Bravada Gold Corp. (TSX: V.BVA, Stock Forum) said today that field work has begun at both the Highland and EastManhattan gold/silver properties, located in western and central Nevada, respectively.
The work is being funded by Canterra Minerals Corp. (TSX: V.CTM, Stock Forum) pursuant to an option agreement whereby Canterra may earn up to a 70% interest in each project. Bravada is the operator for both projects.
According to the Bravada Gold press release, at Highland, a soil-sampling survey and a gravity geophysical survey have been completed, which will assist in further refining targets previously identified by extensive IP and magnetics geophysical data beneath a thin layer of gravel.
Additional claims have been staked at the property and an initial drill permit application has been approved by the Bureau of Land Management for a Phase I reverse-circulation drilling program tentatively scheduled for this summer.
At East Manhattan, a detailed magnetics geophysical survey has been completed in order to further refine drill targets and to identify new targets. A previously submitted drill permit application is expected to be approved by the US Forest Service in June, with a Phase I reverse-circulation drilling tentatively scheduled to begin after receipt of the permit.
Bravada is a member of the Manex Resource Group of companies with an exploration office in Reno, from which it is exploring its extensive Carlin-type and low-sulfidation-type gold holdings strategically located within numerous productive gold trends in Nevada.
On Wednesday, Bravada Gold rose 20% and was trading at $0.03 a share. The company had a market cap of $3.5 million, based on 114.8 million shares outstanding. The 52-week high and low was $0.09 and $0.025 respectively.