(triggering the Phase 2 program) prior to the commencement of work on Luanga’s maiden NI 43 -101 Mineral

Resource Estimate, which remains on track for H2/2023. The Phase 2 program will be focused on step out drilling

(with the objective of extending known zones of PGM+Au+Ni mineralization to depth), follow -up on the newly

identified higher-grade nickel ± copper magmatic sulphide mineralization styles, as well as exploration of new targets.

Complete Table of Recent Intercepts

HOLE-ID From

(m)

Thickness

(m)

(g/t)

PGM + Au

(g/t)

Ni** (%)

Sulphide)

(%) TYPE

DDH22LU026 28.1 72.9 44.8 0.43 0.14 0.02 0.06 0.65 0.14 - FR

And 135.9 136.9 1.0 6.30 4.48 0.00 5.24 16.02 0.01 - FR

DDH22LU043 0.0 16.7 16.7 15.92 16.51 3.63 0.05 36.12 NA <0.01 Ox

Including 7.2 16.7 8.5 28.11 28.60 6.48 0.09 63.28 NA <0.01 Ox

And 34.9 86.5 51.6 0.84 0.56 0.08 0.12 1.60 0.16 0.06 FR

Including 41.6 47.6 6.0 4.01 2.44 0.34 0.48 7.26 0.39 0.08 FR

DDH22LU062 54.5 61.7 7.2 4.39 1.91 0.32 0.11 6.73 0.11 - FR

DDH22LU064 60.2 65.0 4.8 0.36 0.16 0.02 0.03 0.57 0.22 - FR

And 136.6 154.3 17.7 3.81 1.69 0.25* 0.22 5.98* 0.15 - FR

DDH22LU065 97.4 98.4 1.0 0.09 0.06 0.00 0.02 0.17 0.36 - FR

DDH22LU066 77.5 93.0 15.5 0.91 0.86 0.11 0.05 1.93 0.08 - FR

Including 77.5 84.5 7.0 1.57 0.62 0.10 0.10 2.40 0.12 - FR

DDH22LU069 50.0 59.0 9.0 0.42 0.17 0.00 0.05 0.64 0.13 - FR

DDH22LU076 55.5 71.5 16.0 0.87 0.30 0.01 0.11 1.29 0.08 - FR

And 134.8 168.0 33.2 1.22 0.63 0.11 0.07 2.02 0.12 - FR

And 172.0 180.0 8.0 0.59 0.37 0.08 0.01 1.04 0.12 - FR

DDH22LU081 0.0 22.1 22.1 0.78 0.40 0.08 0.06 1.32 NA - FR

And 27.1 68.7 41.6 0.44 0.13 0.04 0.04 0.66 0.21 - FR

Including 38.0 41.2 3.2 0.83 0.24 0.07 0.09 1.22 0.51 - FR

And 75.7 121.9 46.2 0.46 0.16 0.03 0.01 0.66 0.17 - FR

DDH22LU083 0.00 93.0 93.0 1.80 1.15 0.20 0.02 3.17 NA - Ox/FR

Including 32.4 93.0 60.6 1.34 0.82 0.14 0.02 2.32 0.16 - FR

DDH22LU084 80.8 96.8 16.0 1.38 0.70 0.13 0.01 2.23 0.09 - FR

Including 80.8 84.8 4.0 2.72 1.44 0.25 0.03 4.43 0.11 - FR

And 108.8 114.8 6.0 0.51 0.23 0.03 0.02 0.79 0.09 - FR

DDH22LU094 24.0 29.0 5.0 1.20 0.54 0.18 0.08 2.00 0.21 - FR

And 70.5 99.5 29.0 0.47 0.27 0.11 0.01 0.85 0.30 - FR

Including 78.8 82.8 4.0 0.84 0.49 0.11 0.01 1.45 0.53 - FR

And 127.9 145.9 18.0 0.53 0.27 0.08 0.02 0.89 0.14 - FR

DDH22LU103 0.0 45.1 45.1 0.86 0.50 0.08 0.05 1.49 NA - Ox

And 58.0 69.0 11.0 1.43 0.66 0.13 0.12 2.33 0.25 - FR

DDH22LU106 0.0 12.5 12.5 0.64 0.30 0.04 0.02 1.00 NA - Ox

And 17.4 26.5 9.1 6.96 19.65* 0.39* 0.04 27.04* NA - Ox/LS

Including 18.4 22.4 4.0 15.63 44.11* 0.77* 0.08 60.59* NA - Ox/LS

DDH22LU107 34.8 37.6 2.8 1.13 0.46 0.01 0.11 1.71 0.15 - FR

And 136.6 146.6 10.0 0.51 0.32 0.08 0.02 0.93 0.22 - FR

And 163.1 200.1 37.0 1.05 0.69 0.12 0.17 2.04 0.21 - FR

DDH22LU108 0.0 2.0 2.0 0.12 0.24 0.02 0.02 0.40 NA - Ox/LS

← Back to feed