Bravada Receives Approval to Extend Private Placement Closing
Bravada Receives Approval to Extend Private
Placement Closing
Vancouver, British Columbia--(Newsfile Corp. - December 6, 2024) -
Bravada Gold
Corporation
(TSXV: BVA) ("Bravada" or the "Company") announces that the Company has received
approval from the TSX Venture Exchange for an extension until December 31, 2024, to close the
previously announced non-brokered private placement consisting of up to 10,000,000 units ("Units") at a
price of $0.035 per Unit for gross proceeds of $350,000 (the "Offering"). Each Unit consists of one
common share and one share purchase warrant, with each warrant exercisable to purchase one
additional common share for a period of three years at an exercise price of $0.05 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Units, nor
was there any sale of the Units in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The
Units offered will not be, and have not been, registered under the United States Securities Act of 1933,
as amended, and may not be offered or sold within the United States or to, or for the account or benefit
of, a U.S. person.
East Walker Project update
President Joe Kizis commented,
"East Walker is in one of the most active exploration areas in Nevada
and is a great example of the type of property that Bravada targets for acquisition and exploration,
being a large mineralized system with potentially high grades of gold and silver where major new
deposits are being discovered."
The Company's newest project has geologic features comparable to large, high-grade low-sulfidation -
type gold deposits like AngloGold Ashanti's discovery at Silicon/Merlin, which is also located within
Nevada's prolific Walker Lane Gold trend. Bravada has assembled a large amount of historic data for
the East Walker project and surrounding region, which was acquired by staking 50 lode mining claims
on open Federal ground.
Historic data includes widely spaced surface rock-chip samples, with many grab samples assaying over
100ppb gold. More importantly, several 1980's-vintage conventional-rotary drill holes were drilled on a
small part of the claim group where they
intersected gold assays of 0.4g/t to over 1g/t gold
over
significant intervals. Investors are cautioned that conventional-rotary holes may include significant
contamination from barren material from above mineralized intervals and, conversely, caving from
mineralized intervals may contaminate unmineralized areas below. The Company considers this surface
and drill data to be historic and cannot be relied upon. However, with this caution in mind and the
understanding that the Company cannot fully verify historic sampling methods, it is encouraging that
companies that were highly credible during the mid-1980's reported significant concentrations of gold in
deeply eroded portions of the stratigraphy.
Importantly, most of the property is not as deeply eroded as in the canyon where the historic holes were
drilled, and reconnaissance-stage geologic mapping in topographically higher areas has identified
widespread regions of the upper stratigraphy with preserved paleosurface "hot springs" features,
including geyserite, hydrothermal breccia with blocks of sinter, steam-heated alteration, and distal
ground-water silica-replacement horizons. Exposed in lower topographic regions below these
paleosurface features is intense clay alteration with abundant gypsum, indicative of alteration by a highly
acidic hydrothermal fluid generated by boiling at depth where gold may have been deposited. Frequently
in these well-studied types of deposits, the surface features are nearly barren of gold, with values
typically 100 ppb Au or lower. Major gold deposition typically occurs 150 to 200 metres beneath these
paleosurface features.
Other Nevada Projects
In addition to sole funding select projects, Bravada employs the Joint Venture model to advance its
projects, and in 2023, the Company signed an earn-in agreement with
Endeavour Silver
to option
Bravada's
Baxter gold/silver project
. The Company also holds a royalty on a high-grade gold property
in Ontario and a near-surface barite deposit in central Nevada.
Wind Mountain Au/Ag Flagship -
A substantial gold and silver resource has been delineated,
and a positive PEA, utilizing US$1,750/oz Gold and $21.00/oz Silver, was received for a Phase I
operation in December 2022. In addition to a dramatic increase in metal prices since the PEA
study, the following features were identified to further enhance the project:
A Phase II pad site was identified to extend mining life of the in-pit resource,
Additional exploration targets have been identified to further extend mining life, particularly
the North Hill target, which is located directly uphill from the Pad II site.
The Company is seeking a mining partner to advance Wind Mountain to production.
Highland -
Many drill-ready, low-sulfidation vein targets remain on this large and largely alluvial-
covered property with demonstrated high-grade gold and silver intercepts. Permitting has been
completed for a 15-hole (2,600m) drilling program. Several companies are evaluating the
Company's proposed program for a possible joint-venture exploration program.
SF/HC -
Two "Proof-of-Concept" drill holes in 2019 confirmed the presence of a gold system in
favorable host rocks and structures, analogous to those at the large, high-grade Goldrush/Fourmile
deposits nearby. Bravada plans to conduct soil sampling and an IP geophysical survey during
2025 pending funding.
Gabel -
Soil sampling was completed on a portion of Gabel in 2023 with results suggesting two
mineralized faults on two competitor properties intersect beneath gravel on Gabel; rock-chip
sampling and historic drill holes nearby support that interpretation. Attractive drill targets have been
identified on Bravada's limited claim position, and the Company holds the property for potential
joint-venture advancement.
East Manhattan -
Drill targets have been identified to further test low-sulfidation veins with multi-
gram gold intersected by the Company's proof-of-concept drilling program where they intersect
beneath gravel cover. The Company holds the property for potential joint-venture advancement.
About Bravada
Bravada is a long-established exploration company with a portfolio of high-quality properties in Nevada,
one of the best mining jurisdictions in the world. Utilizing a modified joint-venture business model,
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 has signed 33 earn-in joint-venture agreements for its properties with 20
publicly traded companies, as well as a similar number of property-acquisition agreements with private
individuals. Bravada currently has eight projects in its portfolio, consisting of 756 claims for
approximately 5,600 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
us at 604.641.2759 or by email at
.
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 in this news
release include closing the Offering. 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.
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