TORONTO, ONTARIO, October 11, 2016 – Braveheart Resources Inc. (TSXV: BHT) (“Braveheart” or, the “Company”) recently completed a short diamond drill program on their 100% owned Whitewater Property, located approximately 15 km southwest of Nelson, British Columbia. The program was designed and managed by Bernhardt Augsten, P. Geo; he also is responsible for all technical reporting associated with the Company’s exploration program.
A total of 582.8 m of BTW core were drilled in 10 holes. The purpose of this drill program was to test for grade, width and continuity of the Whitewater Vein system. The program was successful in intersecting mineralized quartz veining in several holes. Mineralization within gold-bearing quartz veins on the Whitewater Property is dominated by pyrite with minor galena and sphalerite with occasional fine visible gold. Veins are hosted by a coarse grained hornblende granodiorite of Middle Jurassic age.
Highlights of the drill program are listed below:
|Hole ID||Width (m)||Au_g/t||Ag_g/t||Comments|
|WW16-1||0.25||0.70||<0.2||Trace visible gold|
Notes on analytical techniques.
All core was analyzed by Met Solve Analytical Services of Langley, BC. All core was analyzed for 30 elements using a ICP-MS technique. In addition, most core was analyzed for gold using a fire-assay technique with an aa finish, (Au FAS111). Where visible gold was seen or thought might exist, core was analyzed using a metallic screen fire assay method (Au – MSC530). One mineral standard and one blank standard were inserted into the sample stream.
A detailed summary of the drill holes can be reviewed in the attached Appendix. True width of the drill hole intersections are as stated in the Appendix or, if not stated, cannot be determined from the information available.
Based on these encouraging results Braveheart has decided to carry out a follow-up program consisting of ~500 m starting the week of October 10, 2016. This program will focus on establishing the extension of the vein system to the SE with significant grades obtained from sampling float ranging from .15 oz/t (~4 g/t) Au to >7 oz/t (~210) Au (Geological Branch Assessment Report 11554 For Rex Silver Mines Ltd. By C.H Aussant, P. Geol., Pages 10 &11). The source of the float boulders is believed to be the same vein system in their immediate area.
The Corporation also wishes to announce that, pursuant to a debt settlement agreement, it proposes to issue 200,000 common shares to settle an aggregate of $19,587 in outstanding debt (the "Debt Settlement"). All shares issued in connection with the Debt Settlement will be subject to a hold period of four months and a day. The completion of the Debt Settlement remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange
About Braveheart Resources Inc.
Braveheart is a Canadian based junior exploration company focused on building shareholder wealth through aggressive exploration in a favorable and proven mining jurisdiction - the West Kootenays in southeast British Columbia (silver and gold). Braveheart's shares are listed for trading on the TSX Venture Exchange under the symbol BHT.V. Braveheart has approximately 27,614,505 common shares issued and outstanding.
Braveheart’s disclosure of a technical or scientific nature in this news release has been reviewed and approved by Mr. Jim Decker, P.Eng., a director of Braveheart who serves as a qualified person under the definition of National Instrument 43-101.
David W. Johnston
Caution Regarding Forward-Looking InformationThis 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 is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, (more) 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 Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.
Drill Hole Summary
Hole WW16-1 was collared to test the eastern end of the main Whitewater vein system. No mineralized vein was intersected at the expected depth. On surface the Whitewater vein structure has weakened somewhat into a fault with two narrow quartz veins. The hole did encounter a significant intercept of lamprophyre dike. The strike of this dike is not altogether clear. Toward the end of the hole a narrow quartz veinlet was intersected that contained visible gold. This intercept returned 0.7 g/t Au over 0.25m.
Hole WW16-2 was collared from the same setup as WW16-1 but was drilled to the west to intersect the Whitewater vein system further to the west but at an oblique angle. No significant mineralized quartz veins were intersected, indicating that the vein system pinches at depth at this point or is faulted off.
Hole WW16-3 was collared to the northwest of the flat-lying vein and was drilled vertically in an attempt to intersect strike extensions of the flat-lying vein. The hole collared in a lamprophyre dike and remained in it for the duration of the hole. It appears that this hole was collared on a vertical or subvertical dike, perhaps striking northwesterly and maybe the same dike as in Hole WW16-1.
Hole WW16-4 was collared at the same location as WW16-4 but was oriented southwesterly at a moderate inclination in an attempt to intersect the flat-lying quartz vein on the other side (west side) of the dike. Several narrow quartz veinlets were intersected with anomalous gold.
Hole WW16-5 was collared in the vicinity of WW16-3, 4 and drilled back to the south in an attempt once again to intercept the flat-lying vein as seen on surface. This hole was successful in intersecting a zone of quartz veining with intervening altered host rock. A 1.05 metre intercept returned 6.1 g/t Au and 39.1 g/t Ag within a broader interval averaging 3.29g/t Au and 17.7g/t Ag over 2.48 metres. True width of the zone in this case is approximately 75% of core width.
Hole WW16-6 was collared to test the Whitewater vein system at its western known extension. The main vein was encountered at 18.35 metres downhole and returned 6.8g/t Au and 4g/t Ag over 0.34 metres. This width is more or less true thickness of the vein at this location. Further down the hole a narrow pyritic quartz veinlet (2cm ) was intersected. This was included in a 30cm sample that returned 1.51 g/t Au.
Hole WW16-7 was collared at the same location and azimuth as WW16-6 but steepened up in an attempt to intersect the WW vein system deeper down. Several narrow mm-scale quartz-pyrite veinlets were encountered at the projected location of the WW vein. Only very anomalous gold values were returned over slightly less than a metre. Presumably if the mm-scale veinlets were analyzed separately the gold tenor may very well have been much higher.
Hole WW16-8 was collared more or less in the vicinity of WW16-6, 7 but drilled downhill to intersect the Whitewater Vein structure at an oblique angle. The location of this hole was mostly predicated on available drill sites. A better site would have been at a lower elevation and drilled orthogonal to the vein. Nonetheless, this hole intersected the thickest (not true) interval of mineralized quartz vein. A 1.25 metre core interval returned 7.8 g/t Au and 17.8 g/t Ag. This interval represents approximately 1 metre true width. This higher grade interval was included within a broader lower grader interval that averaged 2.13 g/t Au and 5.2g/t Ag over 5.1 metres. The weakly mineralized rock above and below the main vein is attributable to several narrow (cm-scale) quartz-pyrite veinlets.
Hole WW16-9 was collared to test for deeper parts of the main vein intersected in WW16-6. The best interval returned 1.21 g/t Au and 1.9 g/t Au over 0.7metres. Gold mineralization here was clearly linked to two cm-scale quartz-pyrite veinlets with wallrock alteration dominated by calcite. This area of mineralization does not exactly correlate with the vein in WW16-6 but the style of veinlets and wallrock alteration are similar. Fault offsets may explain the spatial difference.
Hole WW16-10 was collared as a deeper test for potential flat-lying gold-bearing quartz veins. The hole was collared on the hangingwall side of the Whitewater Vein near WW16-6 and thus intersected the main Whitewater vein near surface as was expected. The vein here returned 6.9 g/t Au and 7.6 g/t Ag over 1.00 metre. The main vein in this interval is about 30cm thick with at least one narrow pyritic veinlet and altered and pyritized wallrock comprising the remainder of the interval. Other than this interval no significant quartz veins were intersected in this hole.