LOI Signed For Highland Au/Ag Prospect
VANCOUVER - Bravada Gold Corporation has executed a Letter of Intent (LOI) with Headwater Gold Inc whereby Headwater may earn up to a 100 percent interest in Bravada's low-sulfidation Highland gold/silver project, located within the Walker Lane Gold trend in Western Nevada. The LOI sets terms for the earn in, and possible purchase, and includes an Exclusivity period of up to 60 days during which time Headwater will conduct additional due diligence for the Highland property and will negotiate a Definitive Agreement with Bravada. 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 low-sulfidation-type project consists of 192 Federal lode claims for a total of approximately 1,500 hectares and is located along the Walker Lane Gold trend. Previous drilling by Bravada's US subsidiary intersected vein zones with locally high-grade intercepts; the Company's best hole, H02013, intersected 1.5 meters (m) of 66.9 grams of gold per ton (g/t) and 397.7g/t silver within a 12.2m intercept of 9.5g/t gold and 109.4g/t silver, with true thicknesses estimated at 65% of the intervals. A thin layer of alluvial gravel covers much of the property and several targets have been identified that have not been previously tested with drilling.