GRAND JUNCTION, Colo., July 14, 2020 (GLOBE NEWSWIRE) -- 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.
- 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 Data
Table 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.
MH, MS and BP Drill and Assay Data
|Hole||MH Intervals, Feet 2||MH Intervals, Meters 3||Gold 1||Silver||Total|
|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 Target
The 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 Resources
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 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 Assurance
The 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.
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 David Beling, CEO & President, 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 https://www.sec.gov/edgar.shtml. Additional technical and corporate information may also be sourced at www.bullfroggold.com.