TORONTO, ON / ACCESSWIRE / April 6, 2016 / Braveheart Resources Inc. (TSXV: BHT) ("Braveheart" or, the "Company") is pleased to announce the latest progress on its 2016 exploration program for its Whitewater gold property in southeastern British Columbia.
The Company transported approximately 30 kg of material from the Whitewater Property to a commercial gold processing plant. After crushing and blending the entire sample, two separate pulps were prepared and each was analyzed in duplicate. The overall average of the four analyses was 15.64 g/t Au.
The plant's technical team then proceeded with the balance of its standard metallurgical testwork which included leach tests and multi-element geochemistry. The head grades of the material tested ranged between 8.77 and 18.57 g/t Au. Recoveries were calculated using an average of 8.89 g/t Au. The associated bottle roll results showed an average gold recovery of 95.12%.
Subsequent to these tests Braveheart has received a draft copy of an ore purchase and sale agreement from the commercial gold processing plant. The Company intends to review the document and use it as a basis to negotiate an arrangement for the plant to process material from the planned 1,000 tonne bulk sample this year. This implies that Braveheart would excavate the material at the Whitewater deposit, load it into trucks and haul this material directly to the processing plant. The agreement spells out in detail the amount Braveheart would receive based on assays from the delivered product.
Braveheart expects to submit its application for the bulk sampling permit before the end of April. The Company has already received a permit from the British Columbia Ministry of Energy and Mines for a 1,500m drill program on the Whitewater property in 2016.
The Company earlier announced a financing of up to $500,000 comprised of units and flow through units at $0.05. Each unit includes one common share and a warrant which entitles the holder to acquire one additional common share at a price of $0.10 for 18 months. The flow through units include one common share and one-half warrant where each warrant entitles the holder to acquire one additional common share at $0.10 for 18 months. The proceeds of the financing will be used to fund the Company's 2016 exploration efforts in British Columbia and for general working capital. It is anticipated that this financing should also be complete by the end of April.
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 19,369,506 common shares issued and outstanding.
Qualified Person
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.
Contact
David W. Johnston, President
403-701-2781
davidwjohnston@shaw.ca
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 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.
SOURCE: Braveheart Resources Inc.
ReleaseID: 438496
