Bullfrog Gold Summarizes Exploration/Development Progress and Plans at its Project in the Bullfrog Mining District of Nevada
27 Juli 2020 - 10:05PM
via NetworkWire – Bullfrog Gold Corp (BFGC:OTCQB; BFG:CSE; 11B:FSE)
(“Bullfrog”, “BFGC” or the “Company”) is pleased to summarize
progress during the first half of 2020 and its exploration and
development plans for the coming 12 months at the Bullfrog Project
(“Project”) located 125 miles NW of Las Vegas, Nevada.
ProgressA key event in 2020 was
the C$2.0 million private placement completed in mid-January that
funded Company and Project obligations while achieving main
objectives while advancing the Project as follows:
- Further defined and expanded
potential resources and pit limits of the Mystery Hill (“MH”) area
that is adjacent to the Bullfrog pit and the Montgomery-Shoshone
(“MS”) pit.
- Drilled two initial test holes in
the new Paradise Ridge exploration target and confirmed the host
rocks are identical to those in the Bullfrog deposit located one
mile to the west.
- Fulfilled the final work commitment
for the Company to exercise its option to purchase the lands
currently under lease from Barrick Bullfrog
Inc.(“Barrick”).
- Completed cultural surveys that
specifically permitted drilling on the patented and unpatented
lands in the Barrick lease/option.
- Based on investor awareness efforts
and drill program results, substantially increased the trading
volume of Bullfrog’s shares on the Canadian Securities Exchange,
the OTCQB Venture Market and the Frankfurt, Tradegate and other
German exchanges. For reference, results from all 25 holes recently
drilled are summarized in Table 1.
Project PlansSubject to
funding, exploration and development plans for the next 12 months
mainly include:
- Design the next drill program,
secure the required permits, and complete another exploration and
development drill program.
- Perform additional tests on drill
cuttings, core and bulk samples from several areas, depths and
grades in the Bullfrog, MH and MS deposits to assess variabilities
in recovery and ascertain the average 85% gold recovery recently
achieved by using high pressure grinding rolls that produce finer
leach feeds containing more micro-fractures than conventional
crushing equipment.
Table 1
Bullfrog Gold Assay Results |
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Hole No. |
MH Intervals, Feet 2 |
|
MH Intervals, Meters 3 |
Gold 1 |
Silver |
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Total |
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From |
To |
Length |
|
From |
To |
Length |
g/t |
g/t |
|
Depth, Ft |
BM-20-1 |
0 |
135 |
135 |
|
0 |
41 |
41 |
0.420 |
2.26 |
|
230 |
includes |
0 |
75 |
75 |
|
0 |
23 |
23 |
0.550 |
1.95 |
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BM-20-2 |
0 |
85 |
85 |
|
0 |
26 |
26 |
0.332 |
1.04 |
|
300 |
includes |
0 |
65 |
65 |
|
0 |
20 |
20 |
0.373 |
1.15 |
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BM-20-3 |
160 |
195 |
35 |
|
49 |
59 |
11 |
0.260 |
0.33 |
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400 |
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BH-20-4 |
250 |
265 |
15 |
|
76 |
81 |
5 |
0.353 |
1.54 |
|
625 |
|
280 |
390 |
110 |
|
85 |
119 |
34 |
0.274 |
0.60 |
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515 |
605 |
90 |
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157 |
184 |
27 |
0.321 |
0.93 |
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BH-20-5 |
330 |
355 |
25 |
|
101 |
108 |
8 |
0.261 |
1.22 |
|
730 |
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385 |
550 |
165 |
|
117 |
168 |
50 |
0.240 |
0.49 |
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575 |
685 |
110 |
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175 |
209 |
34 |
0.580 |
0.82 |
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BH-20-8 |
115 |
130 |
15 |
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35 |
40 |
5 |
1.133 |
0.21 |
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470 |
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155 |
175 |
20 |
|
47 |
53 |
6 |
0.379 |
0.25 |
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BH-20-6 |
295 |
655 |
360 |
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90 |
200 |
110 |
0.41 |
0.61 |
|
750 |
includes |
395 |
480 |
85 |
|
120 |
146 |
26 |
0.906 |
0.91 |
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BH-20-7 |
150 |
175 |
25 |
|
46 |
53 |
8 |
3.229 |
3.36 |
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240 |
BH-20-7A |
Not sampled -Lost hole |
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260 |
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BH-20-9 |
75 |
95 |
20 |
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23 |
29 |
6 |
0.534 |
0.91 |
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640 |
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120 |
140 |
20 |
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37 |
43 |
6 |
0.308 |
0.45 |
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150 |
175 |
25 |
|
46 |
53 |
8 |
0.313 |
0.33 |
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340 |
640 |
300 |
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104 |
195 |
91 |
0.333 |
0.32 |
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BH-20-14 |
0 |
40 |
40 |
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0 |
12 |
12 |
0.223 |
0.30 |
|
400 |
|
75 |
95 |
20 |
|
23 |
29 |
6 |
0.304 |
0.21 |
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160 |
180 |
20 |
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49 |
55 |
6 |
0.284 |
0.20 |
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220 |
260 |
40 |
|
67 |
79 |
12 |
0.444 |
0.47 |
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275 |
305 |
30 |
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84 |
93 |
9 |
0.396 |
0.16 |
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380 |
400 |
20 |
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116 |
122 |
6 |
0.243 |
0.46 |
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BH-20-15 |
35 |
130 |
95 |
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11 |
40 |
29 |
0.286 |
0.26 |
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540 |
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315 |
365 |
50 |
|
96 |
111 |
15 |
0.262 |
0.19 |
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395 |
540 |
145 |
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120 |
165 |
44 |
0.310 |
0.39 |
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BH-20-10 |
135 |
180 |
45 |
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41 |
55 |
14 |
2.416 |
2.19 |
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660 |
includes |
135 |
155 |
20 |
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41 |
47 |
6 |
4.892 |
4.14 |
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340 |
360 |
20 |
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104 |
110 |
6 |
0.576 |
0.26 |
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BH-20-11 |
90 |
130 |
40 |
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27 |
40 |
12 |
0.297 |
0.20 |
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660 |
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160 |
185 |
25 |
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49 |
56 |
8 |
0.308 |
0.08 |
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220 |
300 |
80 |
|
67 |
91 |
24 |
0.354 |
0.18 |
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420 |
455 |
35 |
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128 |
139 |
11 |
0.201 |
0.34 |
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BH-20-12 |
105 |
170 |
65 |
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32 |
52 |
20 |
0.353 |
0.33 |
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460 |
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260 |
300 |
40 |
|
79 |
91 |
12 |
0.454 |
0.18 |
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BH-20-13 |
0 |
70 |
70 |
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0 |
21 |
21 |
0.244 |
0.28 |
|
560 |
|
125 |
165 |
40 |
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38 |
50 |
12 |
0.435 |
0.34 |
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310 |
460 |
150 |
|
94 |
140 |
46 |
0.304 |
0.20 |
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BH-20-18 |
15 |
35 |
20 |
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5 |
11 |
6 |
0.231 |
0.21 |
|
350 |
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130 |
225 |
95 |
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40 |
69 |
29 |
0.222 |
0.16 |
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245 |
315 |
70 |
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75 |
96 |
21 |
0.237 |
0.00 |
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BH-20-19 |
0 |
115 |
115 |
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0 |
35 |
35 |
0.437 |
0.30 |
|
350 |
includes |
5 |
55 |
50 |
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2 |
17 |
15 |
0.635 |
0.31 |
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140 |
195 |
55 |
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43 |
59 |
17 |
0.265 |
0.25 |
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230 |
255 |
25 |
|
70 |
78 |
8 |
0.211 |
0.09 |
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BM-20-20 |
560 |
605 |
40 |
|
171 |
184 |
12 |
0.302 |
0.76 |
|
700 |
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BM-20-21 |
325 |
525 |
200 |
|
99 |
160 |
61 |
0.775 |
7.25 |
|
720 |
includes |
440 |
505 |
65 |
|
134 |
154 |
20 |
1.838 |
18.28 |
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BM-20-22 |
0 |
20 |
20 |
|
0 |
6 |
6 |
0.333 |
5.23 |
|
620 |
|
305 |
385 |
80 |
|
93 |
117 |
24 |
0.538 |
2.08 |
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|
includes |
325 |
345 |
20 |
|
99 |
105 |
6 |
1.372 |
6.46 |
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Tot./ Wtd. Avg |
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3,285 |
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|
1,001 |
0.439 |
1.05 |
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10,665 |
BP-20-23 (620') and 24 (880') No significant
mineralization |
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Total Drilling |
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12165 |
1 Nominal
gold cut off: 0.20 g/t. Could be lower with current gold prices and
higher leach recovery. |
Minimum 20 feet waste between mineral intervals. Maximum 20
feet waste within mineral intervals. |
2 As spatial
data is not currently not available, mineral lengths are not true
thicknesses. |
3 Rounded.
Decimals not shown |
|
BM= Monthgomery
Shoshone, BH=Mystery Hill and BP=Paradise Ridge |
- Complete an independent preliminary
economic analysis that would include capital and operating cost
estimates, facility siting studies, updated resource estimates
within an optimized pit plan and selection of the scenario that
delivers the best Project financial performance.
As hole BM-20-22 intersected 24 meters at 0.54 g
gold/t and 2.1 g silver/t about 40 meters under the MS pit
and the nearest hole along strike to the northeast is barren but
190 meters away, two or more holes are planned in this area
to test for significant potential extensions toward the northeast.
No additional drilling is currently needed in the MH and Bullfrog
pit areas. Several additional holes and related studies are planned
to further define and test the Paradise Ridge exploration target as
well as several other targets generated by the Company.
About Bullfrog Gold Corp. and Current
ResourcesBullfrog 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 mining and conventional milling beginning in 1989 and
ending in 1999 when ore reserves were depleted. Measured and
indicated (M&I) 43-101 compliant resources were estimated in
mid-2017 by Tetra Tech Inc. at 525,000 ounces of gold, averaging
1.02 gold g/t in base case plans of the MS and Bullfrog pits, the
latter of which included minor MH resources. Most of these
resources are in the north extension to the Bullfrog pit. Inferred
resources were estimated at 110,000 ounces of gold averaging 1.2
g/t, of which most were in the Mystery Hill area It is noted that
the 3-year trailing average gold price is now $185 higher than the
$1,200 average price used in 2017. The resource estimates were also
based on a heap leach gold recovery of 72% compared to the average
85% leach test recoveries recently achieved on four bulk samples.
Much 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 managed 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 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.
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 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.
Forward-looking information in this press release includes but is
not limited to statements regarding increased liquidity for the
Company’s shareholders and the application of metallurgical testing
results.
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.
We use certain terms in this valuation such as
“mineralization” and “mineral inventory estimates” that are not
defined in Canadian National Instrument 43-101; or recognized under
the U.S. SEC Industry Guide 7. 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
resources or 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 from time to time with
the United States Securities & Exchange Commission. 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
https://www.sec.gov/edgar.shtml.
Qualified PersonDavid Beling,
P.E. has 56 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, as he is
the CEO & President and holds common shares and incentive stock
options of the Company.
For further information, please contact David
Beling, CEO & President, at (970) 628-1670.
Corporate
Communications:InvestorBrandNetwork (IBN) Los Angeles,
California www.InvestorBrandNetwork.com 310.299.1717
OfficeEditor@InvestorBrandNetwork.com
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