Bravada Amends Quito Gold Property Agreement with Yamana
Bravada Amends Quito Gold Property Agreement with
Yamana
Vancouver, British Columbia--(Newsfile Corp. - April 30, 2018) -
Bravada Gold Corporation
through its wholly-owned US
subsidiary Bravo Alaska, Inc. (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (collectively "Bravada") and
Yamana Gold Inc.
through its wholly-owned US subsidiary Meridian Minerals Corp. (collectively "Yamana") have agreed to amend the earn-in
agreement for the
Quito Property
,
located along the Austin Gold trend in central Nevada. The amendment will eliminate a
"Claw-back" provision that allowed Yamana to re-acquire a 51% ownership in Quito after earn-in by Bravada of a 70% working
interest in the property with all other terms remaining constant. As consideration for this amendment, Yamana will receive
1,000,000 common shares in Bravada and warrants to purchase 1,000,000 common shares at Cd$0.15 for a period of three (3)
years. The amendment is subject to TSX Venture Exchange approval.
Amended terms:
Bravada can earn a 70% interest in the Quito Property by conducting US$2.5MM in work expenditures by 2020, of which
approximately 50% has been spent to date and with additional work expenditures not becoming due until December 31,
2019.
Within 60 days after Bravada's earn-in, Yamana can either: 1) elect to participate in further exploration and development
expenditures at 30% or 2) elect to surrender its 30% working interest in favour of Bravada in consideration of receipt of a
2% NSR royalty and receipt of US$500,000 as either cash or an equivalent value of shares of Bravada at Bravada's
option. No other royalties encumber the property.
President Joe Kizis commented,
"
The "
C
law-back" provision
has hindered interest by potential joint-venture partners
interested in funding exploration and development work on this Project in concert with Bravada.
Yamana
retains its working
interest or royalty rights and now has
an opportunity to
indirectly
participate in Bravada's full portfolio of eleven Nevada
properties through its holdings
of Bravada
shares
.
A
drilling
permit
was recently
received
,
allowing exploration of the property
in 2018
.
"
The geological setting at Quito resembles many of Nevada's largest and richest Carlin-style gold deposits. Mineralization is
concentrated in Paleozoic-age carbonate sediments, with the highest grades being associated with fault intersections along the
axis of a property-scale anticline. The Quito Extension target (see figure below) was developed by 3D computer modeling of
historic drill-hole assays and surviving blast-hole data and shows a strong southeasterly plunge of the highest-grade gold
mineralization, much of which assayed 15g/t Au in the Quito pit. Other targets were also advanced to a drill-ready stage and are
being prepared for permitting.
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About Quito
Quito is a Carlin-type gold property consisting of 342 lode claims (~2,700 hectares). From 1986 through 1989, Quito reportedly
produced 174,460 ounces of gold at a grade of 5.92 grams per ton (g/t) from a deposit consisting of 1.7 million short tons at an
average gold grade of 6.34 g/t. Note that Bravada has not independently confirmed either the past production or any possible
remaining resources, and these historic figures should not be relied upon.
About Bravada
Bravada is an exploration company with offices in Reno and a portfolio of 11 high-quality properties in Nevada, one of the best
mining jurisdictions in the world. During the past 12 years the Company has successfully identified and advanced properties that
have the potential to host high-margin deposits while successfully attracting partners to fund later stages of project development.
Currently, exploration expenses on three of its Nevada properties are being funded by partners. Eight of the Company's
properties have been developed through exploration by Bravada and are drill-ready, or close to being so, with exploration to
continue throughout 2018 subject to funding availability.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) is the Qualified Person responsible for reviewing and
preparing the technical data presented in this release and has approved its disclosure.
On behalf of the Board of Directors of Bravada Gold Corporation
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation
For further information, please visit Bravada Gold Corporation's website at
bravadagold.com
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery
processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and
uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are
based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions,
interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of
financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ
materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing
and receipt of government and
regulatory approvals, and continued availability of capital and financing and general
economic, market or business conditions. Bravada Gold Corporation does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by
applicable law.