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Bravo's Homestake at 888,000 t of 6.6 g/t Au indicated
2010-05-14 12:43 ET - News Release
Mr. Joseph Kizis reports
UPDATED RESOURCE FOR BRAVO'S HOMESTAKE RIDGE, DRILLING TO RESUME MID JUNE
Bravo Gold Corp.'s contractor, Scott Wilson Roscoe Postle Associates Inc., has completed its resource update and preliminary engineering work on the company's 2,761-hectare Homestake Ridge project in northwestern British Columbia. This geologically complex but high-grade project hosts two known deposits -- the Main Homestake deposit and the Homestake Silver deposit. Scott Wilson's preliminary engineering work indicates that an underground mining scenario should be pursued and recommends that Bravo delay commissioning a more rigorous preliminary economic assessment until the currently open mineralization at the Homestake Silver deposit has been fully delineated and the six high-priority exploration targets have been tested as planned for 2010.
CURRENT MINERAL ESTIMATE AT CUT-OFF OF THREE G/T AU
Au Au Ag Ag Cu Cu
Tonnes (g/t) (oz) (g/t) (oz) (%) (lb)
Main Homestake
Indicated 888,000 6.69 191,000 47.2 1,350,000 0.15 3,030,000
Inferred 1,140,000 5.02 184,000 50.9 1,870,000 0.25 6,300,000
Homestake Silver
Inferred 1,200,000 4.25 164,000 158.0 6,120,000 0.02 661,000
Permitting and planning for the upcoming field season is under way with the dual goal of expanding the Homestake Silver deposit and discovering additional new deposits at six high-priority exploration targets identified in large part from the 630-line-kilometre airborne geophysical program conducted last season. The company plans a 12,000-metre drill program of over $6-million. Favourable snow conditions should allow drilling to begin mid-June.
Scott Wilson RPA draws certain conclusions:
1. Recent interpretive work conducted by Bravo personnel has resulted in improvements to the understanding of the geometry of the mineralized zones and, in turn, to the controls to the resource estimate;
2. Statistical and geostatistical analyses indicate that significant changes to the estimation parameters from the last estimate are warranted. These are:
* Application of capping;
* Introduction of a metal equivalence to the cut-off for both the wire frames and the block modelling;
* Reduction of the maximum search radius to 75 metres from 100 m;
* Upgrading of some of the mineral resources from inferred to indicated;
3. A preliminary review of the project economics on an order of magnitude basis indicated:
* The Homestake Ridge deposits are more amenable to underground mining than open-pit mining;
* The cut-off grade should be increased to reflect an underground mining scenario. Scott Wilson recommends that the cut-off grade be three grams per tonne Au equivalent;
* Preparation of a preliminary assessment is not recommended at this time though this could be revisited if certain assumptions change;
4. The project would benefit from an increase in mineral resources. It is recommended that exploration work continue.
An NI 43-101-compliant technical report will be posted on SEDAR within 45 days.
The company's president, Joe Kizis, commented: "We now have clear guidance from Scott Wilson RPA's work that the best economic path for Homestake will be via underground mining, which requires higher grades than an open pit but which also requires far less surface disturbance. Although the total number of ounces was not what we had hoped for at this stage, we do have a substantial resource at underground-mineable grades that is open for expansion with further drilling. For example, one of our last holes of the 2009 season was also our best hole to date at the Homestake Silver deposit. That hole is HR09-165 and included 24 m of 12.1 grams gold per tonne. The mineralization is open downdip, up-dip and along strike to the northwest towards the Main Homestake deposit. Expansion of the Homestake Silver deposit and initial exploration of six newly identified targets will be the major focus of our 2010 program."
Rob Macdonald, PGeo, is the qualified person responsible for reviewing the technical results in this release. Independent qualified persons responsible for preparation and review of the mineral resource estimate are David Rennie, PEng, principal geologist of Scott Wilson, Kevin Scott, PEng, principal metallurgist, and Dennis Bergen, PEng, associate principal mining engineer.
We seek Safe Harbor.
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