Mike Fagan,
Editor
Oct. 3, 2022
Bravo Mining Corp. (TSX-V: BRVO)(OTC: BRVMF) — currently trading around C$1.65 per share — continues to confirm high PGM+gold re-assay grades at its flagship, 100%-owned Luanga PGM+Gold+Nickel+Rhodium Project in the world-class Carajás Mineral Province in northern Brazil.
The company, which is drilling now, is in the process of re-assaying drill core samples from previous operator Vale — which drilled 50,000 meters across approximately 250 diamond drill holes — with excellent results to-date.
Highlights include:
- 16 meters of 9.4 grams per tonne (g/t) PGM+Au, with 9 meters of 14.5 g/t PGM+Au (with 0.5g/t Rh)
- 6 meters of 7.6 g/t PGM+Au, including 2 meters of 20.5 g/t PGM+Au (with >1.0 g/t Rh)
Bravo Mining chairman & CEO Luis Azevedo commented via press release:
“With re-assay results received from 36 historic drill holes to date, an emerging positive trend has been observed in respect of overall PGM+Au grades, with greater than 80% of re-assay intersections received to date returning better grades as compared to historic results of approximately 20 years ago. We will continue to assess this emerging grade trend as, if maintained in the remaining holes to be re-assayed, it could clearly have a positive impact on future mineral resource estimates.”
The tier-one-potential Luanga project — which has been designated by the Brazilian government as a Strategic Minerals Project — boasts a 5.7 million ounce historic resource estimate [142 Mt 1.24 g/t Pd+Pt+Au & 0.11% Ni] done by Vale — one of the largest iron ore and nickel producers in the world.
Following up on Vale’s drilling and maiden resource estimate, Bravo is currently about midway through a Phase-1, 25,500-meter infill drill program along the entire ~7 km strike length of the known Luanga mineralized envelope via six rigs.
Seventy-seven drill holes have been completed thus far with core samples from 30 drill holes (plus nearly 3,000 re-assay samples from Vale core) currently at the lab awaiting results.
The current program is primarily being deployed to confirm, infill, and step out from the previously defined PGM+Au+Ni mineralization in order to increase confidence in the geological model and provide the basis for future mineral resource estimates.
That program will be followed by Phase-2, which is slated for 21,500 meters to be followed by a maiden NI 43-101 mineral resource estimate and a PEA (Preliminary Economic Assessment) in 2023.
Bravo Mining is exceptionally well-funded to achieve its near-term objectives. The company IPOd in July 2022, raising gross proceeds of C$40.25 million at an offering price of C$1.75 per share.
And prior to going public, in May 2022, the company raised an additional US$8.5 million via private placement.
Our own Gerardo Del Real of Junior Resource Monthly caught up with Bravo Mining director Stephen Quin to go over the team, the structure, and the Luanga project as the drills spin in northern Brazil. Enjoy!
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest