Bravada Gold (BVA.V) has now signed a definitive agreement with Headwater Gold whereby the latter can earn full ownership of the Highland gold/silver project in Nevada. The earn-in phases are pretty straight forward and to establish an initial 75% stake, Headwater will have to spend at least US$10M and make a US$250,000 cash payment to Bravada Gold. The final 25% stake will be acquired by Headwater purchasing Bravada’s final 25% interest on ‘commercially standard terms’.
Drilling will start right away. Headwater committed to spending at least US$250,000 on exploration activities within the first 18 months of signing the agreement, and it will likely already meet this obligation before the end of the quarter. The current plan consists of 8 reverse circulation holes for a total of 2,000 meters of drilling. Four holes will be drilled at Big Hammer while the remaining four holes will be drilled in the West Vein zone.
Meanwhile, drilling at the Wind Mountain project has been concluded and Bravada Gold has shipped all samples to the lab. The company completed a total of almost 2,200 meters of RC drilling and about 60% of the holes were zooming in on an infill drill program where it expects to find a higher-grade gold zone in oxide resource. An additional four holes were drilled in another attempt to figure out where the feeder zone may be hidden.
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