Bravura signs definitive agreement for Kahuna Cobalt-Silver Property
Friday, Oct 06, 2017
Bravura Ventures Corp. has closed its previously announced LOI dated August 10, 2017 and signed the definitive agreement to acquire 100% of the approximately 1200 hectare Kahuna Cobalt-Silver Property (collectively, the "Kahuna Property" or the "Property"), located 37km south of Cobalt, Ontario.

About the Kahuna Cobalt Property:

Location
The Kahuna Cobalt property is located 14 km northeast of the town of Temagami and 37km south of the town of Cobalt near the eastern border of Ontario. The district is mining friendly having a rich history of cobalt and silver production. The epicentre of past producing cobalt mines in Ontario.

Property Status and Configuration
The Kahuna Cobalt property is comprised of 77 claim units and covers approximately 1,200 hectares.

Access and Infrastructure
The Property is accessible by boat from Lorrain Lake which is accessed by 12 km of well maintained gravel surface roads off of leaving a major paved highway connecting the nearby town of Temagami and New Liskeard. The property is located 12 km from rail and power distribution lines.

Mineralization
Cobalt and silver mineralization occurs in calcite veins within the Nipissing Diabase as erythrite and native silver. The grade of 5 tonnes of material collected during past production was reported to be 22% Cobalt, and an assay of 20 oz/t Silver was reportedly obtained from a vein on the property. This information was from Mineral Deposit Inventory for Ontario (MDI31M04SE00035).

History
Friday Mines Limited operated the property in the 1920's sinking a shaft and drifting on a 10 inch wide calcite vein with cobalt mineralization. 5 tonnes of cobalt mineralization was produced with a grade of 22% Co. In the 1960's, Gibson Mines Limited explored the property and found cobalt and silver mineralization. An assay of 20 oz/t silver was reportedly obtained from a vein as well. More recently, in 1998 a portion of the property was staked and a small soil survey reported cobalt in soil up to 440 ppm as well as gold-in-soil anomalies. This information was from Mineral Deposit Inventory for Ontario (MDI31M04SE00035).

Agreement terms
Bravura plans to acquire 100 per cent of the Kahuna property in a share exchange agreement in consideration for:

  • Payment for an amount of $300,000 and the issuance of one million common shares to be paid upon closing.

The properties are subject to a 0.5-per-cent net-smelter-return royalty on cobalt gold production which includes advance royalty payments of $25,000 annually on Dec. 31, beginning in 2020. The company has the option at any time to purchase 0.5 per cent of the royalty on payment of $500,000. The original vendors of the property will retain a 1-per-cent NSR on the properties. Bravura will have the right to purchase the 1 per cent for $1.0-million.

"We are pleased to have secured the Kahuna Cobalt property, Bravura will continue with our mandate of acquiring quality cobalt projects in politically stable areas."

For more information, please visit: https://bravuraventures.com/

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