Bravada Gold (BVA.V) recently signed the definitive agreement with Endeavour Silver (EXK, EDR.TO) whereby the latter obtained an option to earn an 85% interest in the Baxter project in Nevada for a total of US$4.5M in exploration commitments and making annual cash payments of US$100,000 to Bravada.
This clears Bravada’s bandwidth for its own exploration plans and the company has high hopes for the Highland low-sulfidation project in Nevada. Bravada is currently trying to raise C$1.2M in a financing priced at C$0.05 with each of the 24 million units consisting of one common share and half a warrant with each full warrant allowing the warrant holder to acquire an additional share for C$0.10 per share during a three year period.
The proceeds will be earmarked to complete a 15 hole drill program at Highland where CEO Joe Kizis would like to complete 2,600 meters of drilling. According to Bravada, Highland is a large property with multiple hot spots of high grade gold at surface and its Big Hammer target returned anomalous gold values (of up to 15 g/t gold). In his management comment, CEO Kizis referred to the discovery of the Green Racer deposit by Hecla Mining (HL) in 2020 as that deposit was discovered below barren sinter on their Midas gold production.
Disclosure: The author has a long position in Bravada Gold. Bravada is a sponsor of the website. Please read our disclaimer.
