Monday, May 03, 2010

Gold in Nevada: Bravada Begins Trading, Drilling Planned at Signal Project in June BVA.v,, GG, NEM, ABX, AUY, TNR.v, RM.v, LMR.v, GDX, HUI, XA

Bravada Begins Trading, Drilling Planned at Signal Project in June

VANCOUVER, BRITISH COLUMBIA, May 03, 2010 (MARKETWIRE via COMTEX) -- Bravada Gold Corporation (TSX VENTURE: BVA) reports that it has received Exchange approval to commence trading on the TSX Venture Exchange on May 4, 2010 under the symbol BVA.V. Bravada was formed under a Plan of Arrangement with Bravo Gold Corp. /quotes/comstock/11v!e:bvg (CA:BVG 0.29, -0.02, -4.92%) (FRANKFURT: B6I) whereunder it issued shares to Bravo Gold Corp. in exchange for properties and cash. Bravada has issued and outstanding 25,619,218 shares with Bravo holding 11,147,688 shares (44%) and Bravo shareholders of record on December 31, 2009 holding 14,471,530 shares (56%).
President Joe Kizis commented, "Listing of the shares of Bravada is the culmination of the restructuring of Bravo Gold Corp., which will continue to develop its Homestake Ridge property in B.C. with an extensive exploration program which is fully funded and commencing in mid-June. Bravada plans to aggressively drill test several of its Nevada properties, which were previously developed to drill-ready stages at an approximate cost of $7 million. Bravada is fully funded for the proposed drilling at Signal, which will be followed by drill programs at other fully permitted properties in 2010."
Drilling is planned in early June at the Signal property. Two core holes (approximately 1,200 metres total) are planned to test the intersection of a feeder fault with favourable Devonian carbonate host rocks projected from nearby exposures. The feeder fault is related to a small, near-surface Carlin-type gold occurrence that was the subject of previous drilling by Bravo Gold Corp. Such relatively small Carlin-type occurrences can be used as a guide to unexposed and much larger Carlin deposits because they often represent leakage haloes around the larger deposits, often along the same feeder faults. The Signal property is located in the northwestern portion of the Eureka District, which includes Barrick Gold Corp's Ruby Hill mine, six kilometres to the east of Signal.
Bravada Properties
Bravada has a portfolio of 13 properties (approx.9,000 hectares, or approximately 35 square miles), one of the largest land position of any junior in the Battle Mountain-Eureka Gold trend, providing shareholders with potential for significant discoveries in this region of very large gold deposits. Drill targets have been identified and permitted at six of the projects. Other property acquisitions are being considered that could further enhance exploration success.
The largest Carlin-style gold deposits occur along two major trends in Nevada; the Carlin trend and the Battle Mountain-Eureka trend. Deep crustal features are believed to be responsible for the trends. Along these trends, deposits further cluster as districts and sub-districts. A striking characteristic of large Carlin-style gold deposits is their association with smaller gold deposits that have virtually identical alteration and geochemistry signatures. For example, relatively small gold deposits were discovered at and around the Cortez mine decades before the discovery of the much-larger Pipeline and Cortez Hills deposits. Goldstrike and Turquoise Ridge are other very large deposits that were discovered long after nearby small deposits were placed into production.
The NSR property, recently acquired from Agnico-Eagle (USA) Limited ("Agnico"), a subsidiary of Agnico-Eagle Mines Limited, consists of 161 lode mining claims (approximately 1,300 hectares) as two irregular blocks, with adjacent ground generally being either private or claims held by others. Data provided by Agnico includes soil and rock geochemistry, geophysical surveys, historic drill data, and geology and geochemistry for five reverse-circulation holes drilled by Agnico. Limited surface rock-chip sampling by Bravo's consultants confirms that anomalous gold exists up to +1g/t, with typical Carlin-style pathfinder geochemistry. Historic drilling indicates that several areas contain accumulations of strongly anomalous gold; however, historic drilling cannot be confirmed to have been conducted to NI-43-101 standards and cannot be relied upon to define any possible resource. Mineralization and alteration occur in Paleozoic-age 'Upper Plate' rocks and Eocene intrusions, but more-attractive 'Lower Plate' host-rocks have not been encountered yet at the property. In addition, most of the shallow, historic holes that were intended to test near-surface gold mineralization were drilled vertically, even though mineralization in 'Upper Plate' rocks is often predominately hosted by vertical structures, which may have been missed by those holes. Compilation of existing data, 3D geologic modeling, and additional geophysical surveys are expected to identify several attractive drill targets.
The PH property lies immediately east of US Gold's Tonkin Springs property and northeast of Miranda's Red Hills gold project. Gold mineralization is exposed in prospective Lower Plate carbonates at PH, with assays of surface grab samples ranging from background to 3.39g/t Au. Alteration and pathfinder geochemistry is typical of Carlin-style deposits. Permits have been acquired to drill test two attractive targets; one is a geophysical magnetic 'bulls-eye' high beneath post-mineral gravel and volcanic cover along the western property boundary that may be caused by a mineralized intrusion, and the other is the highly prospective Roberts Mountains formation beneath surface mineralization in less favorable carbonate rocks in the eastern portion of the property.
Currently, the Eureka Mining district hosts approximately the same number of ounces of gold in historic production, reserves, and resources as was known in the Cortez district prior to discoveries of the very large Pipeline and Cortez Hills deposits and is considered by the company to be strong evidence that one or more very large deposits may be found in the Eureka district.
The Signal and Temple properties are in the northwestern portion of the Eureka district, and both contain small non-43-101 accumulations of gold with typical Carlin-style alteration and geochemistry. Mapping at both projects shows the "feeder" faults should intersect highly favorable Devonian-age carbonate host rocks between 450m and 600m depth. Signal is permitted and bonded for drilling, and Temple has been permitting but not yet bonded.
The SF property is located east of the Eocene-age Carlin-type deposits at Cortez and east of the Miocene-age low-sulfidation epithermal-type deposit at Buckhorn. Several large Carlin deposits show evidence of overprinting by younger gold systems, an indication that their plumbing systems are deeply rooted. Both Carlin-type and low-sulfidation-type alteration are present at SF, with narrow zones of Carlin-style geochemistry intersected in a drill hole directly east of the property by a competitor. Host rocks are the highly favorable Devonian-age Wenban limestone and Horse Canyon formation. SF is permitted and bonded for drilling.
The Gabel property lies along the northern portion of the Roberts Mountains, east of Tonkin Springs and north of the US Gold's Gold Bar deposits. The region hosts significant past production and reported resources. Carlin-style alteration is widespread at the property, and mapping indicates that the highly prospective Silurian/Devonian-age Roberts Mountains formation should lie within approx.300m of surface in the western portion of the property; no drilling has tested this important host rock at Gabel. In addition, an attractive target exists in favorable Devonian host rocks. Gabel is permitted and bonded for drilling.
The Granite Mountain property consists of a small parcel of private, fee land northwest of Barrick's Pipeline mine and Coral Gold's Robertson property. Eocene-age dikes are common on the property, cutting Upper Plate sediments. Grab samples contain anomalous gold to 1.46g/t Au with typical Carlin-style pathfinders and alteration. Permits and bonds are not required to drill on private ground until disturbance exceeds five acres.
The rights to barite at the Company's Shoshone Pediment property were leased to Baker Hughes, for which the Company will receive a royalty for any barite produced from the property. However, the Company reserves the rights to gold and other metals, and will receive splits of any drill samples collected by Baker Hughes (see specifics in News Release NR-08-09). Low-level gold and encouraging pathfinder geochemistry are widespread in generally unfavorable Upper Plate rocks, and the property is on strike with a series of small gold deposits in Upper Plate rocks at US Gold's Slaven Canyon property. More prospective Lower Plate carbonates are at an unknown depth at the property.
The Company also has several 'pediment' plays, properties along trend with favorable host rocks and gold mineralization, but covered with post-mineral gravel. These include the North Lone Mountain, South Lone Mountain, South Gold Bar, 3Bar, and HO properties. North Lone Mountain is permitted and bonded for drilling.
More detailed descriptions of the Nevada properties can be found on Bravada's website and in Bravo's News Releases NR-23-09 (dated September 22, 2009), and NR-05-10 (dated February 12, 2010).
About Bravada Gold Corporation
Bravada Gold Corporation is a member of the Manex Resource Group of Companies with an exploration office in Reno, Nevada from which it is exploring its extensive Carlin-type gold holdings strategically located within the Battle Mountain/Eureka "Cortez" gold trend in Nevada.
On behalf of the Board of Directors
Joseph A. Kizis Jr., Director, President, Bravada Gold Corporation
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. Contacts:
Bravada Gold Corporation
Jeff Stuart
1.888.456.1112 or 604.641.2771
Bravada Gold Corporation
Liana Shahinian
1.888.456.1112 or 604.641.2771"
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