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Bravada Announces 1,200m Core-Drilling Program and Signing of a Definitive Agreement for the Quito Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 13, 2016) - Bravada Gold Corporation ("Bravada" or the "Company") (TSX VENTURE:BVA)(FRANKFURT:BRT) and a wholly
About this update from Bravada Gold Corporation
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 13, 2016) - Bravada Gold Corporation (\"Bravada\" or the \"Company\") (TSX VENTURE:BVA)(FRANKFURT:BRT) and a wholly-owned subsidiary of Bravada have signed a Definitive Agreement with Coeur Mining, Inc. (\"Coeur\") (NYSE:CDE) granting Coeur an option to earn into Bravada's interest in the Quito Property (\"Quito\" or the \"Property\") in central Nevada pursuant to an agreement between Bravada and the underlying owner of the Property. Bravada's interest is held through its wholly-owned subsidiary, Bravo Alaska, Inc. Since signing a Letter-of-Intent in 2015 (see NR-04-15), the companies have conducted field mapping, revision of the 3D geologic model of the Property, and permitting. Additionally, preparation for a 1,200m (~4,000-foot) core-drilling program is now underway at the Russ Target, with drilling to commence around the end of July. Two other targets, Q4 and Aspen Targets are being permitted for core-drilling in Summer 2017. Quito is a past-producing, Carlin-type gold property consisting of 342 claims (~2,700 hectares) located in the Austin Gold trend in central Nevada. From 1986 through 1989, Quito reportedly produced 174,460 ounces of gold from 1.7 million short tons at an average grade of 6.34 grams per ton, which was approximately 60% of the originally published reserve. However, Bravada has not independently confirmed either the past production or any possible remaining resources, and these historic figures should not be relied upon. President Joe Kizis commented, \"The geological setting at Quito is very similar to many of Nevada's largest and richest Carlin-style gold deposits. Gold mineralization is widely dispersed over the property; however, the highest grades are associated with a series of N20E faults, and secondarily with N40W faults, which formed along the axis of a property-scale anticline. The Russ target is located down the projected axis of the anticline in favorable Lower Plate carbonates and down the plunge of an historic resource that has been defined by drilling in unfavorable Upper Plate rocks. The Q4 and Aspen targets are undrilled projections of historically drilled mineralization along N20E faults in favorable Lower Plate carbonates. We are excited to be able to conduct an initial drill test of the Russ area during this field season and to have permi...