2017-02-15 09:04 ET – News Release
Mr. Greg Burns reports
BRAVURA VENTURE CORP. COMPLETES UPDATED 43-101 REPORT ON MUSGROVE CREEK PROJECT
Bravura Ventures Corp. has filed on SEDAR a National Instrument 43-101 report on its Musgrove Creek gold project near Salmon, Idaho.
This report, titled “Musgrove Creek Project, December, 2016, Summary Report,” provides an independent comprehensive review of historical mining and exploration activity at Musgrove Creek, describes the geology as it is currently understood, and proposes a program for continued gold exploration and resource definition by Bravura during 2017.
Musgrove Creek is an advanced-stage exploration project for which Bravura controls a 100-per-cent operating interest (1). The project contains a historical resource estimate at Johny’s Point of eight million tonnes at 1.22 grams per tonne gold at a gold cut-off of 0.8 gram per tonne, for a total of 9,761 kilograms (313,822 ounces) of gold at zero dilution. Originally modelled and calculated by David Makepeace, PEng, of Geospectrum Engineering in 2004 using Surpac International’s Vision mining software package, and disclosed on SEDAR by prior operator Wave Exploration Corp., this resource calculation is now considered a historical resource as a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve (the historic resource was disclosed in a report titled “Technical Report on the Musgrove Creek Gold Project, Salmon, Idaho,” by W. Gruenwald and D. Makepeace, dated Feb. 25, 2004). Bravura intends to remodel the mineralization in the Johny’s Point zone and calculate a new mineral resource upon completion of additional definition drilling and the acquisition of high-quality topography (LIDAR (light detection and ranging) or orthophotography derived). Therefore, Bravura is not treating the historical estimate as current mineral resources or mineral reserves.
(1) Bravura’s interest is subject to two underlying royalties. One of the royalty interests can be bought for a total $1.75-million, inclusive of all prior and future advance royalty payments. The second royalty is a 2-per-cent net smelter return royalty on future production from the property.
The new report states that, “The hydrothermal system at Musgrove Creek is strong and well mineralized, with significant discovery potential for economic gold deposit(s) with a silver credit.” Accordingly, this report recommends that Bravura concentrate its near-term efforts toward establishing a new resource model and resource calculation at Johny’s Point. Tasks recommended to achieve this goal are:
- Digital compilation of all available historical geology and surface geochemistry data;
- Conduct verification sampling of the extensive rock chip sampling data shown on historical maps by Newmont;
- Acquire high-resolution LIDAR topography;
- Complete permitting with the U.S. Forest Service to allow road and drill site construction and drilling;
- Begin confirmation and verification drilling within the historic Johny’s Point resource area to provide data for an updated NI 43-101 resource.
A budget of $500,000 (U.S.) is proposed for exploration in two phases in 2017, with phase I consisting of items 1 through 4 above, and phase II consisting of drilling (item 5).
This news release has been reviewed and approved by Robert M. Hatch, an independent qualified person for Bravura on Musgrove Creek, and the author of the new NI 43-101 report.
We seek Safe Harbor.