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Bravada Signs Letter of Intent to Option Baxter Au/Ag Property in Nevada to Endeavour Silver
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2023) - Bravada Gold Corporation (TS...
About this update from Bravada Gold Corporation
[{"type":"text","content":"Bravada Signs Letter of Intent to Option Baxter Au/Ag Property in Nevada to Endeavour SilverVancouver, British Columbia--(Newsfile Corp. - May 30, 2023) - Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (OTCQB: BGAVF) (\"Bravada\" or the \"Company\") announced today that it has signed a non-binding Letter-of-Intent (the \"LOI\") 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 (the \"Transaction\"). Baxter consists of 114 unpatented lode claims (approximately 920 hectares).Pursuant to the LOI, subject to the execution of a definitive agreement in respect of the Transaction (\"Definitive Agreement\"), Endeavour will have 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, development and Option expenditures (\"Exploration/Option Expenditures\") on Baxter over a five-year period from the effective date of the Definitive Agreement.The LOI provides that Endeavour shall make annual cash option payments of US$100,000 to Bravada (\"Option Payments\"), 50% of which may be paid in common shares of Endeavour at its sole discretion, and incur Exploration Expenditures on Baxter as follows (US$):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 ...