Bravo Mining (BRVO.V) has released the updated resource calculation on its flagship Luanga projectin Brazil’s Para state. As the table below shows, the measured and indicated resource categories now host about 158 million tonnes of rock at an average grade of 2.04 g/t palladium-equivalent, of which just under half is actual palladium. The project also hosts a nice platinum credit (0.62 g/t) with traces of gold (0.05 g/t) and some nickel (0.12%).
The inferred resource category contains an additional 78 million tonnes at a very similar grade of 2.01 g/t palladium-equivalent, including 0.97 g/t palladium, 0.59 g/t platinum and similar gold and nickel values. The recovery rates for the mineralization in the fresh rock (where over 90% of the tonnes are hosted) came in at 77% for palladium and 81% for platinum while the rhodium, gold and nickel recovery rates come in at just around 50%. This definitely means the project is a palladium-platinum dominant project on an after-recovery basis.
Bravo Mining still sees potential to further increase the resource calculation as the mineralization remains open at depth (drilling remained limited to traditional open pit depths of 400 meters in the Central Sector and 250 meters in the North and Southwest Sector) and some of the deeper holes encountered higher grades and greater widths at depth than what has been found so far in the pit shell. A higher grade would be great, but higher recovery rates would add more value.
Disclosure: The author has no position in Bravo Mining. Please read the disclaimer.
