Ocean Partners will purchase copper concentrates, with gold and silver credits, from Braveheart’s Bull River Mine, located approximately 50 kilometres east of Cranbrook, British Columbia.
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Video Transcript:
I’m Ashton Addison for InvestmentPitch Media
Braveheart Resources Inc. has entered into a Concentrate Purchase Agreement with Ocean Partners UK
Ocean Partners will purchase copper concentrates, with gold and silver credits, from Braveheart’s Bull River Mine, located approximately 50 kilometres east of Cranbrook, British Columbia.
The 100% owned Bull River Mine project, Braveheart’s main asset, has a current Indicated Mineral Resource of approximately 73 million lbs of copper and an Inferred Mineral Resource of 14.5 million lbs of copper along with some gold and silver, using a 0.6% copper equivalent cut-off.
Access by highway 3 and the paved all-weather Wardner-Fort Steele Road until it intersects the all-weather gravel Bull River Road, which provides direct access to the mine access road.
Ocean has agreed to provide the company with a Pre-Payment Financing Facility against initial proceeds from milling of mineralized material on surface.
The initial agreement covers 45,000 wet metric tonnes of copper concentrate, with Ocean having a right of first refusal on any remaining production thereafter from Bull River.
The Facility provides Braveheart with access to up to US$3,500,000 which can be used for capital expenditures at Bull River including plant commissioning and general working capital purposes.
The company plans to advance Bull River in a phased approach wherein a surface stockpile of mineralized material will provide the initial feedstock to the upgraded mill facility.
Subsequently, the company plans to mine and mill mineralized material from the underground workings.
There is risk and uncertainty regarding the economic viability of the mineralized material in the surface stockpile and in the underground resource in terms of tonnage, grade, recovery and potential oxidation of the material that was placed on the surface pile approximately 10 years ago.
In order to process the surface stockpile, the company needs to complete capital upgrades on surface including the commissioning of a new substation, installation of a flotation circuit, installation of a filtration circuit and civil works associated with the development of a dry stack or filtered tailings storage facility.
Ian Berzins, President & CEO, stated: “Braveheart's top priority is restarting Bull River. With the support of Ocean's Facility, we are positioned to continue with the surface up-grades required to place the mill in position to process mineralized material later this year. The Agreement for sale of concentrates provides us with certainty on the sale of products from the mine."
Braveheart's newest acquisition is the 100% owned Thierry Mine project near Pickle Lake, Ontario containing copper, nickel, silver, palladium, platinum and gold.
A newly updated NI 43-101 Preliminary Economic Assessment was completed in the first quarter of 2021.
Braveheart also has an option to purchase the Alpine Gold project near Nelson, British Columbia, which hosts the Alpine mine with gold-silver-lead-zinc mineralization.
Historic development of the Alpine mine includes more than 1,650 metres of underground drifts, cross-cuts and raises dating back to the late 1880’s.
The shares are trading at $0.095.
For more information, please visit the company’s website www.BraveheartResources.com, contact Ian Berzins, President & CEO, at 403-512-8202 or email admin@BraveheartResources.com.
For investor Relations, contact Kevin Shum at 647-725-3888 Ext 702 (office) or 604-376-0323 (mobile) or by email at kevin@jeminicapital.com.
I’m Ashton Addison for InvestmentPitch Media
