News Releases

Highlights include 19.5m @ 8.52g/t 3 PGMs + Au (including 0.37g/t rhodium) and 0.18% Ni from 59.5m

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VANCOUVER, BC, June 22, 2022 – Bravo Mining Corp. (“Bravo” or the “Company”) today announced that it has received assay results from two twin holes, the first two of seven that are planned at 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. The results of the twin holes closely correlate with the immediately adjacent historic drill holes in both tenor and mineralized thicknesses. 

 “We are pleased with the results of our inaugural Luanga Phase 1 25,500m confirmation, infill and step out drill program with the receipt of the assays from two twin drill holes that confirm the immediately adjacent VALE SA drill holes,” said Luis Azevedo, Chairman and CEO of Bravo. “We look forward to continuing to provide updates as our drilling and re-assay programs ramp up.”

Highlights

• Assay results from two of the seven planned twin drill holes aimed at confirming results from historic VALE SA drilling have been received demonstrating a strong correlation with the historic intercept grades and thicknesses.
• Highlights of Bravo’s intercepts are tabulated below, and comparisons with the historic intercepts are provided on the following pages.

• *4E = palladium + platinum + rhodium + gold.
• 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.
• Ox = Oxide. Sul = Sulphide. Recovery methods and results will differ based on the type of mineralization
• NA: Not Applicable as intercept is a mix of oxide and sulphide mineralization.

Twin Hole Drill Program

Of the 252 historic drill holes completed by VALE SA, seven were selected for twinning using diamond core of the same size (NQ) as the historic drill holes. To date, four twin holes have been completed aggregating 608.10m. These twin holes were designed to be spread evenly along the approximate 7km of strike of the Luanga project, testing mineralization with a range of tenor.

Bravo has received final assay results (including palladium, platinum, rhodium, gold and nickel sulphide) for the first two twin holes (shown below, Schedule 1). Samples were submitted to 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 (Schedule 2).

A comparison of the original historic intercepts with the Bravo twin hole intercepts is tabulated below. Bravo’s twin hole intercepts closely correlate with the immediately adjacent historic drill holes in both thicknesses and grades, noting that Bravo nickel grades are for sulphide nickel, which is representative of potentially recoverable nickel (by conventional flotation treatment), and does not include non-recoverable silicate nickel. 

Location of Bravo twin holes

Cross section showing twin hole DDH22LU001

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

• *4E = palladium + platinum + rhodium + gold.
• 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.
• # A late dyke cuts obliquely across the ore zone, splitting but not removing mineralization. The aggregated total is the same.

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 assay data from the twin drill holes with the historic assay data from each of the adjacent historic drill 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 29^th, 2022, with an effective date of April 12^th, 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, drilling of twin holes and infill drilling 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 “anticipate”, “comparable”, 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; 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; 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

Drill core sampling followed a 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 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. If the ALS rhodium overlimit of >1.00g/t rhodium is reached Bravo will send the pulps to SGS 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.