via NetworkWire – Bullfrog Gold Corp. (BFGC:OTCQB; BFG:CSE;
11B:FSE) (“Bullfrog,” “BFGC” or the “Company”) today
announced assay results from the six remaining holes of the 25
total holes recently drilled at its Bullfrog Project (“Project”).
The Project comprises 2,125 hectares (5,250 acres) of strategic
lands, established resources and prospective exploration potential
in the Bullfrog Mining District located 4 miles west of Beatty,
Nevada (200 km northwest of Las Vegas, Nevada). The Bullfrog and
surrounding area are in one of the most prolific gold exploration
regions in North America that includes significant activities by
neighboring AngloGold, Kinross Gold, Coeur Mining and Corvus Gold.
The Company has commanding land and resource positions in the
Bullfrog mine area and obtained Barrick Bullfrog Inc.’s (Barrick)
large database, including detailed information on 250,000 meters
(155 miles) of drilling in the area.
Key Points
- The remaining hole of the 17 holes
drilled in the Mystery Hill (MH) area intercepted 35 meters
(115 feet) of 0.44 g gold/t starting at the surface and
included 15 m of 0.64 g/t staring at 2 m. Most of this
intercept was not within previous estimates of measured and
indicated (M&I) resources.
- The last 3 of 6 holes drilled in
the Montgomery-Shoshone (MS) area were collared near the west rim
of the pit and angled to test for down dip mineralization that
could not be drilled in the MS pit. BM-20-21 intercepted 61
meters at 0.78 g gold/t and 7.25 g silver/t from 99 meters
to 160 meters, including 20 meters at 1.84 g gold/t and
18.3 g silver/t starting at 134 meters. BM-20-22
intercepted 6 meters at 0.33 g gold/t and 5.2 g silver/t starting
at the surface and 24 meters at 0.54 g gold/t and 2.08 g silver /t
starting at 93 meters. These intercepts were in areas that were not
included in M&I resource.
- The initial two holes drilled in
the far south of the Paradise Ridge exploration target did not
discover any significant mineralization. Notwithstanding, this
target is approximately 2,000 meters long and 400 meters wide and
these two holes tested a representative area of approximately
30,000 square meters, or less than 4% of the prospective target
area.
Dave Beling, BFGC CEO, stated, “The drill assay
results achieved our objectives to further define resources
and ultimate limits of proposed expansions to the Bullfrog and MS
pits. The program also fulfilled a final work commitment for the
Company to purchase a 100% interest in lands under lease from
Barrick by mid-September 2020. The first two holes in the Paradise
Ridge target did not intercept any significant mineralization, but
this large undrilled area continues to be highly prospective and
needs several more drill holes to fully explore and assess its
potential that extends nearly 2,000 meters to the
northwest.”
MH and MS Drill and Assay
DataTable 1 shows the assay and drill data on the last
hole of 17 drilled in the MH area and three additional holes
drilled in the MS area. BH-20-19 intercepted two thick shallow
intercepts, of which the nearest old holes are 38 meters north, 38
meters south and 20 to 50 meters down dip toward the west. The
intercepts in the old wide-spaced holes were as much as 150 meters
below the MH outcrops whereas the new intercepts ranged from 0 to
50 meters below the MH outcrops. The spacings of the 17 new holes,
along with existing holes, are now adequate to convert most of the
inferred resources previously estimated in the MH area to M&I
classifications, and potentially expand overall MH resources within
an optimized expansion of the Bullfrog pit.
Figure 1 shows the location of the MS and
Bullfrog pits, the Mystery Hill area, the Paradise Ridge
exploration target and the location of the 25
holes.
Table 1MH, MS and BP
Drill and Assay Data
|
Hole |
MH Intervals, Feet 2 |
MH Intervals, Meters 3 |
Gold 1 |
Silver |
|
Total |
|
No. |
From |
To |
Length |
|
From |
To |
Length |
g/t |
g/t |
|
Depth, Ft |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BH-20-19 |
0 |
115 |
115 |
|
0 |
35 |
35 |
0.437 |
0.30 |
|
350 |
|
includes |
5 |
55 |
50 |
|
2 |
17 |
15 |
0.635 |
0.31 |
|
|
|
|
140 |
195 |
55 |
|
43 |
59 |
17 |
0.265 |
0.25 |
|
|
|
|
230 |
255 |
25 |
|
70 |
78 |
8 |
0.211 |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BM-20-20 |
560 |
605 |
40 |
|
171 |
184 |
12 |
0.302 |
0.76 |
|
700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BM-20-21 |
325 |
525 |
200 |
|
99 |
160 |
61 |
0.775 |
7.25 |
|
620 |
|
includes |
440 |
505 |
65 |
|
134 |
154 |
20 |
1.838 |
18.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BM-20-22 |
0 |
20 |
20 |
|
0 |
6 |
6 |
0.333 |
5.23 |
|
620 |
|
|
305 |
385 |
80 |
|
93 |
117 |
24 |
0.538 |
2.08 |
|
|
|
includes |
325 |
345 |
20 |
|
99 |
105 |
6 |
1.372 |
6.46 |
|
|
|
Tot./ Wtd. Avg |
|
535 |
|
|
|
163 |
0.536 |
3.37 |
|
2,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BP-20-23 |
No significant gold mineralization |
|
|
|
|
620 |
|
BP-20-24 |
No significant gold mineralization |
|
|
|
|
880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assays from the three remaining holes drilled in
the MS area are described below and summarized in Table 1. All
three holes were collared on the west MS pit rim and were angled
60o due east to test mineral projections dipping westerly below the
pit.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e2935ec8-30ca-4c1e-acdc-df2295c4c8ba
BM-20-20 was located to determine if the
mineralization that was identified in several old holes continued
along strike to the northeast and southwest and particularly up
dip. The 12-meter intercept of 0.30 g/t is approximately 70 meters
below the existing pit and may not add any resources within an
optimized pit plan but was needed to define ultimate pit limits in
that area.
BM-20-21 intersected 61 meters at 0.78 g gold/t
and 7.25 g silver/t approximately 40 meters below the northern pit
wall. The new intercept confirms continuity of mineral along strike
as well as up and down dip, particularly in combination with the
new drill assay data in holes BM-20-1, 2, 20 and 22 (see Figure 1)
and a few intercepts in old, wide-spaced holes. The new intercept
is in an area that previously was not in M&I resource
estimates.
BM-20-22 intercepted 24 meters of 0.54 g/t
starting at 45 meters below a 50-meter wide bench in the northeast
end of the MS pit. As a result, much of the stripping over
the northeast extension of this intercept was completed by previous
operators. Laybacks of the pit walls toward the north and
south will limit how far the MS pit can be deepened, but there now
is enough information to optimize a pit plan and its ultimate
depth. The new intercept is in an area that previously was not in
M&I resource estimates.
Paradise Ridge Exploration
TargetThe two holes drilled in the far south of the
Paradise Ridge target did not intercept any significant
mineralization. Notwithstanding, this target is approximately 2,000
meters long and 400 meters wide and these two holes tested a
representative area of approximately 30,000 square meters, or less
than 4% of the total prospective target area. In this regard,
the Company has engaged Dr. Tommy Thompson of Reno, a highly
experienced and widely recognized authority on epithermal gold
deposits to perform further analytical tests on samples of these
two holes, conduct a field examination of the Paradise Ridge target
and provide recommendations to facilitate and advance the
exploration of the entire target.
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 $170 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.
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.
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
https://www.sec.gov/edgar.shtml. Additional technical and corporate
information may also be sourced at www.bullfroggold.com.
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
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