VANCOUVER, Sept. 6, 2016 /CNW/ - Bravura Ventures Corp. ("Bravura" or the "Company") is pleased to announce that it has entered into an option agreement dated September 2, 2016 (the "Agreement") with Soleil Gold Corp. ("Soleil") to acquire an undivided 100% interest in and to certain mineral properties, together with the surface rights, mineral rights, personal property and permits associated therewith (collectively, the "Musgrove Creek Property" or the "Property"), located in Lemhi County, Idaho.
Musgrove Creek Property
Musgrove Creek is an advanced gold exploration project located in Lemhi County, Idaho. Musgrove Creek contains a NI 43-101 Inferred Mineral Resource estimate of 8 million tonnes at 1.22 g/t Au (0.036 oz/ton) at a gold cut-off of 0.8 g/t (0.023 oz/ton). This is equivalent to 9,761 kg (313,822 oz) of gold at zero dilution (Gruenwald and Makepeace, 2004).
Musgrove Creek is approximately 24 km (15 miles) southwest of the Beartrack Gold Mine previously operated by Meridian Gold Inc. The Beartrack Mine produced approximately 650,000 ounces of gold from 1994 to 2000.
The property is accessed from Salmon or Challis, Idaho by about 80 km (50 miles) of paved, gravel and dirt roads. The project consists of 9 claims with a total area of 168.8 acres (154.4 ha).
Geologically, Musgrove Creek has the potential for a large low-grade epithermal gold deposit similar to the nearby Beartrack Mine. The property is one of many mineral deposits that occur within a major northeast-southwest-trending structural zone known as the Trans-Challis Fault System. These deposits include the Beartrack Mine and other historic producers to the northeast of the property, and Hecla Mining Co.'s Grouse Creek Mine and other past producers to the southwest.
Closing of the Agreement is subject to a number of conditions, including the receipt of the approval of the CSE.
Greg Burns of Bravura comments: "Bravura is excited to acquire the Musgrove Creek Gold asset and is looking forward to exploring this exciting property."
Bravura will have the option to acquire 100% of the Property in consideration for:
- payment to Soleil of an amount of $20,000 to be paid at closing;
- issuing to Soleil 1,000,000 Common Shares upon closing and CSE acceptance of this agreement;
The Property is subject to a 2% net smelter royalty (the "Royalty") on future gold production which includes advance royalty payments of $25,000 annually on September 1, beginning in 2020 to Soleil.
Qualified Person - David Hladky, P. Geo., is the Qualified Person as defined in National Instrument 43-101, that has reviewed and approved the contents of this press release.
The Company is also pleased to announce that its Common shares of the Company are now listed on the Frankfurt Stock Exchange under the symbol "23B" and German Securities Number (WKN): "A14QLY".
BRAVURA VENTURES CORP.
Greg Burns, Director
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "should", "projected", "if", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law.
SOURCE Bravura Ventures Corp.
For further information: 800 - 1199 West Hastings Street, Vancouver, British Columbia, V6E 3T5, Tel.: 604.283.1722 / Fax: 1.888.241.5996