The drill targets are based primarily on extensive work completed by Kinross in 2015, which included mapping, rock-chip and soil sampling over the expanded claim block, conducting detailed ground gravity and air-borne magnetics/radiometrics over the entire claim block, and conducting mineralogy studies to identify clay and other alteration products in surface samples and drill chips.
Five samples of the 92 samples that were collected of outcropping veins, dump material, and wall rock contain 10.1 to 43.7g/t Au. The remaining samples assay in the range of less than detection limit to 7.8g/t Au.
The Baxter property consists of 240 unpatented lode claims (~1,940 hectares). Bravada previously demonstrated extensive low-sulfidation gold and silver mineralization at surface and in relatively shallow reverse-circulation drill holes.
Kinross has the option to earn a 60% interest in the property by spending $2.0 million over five years, and it can earn an additional 15% interest by spending an additional $2 million on exploration and development expenses over two additional years.
Upon Kinross completing its earn-in, Bravada may contribute to expenditures at its percentage of interest or be diluted. Should Bravada’s working interest reduce below 10%, Bravada would convert its working interest to a 1% NSR royalty (see NR-01-15 dated February 3, 2015).
Bravada holds a portfolio of high-quality properties in Nevada, one of the world’s best mining jurisdictions, and has attracted partners to fund exploration and development on five of its 15 Nevada properties.
Bravada’s Wind Mountain project hosts a significant Indicated and Inferred resource of gold and silver, and has exciting potential for new discoveries.
The five currently partner-funded projects in aggregate include earn-in work expenditures of up to $6.5 million and payments to Bravada of up to $3+ million as cash and shares, with Bravada retaining residual working or royalty interests.
