via NetworkWire – Bullfrog Gold Corp. (CSE: BFG) (OTCQB:
BFGC) (FSE: 11B) (“Bullfrog,” “BFGC” or the “Company”)
today announces completion of a 25-hole drill program at its
Bullfrog Project (the “Project”). The Project comprises 5,250 acres
of strategic lands, established 43-101 compliant resources and
prospective exploration potential in the Bullfrog Gold District,
located 125 miles northwest of Las Vegas.
The Company drilled a total of 12,520 feet
(3,816 meters) and will release assay results as they become
available in the coming weeks. With a focus on resource expansions,
further defining pit limits and testing a new exploration target,
the program was designed with the following objectives:
- Fulfill a final work commitment before September 2020 by
drilling most of the holes on lands leased from Barrick Bullfrog
Inc. (“Barrick”) and thereby allow BFGC to exercise its option to
purchase these Barrick lands.
- Seventeen holes were drilled in the Mystery Hill area
immediately adjacent at the northeast section of the Bullfrog pit.
- Six holes in and around the Montgomery-Shoshone (“M-S”) pit
were drilled.
- The additional drill holes in both pits were also needed to
optimize pit plans and Project financial performance in a
subsequent preliminary economic analysis.
- With increased and exciting activity in the surrounding mining
districts, the Company drilled two initial holes at its new
Paradise Ridge target, located 1 mile east of the Bullfrog pit, and
plans to further test this target as well as several other
exploration targets identified on its land position.
Bullfrog Gold DistrictIn
addition to the drilling and metallurgical testing completed by the
Company, AngloGold Ashanti, Kinross Gold, Coeur Mining and Corvus
Gold are aggressively pursuing significant acquisitions,
exploration drilling and project development activities in the area
surrounding Beatty, Nevada. These activities are set to
reestablish the Bullfrog Gold District as a potential new, major
gold production center in Nevada. The map in Figure 1 shows the
land positions held by these companies as well as Waterton and the
remaining lands owned by Barrick.
“Our objectives focus on expanding known
resources and limits of the M-S and Bullfrog pits while starting
drill testing of our new Paradise Ridge exploration target, which
is a highly compelling geological analogue to the Bullfrog
deposit,” said BFGC CEO and President David Beling. “We are fully
funded and timely completed this U.S.$500,000+ drill program,
having raised C$2,000,000 in January 2020. We anticipate the
receipt of assays from 18 holes by June 12, 2020, and intend to
release them soon thereafter.
“The exploration and development potential of
our strategic land position is strongly supported by a large
database obtained from Barrick, including detailed information on
155 miles of drilling in 1,262 holes in the Bullfrog mine area,”
Mr. Beling continued. “This information was vetted in detail and
supported an independent National Instrument 43-101 compliant
report with resource estimates in 2017.”
Figure 1 Major land
positions around Beatty,
Nevada: https://www.globenewswire.com/NewsRoom/AttachmentNg/2d302dc0-8468-4bda-88ae-e8febd2d7e2c
Table 1 summarizes resources remaining in the
M-S and Bullfrog deposits on the Company’s controlled lands. In
this regard, the Bullfrog estimates include the well-drilled
northern extension, as well as minor resources from the wide-spaced
drilling in the Mystery Hill (“MH”) area. The estimates were based
on a $1,200 gold price and a 72% gold heap leach recovery, both of
which have since been significantly enhanced. Leach tests on four
bulk samples achieved an average 86% recovery using high pressure
grinding rolls to produce a very fine column feed size of
-1/16-inch while creating many more micro-fractures than
conventional crushing equipment. Recovery from the
conventional crushed -3/8-inch column feeds averaged 71%.
Table 1
|
BFGC
Mineralization Estimates * |
|
|
|
|
|
Mineral T |
Gold |
Gold Oz |
Silver |
Silver Oz |
|
|
|
|
Deposit |
millions |
g/t |
000's |
g/t |
000's |
|
|
|
|
Measured and Indicated |
|
|
|
|
|
|
|
|
Bullfrog |
14.9 |
1.02 |
489 |
2.50 |
1,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M-S |
1.1 |
1.00 |
36 |
4.02 |
146 |
|
|
|
|
Total/Avg. |
16.0 |
1.02 |
525 |
2.61 |
1,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inferred |
|
|
|
|
|
|
|
|
|
Bullfrog |
2.80 |
1.20 |
108.50 |
2.59 |
235.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M-S |
0.04 |
1.17 |
1.70 |
5.53 |
8.00 |
|
|
|
|
Total/Avg. |
2.84 |
1.20 |
110.20 |
2.64 |
243.00 |
|
|
|
|
|
|
Estimated by Tetra Tech Inc. in August 2017 as resources per
Canadian 43-101 standards and re-stated herein as
mineralization to satisfy US SEC Guideline 7, which also does
not recognize the term "inferred". Based on a $1200
gold price, a 72% heap leach gold recovery and a gold cutoff
grade of 0.36 g/t. |
|
|
|
|
Figure 2 shows the location of the 25 drill
holes, the Bullfrog and M-S proposed pit expansions, the Company’s
new Paradise Ridge exploration target, the nearby town of Beatty,
the paved highway to the Project, a power line on-site, and the
location of two cross sections described herein. Most of the
Company’s resources are located in the north Bullfrog deposit
within the dashed green line on Figure 2 and the north end of the
pit.
Figure 2 Drill hole
locations, pit expansions and cross section
index: https://www.globenewswire.com/NewsRoom/AttachmentNg/659cfe29-8cae-4158-a788-0edee91eaa86
Paradise Ridge TargetThe
Paradise Ridge target was developed by the Company after extensive
study of surface sampling and the recognition that 1) the host
rocks are identical to those in the BF deposit; 2) significant
structural features are present; 3) surface samples contained gold;
and 4) the existing drill holes are too far east and west to test
this new target. Figure 3 is a geologic cross section through the
Bullfrog pit and the south zone of the Paradise Ridge target with
projections of the central and north zones. This section shows that
a Bullfrog-type deposit could fit within and possibly occur in the
Paradise Ridge target, but there are no assurances expressed or
implied that any resources might be discovered therein.
Figure
3: https://www.globenewswire.com/NewsRoom/AttachmentNg/d6b321d6-3832-4912-95f4-7009785f1c8e
About Bullfrog Gold
Corp.Bullfrog Gold Corp. is a Delaware corporation that
controls the commanding land and mineral positions in the Bullfrog
Mine area. In this area, Barrick produced 2.3 million ounces of
gold through conventional milling beginning in 1989 and ending in
1999. Additional technical and corporate information
may be sourced at www.BullfrogGold.com.
Qualified Person David
Beling, P.E. has 55 years of project and corporate experience in
the mining industry and is a qualified person as defined by
Canadian National Instrument 43-101 – Standards of Disclosure or
Mineral Projects. Mr. Beling has prepared, supervised the
preparation of, or approved the technical information that forms
the basis of the Company’s disclosures but is not independent of
Bullfrog Gold Corp. For further information, please contact CEO and
President David Beling at (970) 628-1670.
Cautionary Note Regarding Forward
Looking StatementsThis press release contains certain
"Forward-Looking Statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
United States Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, included
herein including those with respect to the objectives, plans and
strategies of the Company and those preceded by or that include the
words "believes," "expects," "given," "targets," "intends,"
"anticipates," "plans," "projects," "forecasts" or similar
expressions, are forward-looking statements that involve
various risks and uncertainties.
Such forward-looking information and statements
are based on numerous assumptions, including among others, the
Company's ability to successfully maintain its listings, the
stability of industry and market costs and trends and the Company's
ability to obtain all regulatory approvals required for its planned
objectives. Furthermore, by their very nature, forward-looking
information involves a variety of known and unknown risks,
uncertainties and other factors which may cause the actual plans,
intentions, events, results, performance, or achievements of the
Company to be materially different from those expressed or implied
by such forward-looking information. Such risks, uncertainties and
other factors include, without limitation, those related to: (a)
adverse regulatory or legislative changes (b) market conditions,
volatility and global economic conditions (c) industry-wide risks
(d) the Company's inability to maintain or improve its competitive
position and (e) the ability to obtain financing needed to fund the
continued development of the Company's business.
The Company is presently an exploration stage
company. Exploration is highly speculative in nature,
involves many risks, requires substantial expenditures, and may not
result in the discovery of mineral deposits that can be mined
profitably. Furthermore, the Company currently has no
reserves on any of its properties. As a result, there can be
no assurance that such forward-looking statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such statements.
Additional information regarding important factors that could cause
actual results to differ materially from the Company's expectations
is disclosed in the Company's documents filed with the United
States Securities & Exchange Commission or on www.sedar.com.
Investors are urged to consider closely the disclosures in
our Form 10-K and other SEC filings, which can be obtained from the
SEC’s website at http://www.sec.gov/edgar.shtml.
Company Contact:David BelingCEO and
President970.628.1670
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
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