Oct 14 2016
Bravura Ventures Corp. is pleased to announce that the Company has finalized the Option Agreement on the Musgrove Creek Property dated September 2, 2016 with Soleil Gold Corp. ( the "Optionor"), whereby the Optionor granted the Company an option (the "Option") to acquire an undivided 100% interest in and to certain mineral properties, together with the surface rights, mineral rights, personal property and permits associated therewith (collectively, the "Musgrove Creek Property" or the "Property"), located in Lemhi County, Idaho.
Further to the Company's news release dated September 6, 2016. The Option is exercisable by the Company paying to the Optionor an aggregate amount of $20,000 and 1 million common shares. The Company will have the option to own 100% of the Property and all attendant mining rights to the claims. The Property is subject to a 2% net smelter royalty (the "Royalty") on future gold production which includes advance royalty payments of $25,000 annually on September 1, beginning in 2020 to Soleil.
About Musgrove Creek
Musgrove Creek is a gold exploration project located in Lemhi County, Idaho consisting of 47 claims with a total area of 916.8 acres (457.1 ha) . Musgrove Creek contains a historical inferred mineral resource estimate of 8 million tonnes at 1.22 g/t Au (0.036 oz/ton) at a gold cut-off of 0.8 g/t (0.023 oz/ton), equivalent to 9,761 kg (313,822 oz) of gold at zero dilution. This estimate was calculated by Mr. David Makepeace, P. Eng. Of Geospectrum Engineering, and detailed in the "Technical Report on the Musgrove Creek Gold Project", by Gruenwald W. and Makepeace, D. for Wave Exploration Corp (Feb., 25, 2004). The Company views this inferred resource estimate as historical in nature, and is not treating this estimate as a current mineral resource. Insufficient work has been conducted on the property by a qualified person to verify and classify this as a current mineral resource. Additional drilling is required to verify and upgrade the status of this preliminary resource estimate and it should not be relied upon until supported by an updated and compliant NI 43-101 technical report.
Qualified Person - Robert M. Hatch, Registered Geologist, is the Qualified Person as defined in National Instrument 43-101, that has reviewed and approved the contents of this press release.
Source: http://bravuraventures.com/