11:16 AM EDT, 08/13/2024 (MT Newswires) -- Bravo Mining ( BRVMF ) reported Tuesday assay results from seven trenches in the Central Sector at its Luanga platinum group metals-nickel deposit in Brazil.

Highlights include 39.6 meters at 5.41 grams per tonne (g/t) platinum group metals (PGM) and gold (Au), 51.3 meters at 3.12 g/t PGM+Au and 52.0 meters at 2.23 g/t PGM+Au.

"Bravo's trenching program continues to return excellent results, with grades higher than the average oxide grades reported in the mineral resource estimate," Chairman and CEO Luis Azevedo said. "In addition, the greater lateral extent of oxide PGM+Au mineralization at surface is likely to increase the volume of oxide material."

"With trenching now completed across more than half of the Luanga deposit, results continue to outperform expectations," Azevedo said.

National Bank of Canada reiterated its outperform rating and $4.50 price target on the company's shares following the release.

National Bank said the results from the trenching program continue to display consistent mineralization at surface.

The bank expects the results to contribute to increased oxide tonnage in a future resource estimate for Bravo and may improve economics with reduced upfront stripping capex.

The company's shares were last seen up $0.08 to $2.70 on the TSX Venture Exchange

Price: 2.70, Change: +0.08, Percent Change: +3.05