Vancouver – Bravo Venture Group (BVG-V, BVGIF-O) delivered shareholders a treat, an initial resource estimate for its Homestake Ridge gold-silver project located 30 km southeast of Stewart in northwestern British Columbia.
The estimate tables 11.9 million inferred tonnes grading 2.36 grams gold per tonne and 15 grams silver per tonne, using a 0.5 gram gold cut-off grade, for just over 903,000 contained oz. of gold and about 5.7 million oz. of silver.
At a 3 gram gold cut-off grade the inferred resource comes in at 2.3 million tonnes at 7.53 grams gold and 31 grams silver (about 557,000 contained oz. of gold and 2.3 million oz. of silver).
The resource tally was based on almost 8,800 metres of drilling in 45 core holes since 2003. Mineralization is open on strike and to depth.
Describing the initial resource as extremely gratifying, Bravo Venture Group president and CEO Joe Kizis tabled upcoming plans for an aggressive multi-rig drill campaign in 2007 that will focus on resource expansion and the testing of several recently defined on-strike targets within the same host stratigraphy.
The project area covers favourable Jurassic-aged Hazelton Group rocks (sediments, volcanics and intrusives) that host a number of high-grade gold deposits within the region including the Eskay Creek, Premier and Snip mines.
Bravo acquired Homestake Ridge from Teck Cominco (TCK.B-T, TCK-N) by completing $3 million in expenditures and issuing 200,000 shares. The major retains back-in rights for 60% by spending double Bravos expenditures and can earn an additional 10% by funding a feasibility study and arranging production financing.
Shares of Bravo rallied 7% on the resource estimate to close up 12 at $1.85 apiece on strong volume. Based on the companys 74.8-million shares outstanding, it posts a $138-million market capitalization. The stock has a 52-week trading range of 43-to-$1.92.
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