|By Marketwired .||
|January 14, 2014 07:30 AM EST|
TORONTO, ONTARIO -- (Marketwired) -- 01/14/14 -- Braeval Mining Corporation (TSX:BVL) ("Braeval Mining" or the "Company") reports it has received initial diamond drilling results from the Guaynopa Project located in the Chihuahua State of Mexico and determined to redirect its efforts in favour of its more prospective assets.
The Guaynopa project is located 290km northwest of the city of Chihuahua in the municipality of Madera and is made up of three mineral claims; La Esperanza, Tres Naciones, & Tayopa, totalling 546.67 hectares.
The 2013 drill program was a planned four hole, 1,200 m drill program focused on testing gold-copper skarn targets previously identified on the property. Only 3 drill holes totalling 619.15 m were completed due to limited gold mineralization encountered in the drill core.
Map System: UTM: WGS84 --------------------------------------------------------------------------- Drill Hole Easting Northing Azimuth Dip Final Depth (m) --------------------------------------------------------------------------- DHG-01 744,255 3,255,160 335 -60 176.90 --------------------------------------------------------------------------- DHG-02 744,325 3,254,837 0 -60 247.05 --------------------------------------------------------------------------- DHG-03 744,940 3,255,996 116 -60 195.20 ---------------------------------------------------------------------------
The drill holes were planned to test the best surface anomalies at Tres Amigos and Las Chalas zones and did not intersect any significant mineralization. As a result, the drill program was curtailed.
The drill results indicate that the magnetometry anomaly was caused by a magnetic diorite intrusion and not a massive magnetite skarn as previously anticipated.
The results from the drill program have culminated in the decision for the Company to return the project back to the owner and to discontinue any work in the area.
The Company will focus its 2014 exploration efforts on the Acropunco Property located in Huancavelica, Peru where an initial phase of detailed sampling and mapping identified a principal anomalous area of over 6 square kilometres, consisting of hydrothermal alteration and associated gold anomalies. Phase One diamond drilling at Arcopunco is planned for first quarter of 2014 (weather and community relation permitting), consisting of an initial program of 1,500 m.
The Company's unaudited cash balance as of December 31, 2013, was approximately $11.0 M.
Scientific and technical information in this press release has been reviewed and approved by Gernot Wober P.Geo., the Vice President, Exploration of the Company and a qualified person under National Instrument 43-101. For further information in relation to the Guaynopa Project please see the technical report entitled "Technical Report Guaynopa Gold Skarn Project, State of Chihuahua, Mexico" dated February 18, 2013 and effective February 1, 2013, and for further information in relation to the Huancavelica Project please see the "Technical Report for the Huancavelica Lithocaps Project, department of Huancavelica, Peru", dated January 31, 2013 and effective January 14, 2013, both prepared by Dr. Stewart D. Redwood, BSc (Hons.), PhD, FIMMM, FGS, Consulting Geologist, and a "Qualified Person" under National Instrument 43-101. These technical reports are available on SEDAR at www.sedar.com and on the Corporation website at www.braevalmining.com.
Quality Assurance/Quality Control
A total of 71 drill core samples from the Guaynopa Project were shipped to ALS Geochemistry - Chihuahua, Avenida de las Industrias No 6500 Col. Zona Industrial Nombre de Dios, Chihuahua, Mexico 31156. Samples were prepped using the ALS Global PREP31 code where core samples are crushed to 70% less than 2mm, riffle split off 250g, then pulverise split to better than 85% passing 75 microns. Gold was analyzed using the AU-AA23 package where gold is analysed by fire assay and Atomic Absorption Spectrometry finish. In addition the ME-ICP41 package for 35 element by Aqua Regia ICP-AES was used for additional element analysis. Commercially prepared standards, blanks, and field duplicates were inserted into the sample stream by the Company for a total of 12.6% QA/QC samples to ensure precision of the results.
About Braeval Mining Corporation
Braeval Mining is a junior mineral exploration company focused on the exploration and development of precious metals resource properties in Mexico and Peru. The Company holds options to acquire an interest on the Guaynopa located in Mexico and Arcopunco in Peru. Braeval Mining is exploring these properties for precious metal deposits including gold, silver and copper.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws, which are based on expectations, estimates and projections as of the date of this news release. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management's expectations with respect to, among other things, the generation of revenues by the Company, the timing and amount of funding required to execute the Company's exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company's properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the prices thereof, progress in development of mineral properties, the Company's ability to raise funding privately or on a public market in the future, the Company's future growth, results of operations, performance, and business prospects and opportunities. Wherever possible, words such as "anticipate", "believe", "expect", "intend", "may" and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information.
These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Canada, Mexico, Colombia, Peru, Honduras, Nicaragua or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
Braeval Mining Corporation
President & CEO
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