VANCOUVER, Oct. 24, 2016 /PRNewswire/ - Bravura Ventures Corp.(CSE: BVQ; OTC: BRVVF; FRA: 23B) ("Bravura" or the "Company") is pleased to announce it has entered into an Option Agreement (the "Option") dated October 24, 2016 with Golden Predator Mining Corp. ("Golden Predator") to acquire up to a 90% interest in and to certain mineral properties, together with the surface rights, mineral rights, personal property and permits associated therewith (collectively, the "Grew Creek Property" or the "Property"), located in the Watson Lake Mining District in southeast Yukon.
Highlights:
- Option to acquire 90% of the Grew Creek Project
- 19,000 m in 70 drill holes since 2010 by Golden Predator, highlights include:
- GCRC11-3281: 68.0 m of 5.96 g/t gold and 24.1 g/t silver
- Including 4.0 m of 63.15 g/t gold and 344 g/t silver
- GC10-0012: 146.3 m of 1.72 g/t gold
- Including 3.1 m of 17.93 g/t gold
- Including 32.2 m of 2.80 g/t gold
- Including 15.7 m of 2.90 g/t gold
- GC11-2813: 92.0 m of 2.02 g/t gold
- Including 44.0 m of 3.09 g/t gold
- Note: All the above intersections are stated as down hole intercepts and not true thickness
- Americas Bullion News Release dated February 23, 2012
- Americas Bullion News Release dated October 25, 2010
- Americas Bullion News Release dated July 5, 2011
- Exploration expenditures of more than $4.7 million by Golden Predator since 2010
- Year-round access in southeast Yukon, less than 1 km from the highway with powerlines crossing the project area
Greg Burns CEO, commented "The company is very excited in its latest option & welcomes the opportunity to align itself with a progressive company such as Golden Predator. We look forward to defining the next steps on this exceptional project."
The Company is excited to option & advance exploration of the Grew Creek Project in close association with Yukon focused Golden Predator who have a significant database on the project and well developed relationships with many Yukon First Nation groups. Golden Predator is well funded and focused on developing its high grade 3 Aces project.
About the Grew Creek Property:
The near surface Carlos zone is the largest known area of gold mineralization on the property measuring 300 m along strike, 100 m wide and open at depth below 400 m and is defined by core and RC drilling. The Grew Creek Property is located adjacent to the Robert Campbell highway between Faro and Ross River and consists of 670 contiguous quartz claims totaling approximately 110 km² which are owned 100% by Golden Predator (subject to a 4% NSR). The property lies within the Tintina Gold Belt, an extensive regional system of dextral strike-slip faults which host multiple gold prospects and mines.
The Tertiary stockwork epithermal gold mineralization at Grew Creek is hosted in Eocene felsic volcanics within a 4 km wide grabben. Stratigraphy consists of silicic-pyroclastics and epiclastic sediments bound by mafic lavas and overlain by Pleistocene gravels. Mineralization at the Carlos zone occurs within silicic/phyllic altered volcanoclastics along a steeply dipping structural zone as electrum with lesser eugenite in banded epithermal quartz-carbonate-Kspar veins.
2.5 km southeast of the Carlos Zone, chalcedonic coliform quartz, geochemical path finders and trace gold mineralization have been found within epiclastic rocks at the underexplored Knoll Zone.
The property was staked in 1983 by Al Carlos and has seen geological mapping, geophysics, geochemical sampling, trench and over 290 drill holes with a composite length of more than 57,000m.
Agreement Terms
Bravura has the option to acquire 90% of the Grew Creek Property in consideration for:
A. | Payment to Golden Predator of an aggregate amount of $950,000 to be paid upon the following: |
| a. | $35,000 – on the closing date |
| b. | $50,000 – on the first anniversary of the closing date |
| c. | $75,000 – on the second anniversary of the closing date |
| d. | $140,000 – on the third anniversary of the closing date |
| e. | $150,000 – on the fourth anniversary of the closing date |
| f. | $250,000 – on the fifth anniversary of the closing date |
| g. | $250,000 – on the sixth anniversary of the closing date |
|
B. | Issuance to Golden Predator of an aggregate amount of 2,000,000 common shares and an
additional 6% of the company to be issued upon the following: |
| a. | 500,000 – on the closing date |
| b. | 500,000 – on the first anniversary of the closing date |
| c. | 500,000 – on the second anniversary of the closing date |
| d. | 500,000 – on the third anniversary of the closing date |
| e. | On the fourth anniversary of the closing date such a number of common shares as is
equal to 2% of the undiluted issued and outstanding common shares of the company for
70% of the right, title and interest in assets |
| f. | On the fifth anniversary of the closing date such a number of common shares as is equal
to 2% of the undiluted issued and outstanding common shares of the company for an
additional 10% of asset |
| g. | On the sixth anniversary of the closing date such a number of common shares as is
equal to 2% of the undiluted issued and outstanding common shares of the company for
an additional 10 % for a total aggregate ownership of 90% |
| h. | Optionor shall transfer legal title to the assets to optionee on the six anniversary of
closing date |
|
C. | If during the Term, Bravura receives a technical report (the "First Report") that (i) complies with
National Instrument 43-101, Standards of Disclosure for Mineral Projects, and (ii) defines a
resource on the Claims, Bravura shall, within 30 days of receipt of such report, pay to Golden
Predator an additional $50,000 and issue an additional 500,000 Common Shares. If during the
Term but after its receipt of the First Report Golden Predator receives a second technical report
(the "Second Report") that increases the resource estimate by 100% or more over the estimate
contained in the First Report, Bravura shall issue to Golden Predator such number of Common
Shares as is equal to two percent (2%) of the issued and outstanding Common Shares of Bravura
on the date that is ten (10) Business Days prior to the date of receipt of the Second Report. |
Qualified Person
Brandon Macdonald, P.Geo, is the qualified person as defined in NI 43-101, that has reviewed and approved the contents of this press release. Potential quantity and grades results disclosed in this press release are conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will results in the discovery of a mineral resource.. The historical estimates should not be relied upon until the Company can confirm them.
BRAVURA VENTURES CORP.
ON BEHALF OF THE BOARD OF DIRECTORS OF BRAVURA VENTURES CORP.
"Greg Burns"
_______________________
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.