Bravada Announces Financing; Exploration Drilling Planned at Highland & Exploration Programs on SF/HC and Gabel Properties, Nevada
Bravada Announces Financing; Exploration
Drilling Planned at Highland & Exploration
Programs on SF/HC and Gabel Properties,
Nevada
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2023) -
Bravada Gold Corporation
(TSXV:
BVA) (FSE: BRTN) (OTCQB: BGAVF) ("Bravada" or "Company") plans to issue up to 24,000,000 units
("Units") in a non-brokered private placement at a price of $0.05 per Unit for gross proceeds of $1.2M
(the "Offering"). Each Unit will consist of one common share and 1/2 share purchase warrant, with each
full warrant exercisable to purchase one additional common share for a period of three years at an
exercise price of $0.10 per share. The Company will make provision for an over-allotment option
(Greenshoe) to allow a purchase of up to 10% additional Units beyond the number of Units in this private
placement.
Net proceeds from the private placement will be used for drilling approximately 2,600 metres in 15 holes
at the Highland low-sulfidation-type project during the summer/fall of 2023. The property consists of 192
Federal lode claims (~1,500 hectares) located within the prolific Walker Lane Gold belt, where large
gold/silver discoveries continue to be made increasingly beneath "barren" surface alteration. Previous
drilling by Bravada intersected vein zones with high-grade intercepts, confirming the potentially
productive nature of the system. The Company's best hole, H02013, intersected 1.5 meters (m) of 66.9
grams of gold per ton (g/t) and 397.7g/t silver within a 12.2m intercept of 9.5g/t gold and 109.4g/t silver
(previously announced, true thicknesses estimated at 65% of the intervals). A thin layer of alluvial gravel
covers much of the property and several targets have been identified that have not been previously
tested with drilling.
Highland is a large property with multiple "hot spots" of high-grade gold at surface. Widespread samples
of float, outcrop, and soils collected at the Big Hammer target, for example, contain anomalous gold and
pathfinder geochemistry, with values of 0.1g/t to 1.0/g/t Au, with a maximum of 15g/t Au. Minimal erosion
indicates undiscovered high-grade vein deposits will be preserved in their entirety.
President Joe Kizis comments,
"Despite years of major gold production, Nevada continues to produce
excellent new gold/silver discoveries, many in areas previously thought to be completely explored or
beneath altered rock that does not contain anomalous gold concentrations. Recent examples are
Hecla's discovery in December 2020 of the Green Racer deposit beneath barren sinter on their Midas
property, a Nevada mining operation placed in production 23 years ago and Anglo Ashanti's Silicon
multi-million-ounce gold discovery well beneath barren alteration announced in 2022."
Additional geologic mapping, soil sampling, and geophysics are also planned to refine drill targets on
the SF/HC property and the Gabel property, both Carlin-type properties adjacent to new gold
discoveries in the Battle Mountain-Eureka Gold belt. Permitting is anticipated after integration of that
data with drilling later in 2023 and 2024. Net proceeds will also cover property maintenance for the
Company's portfolio of Nevada properties and for working capital.
The Company may pay finders' fees comprised of cash and non-transferable warrants in connection with
the Offering, subject to compliance with the policies of the TSX Venture Exchange. All securities issued
and sold under the Offering will be subject to a hold period expiring four months and one day from their
date of issuance. Completion of the Offering and the payment of any finders' fees remain subject to the
receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States of America. The securities have not been and will not be registered under
the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered
under the 1933 Act and applicable state securities laws, or an exemption from such registration is
available.
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 signed 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 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, answering commonly asked investor
questions. Simply click on this link
https://bravadagold.com/projects/project-videos/
.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513) 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
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 amount of the
Offering and completion of the Offering, 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.
This news release is not intended for distribution to United States newswire services
or dissemination in the United States
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