VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/09/13 -- Bravada Gold Corporation (TSX VENTURE: BVA)(FRANKFURT: BRT) ("Bravada") announced today results from 2012 drilling at its Wind Mountain gold and silver property, located in northwestern Nevada. The program consisted of twelve reverse-circulation holes, 1393 meters in total, at three separate targets. The program was designed to provide information on exploration areas which are not presently included in Bravada's existing NI-43-101 resource at Wind Mountain, which consists of 570,000 ounces of gold and 14.7 million ounces of silver in the Indicated category and an additional 354,000 ounces of gold and 10.1 million ounces of silver in the Inferred category (see NR-06-12, dated April 11, 2012).
The drilling program was funded by Argonaut Gold Inc. (TSX: AR) ("Argonaut"), with Bravada as project manager. Argonaut can fund staged expenditures totalling US$7.5million over a three-year period to exercise its option to purchase the project by paying Bravada a price of $30 per ounce of gold-equivalent contained ounces within Measured and Indicated Resource categories as determined by independent Qualified Persons. Further details of the agreement can be found in Bravada's news release of September 18, 2012 (NR-11-12).
Connector Exploration Target - Geological re-modeling completed late in 2011 suggested that the Breeze and DeepMin resources are not two separate deposits, as originally thought, but one relatively continuous deposit. Two holes were drilled from the same location in order to test this theory, one vertical and one angled -70 degrees to the west. Holes WM12-088 and WM12-089 are located approximately 200 meters south of the existing Breeze resource and both holes ended in thick zones of mixed oxide/sulfide gold mineralization, with the bottom of hole WM12-089 ending in 10.7 meters of 0.935g/t Au and 33.7g/t Ag. Designed open pits modeled for the 2012 Preliminary Economic Assessment (PEA) did not include this area due to a lack of drill data; thus, any resource added in the Connector area could expand the open pit design. This limited drilling program indicates that the two resources can be connected with further delineation drilling.
Significant 2012 Wind Mountain Drill Intercepts - Connector Exploration Target---------------------------------------------------------------------------- T.D. From To Interval Au AgHole # Orientation (m) (m) (m) (m) (g/t) (g/t) Comments----------------------------------------------------------------------------WM12-088 -70, 275 240.8 192.0 219.4 27.4 0.334 12.1 Within 139-241m (102m) of 206ppb Au & 8.5ppm Ag. Lost hole in mineralization.----------------------------------------------------------------------------WM12-089 -90 196.6 155.4 196.6 41.1 0.356 13.8 Lost hole in mineralization.---------------------------------------------------------------------------- Including 185.9 196.6 10.7 0.935 33.7----------------------------------------------------------------------------Intercepts calculated +0.2g/t Au &/or +10g/t Ag combined. No barrenintervals greater than 6m included internally.True thicknesses are estimated to be 80-90% of interval.
