Bravo Ventures acquires 100%

interest in Woewodski project

Ryan Long

Bravo Ventures Group Inc., a group focused on exploring precious and base metal deposits in North America has reported the acquisition of 100% interest in the Woewodski Island Volcanogenic Massive Sulfide project and the ore deposits on the island.

Local geologist Mark Robinson commented, “Olympic Resources based in Petersburg have located the claims and we have a deal with Bravo where they would acquire 100% interest in the claim if they did certain things over a five year period. Those things included cash to the company and also requirements for on the groundwork. They were to spend $2 million over a five-year period evaluating that part of the world. They spent over $4 million. They bought lines in at least 14 perspective areas on the island.”

“With that they’ve also made a commitment to continue exploration on the island through 2008 at least. They will drill in the East Lake basin, which is one of the perspective areas they’ve outlined,” continued Robinson.

“We’re doing the same sort of thing on Zarembo with another company but it’s not as advanced as the work we’re doing on Woewodski,” said Robinson.

Bravo is subject to a 3% Net Smelter Return royalty on all metals, as a part of their agreement with Olympic Resources, which is based on gross amount paid by a smelter or refinery to the miner. Bravo is also required to make a work commitment, totaling at least $250,000 for 2008.

“That’s part of the agreement. Bravo and Olympic agreed to set the Net Smelter Return which is a future payment to Olympic if we were lucky enough to find a minable ore deposit. If we were able to find a deposit and build a mine a certain percentage will go to Olympic. That means that 3% of the profits after expenses from any mining operation that occurs will belong to Olympic resource’s shareholders,” continued Robinson.

With the price of gold currently above $1000 per ounce, prospects on Woewodski may mean an increase in the valuable gold industry in Southeast. “Someday it may happen, we may have something in the Wrangell/Petersburg area that may produce jobs in the gold industry,” said Robinson.

Bravo also reported the results of their 2007 exploration program, which consisted of a complete detailed gravity and 3D IP geophysical survey as well as two deep core samples 432.6 meters deep at East Lake.

Robinson explained the process of geophysical survey. “You can pipe electricity in the ground and measure the rock’s willingness to contain that charge and whether those rocks have the ability to conduct electricity. They’ve done this to a large extent on Woewodski,” said Robinson. Studying the results of the geophysical tests and comparing them with the properties of elements extrapolate the composition of the ground.

Both core samples included consistent intervals of silver and zinc as well as more anomalous layers of gold and barium.

The 2007 exploration focused mainly on several believed gold deposits on Woewodski Island, mostly along the Western and Southern extremities. In these areas 33 short core samples were taken with a combined depth of 2541 meters.

Many of the cores showed large veins of quartz and gold. According to the summary, the high-grade gold deposits yielded up to 7.2 grams per ton. No further work is planned on these veins.