Thursday, 23 February 2012

Bravo Gold says airborne survey finds 2012 drilling targets for Kinskuch property

Bravo Gold Corp. (CVE:BVG) said Tuesday it has received final results from the 2011 airborne DIGHEM geophysical survey on its 596 square-kilometre Kinskuch project located adjacent to, and southeast of its own Homestake Ridge project in northwest British Columbia.
The survey, which used Fugro's DighemV-DSP electromagnetic system, totaled 3,821 line-kilometres flown at a nominal 100 metre spacing, which included 364 line-kilometres of tie lines at 1,000 metre spacing, and was completed from August 1st to September 14th, 2011.
The survey coverd about 60 percent of the total project area, was completed from the company's base of operations at Alice Arm at the southern margin of the survey block.
The goals of the survey were met, the company said, with the data allowing for the mapping and delineation of controlling gold structures, as well as the identification of areas with anomalous conductivity, which suggest the presence of sulphide mineralization.
Bravo said several zones of anomalous conductivity have been identified within key target areas throughout the project.
The Illiance River trend, which was a target of the company's 2011 exploration efforts, showed up in the survey as both a broad magnetic low and an electro-magnetic high (conductive zone suggesting the presence of sulphides) extending over a five kilometre strike length of strongly altered volcanic stratigraphy - an important host at the nearby Homestake Ridge project.
The target in this area is high-grade silver-enriched polymetallic mineralization within a series of sub-vertical structures occurring along the altered trend. Only a 2.5 kilometre strike length of this geophysical trend was mapped and sampled by Bravo during 2011, it said.
Bravo also completed four drill holes within the Illiance River trend in 2011, three of which returned what it called "encouraging" assay results including a 2.8 metre interval averaging 318 grams per tonne (g/t) silver, 0.4g/t gold, 2.2% lead and 6.5% zinc from drill hole KN11-02; and a 3.9 metre interval averaging 268 g/t silver, 0.2g/t gold, 3.4% lead and 6.5% zinc from drill hole KN11-03.
The holes were drilled from two set-ups, 500 metres apart. Mineralization remains open at depth and to the north and south, Bravo added.
The company also said that a program of geological prospecting, sampling and ground geophysics is being recommended to further delineate the conductive zones and to identify disseminated sulphides, which could indicate anomalous silver and gold mineralization.
Follow-up exploration will be carried out within an expanded 2012 exploration program on the project, which is planned to include an "aggressive surface exploration program" and up to 10,000 metres of diamond drilling on the Illiance River trend, as well as other targets throughout the property.
In other news Tuesday, Bravo said it has closed the final tranche of a previously-reported, non-brokered private placement financing, by issuing 1.065 million units at a price of 7 cents each for gross proceeds of $74,550,00.
Together with the first tranche closing on December 30, 2011 and the second tranche closing on January 4, 2012, Bravo has raised a total of $884,119.95.
The company has a 100 percent interest in the Homestake Ridge project, which has a current NI43-101 compliant indicated resource, at a 3.0 g/t gold equivalent cut-off, of 191,000 ounces gold and 1,350,000 ounces silver plus an inferred resource of 530,000 ounces gold and 13,470,000 silver ounces.
Two deposits have been delineated to date, with a third, South Reef, discovered late in 2011.
Bravo also has an option to acquire the 596-square-kilometre Kinskuch project located adjacent to, and to the southeast of its Homestake Ridge project.

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