VANCOUVER, Feb. 15, 2017 /PRNewswire/ - Bravura Ventures Corp. (CSE: BVQ; OTC: BRVVF; FRA: 23B) ("Bravura" or the "Company") is pleased to announce the filing on SEDAR of 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% operating interest1. The project contains an "historic" resource estimate at Johny's Point of 8 million tonnes at 1.22g/t Au at a gold cut-off of 0.8 g/t, for a total of 9,761 kg (313,822 oz) of gold at zero dilution. Originally modeled and calculated by David Makepeace, P. Eng. 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 an "historic" 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, February 25, 2004). Bravura intends to re-model 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 or orthophotography derived). Therefore, Bravura is not treating the historical estimate as current mineral resources or mineral reserves.
Bravura's interest is subject to two underlying royalties. One of the royalty interests can be bought for a total $1,750,000, inclusive of all prior and future advance royalty payments. The second royalty is a 2% NSR 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 their near-term efforts towards establishing a new resource model and resource calculation at Johny's Point. Tasks recommended to achieve this goal are:
- Digital compilation of all available historic 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 United States Forest Service to allow road and drill site construction and drilling; and
- 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 US$500,000 is proposed for exploration in 2 phases in 2017, with Phase I consisting of items 1 through 4 above, and Phase II consisting of drilling (5).
This news release has been reviewed and approved by Robert M. Hatch, an independent QP for Bravura on Musgrove Creek, and the author of the new 43-101 report.
BRAVURA VENTURES CORP.
Greg Burns, Director
Forward-Looking Information This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Bravura Ventures Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE Bravura Ventures Corp.