News Releases

Highlights include 60m @ 2.60g/t 3 PGMs + Au and 0.13% Ni sulphide starting at 49m downhole

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VANCOUVER, BC, June 21, 2022 – Bravo Mining Corp. (“Bravo” or the “Company”) today announced that it has received the results from the re-analysis of 16 historic diamond holes from its Luanga platinum group metals (palladium + platinum + rhodium) + gold + nickel (PGM+Au+Ni) project (“Luanga”), located in the Carajás Mineral Province, state of Pará, Brazil and that these re-assay results confirm the historic assay results.

“The results of the re-assay program to date are encouraging, as Bravo’s re-assay results closely correlate with the historic assays. These 16 holes represent approximately 10% of all the historic drill intersections within the known 7km long mineralized envelope at Luanga,” said Luis Azevedo, Executive Chairman and CEO of Bravo Mining.  “Luanga drilling activities continue to ramp up with the 27 diamond holes completed thus far in 2022 and preparations underway for the imminent arrival of two more diamond drill rigs bringing the total to six drill rigs.”

Highlights

• Initial re-assay results of 16 historic VALE SA diamond holes from Bravo’s ongoing re-assay program have demonstrated a close correlation with the historic assays. Select intersections from Bravo’s re-assays are tabulated below.

• Bravo has four diamond drill rigs operating at Luanga, with additional rigs expected in June and July.
• The Company has completed 27 holes including three twin holes and twenty-four infill holes. To date, 3,441 samples have been submitted for assay, including three twin and eight infill holes.
• Bravo has now received 65 historic VALE SA diamond holes and the re-logging, re-sampling and re-assaying program is ongoing. The remainder of the VALE SA diamond holes are anticipated to be delivered to the Luanga site by the end of July.

Re-Assay Program

Of the 252 historic diamond drill holes completed by VALE SA on the Luanga property, core from 65 holes has been delivered to the Luanga site and the re-logging, re-sampling and re-assaying program will continue until the Company has received all the historic core. Bravo is processing and re-assaying the historic core in the order it is delivered and these results should not be taken as representative of the overall deposit or any portion thereof.

Bravo has received final assay results (including palladium, platinum, rhodium, gold and nickel sulphide) for 16 historic diamond holes submitted for re-assay (as announced in the Company’s news release dated April 5, 2022). These samples were prepared at ALS Brasil Limitada’s (“ALS”) preparatory laboratory in Parauapebas, located approximately 72km from Luanga, and then sent to their laboratories in Peru and Vancouver for assaying.  A representative split was also submitted to SGS Geosol Laboratorios LTDA (“SGS”) in Brazil for check assaying against the historic VALE SA method.  Bravo selected these two internationally accredited laboratories to assess the most appropriate assay methodology for Luanga’s mineralization type. In addition, most of the historic core was assayed by SGS so it was also selected to enable a comparison of the results by the same company, using the same sample protocol, but with more modern techniques. Some variability is to be anticipated as the Bravo samples represent the second half of the core as opposed to being a rerun of the same sample; different sample preparation; different sample digestion and analytical methods used by the laboratories in different time periods; and the natural variability of the mineralization.

A comparison of historic results and Bravo re-assay results from ALS and SGS are shown below and complete results from ALS and SGS are reported in Schedules 1 and 2 of this news release, respectively. Bravo’s ALS and SGS re-assay data for palladium, platinum, rhodium and gold closely correlate with the historic assay results provided by VALE SA. The ALS nickel sulphide results also show a good correlation with the historic assays, noting that Bravo assayed for potentially recoverable sulphide nickel whereas VALE SA assayed for total nickel, which will include non-recoverable silicate nickel. 

Bravo intends to continue to re-log, re-sample and re-assay all the remaining core from the historic drilling as it is received, providing a comprehensive, modern assay database to refine targeting in the current Phase 1 drill program and support future mineral resource estimates.

Comparison of historic assays and Bravo’s re-assays by ALS and SGS

• All From/To Depths and Thicknesses are downhole.
• Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~70 to 100% of true thickness. Holes marked with # were drilled sub-parallel to mineralization and therefore do not represent true thickness.

Drilling Progress

Bravo now has four diamond drill rigs operating at Luanga, with additional drill rigs due to be mobilized to site in June and July 2022. The Phase 1 drill program is focused on confirming the results of the extensive historic drilling that included 252 core holes aggregating 50,353m completed by VALE SA on the Luanga property in the early 2000s. Bravo has completed 27 diamond holes (aggregating 4,737m of drilling) in 2022 to date, including four twin holes and twenty-three infill holes. Holes are being systematically logged sampled and sent for assay. To date, 3,441 samples have been submitted for assay, including three twin and eight infill holes. Assay results for these Bravo holes are pending.

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.

Bravo was founded by a management team and board with extensive Brazilian and PGM exploration, permitting, project financing, construction and operating experience. This includes Luis Azevedo, Executive Chairman & CEO; Simon Mottram, President; Alex Penha, EVP Corporate Development; and Independent Directors, Dr. Nicole Adshead-Bell (Lead Director), Stuart Comline, Tony Polglase and Stephen Quin.

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 by comparing the re-assays with the historic assays from the same intervals in the same holes and considers that there has been no material change from the results described in the technical report titled “Independent Technical Report for the Luanga PGE+Au+Ni Project, Pará State, Brazil” dated May 29th, 2022, with an effective date of April 12th, 2022.

Historical Information
This news release includes historical drilling and historical assay results generated by the prior owner of Luanga that have been reviewed by the Company’s geological team. The Company’s review of the historical records and information reasonably substantiate the validity of the historical information presented in this news release; however, the Company cannot directly verify the accuracy of the historical data, including the procedures used for sample collection and analysis. Therefore, the Company encourages investors to exercise appropriate caution when evaluating the historical results. Further data review is underway, in order to verify the validity of the data for use, alongside Bravo’s new drilling and re-assay data in any future NI 43-101 compliant mineral resource estimate.

For further information about Bravo, please contact:

Alex Penha
EVP Corporate Development
alex.penha@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 “believe”, “anticipate”, “opportunity”, “advance” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s ongoing re-assay and drill programs; the expected arrival of additional drill rigs and delivery of historic core; 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, 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 additional drill rigs and historic core will arrive within the anticipated timeframe; 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: Luanga Project ALS Re-Assay Results

• All From/To depths and Thicknesses are downhole.
• Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~70 to 100% of true thickness. Holes marked with # were drilled sub-parallel to mineralization and therefore do not represent true thickness.
• Ox = Oxide. Sul = Sulphide. Recovery methods and results will differ based on the type of mineralization.

Schedule 2: Luanga Project SGS GEOSOL Re-Assay Results

•  “N/A” = Not Analysed.
• All From/To depths and Thicknesses are downhole.
• Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~70 to 100% of true thickness. Holes marked with # were drilled sub-parallel to mineralization and therefore do not represent true thickness.
• Ox = Oxide. Sul = Sulphide. Recovery methods and results will differ based on the type of mineralization.

Schedule 3: Historic Drill Hole Collar Details

Schedule 4: Assay Methodologies and QAQC

Samples for the historic drill core re-sampling (Bravo, 2022) followed chain of custody between collection, processing and delivery to the ALS laboratory in Parauapebas, state of Pará, Brazil. The drill core was delivered to the core shack at Bravo’s Luanga site facilities and processed by geologists who inserted certified reference materials, blanks and duplicates into the sampling sequence. The historic NQ drill core was quarter 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.  A representative split was delivered by ALS directly to SGS for further re-analysis. Samples were prepared and analyzed following procedures summarized in the table below and 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 this table 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.

Schedule 5: Map showing the location of VALE SA historic holes, including the holes re-assayed to date (highlighted in yellow).