Braeval Mining Corp. has received all necessary permits to commence diamond drilling on its Guaynopa project located in Chihuahua state, Mexico. The company also provides below an update on planned work on the recently acquired El Petate property located in Hidalgo state, Mexico, and for its Acropunco property located in Huancavelica, Peru.
Drilling to commence at Guaynopa
Braeval expects to commence the phase 1 diamond drilling program in early November on the Guaynopa property, to test gold-copper skarn targets previously identified on the property. The company has obtained all the necessary drill permits for the initial 1,200-metre program.
The El Petate project is located in Pachuca, Mexico, 28 kilometres northwest of the historical Pachuca Real del Monte mining district. The company signed a memorandum of understanding (MOU) with Prospero Silver Corp. on Sept. 10, 2013, for an initial interest of 58 per cent and a further option (contingent on Prospero not maintaining its 42-per-cent interest) to acquire up to 75 per cent of the property (see Braeval press release dated Sept. 11, 2013).
Braeval intends to start the initial detailed sampling and mapping during the fourth quarter of 2013 and plans to conduct a reconnaissance reverse circulation drilling program of 2,500 metres in the first quarter of 2014, pending results of the initial groundwork and the granting of drilling permits.
Arcopunco lithocaps project
In 2011, the company staked 25,090 hectares in Peru as part of its lithocaps strategy and subsequently optioned two additional projects, Arcopunco (595 hectares) and Terciopelo (4,200 hectares).
The company has completed its initial phase of detailed sampling and mapping on the project areas. The work identified a principal anomalous area of over six square kilometres, consisting of hydrothermal alteration and associated gold anomalies. Phase 1 drilling at Arcopunco is planned for the first quarter of 2014 (weather permitting), with an initial diamond drill program of 1,500 m. The initial environmental impact assessment permits have been granted, and the company expects to receive the permit to initiate drilling in the first quarter of next year.
The company’s unaudited cash balance as of Sept. 30, 2013, was approximately $10.4-million.
Scientific and technical information in this press release has been reviewed by Gernot Wober, PGeo, the vice-president, exploration, of the company and a qualified person under National Instrument 43-101.
Braeval Mining Corporation
150 York Street, Suite 401, Toronto, ON, M5H 3K6
Tel: 416.848.9504 Web: www.braevalmining.com