Calgary, Alberta--(Newsfile Corp. - December 3, 2020) - Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) ("Braveheart" or the "Company") announces that it has entered into an agreement with Nelson Machinery & Equipment Ltd. ("Nelson") for the procurement of six (6) refurbished Outotec flotation tank cells from Nelson's branch facility located near Kamloops, BC, Canada. The cells are an integral part of the flotation circuit which will include rougher, scavenger and cleaner capacity to support the current plant design of 700 tonnes per day milling operation. Refurbishment of the tank cells will commence in Q1 2021 with expected completion, delivery to and installation at the mine site near Cranbrook, British Columbia, in Q2 2021.
The flotation circuit will be used to produce a copper concentrate including gold and silver by-products which will be sold as a final product to a third-party smelter outside of British Columbia. The circuit will be designed and operated to produce a 25% copper concentrate of similar quality to the previous operations of Placid Oil between 1970 and 1974. The new flotation circuit will replace the conventional mechanical cells that were operated by Placid Oil and subsequently removed from the mill due to wear and corrosion.
The Company plans to advance the Bull River Mine project in a phased approach wherein a surface stockpile of mineralized material will provide the initial feedstock to the upgraded mill facility. The Company's decision to continue with upgrades to the surface infrastructure and process mineralized material on surface is not based on a comprehensive feasibility study of mineral reserves that would otherwise demonstrate economic viability. There is risk and uncertainty regarding the economic viability of the surface stockpile in terms of tonnage, grade, recovery and potential oxidation of the material that was placed on the pile approximately 10 years ago. In order to process the surface stockpile, the Company needs to complete capital upgrades on surface including the commissioning of a new substation, installation of a flotation circuit, installation of a filtration circuit and civil works associated with the development of a dry stack or filtered tailings storage facility ("TSF"). Stantec Engineering has been engaged by the Company to provide a detailed design of the TSF. The detailed design is scheduled to be complete in Q4 2020 for submission to British Columbia regulatory authorities.
Ian Berzins, President and CEO commented that, "procurement of refurbished Outotec tank cells provides the Company with the opportunity to reduce the overall cost of the replacement flotation circuit by approximately 40% to new. This streamlines the time line to bring the new circuit into operation. Outotec manufactures reliable and world-class products and through refurbishment the used tanks can be returned to operational readiness."
Braveheart's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Ian Berzins P.Eng., ICD.D, who serves as President, Chief Executive officer and a Director of the company and is a qualified person under the definition of National Instrument 43-101.
About Braveheart Resources Inc.
Braveheart is a Canadian-based junior mining company focused on building shareholder value through exploration and development in favourable and proven Canadian mining jurisdictions. Braveheart's main asset is the Bull River Mine project near Cranbrook, British Columbia which has a current mineral resource containing copper, gold and silver.
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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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