Bravo Gold (CVE:BVG) said Thursday it received additional drill results, including 1,024 grams per tonne (g/t) silver, from the 2011 exploration drill program at its wholly-owned Homestake Ridge project, located in northwestern British Columbia.
The results, which were intended to target and test a variety of prospects on the property, including the Connector Zone between the Main Homestake and Homestake Silver deposits, have extended the southeast margin of the Homestake Silver deposit.
Testing a 100-metre long stretch of the Homestake Silver deposit, hole HR11-228 intersected 14.2 metres grading 338 g/t silver and 1.2 g/t gold, including four metres at 1,024 g/t silver and 3.7 g/t gold.
Similarly, hole HR11-226 returned 3.1 metres grading 262 g/t silver and 0.2 g/t gold, while hole HR11-227 hit 10.3 metres at 118 g/t silver and 0.4 g/t gold.
These results successfully extended the high-grade silver mineralization on the Homestake Silver deposit, Bravo said.
"With its 2011 drill program, Bravo continues to grow the resource potential of the Homestake Ridge project through the expansion of the known mineral deposits on the property and the identification of new target areas that may ultimately add to the existing resource base," commented president Joe Kizis.
"Assay results received to date and results expected from the remaining core that is currently being assayed will provide data for the preparation of an updated resource calculation, which will be incorporated into the ongoing Engineering studies of the overall project."
From the Connector Zone, hole HR11-218 intersected 1.4 metres grading 49 g/t silver and 0.8 g/t gold, while hole HR11-221 hit 5.7 metres at 97 g/t silver, including 1.2 metres at 332 g/t silver and 0.1 g/t gold.
These results, together with hole HR11-223, which intersected 10.2 metres grading 43 g/t silver and 0.1 g/t gold, including 1.5 metres at 153 g/t silver and 0.1 g/t gold, extended the projection of silver mineralization through this zone, which links the Main Homestake and Homestake Silver deposits.
So far, Bravo said it has received assays for 13 of its 23 drill holes completed on the Homestake Ridge property. It is currently awaiting assay results from five holes completed on the southeast margin of the Homestake Silver deposit, four holes completed on the previously untested South Reef Zone, which is located 750 metres southwest of the Homestake Silver deposit, and one hole from a peripheral target.
In other news, Bravo also reported its plans for two non-brokered private placements, which would raise a total of $1.4 million.
The first financing will see the issuance of 14.0 million flow-through units, sold at $0.07 per unit, for total consideration of $980,000.
Each unit will consist of one common share of Bravo stock, and one half of a common share purchase warrant. Each full purchase warrant entitles the holder to purchase one common share of the company at $0.10 each.
Bravo said it intends to use the proceeds from this placement for exploration expenses related to its 2011 - 2012 exploration program at its projects in British Columbia.
The company is also proposing to sell six million units at $0.07 each, for gross proceeds of $420,000. Each unit consists of one common share of Bravo stock, and one half of a common share purchase warrant. Again, each full warrant entitles the holder to purchase one share of Bravo stock for $0.10 each.
These proceeds will be used for the company's working capital needs.
The private placements are still subject to regulatory approvals.
The large, 2,585 hectare Homestake project is being advanced as a potential high-grade underground mining operation, with a current NI 43-101 compliant indicated resource, at a 3.0 grams per tonne (g/t) gold equivalent cut-off, of 191,000 ounces gold and 1.35 million ounces of silver, plus an inferred resource of 530,000 ounces of gold and 13.47 million ounces of silver.
On the TSX-Venture Exchange, shares of the company traded flat at $0.065, as of 3:28 pm EDT.