Bravura Ventures (BVQ:TSX Venture Exchange)
Shares Outstanding: 22,895,907
Shares of Bravura have taken a beating in the last 30 days, sliding over 50% on higher than average volume. Since fundamentals in the company have improved during that time, we’re guessing the culprits are 0.05 PP holders taking profit and/or exercising warrants.
Over the past 12 months Bravura has raised over $2 million: $125,000 @ 0.05, $531,000 @ 0.12.5 and most recently $1.5 million at 0.30. Accounting for all financings and land acquisition share issuances, BVQ still has only 22.9 million shares outstanding.
Important to note, Bravura closed it’s $1.5 million financing (0.30/share) on October 6th, giving them a strong treasury to advance two quality gold projects acquired this year.
Musgrove Creek, Idaho
The Musgrove Creek project is a low cost open pit opportunity, currently hosting a 43-101 resource of 314,000 ounces of gold at 0.8 g/t cut-off. The property lies on trend with several historic producers, including Beartrack (produced 600,000oz from 1994 to 2000) and Hecla’s Grouse Creek Mine. The company started field work on Musgrove on October 18th, which will include reconnaissance and sampling of and re-assaying historic work for inclusion in an updated 43-101, expected to be completed in November 2016. Comparative company: Otis Gold (OOO) also in Idaho has 520,000oz @ 0.59g/t Au Indicated, OOO has a market cap of about $35 million.
Grew Creek, Yukon
Bravura optioned 90% of Grew Creek from Golden Predator (GPY, $0.72) on October 24th. Grew Creek is located in the Watson Creek mining district. GPY has spent $4.7 million in exploration expenditures on the project since 2010, which include 19,000 meters in 70 drill holes. Some highlights include (all gold) 68m of 5.96g/t, 146m of 1.72g/t, 3.1m of 17.93g/t, 32.2m of 2.8g/t, 92m of 2.02g/t (incl 44m of 3.09g/t). Historically, the project was originally staked in 1983 and has seen over 57,000 meters of drilling in 290 drill holes. With such an extensive database at their disposal, Bravura is well positioned to advance the project expeditiously.
As the company owns a defined gold asset in the Musgrove Creek property, and a rich historical database on the high grade Grew Creek project in the Yukon, it’s clear management is focused on high quality projects with tremendous upside. Bravura is well positioned to advance both projects with $1.5 million in cash, and another potential $1 million injection from in-the-money warrants.
With the recent sharp drop in share price and valuation, we are placing BVQ on the JMP radar.