Oct 5 2012
Bravada Gold Corporation announced today that it has received its amended drilling permit for the Wind Mountain gold and silver property, located in northwestern Nevada.
Wind Mountain Resources
The program is expected to consist of seven to ten reverse-circulation holes, 1,200-1500 meters in total. A drill contract has been signed and drilling is expected to commence during the week of October 15th. Bravada has outlined a NI-43-101 resource at Wind Mountain of 570,000 ounces of gold and 14.7 million ounces of silver in the Indicated category and an additional 354,000 ounces of gold and 10.1 million ounces of silver in the Inferred category (see NR-06-12, dated April 11, 2011).
The program is designed to test two exploration targets that could result in large expansions to the existing resource and is based on mapping and 2011 drilling by Bravada (see attached target map). The targets, hidden beneath shallow alluvial cover, are the undrilled Zephyr target and the down-dip extension of shallow oxide mineralization that Bravada drilled at the North Hill target during 2011. For example, previously announced WM11-038 at North Hill intersected 6.1m of 0.619g/t Au and 17.9g/t Ag beginning at surface.
The program is being funded by Argonaut Gold Inc. ("Argonaut"). Argonaut can fund staged expenditures totalling US$7.5million over a three-year period to earn the option to purchase the project by paying Bravada a price of $30 per ounce of gold-equivalent contained within Measured and Indicated resource categories as determined by independent Qualified Persons. Further details of the agreement can be found in Bravada's news release of September 18, 2012 (NR-11-12).
President Joe Kizis commented, "We are excited to test two exploration areas that could significantly increase the gold and silver resources at Wind Mountain. Our permit has been modified to allow the new holes. In addition, the total existing disturbance was reduced as a result of our program of concurrent reclamation, which will give us important flexibility to add new drill sites under our Notice permit."