Resource Doubles At Homestake Silver Deposit at Homestake Ridge
VANCOUVER, BC - Bravo Gold Corp. reported that Roscoe Postle Associates Inc. (RPA) have completed their resource update for the Homestake Silver deposit, one of two deposits discovered to date at Bravo's 2,585ha Homestake Ridge Project in northwestern British Columbia.
The updated resource represents an approximate 100% increase over the previously estimated 2010 mineral resource estimate for the Homestake Silver deposit (164,000ozs Au and 6,120,000ozs Ag). This significantly increases the gold and silver ounces in the combined Main Homestake (previously reported in NR-07-10) and Homestake Silver deposits.
RPA's preliminary engineering work indicates that an underground mining scenario is appropriate for the project and has recommended a 3.0g/t AuEq cut-off for the resource estimate. Also reported are 2.0g/t, 4.0g/t and 5.0g/t AuEq cut-offs which demonstrate both a significant increase in tonnage and contained gold and silver ounces at the lower 2.0g/t AuEq cut-off and progressive increases in overall gold and silver grades at incrementally higher cut-offs. AuEq cut-off calculations utilized conservative metal values for gold (US$1050/oz Au) and silver (US$18/oz) to maintain consistency with the previously reported estimate. Utilizing current metal prices would result in higher overall AuEq values, and very likely a modest increase in Mineral Resources reporting above the cut-off. Permitting and planning for the upcoming field season are underway with the goals of drill testing several remaining targets on the Homestake Ridge property, continuing in-house preliminary engineering and economic evaluations of the known deposits, and beginning an evaluation of the newly acquired 596-square-kilometre Kinskuch project, where numerous precious- and base-metal mineral occurrences are hosted in the same geologic setting as the Homestake Ridge deposits. Kinskuch is located adjacent to, and to the southeast of, the Homestake Ridge project, giving Bravo control over a large percentage of this evolving mineral district. A budget of $3.2 million is planned, which would include approximately 6,000 metres of diamond drilling, surface sampling and mapping, and ground and airborne geophysics over the two project areas. Favorable snow conditions should allow surface exploration to begin mid-June followed by drilling. Exploration on the Homestake Ridge project will focus on the identification of new deposits on the property that would be accretive to the existing mineral resources at the Main Homestake and Homestake Silver deposits. Ground geophysics will target blind deposits on strike with the Homestake Silver deposit and Fox zone; and several other occurrences on the property, including the newly discovered 215 zone. Initial exploration on the Kinskuch property will focus on two areas that host precious metal showings in the same stratigraphic section as the Homestake Ridge deposits: the area bordering the access road from Bravo's logistical center in Alice Arm and along the Illiance River. Airborne geophysics is planned to assist surface exploration and drill targeting in this under-explored area with very poor exposure. President Joe Kizis said, "Our 2010 drilling has demonstrated that Homestake Silver is a significant deposit, of similar size and tenor as the Main Homestake deposit. We are confident that additional deposits will be found on our Homestake Ridge property and on our recently acquired Kinskuch property, located within the same precious-metal rich district."