GRAND JUNCTION, Colo., June 09, 2020 (GLOBE NEWSWIRE) -- 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 District
In 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:
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%.
| || 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:
Paradise Ridge Target
The 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.
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 Statements
This 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.
CEO and President
Los Angeles, California