- Bravada Gold Corporation (BVA) has signed a letter of intent (LOI) with Headwater Gold Inc
- Headwater can earn up to a 100 percent interest in Bravada’s Highland gold-silver project.
- The Highland gold-silver project is located within the Walker Lane Gold trend in Western Nevada
- Drilling at several targets that have already been identified is anticipated to begin immediately
- Bravada Gold is down 9.09 per cent on the day, with shares of the company trading at C$0.10 at 12:33 pm ET
Bravada Gold Corporation (BVA) has signed a letter of intent (LOI) with Headwater Gold Inc.
The deal allows Headwater to earn up to a 100 percent interest in Bravada’s low-sulfidation Highland gold-silver project.
The Highland gold-silver project is located within the Walker Lane Gold trend in Western Nevada.
Drilling at several targets that have already been identified is anticipated to begin immediately after the due diligence period and the receipt of drill permits.
The Highland property is subject to a three per cent Net Smelter Return (NSR) royalty in favour of underlying vendors of the property, subject to a reduction of the royalty to two per cent upon payment of US$1 million.
All Advanced Minimum Royalty (AMR) payments will be deducted from production royalties. Approximately US$580,000 in AMR payments have been made to date.
“Highland is a classic low-sulfidation gold property. These types of deposits develop into some of the highest-margin gold/silver mines in the world, and they are often typified by clusters of similar-grade deposits of various sizes, making the numerous gold targets at Highland very exciting. Many low-sulfidation deposits are exploited by small-footprint, underground mining and relatively benign milling operations. Highland’s location in an established mining region in Nevada reduces risks associated with land tenure, logistics, and capital and operation costs when compared to many regions of the world,” said Bravada Gold President Joe Kizis.
Bravada Gold is down 9.09 per cent on the day, with shares of the company trading at C$0.10 at 12:33 pm ET.