Bravo Venture Group Inc.
TSX VENTURE: BVG
FRANKFURT: B6I
Jan 17, 2008 13:52 ET
Bravo Extends Homestake Ridge Mineralization and Identifies New Zones
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 17, 2008) - Bravo Venture Group Inc. (TSX VENTURE:BVG)(FRANKFURT:B6I) reported today that the majority of assay results have now been received from the 2007 exploration program at the company's Homestake Ridge project in the "Eskay Creek" region of northwestern British Columbia where drilling has continued to extend mineralization in the Main Homestake zone and has confirmed by drilling, new mineralized zones at the Vanguard Gold and Homestake Silver prospects.
The company reports that up to four drill rigs were utilized on the project during the 2007 exploration program, which completed 9,300 metres of core drilling in 28 drill holes. Twenty-one drill holes targeted the Main Homestake zone of which three holes (HR07-59, -73 and -77) did not reach the target because of poor drilling conditions. A fourth hole (HR07-53) ended prematurely in a fault, prior to drilling the full thickness of the target horizon leaving significant portions of the down-dip extension of the main mineralized horizons still open.
Drill holes HR07-51, HR07-55 and HR07-63 represent significant step-outs to the west from the 2006 drill holes HR06-30 (66.75 metres grading 2.4 g/t gold) and HR06-41 (5.78 metres grading 9.9 g/t gold) and extended the locally thick zone of excellent grade mineralization identified on the northwestern margin of the deposit. Significantly, higher-grade mineralization (greater than 10 g/t gold) intersected in drill hole HR07-71 on the western edge of the current drilling area, reflects a continued high mineral potential to the northwest of the existing resource. Gold and ICP assays from portions of seven holes, which targeted the main zone, are still pending and will be reported upon receipt.
Drilling on the Main Homestake zone has now tested a 600 metre strike-length of the mineralized horizon to depths of over 600 metres. The deposit remains open down-dip and along strike to the southeast and northwest, as evidenced by intervals of locally intense alteration and base-metal (+/- precious-metal) mineralization which were intersected along strike and down-dip of the previously identified mineralized zone. An updated long section showing the location of completed drill holes has been posted on the company's website, www.bravoventuregroup.com.
Vanguard Gold Zone and Homestake Silver Zone
At the Vanguard Gold zone, located 2,200 metres to the southeast of the Main Homestake zone, drilling returned encouraging assays results including a 1.05 metre interval grading 5.21 g/t gold within a broader 38.88 metre interval grading 0.60 g/t gold. Similar values were reported from Bravo's initial drilling on the Main Homestake zone in 2003 and suggest the potential to develop another significant near-surface lens of mineralization.
The company also reported that assays have been received for one of three drill holes from the Homestake Silver zone which returned an 14.03 metre interval grading 19.28 g/t silver. The Homestake Silver zone corresponds to a 500 metre long silver-in-soil anomaly which is open to the south and is located about 700 metres to the southeast of the Main zone.
Selected Drill Intercepts from the Homestake Ridge Project include:
--------------------------------------------------
Collar Data Est.
---------------- Inter- True
AZ DIP Depth From To val Tcknss Au Ag Cu
Hole # Deg Deg (m) m m m m g/t g/t ppm
--------------------------------------------------
HR07-51
(ii) 179 -45 466.6 345.50 382.75 37.25 32.78 1.81 1.55 391
inc. 350.00 355.75 5.75 5.06 5.61 1.42 46
inc. 367.50 368.25 0.75 0.66 23.23 44.60 greater
than
10000
--------------------------------------------------
HR07-55 206.5 -58 466.65 270.45 271.35 0.90 0.87 5.54 3.00 4,610
HR07-55 366.05 375.25 9.20 8.92 1.36 4.44 1,075
inc. 373.30 375.25 1.95 1.89 4.80 18.31 3,679
HR07-55 436.15 453.50 17.35 16.83 0.53 5.93 884
inc. 452.50 453.50 1.00 0.97 3.71 21.60 5,633
--------------------------------------------------
HR07-61 184 -51 525.04 289.40 291.40 2.00 1.76 5.79 0.30 15
HR07-61 390.20 405.20 15.00 13.20 0.54 1.90 34
HR07-61 413.07 461.60 48.53 42.71 0.33 0.93 39
--------------------------------------------------
HR07-63 0 -90 293.85 35.50 72.50 37.00 22.20 1.38 4.31 45
inc. 51.45 55.50 4.05 2.43 2.49 4.13 15
inc. 64.05 66.00 1.95 1.17 5.26 8.89 338
HR07-63 136.35 171.00 34.65 20.79 1.20 1.69 411
inc. 140.70 143.70 3.00 1.80 1.75 6.07 1,428
inc. 154.00 161.00 7.00 4.20 2.16 2.05 775
HR07-63 192.00 200.10 8.10 4.86 2.30 1.39 235
--------------------------------------------------
HR07-64 285 -51 152.00 33.50 38.20 4.70 2.12 0.88 3.01 27
HR07-64 44.60 62.50 17.90 8.06 0.63 3.21 637
--------------------------------------------------
HR07-65 200 -53 360.25 221.65 226.70 5.05 4.85 2.00 1.15 26
inc. 223.20 224.45 1.25 1.20 7.16 3.8 82
HR07-65 200 -53 360.25 302.50 305.80 3.30 3.17 2.6 1.0 96
inc. 304.80 305.80 1.00 0.96 8.32 2.3 275
--------------------------------------------------
HR07-70 196.0 -75.0 484.34 237.80 241.70 3.90 3.74 2.61 Pend- Pend-
ing ing
HR07-70 270.10 271.15 1.05 1.01 12.04 11.10 4,378
HR07-70 283.40 290.00 6.60 6.34 1.31 3.21 1,519
inc. 284.55 286.05 1.50 1.44 4.27 9.7 4,193
--------------------------------------------------
HR07-71 196 -75 484.34 439.65 444.15 4.50 3.29 5.34 22.28 1,680
inc. 441.95 444.15 2.20 1.61 10.56 9.86 3,201
--------------------------------------------------
HR07-72 204 -80 515.11 438.35 445.95 7.60 5.40 0.37 2.73 307
--------------------------------------------------
Van Guard Au Zone:
--------------------------------------------------
HR07-54 205 -45 108.00 41.90 44.25 2.35 1.62 1.25 1.33 478
--------------------------------------------------
HR07-56 135 -45 102.00 39.00 88.85 49.85 38.88 0.60 0.50 67
inc. 44.75 65.10 20.35 15.87 1.04 0.45 9
inc. 63.75 65.10 1.35 1.05 5.21 1.10 34
--------------------------------------------------
HR07-57 170 -60 153.00 33.25 52.00 18.75 14.25 0.67 1.20 527
--------------------------------------------------
Homestake Ag Zone:
--------------------------------------------------
HR07-75 260 -45 166.73 62.95 81.65 18.70 14.03 0.01 19.28 359
--------------------------------------------------
(ii) Previously reported assays
Analyzed by FA-ICP by Acme Analytical Labs and IPL Labs, Vancouver BC -
check assays are pending
Results from the Vanguard Gold zone, the Homestake Silver zone and the northwest extension of the Main zone are significant in highlighting the district-wide mineral potential of the Homestake Ridge project. Results from the two additional drill holes from the Homestake Silver zone are pending.
Bravo intends to commission an update to its independent NI 43-101 compliant report, adding 2007 results to the results from the 2006 and earlier programs. In March 2007, Bravo announced an Inferred Resource of 903,231 ounces of gold and 5,745,746 ounces of silver contained within 11.9 million tonnes with an average grade of 2.36 g/t Au and 15.0 g/t Ag, using a cut-off grade of 0.5 g/t gold (see NR-04-07)(1). The deposit remains open both along strike and at depth.
To view, Preliminary longitudinal Section of the Main Homestake Zone, please click on the following link: http://www.ccnmatthews.com/docs/0117bvg.jpg
Homestake Ridge Project
The Homestake Ridge project, located 32km southeast of Stewart, B.C., consists of Mineral Title and Crown Grant claims totaling 2,725 ha.
Bravo earned a 100% interest in the Homestake Ridge mineral claims from Teck Cominco Limited ("Teck Cominco") by issuing 200,000 shares to Teck Cominco and spending in excess of $3.0 million on exploration and development work on the claims. Bravo has provided notice to Teck Cominco that it has spent in excess of a minimum of $5.0 million (to a maximum of $8.0 million) on exploration and development work. Teck Cominco now may elect to back-in by the later of December 31, 2007 or the date which is ninety days after receiving the expenditure notice from Bravo (delivered December 27, 2007 - see NR-01-08) at which time Teck Cominco can elect to earn a 60% interest by expending 200% of Bravo's expenditures, in scheduled yearly increments at a minimum annual expenditure of 20%, on continued exploration and development work on the mineral claims. Teck Cominco can also earn up to an additional 10% by sole funding a feasibility study and arranging production financing and construction guarantees.
About Bravo Venture Group Inc.
Bravo Venture Group Inc. is focused on exploring precious and base metal-rich projects within North America, currently with properties in Nevada, Alaska, and British Columbia. The company has extensive holdings strategically located within the Battle Mountain/Eureka "Cortez" gold trend in Nevada. The Woewodski Island project in southeast Alaska hosts both precious and base metal-rich massive sulphides and gold-rich orogenic quartz veins. The Homestake Ridge project is a gold-rich epithermal/VMS-related vein system within Eskay Creek/Silbak-Premier stratigraphy.
Rob Macdonald (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release.
On behalf of the Board of Directors
Joseph A. Kizis Jr., Director, President, Bravo Venture Group Inc.
(1) An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Due to the uncertainty which may attach to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Inferred Mineral Resources must be excluded from estimates forming the basis of feasibility or other economic studies (43-101CP, CIM, 2001).
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. We seek safe harbor.
For more information, please contact
Bravo Venture Group Inc.
Jay Oness
1-888-456-1112 or (604) 684-9384
Email: corpdev@mnxltd.com
Website: www.bravoventuregroup.com
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