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Bravada Announces Financing; Exploration Drilling Planned at Highland & Exploration Programs on SF/HC and Gabel Properties, Nevada
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2023) - Bravada Gold Corporation (TSXV:...
About this update from Bravada Gold Corporation
[{"type":"text","content":"Bravada Announces Financing; Exploration Drilling Planned at Highland & Exploration Programs on SF/HC and Gabel Properties, NevadaVancouver, British Columbia--(Newsfile Corp. - July 20, 2023) - Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (OTCQB: BGAVF) (\"Bravada\" or \"Company\") plans to issue up to 24,000,000 units (\"Units\") in a non-brokered private placement at a price of $0.05 per Unit for gross proceeds of $1.2M (the \"Offering\"). Each Unit will consist of one common share and 1/2 share purchase warrant, with each full warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.10 per share. The Company will make provision for an over-allotment option (Greenshoe) to allow a purchase of up to 10% additional Units beyond the number of Units in this private placement.Net proceeds from the private placement will be used for drilling approximately 2,600 metres in 15 holes at the Highland low-sulfidation-type project during the summer/fall of 2023. The property consists of 192 Federal lode claims (~1,500 hectares) located within the prolific Walker Lane Gold belt, where large gold/silver discoveries continue to be made increasingly beneath \"barren\" surface alteration. Previous drilling by Bravada intersected vein zones with high-grade intercepts, confirming the potentially productive nature of the system. The Company's best hole, H02013, intersected 1.5 meters (m) of 66.9 grams of gold per ton (g/t) and 397.7g/t silver within a 12.2m intercept of 9.5g/t gold and 109.4g/t silver (previously announced, true thicknesses estimated at 65% of the intervals). A thin layer of alluvial gravel covers much of the property and several targets have been identified that have not been previously tested with drilling.Highland is a large property with multiple \"hot spots\" of high-grade gold at surface. Widespread samples of float, outcrop, and soils collected at the Big Hammer target, for example, contain anomalous gold and pathfinder geochemistry, with values of 0.1g/t to 1.0/g/t Au, with a maximum of 15g/t Au. Minimal erosion indicates undiscovered high-grade vein deposits will be preserved in their entirety.President Joe Kizis comments, \"Despite years of major gold production, Nevada continues to produce excellent new gold/silver discoveries, many in areas previously thought...