Wind Mountain Gold/Silver Project Drill Results

VANCOUVER - Bravada Gold Corporation reported final assays from the late 2020 drill campaign at the Feeder Target on the Wind Mountain gold/silver project in northwestern Nevada. Four reverse-circulate holes were drilled for a total of 1,272.5 meters as a test of a possible feeder zone of this large hydrothermal system; follow up drilling is permitted and planned for Q2 2021.

The Company also reported that with the increase in gold and silver prices, a re-assessment is justified of the shallow and oxidized, disseminated gold and silver resources on the Wind Mountain property. Several areas have been identified that could inexpensively add to existing resources, particularly focusing on higher-grade zones that are not adequately drilled. These areas have been permitted and bonded for drilling, which will be completed prior to updating the resource and updating the 2012 Preliminary Economic Study (PEA). An independent resource estimate and Preliminary Economic Evaluation for Wind Mountain commissioned by Bravada in 2012 reported: 570,000 ounces of gold and 14.7 million ounces of silver in the Indicated category, and  354,000 ounces of gold and 10.1 million ounces of silver in the Inferred category.

Drilling is scheduled to begin in April, with the goal of completing an update to the resource base and PEA by Q1 2022.

The Feeder target is located south of existing gold and silver resource blocks, where several lines of geological evidence indicate the presence of an upwelling zone of hydrothermal fluids. Such zones often contain much higher concentrations of gold and silver than within the widely disseminated mineralization that they sourced, and deeper levels of the feeder zone may contain bonanza-grades.

All four holes intersected thick zones of anomalous gold and silver mineralization in Tertiary sediments. Three of the holes intersecting barren basement metamorphic rocks at unexpectedly shallow depths beneath the sediments, and one hole crossed a young fault into Tertiary volcanic rocks. Mineralization encountered in Tertiary sediments is similar to disseminated mineralization elsewhere on the property; however, two quartz-vein zones were intersected, which contain higher grades of gold and silver. Hole WM20-102 is most interesting, containing 1.5 meters of 0.404 g/t Au and 269.0 g/t Ag (approximately 4.247g/t Au-eq) within a thicker interval quartz veining with anomalous gold and silver mineralization.

President, Joe Kizis, said, "The vein intersected in hole WM20-102 may be leakage from more significant high-grade mineralization deeper. Poorly consolidated sediments host very few veins at Wind Mountain; however, more brittle rocks lie beneath the sediments. The silver-rich vein zone includes possible hydrothermal breccia (quartz vein material surrounding breccia fragments), which indicates periods of explosive upwelling possibly related to boiling below. The depth of this vein intersect is less than 150 meters below the estimated paleosurface, based on steam-heated alteration in nearby hills, and the vein does not contain evidence of boiling at this level. The high silver to gold ratio is consistent with this interval being in the upper portion of vein mineralization, which could overlie much higher gold grades, particularly in more brittle rocks beneath the sediments.

Intersecting basement metamorphic rocks at shallow depths in the 2020 drill holes was a surprise, and to be consistent with surface mapping, there appears to have been a basement high or "mountain" when Tertiary rocks were being deposited. Although the geometry of this basement high is poorly understood, such a significant pre-existing geologic feature probably influenced the locations of upwelling "feeder" zones. A few holes to test the WM20-102 vein intercept deeper are justified and drill sites have been permitted and bonded to test that concept."