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Calgary, Alberta--(Newsfile Corp. - March 3, 2021) - Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) ("Braveheart" or the "Company") is pleased to announce that it has entered into a new option agreement to acquire a 100% interest in the past-producing Alpine Mine Property ("Alpine") near Nelson, British Columbia. Braveheart previously held an option on the property during the period November 2016 until December 2019. The original option agreement was terminated when the Company failed to make a staged progress payment. Gold ("Au") prices have significantly improved in recent months with the six-month trailing average exceeding USD$1,800 per ounce. When Braveheart originally entered an option on the property, the price of gold was USD$1,200 per ounce.
Terms of the new option agreement include the following, and are subject to the required approval of the TSX Venture Exchange:
Issuance of 1,000,000 shares of Braveheart on signing to the Optionor.
A cash payment of $100,000 to the Optionor by April 15, 2022.
Property expenditures of approximately $700,000 to complete permitting and construction of an upgraded road to the mine site from Nelson by December 22, 2022.
A cash payment of $1,400,000 to the Optionor by December 15, 2023.
A cash payment of $1,500,000 to the Optionor by December 15, 2024.
Based on historical records, maintained by the BC Ministry of Energy and Mines, Alpine produced approximately 11,460 ounces of Au from 16,800 tonnes of mineralized material between 1938 and 1948 representing a mined grade of 21.2 grams per tonne ("g/t") or 0.68 ounces per tonne of Au. Historic development includes over 1,650 metres of underground drifts, crosscuts and raises, and the mine is dry.
To date the Company has invested over $1.0 million into the property primarily in terms of diamond drilling from surface. Additionally, the Company commissioned a NI 43-101 Technical Report ("Report") for Alpine. The Report, which was completed by Giroux Consultants Ltd ("Giroux") of North Vancouver, BC and TerraLogic Exploration Inc. of Cranbrook, BC, was published on March 6, 2018 and is available on Braveheart's SEDAR profile at www.sedar.com. Based on a 5.0 g/t Au cut-off grade, Giroux calculated an Inferred Mineral Resource of 268,000 tonnes of mineralized material at a grade of 16.5 g/t Au containing 142,000 ounces of Au.
The key initial recommendations by Giroux for advancing the project are as follows:
Rehabilitation of the current access road between the mine and Nelson of approximately 20 km.
Rehabilitation of the underground workings to complete detailed underground sampling and mapping and refine the current Inferred Mineral Resource.
Application for an initial bulk sample exploration permit of up to 10,000 tonnes of mineralized material.
Braveheart previously determined that Alpine mineralized material is amenable to ore sorting using X-ray transmission technology. Results of this testing was published on August 13, 2018 and is available on Braveheart's SEDAR profile. During the tests Run of Mine material was upgraded from 14.8 g/t Au to 20.3 g/t Au with 92.8% Au recovery and 33% waste rejection. A composite sample was upgraded from 25.4 g/t Au to 43.2 g/t Au with 81.3% recovery and 52% waste reduction. The Alpine project is approximately 20 km outside of Nelson and 300 km from the Company's 100% owned Bull River mill facility near Cranbrook, BC. Should the Company move forward with a commercial decision on advancing the Alpine project, a preconcentrated product of mineralized material containing gold could be trucked to Bull River thereby leveraging the use of mining infrastructure that already exists.
Ian Berzins, President and CEO, commented: "Braveheart's primary objective is the advancement of our two 100% owned copper mines, Bull River and Thierry. The addition of Alpine gives us increased metal diversification and significantly increases our insitu gold inventories. Although the project is relatively small in scale at this time, it is within economic trucking proximity to our Bull River mill and could provide a supplementary feed to the mill. Approximately 80% of the gold in the mineralized material from Alpine is gravity recoverable and this thesis would support the addition of a gravity circuit at Bull River."
Braveheart's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Ian Berzins P.Eng., who serves as President, Chief Executive Officer and a director of the Company and is a Qualified Person under the definition of National Instrument 43-101.
About Braveheart Resources Inc.
Braveheart is a Canadian based junior mining company focused on building shareholder value through exploration and development in favourable Canadian mining jurisdictions at or near past-producing properties. Braveheart's main asset is the 100% owned Bull River Mine project near Cranbrook, British Columbia which has a current Mineral Resource containing copper, gold and silver. Braveheart's newest acquisition is the 100% owned Thierry Mine project near Pickle Lake, Ontario containing copper, nickel, silver, palladium, platinum and gold.
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75912