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Bravo sees positive re-assays on Luanga

More than 80% of re-assayed samples from a total of 36 historic drill holes at Bravo Mining’s Luanga PGM project in the Carajas mineral province in Brazil have returned better grades compared to the previous tests which took place about 20 years ago.
Bravo sees positive re-assays on Luanga Bravo sees positive re-assays on Luanga Bravo sees positive re-assays on Luanga Bravo sees positive re-assays on Luanga Bravo sees positive re-assays on Luanga

The statistic followed the re-analysis of samples from an additional eight historic drill holes from the company's wholly owned project.

Highlights from those eight holes included:

  • 16 metres grading 5.78g/t Pd, 2.78g/t Pt, 0.35g/t Rh, 0.47g/t, and 9.39g/t PGM+Au; including 9 metres grading 8.94g/t Pd, 4.28g/t Pt, 0.47g/t Rh, 0.79g/t Au, and 14.48g/t PGM+Au
  • 41 metres grading 0.98g/t Pd, 0.45g/t Pt, 0.05g/t Rh, 0.03g/t Au, and 1.52g/t PGM+Au, including 23 metres at 1.17g/t Pd, 0.59g/t Pt, 0.05g/t Rh, 0.04g/t Au, and 1.85g/t PGM+Au
  • "We will continue to assess this emerging grade trend as, if maintained in the remaining holes to be re-assayed, it could clearly have a positive impact on future mineral resource estimates," Bravo's chairman and CEO Luis Azevedo said.

"We will continue to assess this emerging grade trend as, if maintained in the remaining holes to be re-assayed, it could clearly have a positive impact on future mineral resource estimates," Bravo's chairman and CEO Luis Azevedo said.

National Bank of Canada Financial Markets analyst Lola Aganga said the better grades from the historical drilling, which was done by Vale, are likely due to improved assay methods for PGMs compared to those available in the early 2000s.

"Recent exploration results have consistently intersected high-grade horizons of mineralization and favourably compare to the current Historical Resource of 142 million tonnes grading 1.24 PGE+Au," she said.

"In terms of Phase 1 drilling, year to date 77 drill holes have been completed for a total of 13,051 metres out of the planned 25,500 metres phase 1 drill programme," she added.

The assay results from Phase 1, as well as step-out and metallurgical assays, are expected this year or next while a maiden resource estimate is expected mid-next year, she said.

A pre-economic assessment is also expected next year.

Bravo's share price was down 2% day on day at C$1.66 (US$1.20) on 27 September.

NBF has a target price of C$2.50 per share for the company.