TORONTO, ON / ACCESSWIRE / April 6, 2016 / Braveheart Resources Inc. (BHT.V) ("Braveheart" or, the "Company") is pleased to announce the latest progress on its 2016 exploration program for its Whitewater gold property in southeastern British Columbia.
The Company transported approximately 30 kg of material from the Whitewater Property to a commercial gold processing plant. After crushing and blending the entire sample, two separate pulps were prepared and each was analyzed in duplicate. The overall average of the four analyses was 15.64 g/t Au.
The plant's technical team then proceeded with the balance of its standard metallurgical testwork which included leach tests and multi-element geochemistry. The head grades of the material tested ranged between 8.77 and 18.57 g/t Au. Recoveries were calculated using an average of 8.89 g/t Au. The associated bottle roll results showed an average gold recovery of 95.12%.
Subsequent to these tests Braveheart has received a draft copy of an ore purchase and sale agreement from the commercial gold processing plant. The Company intends to review the document and use it as a basis to negotiate an arrangement for the plant to process material from the planned 1,000 tonne bulk sample this year. This implies that Braveheart would excavate the material at the Whitewater deposit, load it into trucks and haul this material directly to the processing plant. The agreement spells out in detail the amount Braveheart would receive based on assays from the delivered product.
Braveheart expects to submit its application for the bulk sampling permit before the end of April. The Company has already received a permit from the British Columbia Ministry of Energy and Mines for a 1,500m drill program on the Whitewater property in 2016.
The Company earlier announced a financing of up to $500,000 comprised of units and flow through units at $0.05. Each unit includes one common share and a warrant which entitles the holder to acquire one additional common share at a price of $0.10 for 18 months. The flow through units include one common share and one-half warrant where each warrant entitles the holder to acquire one additional common share at $0.10 for 18 months. The proceeds of the financing will be used to fund the Company's 2016 exploration efforts in British Columbia and for general working capital. It is anticipated that this financing should also be complete by the end of April.
About Braveheart Resources Inc.
Braveheart is a Canadian based junior exploration company focused on building shareholder wealth through aggressive exploration in a favorable and proven mining jurisdiction - the West Kootenays in southeast British Columbia (silver and gold). Braveheart's shares are listed for trading on the TSX Venture Exchange under the symbol BHT.V. Braveheart has approximately 19,369,506 common shares issued and outstanding.