Calgary, Alberta--(Newsfile Corp. - May 6, 2021) - Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) ("Braveheart" or the "Company") announces that it has engaged Maple Leaf Forestry Inc. ("MLF") of Cranbrook, B.C. to design, gain government approval to build and facilitate construction of an upgraded access road to the Alpine Gold mine property ("Alpine") near Nelson, B.C. The route selected will utilize existing forestry service access on Aerie Face and require new construction to the existing Sitkum Forest Service Road ("FSR") that accesses the mine claims. The initial budgetary estimate from MLF to construct the road is $350,000 given that a road is already in place that requires widening and upgrading. Once the road is upgraded the Company will have permanent access to the existing mine site for people, equipment and supplies and will be less reliant on helicopter assisted movements.
On March 3, 2021, the Company announced that it had entered into a new option agreement to acquire a 100% interest in Alpine (see press release on SEDAR) under revised terms to the original option agreement. Terms of the new option agreement include the following:
(a) Issuance of 1,000,000 shares of Braveheart on signing to the Optionor.
(b) A cash payment of $100,000 to the Optionor by April 15, 2022.
(c) Property expenditures of up to $700,000 to complete permitting and construction of an upgraded road to the mine site from Nelson by December 22, 2022.
(d) A cash payment of $1,400,000 to the Optionor by December 15, 2023.
(e) A cash payment of $1,500,000 to the Optionor by December 15, 2024.
Under the original agreement (see press release dated November 15, 2016 on SEDAR), the Company was required to make cash payments of $3,385,000, issue 1,400,000 shares over a six-year period ending in 2021 and complete property expenditures of $1,600,000 in exploration on the property. The Company was also required to issue an additional 1,000,000 shares upon completion of a NI 43-101 technical report that identified greater than 300,000 tonnes of mineralized material at an average grade of greater than 12 g/t of gold. This latter requirement was satisfied with the completion of a NI 43-101 compliant report and the shares were issued to the vendors on January 7, 2019. To-date the Company has issued in aggregate 2,000,000 shares to the vendors and subject to TSX-V approval will issue an additional 1,000,000 shares as per the revised terms of the new option agreement. To-date the Company has completed approximately $900.000 in property expenditures and no further property expenditures are required other than completion of the upgraded road from Nelson to the mine site.
Qualified person
Braveheart's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Ian Berzins P.Eng., who serves as President, Chief Executive Officer and a director of the Company and is a Qualified Person under the definition of National Instrument 43-101.
About Braveheart Resources Inc.
Braveheart is a Canadian based junior mining company focused on building shareholder value through exploration and development in favourable Canadian mining jurisdictions at or near past-producing properties. Braveheart's main asset is the 100% owned Bull River Mine project near Cranbrook, British Columbia which has a current Mineral Resource containing copper, gold and silver. Braveheart's newest acquisition is the 100% owned Thierry Mine project near Pickle Lake, Ontario containing copper, nickel, silver, palladium, platinum and gold. Braveheart also has an option to purchase the Alpine Gold project near Nelson, British Columbia.
Contact Information
Braveheart Resources Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E: iberzins@braveheartresources.com
Website: www.braveheartresources.com
For more investor information, please contact Braveheart at:
Manish Grigo
Director, Corporate Development
M: +1-416-569-3292
E: mgrigo@braveheartresources.com
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 necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, 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.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83152
