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Bravada Announces Equity Financing, Results of Recent Drilling at Baxter
Vancouver, British Columbia--(Newsfile Corp. - October 23, 2017) - Bravada Gold Corporation ...
About this update from Bravada Gold Corporation
[{"type":"text","content":"Bravada Announces Equity Financing, Results of Recent Drilling at BaxterVancouver, British Columbia--(Newsfile Corp. - October 23, 2017) - Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (the \"Company\" or \"Bravada\") plans to issue up to 5,000,000 units (\"Units\") in a non-brokered private placement at a price of $0.10 per Unit to raise $500,000. Each Unit will consist of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.15 per share.Net proceeds from the private placement will be used: a) to drill 2-3 proof-of-concept holes at the Wind Mountain property to test for high-grade \"Hishikari-type\" gold-silver mineralization at the unconformity between Mesozoic metasediments & Tertiary volcanic rocks; and b) for working capital. Bravada will make a provision for an over-allotment option (Greenshoe) to allow a purchase of up to 10% additional units beyond the number of units in this Offering. Finders' fees and commissions may be paid by the Company in relation to the units sold in this Offering.President Joe Kizis commented, \"Many large, epithermal disseminated-gold systems like Wind Mountain develop above much higher-grade 'feeder' zones, and many of these zones contain their highest concentrations at significant rock changes called unconformities. These types of deposits include some of the world's richest gold deposits, such as the Hishikari deposit in Japan.\"Baxter Property updateThe Company has received notice that the Optionee of the Baxter property has elected to discontinue its option to acquire an interest in the property, resulting in Bravada retaining 100% ownership. The Optionee drilled 13 reverse-circulation (R.C.) holes for 2,448 meters during the Summer of 2017. The holes were drilled in five separate areas of the property. Seven of the 2017 holes intersected anomalous gold (+0.1g/t), with significant intercepts of +0.3g/t at the Sinter target and in a new, previously undrilled area.Hole BAX17-02 intersected several zones of anomalous gold and was the only hole drilled at the Sinter target. A zone of shallow, oxide gold mineralization was discovered at Sinter during 2016 drilling, which included a 6.1m intercept that averages 2.199 grams gold per ton (g/t gold) beginning at 32m dept...