TORONTO, ONTARIO, May 17, 2016 – Braveheart Resources Inc. (TSXV: BHT) (“Braveheart” or, the “Company”) is pleased to announce the latest progress on its 2016 exploration program for its Whitewater gold property near Nelson in southeastern British Columbia.
The Company has contracted the services of Lucky Drilling of Castlegar, BC to carry out a 1000m diamond-drilling program at the Whitewater Property. This initial program will test targets previously identified by mapping and sampling exploration activities in 2015. The snowmelt has occurred much more rapidly than in earlier years and the Company considers that the program is about one month ahead of its previous planned schedule. The program is anticipated to take about 3 weeks to complete; initial drill results should be available before the end of June. A second round of drilling is planned for the fall to follow up on this first program.
The Company has recently submitted an application for a 1,000 tonne bulk sample permit from the British Columbia Ministry of Energy and Mines, anticipating approval by the end of July. Results from the drilling program could influence the final location of the bulk sample excavation.
The Whitewater Property is a former gold producer with the last known production being shipped to the Cominco smelter in Trail BC for direct processing. The area chosen for the bulk sample is in the same vicinity of the adit used to extract that ore.
The Company earlier announced the closing of the first tranche of a financing of $273,000 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 includes 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. A second tranche under the same terms is planned to close in June 2016.
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 24,829,506 common shares issued and outstanding.
Braveheart Resources Inc
David W. Johnston
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 is necessarily based upon a number of estimates and assumptionsthat, 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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