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Mine Permit Submitted for Bravada's Shoshone Pediment Barite-Royalty Property in Nevada; Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 1, 2016) - Bravada Gold Corporation (TSX VENTURE:BVA)(FRANKFURT:BRTN) (the "Company" or "Bravada") has received
About this update from Bravada Gold Corporation
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 1, 2016) - Bravada Gold Corporation (TSX VENTURE:BVA)(FRANKFURT:BRTN) (the \"Company\" or \"Bravada\") has received notice that Baker Hughes Oilfield Operations, Inc. (\"Baker Hughes\"), has submitted a Plan of Operations permit to the Bureau of Land Management for the Scruffy/Oz barite mine, which will extract barite ore from Bravada's Shoshone Pediment property (the \"Property\"). Baker Hughes acquired 100% of any barite ore located on the Property, although Bravada retains all other lode mineral rights, including gold, and receives a split of drill samples for its independent geologic logging and assaying. The Property is located along the Battle Mountain-Eureka Gold trend and also within Nevada's most important region for barite production. The submitted Plan of Operation allows for up to 300,000 tons of barite to be mined annually from three open pits on the Scruffy/Oz project for up to 5 years. Two of the open pits are located on the Shoshone Pediment property, and these pits contain a majority of the known barite mineralization. Bravada will receive a quarterly royalty payment of US$1.00 per ton on barite production greater than an initial 150,000 tons from the Shoshone Pediment portion of the mine, which was purchased when Baker Hughes exercised their option. Barite has been produced from the Miller open pit mine, which is directly south of the Shoshone Pediment property and a similar deposit of barite is exposed at surface and appears in drill holes on the Property. The Property also lies along the northwesterly projection of a linear cluster of small gold deposits hosted in Upper Plate rocks in nearby Slaven Canyon. Extensive low-level gold anomalies have been detected in surface samples of Upper Plate rocks from the Property. These anomalies may be leakage from potentially high-grade, Carlin-type gold mineralization below the barite beds in Lower Plate carbonates, which are the host rocks to Nevada's largest gold deposits. President Joe Kizis commented, \"Shoshone Pediment is a good example of Bravada's ability to recognize opportunities in relatively inexpensive, early-stage exploration properties and to advance them to groups best suited to extract value for our mutual benefit. In addition to cash flow once permitting has been completed and mine production begins, Bra...