VANCOUVER, Oct. 5, 2017 /PRNewswire/ - Bravura Ventures Corp. (CSE: BVQ; OTC: BRVVF; FRA: 23B) ("Bravura" or the "Company") has closed its previously announced LOI dated August 10, 2017 and signed the definitive agreement to acquire 100% of the approximately 1200 hectare Kahuna Cobalt-Silver Property (collectively, the "Kahuna Property" or the "Property"), located 37km south of Cobalt, Ontario.
About the Kahuna Cobalt Property:
The Kahuna Cobalt property is located 14 km northeast of the town of Temagami and 37km south of the town of Cobalt near the eastern border of Ontario. The district is mining friendly having a rich history of cobalt and silver production. The epicentre of past producing cobalt mines in Ontario.
Property Status and Configuration
The Kahuna Cobalt property is comprised of 77 claim units and covers approximately 1,200 hectares.
Access and Infrastructure
The Property is accessible by boat from Lorrain Lake which is accessed by 12 km of well maintained gravel surface roads off of leaving a major paved highway connecting the nearby town of Temagami and New Liskeard. The property is located 12 km from rail and power distribution lines.
Cobalt and silver mineralization occurs in calcite veins within the Nipissing Diabase as erythrite and native silver. The grade of 5 tonnes of material collected during past production was reported to be 22% Cobalt, and an assay of 20 oz/t Silver was reportedly obtained from a vein on the property. This information was from Mineral Deposit Inventory for Ontario (MDI31M04SE00035).
Friday Mines Limited operated the property in the 1920's sinking a shaft and drifting on a 10 inch wide calcite vein with cobalt mineralization. 5 tonnes of cobalt mineralization was produced with a grade of 22% Co. In the 1960's, Gibson Mines Limited explored the property and found cobalt and silver mineralization. An assay of 20 oz/t silver was reportedly obtained from a vein as well. More recently, in 1998 a portion of the property was staked and a small soil survey reported cobalt in soil up to 440 ppm as well as gold-in-soil anomalies. This information was from Mineral Deposit Inventory for Ontario (MDI31M04SE00035).
Bravura plans to acquire 100 per cent of the Kahuna property in a share exchange agreement in consideration for:
- Payment for an amount of $300,000 and the issuance of one million common shares to be paid upon closing.
The properties are subject to a 0.5-per-cent net-smelter-return royalty on cobalt gold production which includes advance royalty payments of $25,000 annually on Dec. 31, beginning in 2020. The company has the option at any time to purchase 0.5 per cent of the royalty on payment of $500,000. The original vendors of the property will retain a 1-per-cent NSR on the properties. Bravura will have the right to purchase the 1 per cent for $1.0-million.
"We are pleased to have secured the Kahuna Cobalt property, Bravura will continue with our mandate of acquiring quality cobalt projects in politically stable areas."
Mike Waldegger, P.Geo, is the qualified person as defined in NI 43-101, that has reviewed and approved the contents of this press release.
BRAVURA VENTURES CORP.
ON BEHALF OF THE BOARD OF DIRECTORS OF BRAVURA VENTURES CORP.
Greg Burns, Director
Disclaimer for Forward-Looking Information
Historical data for the prospects were performed under supervision of a Professional Engineer or a geologist, and believed to be of good quality, with drill core and underground sampling results from fire assay analyses by B.C. Certified Assayers. However, under NI43-101 policy historical information included in this release has not been verified by a QP, and as such cannot be relied upon and must be treated as historical in nature.
This press release contains "forward-looking information" within the meaning of applicable securities laws, including statements that address capital costs, recovery, grade, and timing of work or plans at the Company's mineral projects. Forward-looking information may be, but not always, identified by the use of words such as "seek", "anticipate", "plan", "planned", "continue", "expect", "thought to", "project", "predict", "potential", "targeting", "intends", "believe", "opportunity", "further" and others, or which describes a goal or action, event or result such as "may", "should", "could", "would", "might" or "will" be undertaken, occur or achieved. Forward-looking information in this press release includes, but is not limited to, statements regarding expectations of management regarding the acquisition of the Property and includes that address future mineral production, reserve potential, potential size or scale of a mineralized zone, potential expansion of mineralization, potential type(s) of mining, potential grades as well as to the Company's ability to fund ongoing expenditure, or assumptions about future metal or mineral prices, currency exchange rates, metallurgical recoveries and grades, favourable operating conditions, access, political stability, obtaining or renewal of existing or required mineral titles, licenses and permits, labour stability, market conditions, availability of equipment, accuracy of any mineral resources, anticipated costs and expenditures. Assumptions may be based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Such forward-looking information involves known and unknown risks, which may cause the actual results to materially differ, and/or any future results expressed or implied by such forward-looking information. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that the Company may not have the funds necessary to make its payments pursuant to the Agreement, that the CSE may not approve the transaction, and other factors beyond the control of the Company.
Additional information on risks and uncertainties can be found within Financial Statements and other materials found on the Company's SEDAR profile at www.sedar.com. Although Bravura has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Bravura withholds any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by law.
SOURCE Bravura Ventures Corp.