CALGARY, ALBERTA, (Newsfile Corp. – January 8, 2020) - Braveheart Resources Inc. (TSXV: BHT) ("Braveheart" or the "Company") announces that it plans to begin drilling from underground workings at the Bull River Mine project. The purpose of the drilling program will be to test the down dip extension of the vein systems under the current workings. Approximately 3,000 metres of drilling is planned for the first quarter of 2020. The Company is currently completing ground support activities at the proposed drill locations.
Braveheart has a current NI 43-101 technical report that was completed in November 2018 and published in SEDAR in January 2019. The Bull River Mine project has an indicated resource of 1.51 million tonnes of copper, gold and silver mineralized material with an average copper equivalent grade of 2.263% CuEq based on a cut off grade of 1% CuEq. Additionally, the project has an inferred resource of 340,000 tonnes at 1.86% CuEq based on a cut off grade of 1% CuEq. The resource is currently open to depth.
The Company plans to follow-up on several diamond drill holes that are below the current workings and not included in the database. One historical drill hole, BRU00-035 that is located below and to the east of the current resource model of the Main South Vein, yielded a composite average of 2.86% Cu over 9.9 metres including 4.27% Cu over 6.0 metres. These values do not represent true widths. The Company is also providing an update on our recent press release of December 30, 2019 relating to the planned extension on the expiry of 25,994,880 unexercised warrants. The warrants were previously issued on January 20, 2019 as part of a plan of arrangement. The warrants have a current expiry date of January 20, 2020 and each warrant entitles the holder to purchase one common share of the Company at a price of Cdn$0.15 per share. Subject to approval by the TSX Venture Exchange ("TSXV"), the Company intended to extend the expiry date by six months to July 20, 2020. The Company has since been informed by the TSXV that because the warrants were originally issued as part of a reviewable acquisition, and not a private placement, they are not eligible for an extension.
About Braveheart Resources Inc.
Braveheart is a Canadian based junior mining company focused on building shareholder value through exploration and development in the favourable and proven mining jurisdictions of the East and West Kootenays of British Columbia. Braveheart's main asset is the Bull River Mine project which has a current mineral resource containing copper, gold and silver. The property is fully developed with 21,000 metres of underground developments in terms of ramps, raises and drifting on mineralized structures on seven levels. The surface infrastructure includes a 750 tonne per day conventional mill with adjoining crushing facilities as well as offices and mine maintenance facilities. The property is connected to grid power and there is year-round access to the site by paved and all-weather roads.
Ian Berzins, P.Eng., ICD.D
President & Chief Executive Officer
Caution Regarding Forward-Looking Information
This 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 necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, 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.
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