Jul 16 2015
Bravada Gold Corporation announced today that it has received data from work recently completed by Kinross Gold USA Inc. at the Company's Baxter gold and silver property.
Baxter now consists of 240 unpatented lode claims (approximately 1,940 hectares) and is located 6.5 kilometers west of the Bruner district in Nevada's Walker Lane Gold trend. Bravada previously identified extensive low-sulfidation-style gold and silver mineralization exposed at surface and in reverse-circulation holes drilled by Bravada and others on the property.
Kinross' program consisted of adding 188 mining claims, mapping, rock-chip and soil sampling over the newly expanded claim block, conducting detailed ground gravity and air-borne magnetics/radiometrics over the entire claim block, and conducting mineralogy studies to identify clay and other alteration products in surface and drill chips.
In addition to verifying local high-grade concentrations of gold in grab samples from several veins, specific target areas were identified for drill testing. Five samples contain 10.1 to 43.7g/t Au of the 92 samples of vein, dump material, and wall rock that were collected. The remaining samples assay in the range of less than detection limits to 7.8g/t Au. Sites are being permitted with the Bureau of Land Management; however, specific details and timing for drilling have not been finalized.
Kinross has the option to earn a 60% interest in the property by spending $2.0 million over five years and it can earn an additional 15% interest by spending an additional $2 million on exploration and development expenses over two additional years. Upon Kinross completing its earn-in, Bravada may contribute to expenditures at its percentage of interest or be diluted. Should Bravada's working interest reduce below 10%, Bravada would convert its working interest to a 1% NSR royalty (see NR-01-15 dated February 3, 2015).
President Joe Kizis commented, "Kinross has done excellent work advancing the Baxter property through further geological, geochemical, and geophysical investigations. We look forward to Kinross drill testing the new targets."