via NetworkWire --
Bullfrog Gold Corp. (BFGC:OTCQB;
BFG:CSE; 11B:FSE) (“Bullfrog,” “BFGC” or the “Company”)
today announces initial gold and silver assay results from six of
25 holes drilled at its Bullfrog Project (“Project”). The Project
comprises 5,250 acres of strategic lands, established resources and
prospective exploration potential in the Bullfrog Mining District,
located 4 miles west of Beatty, Nevada, and 125 miles northwest of
Las Vegas, Nevada.
Highlights
- The Bullfrog Mining District and surrounding area is one of the
most active gold exploration regions in North America. The Company
has commanding land and resource positions in the Bullfrog mine
area and is leveraging a significant dataset acquired from Barrick
Bullfrog Inc.
- Initial assays from two holes drilled in the bottom of the
Montgomery-Shoshone (MS) pit were 0.55g/t gold and 1.95 g/t silver
starting from 0 to 75 feet in BM-20-1. BM-20-2 contained 0.37 g/t
gold and 1.15 g/t silver from 0 to 65 feet. Other than the upper 35
feet in BM-20-1, the mineralized intercepts are outside of the
current resource estimate envelope within the MS pit plan. In view
of these significant intercepts starting at the collar in the MS
pit bottom, the prospects of expanding resources and deepening the
MS pit are enhanced. BM-20-3 was drilled 75 feet higher than
the other two holes and contained a low-grade intercept that is too
deep to be included in a new pit resource, but the hole did
establish a limit to resource projections below this area.
- Results from three holes drilled in the Mystery Hill (MH) area
included 110 feet averaging 0.274 g/t in BH-20-4 and 110 feet
averaging 0.58 g/t in Bh-20-5. The distances between BH holes 4 and
5 and existing hole rdh-041 with intercepts of 60 feet at 0.17 g/t
and 90 feet at 0.22 g/t are anticipated to add resources, but some
of the deeper mineralization may be precluded from a pit plan. BH
20-8 contained minor intercepts, thereby defining the limits of
expansion in this eastern segment of the Mystery Hill deposit. Most
of the old holes were not included in previous measured and
indicated (M&I) resource classifications. The new holes were
designed to convert much of the inferred resources to M&I while
potentially expanding the total resource in the MH area.
- In summary, these assays are very significant as the resources
are highly oxidized and the Bullfrog area mineralization is
amenable to achieving average gold recoveries of 85% based on
extensive tests using high-pressure grinding rolls (HPGR) that
produce a much finer leach feed with more microfractures than
conventional crushing equipment.
2020 Drill ProgramTwenty-one of
the 25 holes were drilled on lands leased from Barrick to fulfill a
final work commitment and, thereby, allow the Company to purchase
by mid-September a 100% interest in those lands, subject to
production royalties. These holes are also needed to better define
and expand resources and limits of both pits and subsequently
optimize pit plans and Project financial performance in a
preliminary economic analysis. Table 1 shows detailed assay
results.
Figure 1 shows the locations of the 25 holes
drilled and six holes assayed, the Bullfrog and M-S proposed pit
expansions, the Company’s new Paradise Ridge exploration target 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 1 and northern one-third of
the pit, and they are on lands in the Barrick lease/option.
Table
1 |
Initial
Assay Results |
|
Hole No. |
Mineral Intervals, Feet |
Gold |
Silver |
|
Total |
|
From |
to |
Thickness |
g/t |
g/t |
|
Depth, Ft |
|
|
|
|
|
|
|
|
BM-20-1 |
0 |
135 |
135 |
0.420 |
2.26 |
|
300 |
includes |
0 |
75 |
75 |
0.550 |
1.95 |
|
|
|
|
|
|
|
|
|
|
BM-20-2 |
0 |
85 |
85 |
0.332 |
1.04 |
|
300 |
includes |
0 |
65 |
65 |
0.373 |
1.15 |
|
|
|
|
|
|
|
|
|
|
BM-20-3 |
160 |
195 |
35 |
0.260 |
0.33 |
|
400 |
|
|
|
|
|
|
|
|
BH-20-4 |
250 |
265 |
15 |
0.353 |
1.54 |
|
625 |
|
280 |
390 |
110 |
0.274 |
0.60 |
|
|
|
515 |
605 |
90 |
0.321 |
0.93 |
|
|
|
|
|
|
|
|
|
|
BH-20-5 |
330 |
355 |
25 |
0.261 |
1.22 |
|
730 |
|
385 |
550 |
165 |
0.240 |
0.49 |
|
|
|
575 |
685 |
110 |
0.580 |
0.82 |
|
|
|
|
|
|
|
|
|
|
BH-20-8 |
115 |
130 |
15 |
1.133 |
0.21 |
|
470 |
|
155 |
175 |
20 |
0.379 |
0.25 |
|
|
|
|
|
|
|
|
|
|
Nominal gold cut off grade: 0.20 g/t |
|
|
|
|
BM = Montgomery-Shoshone and BH = Mystery Hill |
|
|
|
Montgomery-Shoshone Assays from three of
the six holes completed in the MS area are summarized in Table 1
and the location of these holes is shown on Figure 1. Assays from
the remaining three holes are expected before mid-July 2020.
For reference, the Barrick blast hole assay map
of the lowest bench in the MS pit shows that 278 of the 339 holes,
or 82%, were above a gold cutoff grade of 0.2 g/t. Additionally,
81% of the blast holes along the perimeter of this lowest bench
also assayed above 0.2 g/t. Blast hole data can be used to
complement exploration drill information and, thereby, better
define and project economic resources around and below the pits
while elevating resources to higher classifications of confidence.
This information may also allow a reduction of peripheral waste
that otherwise may be included in a pit plan. MS blast holes
were typically spaced about 15 feet apart, whereas exploration
holes that define the resources within the MS pit plans averaged 90
feet. These spacings were sufficient for Barrick to estimate proven
and probable ore reserves and design and operate the MS pit at a
gold cutoff grade of 0.5 g/t.
Drill Holes Locations, Pit Expansions and
Cross Section LocationsFigure
1: https://www.globenewswire.com/NewsRoom/AttachmentNg/aaa86802-bacf-456f-bf46-a1616a537c89
Mystery HillAssays were
received on three of the 17 holes drilled in the MH area that are
on Barrick’s leased lands. The north pit extension
(shown in green on Figure 2) has been adequately drilled in all
dimensions, but the MH area adjacent to the existing Bullfrog pit
required drilling to expand resources and better define ultimate
pit limits. It is notable that leach tests achieved a 91% gold
recovery from a MH bulk sample averaging only 0.34 g/t by using
HPGRs to produce a finer, more fractured column leach feed size of
-1/16 inch. In this regard, the Bullfrog area resources are
highly amenable to the beneficial use of HPGRs.
As the north Bullfrog extension was underground
mined and the adjacent Mystery Hill deposit was not mined, blast
hole data would only be applicable to the north and northeast
peripheral segments of the existing Bullfrog pit limit.
North Bullfrog Pit & Mystery Hill
AreaFigure
2: https://www.globenewswire.com/NewsRoom/AttachmentNg/f521d7f3-08d6-45e5-9dc6-570205a2ddf2
For reference, drill and assay data for four of
the six existing holes within the MH area are shown in Table 2.
Most of these intercepts were included as inferred resources
estimates, but the previous wide drill spacings did not meet
measured and indicated resources classification criteria.
Notwithstanding, the new drill holes were designed to potentially
expand as well as upgrade resource classifications.
Table
2 |
Summary of
Previous Drill Results |
Mystery Hill
Area |
Hole |
|
Mineral Intercepts Less Than 325 Feet Deep |
No. |
|
Thick, Ft |
Au G/T |
Ag G/T |
From, ft |
To, ft |
|
|
|
|
|
|
|
|
rdh |
496 |
|
35 |
0.29 |
0.20 |
5 |
40 |
|
|
|
20 |
0.33 |
0.21 |
60 |
80 |
|
|
|
25 |
0.35 |
0.34 |
130 |
155 |
|
|
|
20 |
0.33 |
0.45 |
175 |
195 |
|
|
|
|
|
|
|
|
rdh |
458 |
|
55 |
0.83 |
0.65 |
270 |
325 |
|
|
|
|
|
|
|
|
es |
002 |
|
25 |
0.61 |
3.30 |
25 |
50 |
|
|
|
30 |
0.29 |
0.72 |
65 |
95 |
|
|
|
20 |
0.99 |
1.10 |
130 |
150 |
|
|
|
70 |
1.22 |
1.00 |
190 |
230 |
|
|
|
|
|
|
|
|
rdh |
459 |
|
30 |
0.52 |
0.95 |
90 |
115 |
|
|
|
110 |
0.45 |
0.41 |
215 |
325 |
|
|
|
|
|
|
|
|
Total/Average |
|
|
440 |
0.62 |
0.76 |
|
|
Thick/Hole |
110 |
|
|
|
|
Thick/Int |
|
40.0 |
|
|
|
|
Paradise Ridge TargetThe Paradise Ridge target
was developed by the Company after extensive study of surface
sampling and the recognition of 1) host zones of this target that
are identical to those in the BF deposit; 2) the presence of
significant structural features; 3) gold in surface samples; and 4)
existing drill holes that are too far east and west to test this
new target. Two holes were drilled in the south zone of the
Paradise Ridge target area. Figure 3 shows a geologic, east-west
cross section through the Bullfrog pit and the south zone of the
Paradise Ridge target along 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.
However, there previously were no drill holes within the Company’s
defined target, and there are no assurances expressed or implied
that any resources might be discovered.
Figure
3: https://www.globenewswire.com/NewsRoom/AttachmentNg/8c052d76-5601-4c79-a99f-9b972007c6cd
About Bullfrog Gold
Corp.Bullfrog Gold Corp. is a Delaware corporation that
controls the commanding land and mineral positions in the Bullfrog
Mine area where Barrick produced 2.3 million ounces of gold by
conventional milling beginning in 1989 and ending in 1999. Measured
and indicated 43-101 compliant resources were estimated in mid-2017
by Tetra at 525,000 ounces of gold, averaging 1.02 gold g/t in base
case pit plans using a $1,200 gold price and 72% heap leach
recovery. Inferred resources within these pit plans were estimated
at 110,000 ounces of gold averaging 1.2 g/t.
It is notable that gold prices are currently
$500 higher than the $1,200 estimate used in the 2017 estimates,
and column leach tests on four bulk samples achieved an average
85.8% recovery using HPGR’s to produce a much finer, more fractured
heap feed (minus 1/16-inch) compared to the 70.7% recovery from
conventionally crushed product to -3/8-inch. Additional
technical and corporate information may be sourced at
www.bullfroggold.com.
Quality Control/Quality AssuranceThe drill
program was designed by David Beling, CEO and P.E., and supervised
by Clive Bailey, CPG and Lead Consultant responsible for all
aspects of field activities, geological services and quality
assurance and control requirements. On-site personnel log and track
all samples prior to sealing and shipping. Quality control is
monitored by the insertion of blind, certified standard reference
materials, duplicate splits, and blanks into each sample shipment.
All samples are shipped to American Assay Laboratories (AAL) in
Reno, Nevada, for preparation and assaying. AAL is independent of
the Company, and its quality system complies with the requirements
for the International Standards ISO 9001:2000 and ISO 17025:1999.
Analytical accuracy and precision are monitored by the analysis of
reagent blanks, reference material and duplicate samples. Upon
receipt of all assays, additional field samples and pulps may be
assayed by other labs to further validate and verify results. Mr.
Beling, a qualified person, has verified the data underlying the
information disclosed herein, including sampling, analytical and
test data, and reviewing the reports of AAL, methodologies, results
and all procedures undertaken for quality assurance and quality
control in a manner consistent with industry practice.
Qualified PersonDavid 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 David Beling, CEO & President, 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.
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
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