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Bravada and Endeavour Silver Sign Definitive Agreement to Option Baxter Au/Ag Property in Nevada
Vancouver, British Columbia--(Newsfile Corp. - July 19, 2023) - Bravada Gold Corporation (T...
About this update from Bravada Gold Corporation
[{"type":"text","content":"Bravada and Endeavour Silver Sign Definitive Agreement to Option Baxter Au/Ag Property in NevadaVancouver, British Columbia--(Newsfile Corp. - July 19, 2023) - Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (OTCQB: BGAVF)(\"Bravada\" or the \"Company\") announced today that it has entered into a definitive agreement (the \"Definitive Agreement\") with Endeavour Silver Corp. (\"Endeavour\"), granting Endeavour the option to earn an 85% interest in the Company's Baxter gold and silver property (\"Baxter\"), located directly north of Endeavour's Bruner project in Nevada's Walker Lane Gold trend. Baxter consists of 114 unpatented lode claims (approximately 920 hectares). Pursuant to the Definitive Agreement, Endeavour has the right to explore and the option to earn an 85% interest in Baxter (the \"Option\") by, among other things, incurring US$4.5 million in exploration and development expenditures (\"Exploration Expenditures\") on Baxter over a five-year period from the effective date of the Definitive Agreement.The Definitive Agreement provides that Endeavour shall make annual cash option payments of US$100,000 to Bravada (\"Option Payments\"), 50% of which may be paid in common shares of Endeavour at its sole discretion, and incur the Exploration Expenditures on Baxter as follows (US$):Year 1 - $ 250,000Year 2 - $ 250,000Year 3 - $ 500,000Year 4 - $1,000,000Year 5 - $2,000,000Endeavour shall be entitled, in its sole discretion, to accelerate any time period for incurring the Exploration Expenditures or to elect to satisfy any of the Exploration Expenditures by cash payment to Bravada.Upon completion of the Exploration Expenditures and payment of all of the Option Payments, Endeavour shall have exercised the Option and Endeavour and Bravada will form an 85/15 joint venture, with Bravada carried to production with payback of Bravada's carried portion from the Company's share of net income from the sale of all minerals produced from Baxter.Extensive low-sulfidation-type gold and silver mineralization is exposed at surface and in reverse-circulation holes drilled by Bravada and others on several target areas within Baxter. Additional mineralization may lie beneath a relatively thin veneer of gravel and post-mineral volcanics in portions of the property. Drilling at the Sinter target has outlined near-surface gold mineralizatio...