11:32 AM EDT, 07/08/2024 (MT Newswires) -- Bravo Mining ( BRVMF ) on Monday reported assay results from the Luanga project in Brazil.

Results from the T5 target including 5.2 meters at 3.1% copper and 1.1 grams per tonne (g/t) gold.

The company also intersected massive sulfide mineralization at the T11 target spanning 224.1 meters to 224.4 meters downhole. The target remains open along strike and at depth.

"Bore-Hole EM (BHEM) is now progressing on all holes at EM target T5," Chairman and CEO Luis Azevedo said. "This will better define the orientation of mineralization ahead of drill testing."

"At T11, drilling of BHEM anomalies has intersected multiple zones of sulfide mineralization and while this is also very encouraging, we are still at early stage of these discoveries with a regular flow of exciting news expected in near future," Azevedo added.

Bravo secured its outperform rating and $4.50 price target after the drilling update, National Bank of Canada said in a Monday note.

The bank said it continues to add a speculative risk rating on Bravo, citing the company's status as an exploration/development company, where several de-risking initiatives including further permitting, funding and development milestones are to be achieved prior to generating positive free cash flow.

Bravo shares were last seen down $0.02 to $3.70 on the Toronto Stock Exchange.

Price: 3.70, Change: -0.02, Percent Change: -0.54