VANCOUVER, BC - Bravo Venture Group Inc. reported that Barrick Gold Exploration, Inc. has notified the company it is terminating its option agreement for the Pete Hanson property, located in the Battle Mountain-Eureka Gold trend of central Nevada. Bravo holds 100% interest in the property, subject to an underlying royalty of 1% NSR, which can be reduced to 0.5% NSR by payment of US$3,000,000.

President Joe Kizis said, "We were very excited about the developing potential of the Pete Hanson property while working with Placer Dome several years ago, and I think it is telling that it was one of the few Placer Dome projects outside of the Cortez JV that Barrick retained after acquiring Placer Dome. Several companies have inquired about the status of Pete Hanson in recent years and Bravo now will work toward attracting a partner to aggressively advance the project."

The Pete Hanson property is located 2km east of US Gold's Tonkin Springs gold deposits, approximately 31km south-southeast of Barrick's Cortez Hills gold deposit and 9km north-northwest of US Gold's Gold Pick gold deposit. The property consists of 191 unpatented lode mining claims on federal land, approximately 1,538 hectares in extent. Although much of the project is covered by gravel, auriferous Lower Plate carbonate rocks and jasperoid crop out locally in eastern and southern portions of the property. Project work by Bravo and Placer Dome included detailed mapping, rock-chip sampling, soil and gas geochemistry, and magnetics and gravity geophysics. Minor follow-up sampling and detailed mapping is anticipated prior to choosing drill targets.

Favorable host-rock stratigraphy exists within a highly prospective structural setting of cross cutting northwest- and northeast-trending faults. Mapping reveals much decalcified Devils Gate/Denay limestone in the southern portion of the claim block. Solution breccia and jasperoid form near the top of the Devils Gate, beneath Webb clastics; thus, a Rain-type (dissolution breccia) model may apply in addition to the more classic Carlin-type gold model hosted by favorable Devonian and Silurian carbonates. Favorable formations include the upper Devils Gate/Webb unconformity, the upper Denay, the McColley Canyon, and the Roberts Mountains formations, which are either exposed or projected to underlie portions of the extensive claim block. Grab samples of altered rock from the southeastern portion of the claims contain anomalous gold values of 0.3 to +3.0 g/t Au.


The company’s address is Suite 1100, 1199 West Hastings Street, Vancouver, BC V6E 3T5, 604.684.9384, fax: 604.688.4670.