Bravada and Endeavour Silver Sign Definitive Agreement to Option Baxter Au/Ag Property in Nevada
Bravada and Endeavour Silver Sign Definitive
Agreement to Option Baxter Au/Ag Property in
Nevada
Vancouver, British Columbia--(Newsfile Corp. - July 19, 2023) -
Bravada Gold Corporation (TSXV:
BVA) (FSE: BRTN) (OTCQB: BGAVF)
("
Bravada
"
or the
"
Company
")
announced today that it has
entered into a definitive agreement (the "
Definitive Agreement
") with
Endeavour Silver Corp.
("
Endeavour
"),
granting
Endeavour the option to earn an 85% interest in the Company's
Baxter gold
and silver property
("
Baxter
"), located directly north of Endeavour's Bruner project in Nevada's Walker
Lane Gold trend. Baxter consists of 114 unpatented lode claims (approximately 920 hectares).
Pursuant to the Definitive Agreement, Endeavour has the right to explore and the option to earn an 85%
interest in Baxter (the "
Option
") by, among other things, incurring US$4.5 million in exploration and
development expenditures ("
Exploration Expenditures
") on Baxter over a five-year period from the
effective date of the Definitive Agreement.
The Definitive Agreement provides that Endeavour shall make annual cash option payments of
US$100,000 to Bravada ("
Option Payments
"), 50% of which may be paid in common shares of
Endeavour at its sole discretion, and incur the Exploration Expenditures on Baxter as follows (US$):
Year 1 - $
250,000
Year 2 - $
250,000
Year 3 - $
500,000
Year 4 - $1,000,000
Year 5 - $2,000,000
Endeavour shall be entitled, in its sole discretion, to accelerate any time period for incurring the
Exploration Expenditures or to elect to satisfy any of the Exploration Expenditures by cash payment to
Bravada.
Upon completion of the Exploration Expenditures and payment of all of the Option Payments, Endeavour
shall have exercised the Option and Endeavour and Bravada will form an 85/15 joint venture, with
Bravada carried to production with payback of Bravada's carried portion from the Company's share of
net income from the sale of all minerals produced from Baxter.
Extensive low-sulfidation-type gold and silver mineralization is exposed at surface and in reverse-
circulation holes drilled by Bravada and others on several target areas within Baxter. Additional
mineralization may lie beneath a relatively thin veneer of gravel and post-mineral volcanics in portions of
the property. Drilling at the
Sinter target
has outlined near-surface gold mineralization that is open along
strike and at depth. The best hole to date at Sinter is BAX16-13 (previously reported), which returned
0.88 grams of gold per ton (g/t) from 32 to 64 metres (m) depth, including 6.1m of 2.2g/t gold.
Approximately 300m along strike is a single hole, BAX17-07 (previously reported), which returned a
9.1m interval beginning at 198.6m depth of 1.38g/t Au, including 3.0m of 3.7g/t Au. The intercept in hole
BAX17-07 is untested up- and down-dip, and the intervening ground to BAX16-13 is undrilled and
covered by shallow alluvium. Exploration plans include detailed mapping, soil sampling and a
geophysical survey that will be used to develop drill targets.
President Joe Kizis commented,
"Endeavour Silver is a growing, successful mining company that
owns the Bruner gold property, which is adjacent to Baxter and hosts similar gold mineralization.
Bruner was historically mined and has unmined historic gold resources. Potentially high-margin,
shallow oxidized gold from the Sinter Target at Baxter should be an attractive addition to a previously
modeled historic heap-leach site on the Bruner property that is directly south of Baxter's claim
boundary."
About Bravada
Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best
mining jurisdictions in the World. Bravada has successfully identified and advanced properties with the
potential to host high-margin deposits while successfully attracting partners to fund later stages of project
development. Bravada's value is underpinned by a substantial gold and silver resource with a positive
PEA at Wind Mountain, and the Company has significant upside potential from possible new
discoveries at its exploration properties.
Since 2005, the Company entered into 32 earn-in joint-venture agreements for its properties with 19
publicly traded companies, as well as a similar number of property-acquisition agreements with private
individuals. Bravada currently has 10 projects in its portfolio, consisting of 810 claims for approximately
6,500 ha in the Battle Mountain/Eureka and Walker Lane Trends, two of Nevada's most prolific gold
trends. Most of the projects host encouraging drill intercepts of gold and already have drill targets
developed. Several videos are available on the Company's website that describe Bravada's major
properties, responding to investor's commonly asked questions. Simply click on this link
https://bravadagold.com/projects/project-videos/
.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513) is the qualified person for the Company and is
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."
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation
For further information, please visit Bravada Gold Corporation's website at
bravadagold.com
or contact
the Company at 604.684.9384 or 775.746.3780.
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, the exercise of the
Option and formation of a joint venture, 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 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/173995