Calgary, Alberta – August 19, 2021 (Newsfile Corp.) (Investorideas.com Newswire) Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) (FSE: 2ZR) (“Braveheart” or the “Company”) has received additional metallurgical results from the recent drilling program at the Bull River Mine project. To-date the Company has received results for four of six holes in the H1 2021 diamond drill program (see press release dated July 8, 2021, on SEDAR). In addition to copper, gold and silver the Company has now received assays for cobalt. Cobalt mineralization was encountered in each of the four drill holes for which assays have been received to-date. Cobalt grade ranged from 0.015% to 0.033%. The results from the remaining two holes are not expected to be received until late September 2021 due to a backlog at the lab.
Ian Berzins, President and CEO, commented, “We are pleased with the initial results from this year’s drill program which has not only validated the presence of copper, gold and silver mineralization at depth but also the presence of cobalt mineralization. Historically previous operators did not assay for cobalt so there is no recognition of cobalt in the current NI 43-101 Resource which was completed in January 2019 by Sue Bird of Moose Mountain Minerals. The Company has not yet determined that a saleable cobalt concentrate can be produced. However, with cobalt now being added to the list of critical metals in Ontario and the United States and with cobalt prices increasing to over US$53,000 per tonne, the potential for adding cobalt by-product credits at the Bull River Mine project is encouraging and desires more investigation”. This could result in an increase in the total metal values at the Bull River Mine.
In June 2018, Braveheart began an analysis of the potential for economic extraction of cobalt at the Bull River Mine. The purpose of the testing was to determine whether cobalt could be recovered to a pyrite concentrate through a secondary flotation process. Cobalt is visually apparent in the underground workings that are currently being maintained in a dewatered condition. Chip samples were taken from the walls of the workings under the supervision of Ian Berzins, P.Eng. of Braveheart (see press release dated January 28, 2019, on SEDAR). Chain of custody was maintained by Braveheart and a 9 kg sample was shipped to SGS Mineral Services (“SGS”) in Vancouver, British Columbia for analysis. The head grade for the sample was 0.13% Cu, 1.4 g/t Ag, 0.09 g/t Au and 0.05% Co representing mineralized material on the hanging-wall and footwall of the mineralized material. Secondary flotation testing produced a cleaner concentrate of pyrite and cobalt with a recovery of 74.8% cobalt at a grade of 0.66% Co.
Subsequently in July 2019, the Company completed metallurgical testing at SGS on a sample of mineralized material from a surface stockpile. The head grade for the surface material was 1.4% Cu, 0.32 g/t Au, 9.6 g/t Ag and 0.02% Co representing diluted mineralized material from the current underground workings. Secondary flotation testing produced a cleaner concentrate with a recovery of 74.2% cobalt at a grade of 0.37% Co. The Company believes that these latter results are more representative of what should be achievable, should a secondary flotation circuit be installed focused on recovery of pyrite and cobalt following the primary concentrate with copper, gold and silver. This study demonstrated that cobalt can be recovered to a pyrite concentrate but further testing is required to achieve a product with sufficiently high cobalt content to forward to cobalt extraction and purification.
Summary of 2021 Bull River Mine Drilling Program To-date
Braveheart’s disclosure of a technical or scientific nature in this news release has been reviewed and approved by Ian Berzins P.Eng., who serves as President, Chief Executive Officer and a director of the Company and is a Qualified Person under the definition of National Instrument 43-101.
About Braveheart Resources Inc.
Braveheart is a mining company primarily focused on two near-term copper production assets in Canada. Braveheart’s main asset is the 100% owned Bull River Mine project (>85MM lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. Braveheart’s newest acquisition is the 100% owned Thierry Mine project (>860MM lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.
For more investor information, please contact Braveheart at:
Director, Corporate Development
E: [email protected]
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company’s continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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