Braveheart closed the transaction with Cadillac Ventures on December 23, to acquire Thierry for consideration including C$300,000 in cash, at least 11 million in shares and a 2% net smelter return royalty.
Braveheart said the PEA by P&E Mining Consultants had found the project's 2012 resource estimates were valid for use in the study.
These comprised an underground measured and indicated 8.8 million tonnes at 1.66% copper and 0.19% nickel and an inferred 14.9Mt at 1.64% copper and 0.16% nickel. The project also has a near-surface K1-1 deposit with an inferred 53.6Mt at 0.38% copper and 0.1% nickel.
The PEA focused solely on the underground resource and Braveheart president and CEO Ian Berzins said he was "extremely pleased" with the result and the project's further potential.
The study indicated pre-production capex of $407 million, after-tax NPV6 of $242 million and IRR of 19%.
It envisaged a 14-year mine based on a 4,000tpd operation and used metal prices of US$3.48/lb copper, $8.00/lb nickel, $21/oz silver, $1,250/oz palladium, $1,100/oz platinum and $1,600/oz gold.
Braveheart said the PEA provided "a solid case" for moving the project forward.
Thierry is 15km from Pickle Lake.
Its underground workings were currently flooded, according to the company's website.
It said Thierry's previous owner UMEX had spend $104 million the camp, infrastructure, 4,000tpd mill and three shafts down to 1,700 feet for 28 miles of underground working.
Braveheart's main asset is the past-producing Bull River copper-gold-silver project in British Columbia, where an ore sorting study began this month.
The company had raised more than C$300,000 at 10c per unit in December to advance Bull River.
Its shares (TSXV: BHT) closed up 3.7% on Friday to 14c, towards the upper end of a one-year range of 4.5-17c, putting its market capitalisation just over $23 million (US$18 million).
