News Releases

Drilling at Luanga’s Central Sector Continues to Impress at Bravo’s Luanga Project

VANCOUVER, February 28, 2022 – Bravo Mining Corp. (TSX.V: BRVO, OTCQX: BRVMF), (“Bravo” or the “Company”) announced that it has received assay results from seventeen diamond drill holes (“DDH”) from the Central Sector at its 100% owned Luanga palladium + platinum + rhodium + gold + nickel project (“Luanga” or “Luanga PGM+Au+Ni Project”), located in the Carajás Mineral Province, state of Pará, Brazil. The assay results include fifteen infill diamond drill holes, the last diamond twin holes, and rhodium overlimit assay results.

“New drill results from the Central Sector of our Luanga Project continue to show increased mineralized thicknesses at depth (where it remains open) with similar or better assay grades than historic intercepts. Drilling also continues to demonstrate increasing levels of magmatic nickel sulphides (± copper) both at depth and/or near the basal ultramafics,” said Luis Azevedo, Chairman and CEO of Bravo. “Bravo’s twin hole drill program, now concluded, has provided confidence in grades and mineralized widths, successfully repeating historic results for some of the thickest, highest-grade intersections. The latest results also include the highest sequential rhodium grades seen at Luanga (DDH22LU043 includes 8.5m @ 6.48g/t rhodium). The exploration potential underlying the ~8.1km mineralized strike at Luanga is just beginning to be revealed.”

Highlights Include:

• Assay results received from drilling in the Central Sector continue to show increasing mineralized grades and thicknesses at depth, while also showing increasing magmatic nickel (± copper) sulphide content, both at depth and/or near the basal ultramafic rocks.
• Twin hole DDH22LU043, with nine consecutive rhodium samples grading >1.0g/t Rh, compares well with historic results, intercepting the highest grade mineralized interval known to exist at Luanga and including an exceptional rhodium intercept of 8.5m at 6.48g/t Rh.
• Twin hole DDH22LU083 repeated what it is likely the thickest high-grade mineralized intersection encountered to date at Luanga, with 93.0m at 3.17g/t PGM+Au, comparing very favorably to the historic hole in thickness but with higher PGMs.

Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. ‘NA’ Not applicable for Oxide material. ‘-’ Not Assayed.
Given the orientation of the hole and the mineralization, the intercepts are estimated to be 80% to 95% of true thickness.
Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
* Includes result/s Rh >1.00g/t or Pt >100g/t. Overlimit analyses pending.
** Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historic total nickel assays.

Luanga Central Sector Infill Drilling

Drill results received from Luanga’s Central Sector continue to show increasing mineralized thicknesses and/or grades at depth and that mineralization is open at depth (see Sections 1, 2 and 3).

Drilling also displays an increasing presence of magmatic nickel (± copper) sulphides, in some cases at depth, where nickel sulphides were not encountered in shallower drilling, and/or in other cases in drill holes that are near the basal ultramafics. Figure 1 shows core photos from three different drill holes reported here, all of which show increasing magmatic sulphides.

Figure 1: Core photos from Central Sector – Course-grained orthopyroxenites with magmatic nickel ± copper sulphide mineralization.

Figure 2 shows a larger (~2km of strike) perspective of Luanga’s Central Sector, where results from Bravo’s infill drilling program can be viewed on this broader scale. The figure shows the greater mineralized widths that are being consistently encountered at depth. It also shows a potentially interesting relationship to increasing nickel grades, which appear to be vectoring towards a significant nickel-in-soil anomaly that is not coincident with the strike direction of the Luanga PGM+Au+Ni deposit (as it is currently understood).

Surface EM (electromagnetics) combined with detailed ground magnetic and micro-gravity surveys are due to commence shortly at the Central Sector. This will extend coverage to the southeast to investigate the basal (footwall) harzburgite (ultramafic) sequence where most of the higher-grade magmatic nickel (± copper) sulphides have been intersected to date and which lies below the main PGM mineralized horizon (as previously defined).

Figure 2: Central Sector (~2km strike) showing consistently improving results at depth, over historic Ni-in-soil geochemistry.

Figure 3 (Section 1 on Figure 7) is an excellent example of drilling by Bravo (shown in blue) returning increased mineralized thicknesses and higher nickel sulphide grades at depth. This relationship progresses from 13m (downhole thickness) in PPT-LUAN-FD0154, to 16m (downhole thickness) in DDH22LU084, to 32m (downhole thickness) in DDH22LU076.

Figure 3: Central Sector Section 1 – Increased mineralized widths at depth (open) with improved nickel sulphide grades.

Figure 4 (Section 2 Figure 7) again shows the same thickness progression, from near surface in PPT-LUAN-FD0156 to DDH22LU107 where magmatic nickel sulphides are more prevalent within and/or in close proximity to the basal ultramafic rocks.

Figure 4: Central Sector Section 2 – Increased mineralized widths at depth (open) with better nickel sulphide grades.

Figure 5 (Section 3 on Figure 7) again demonstrates increased mineralized widths with higher magmatic nickel sulphide assay grades at depth and, in this case, with higher PGM+Au assay grades as well. Like the previous section (Figure 4), mineralization is both within and/or in close proximity to the basal ultramafic rocks.

Figure 5: Central Sector Section 3 – Increased mineralized width at depth (open) with improving PGM+Au and nickel sulphide grades.

Luanga Twin Hole Drilling Program

During 2022 Bravo completed eight diamond twin holes against selected historic diamond drill holes, for 1,135m.

Results for DDH22LU043 (Figure 6) were finalized after receiving rhodium overlimit assay results for 9 consecutive samples grading >1.00g/t rhodium. Assay results for the Bravo twin drill hole as compared to historic drill hole PPT-LUAN-FD0136 are shown in the table and cross section (Figure 6) below.

The results for the twin holes compare favorably, even given the extremely high-grade nature of the historic drill hole, which was the highest grade wide mineralized interval known to exist at Luanga. Results from both drill holes show a difference of approximately 7%, well within the accuracy and precision ranges for the assay method. Of additional interest is the >20% positive difference in average rhodium grade in favor of the Bravo drill hole, following the receipt of the overlimit results. The deeper mineralized interval in holes DDH22LU043 and PPT-LUAN-FD0136 are also similar in thickness, but with the Bravo twin hole returning an average combined PGM+Au assay grade ~70% higher over a slightly narrower interval.

The final diamond twin hole of the program, DDH22LU083 (Figure 7, North Sector) also returned comparable results to its historic twin, PPT-LUAN-FD0095 as shown below. The assay results show a positive difference of approximately 18% in PGM+AU grade in favor of the Bravo diamond twin hole over identical thicknesses.

Comparison of assay results from Bravo twin diamond drill holes of historic VALE SA diamond drill holes

Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the hole and the mineralization, the intercepts are estimated to be 80% to 95% of true thickness.

Figure 6: Central Sector Section 4 – DDH22LU043 twin diamond hole against PTT-LUAN-FD0136.

Luanga Drill Program Progress

A total of 152 drill holes (17 in 2023) have been completed by Bravo to date, for 25,351 metres (99% of the planned 25,500 metre Phase 1 Drilling Program), including all 8 planned twin holes and all 8 metallurgical holes (not being subject to routine assaying). Results have been reported for 77 Bravo drill holes to date.

Excluding the metallurgical holes, results for 67 Bravo drill holes are currently outstanding.

The Phase 1 diamond drill program is almost completed. Approximately 16 priority drill holes remain to be completed (triggering the Phase 2 program) prior to the commencement of work on Luanga’s maiden NI 43-101 Mineral Resource Estimate, which remains on track for H2/2023. The Phase 2 program will be focused on step out drilling (with the objective of extending known zones of PGM+Au+Ni mineralization to depth), follow-up on the newly identified higher-grade nickel ± copper magmatic sulphide mineralization styles, as well as exploration of new targets.

Complete Table of Recent Intercepts

Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. ‘NA’ Not applicable for Oxide material. ‘-’ Not Assayed.
Given the orientation of the hole and the mineralization, the intercepts are estimated to be 80% to 95% of true thickness.
Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
* Includes result/s Rh >1.00g/t or Pt >100g/t. Overlimit analyses pending.
** Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historic total nickel assays

Figure 7: Location of Bravo Drilling and Sections Reported in this News Release

About Bravo Mining Corp.

Bravo is a Canada and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM+Au+Ni Project in the world-class Carajás Mineral Province of Brazil.

The Luanga Project benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was previously de-forested for agricultural grazing land. Bravo’s current Environmental, Social and Governance activities includes replanting trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.

Technical Disclosure

Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s “qualified person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Mottram has verified the technical data and opinions contained in this news release.

For further information about Bravo, please visit www.bravomining.com or contact:

Alex Penha
EVP Corporate Development
info@bravomining.com

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “impress”, “increase”, “better”, “confidence”, “thickest”, “highest”, “potential”, “favorably”, “significant”,  “greater”, “higher-grade”,  “extremely high-grade”, “positive”, “priority”, and other similar words, phrases, or statements that certain events or conditions “may”, “should”, “will” or “would” occur. This news release contains forward-looking information pertaining to the Company’s ongoing drill programs and the results thereof; the expected completion of geophysical surveys and the results of such surveys; the potential for the definition of new styles of mineralization and extensions to depth, and the Company’s plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel, PGMs and Au; that the mineralization remains open to depth, that grades are improving to depth, that final drill and assay results will be in line with management’s expectations; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Schedule 1: Drill Hole Collar Details

Schedule 2: Assay Methodologies and QAQC

Samples follow a chain of custody between collection, processing, and delivery to the ALS laboratory in Parauapebas, state of Pará, Brazil. The drill core is delivered to the core shack at Bravo’s Luanga site facilities and processed by geologists who insert certified reference materials, blanks, and duplicates into the sampling sequence. Drill core is half cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas ALS laboratory by Bravo staff. Additional information about the methodology can be found on the respective ALS or SGS global websites (ALS, SGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.

Quality Assurance and Quality Control (“QAQC”) is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.