Bullfrog Gold Receives Assays on 9 More Holes at Its Project in the Bullfrog Mining District of Nevada, Including 8 Meters of 3.23 g gold/t and 110 Meters of 0.41 g/t
GRAND JUNCTION, Colo., June 30, 2020 (GLOBE NEWSWIRE) -- via NetworkWire -- Bullfrog Gold Corp. (BFGC:OTCQB; BFG:CSE; 11B:FSE) (“Bullfrog,” “BFGC” or the “Company”) today announced gold and silver assay results from 9 more holes of the 25 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 Mining District and surrounding area are in 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 obtained a very large database from Barrick Bullfrog Inc., including detailed information on 250,000 meters (155 miles) of drilling in the area.
- Drilling continued to intercept thick intervals of gold mineralization in the Mystery Hill (MH) deposit. BH 20-6 intersected 110 meters averaging 0.41 g gold/t, including 26 meters of 0.91 g/t. BH-20-9 intersected 91 meters averaging 0.33 g/t and an upper interval of 6 meters averaging 0.53 at 23 meters. Most of the new intercepts are not in areas previously included in measured and indicated resource classifications.
- Hole BH-20-7 was lost at 73 meters but intersected 8 meters of 3.22 g/t starting at 46 meters deep. Replacement hole BH-20-9 had three significant shallow intercepts plus 91 meters of 0.33 g/t starting at 104 meters.
- The new holes along with existing holes in the MH area now provide much closer hole spacings that better define all resource classifications within a potential expansion of the Bullfrog pit to the northeast. MH resources will also supplement the much larger and higher grade resources in the proposed northern extension of the Bullfrog pit.
- Assays coming in the next few weeks include 3 holes in the Montgomery-Shoshone (MS) deposit, 5 holes in the MH deposit and 2 holes in the new Paradise Ridge exploration target.
Assays on MH Holes
Table 1 shows the 5 MH holes that contained mineral intercepts. These assays are very significant, as area resources are favorably oxidized and highly amenable to using high-pressure grinding rolls (HPGR) that produce a much finer leach feed with more microfractures than conventional crushing equipment. Average gold recoveries of 85% were achieved on extensive tests of four bulk samples sized at minus 1/16-inch compared to 71% from sample splits conventionally crushed to a -3/8-inch size. The HPGR gold recovery from the MH bulk sample was particularly favorable at 91% from a grade of only 0.34 g/t. Additional bulk sampling and HPGR leach testing are planned to provide greater certainty with the results established to date.
|MH Assay Results|
|Hole||MH Intervals, Feet 2||MH Intervals, Meters||Gold 1||Silver||Total|
|Tot./ Wtd. Avg||1,210||369||0.408||0.48|
|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.|
Holes BH-20-16 and 17 were drilled near the east perimeter of MH area and were not mineralized but were needed to define the northeast limits of mineralization. As all the old holes immediately east of the recent drilling also did not contain significant mineralization, the objective of defining the northeast limit of resources and the proposed Bullfrog pit expansion has now been met with much greater certainty. Angled hole BH-20-7 was lost at 240 feet, as was offset hole 7A. As a replacement, vertical hole BH-20-9 was drilled 80 m east and successfully confirmed four intercepts in this area.
For reference, the bottom of the Bullfrog pit ramp is 213 meters (700 feet) below the MH area and provides reasonable access to nearly all resources within a proposed layback of the northeast limit of the Bullfrog pit. Other Project attributes include a paved highway to the front gate; steep pit walls up to 53 degrees that remain stable after 25 years; water supply under the Bullfrog pit; excellent mining venue; nearly all waste can potentially be backfilled in the south Bullfrog pit to substantially reduce disturbances and costs; mineral and waste rocks overall are highly alkaline (no acid generation), and several additional exploration and development drill holes are permitted and bonded.
Twenty-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. Figure 1 shows the locations of the 25 holes drilled, the Bullfrog and M-S proposed pit expansions, the Company’s new Paradise Ridge exploration target and the location of a cross section included as Figure 2.
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. These resources have also been adequately drilled in all dimensions necessary to optimize a final pit plan. Assay results for holes BM-20-1 through 3 and BH-20-4, 5 and 8 were disclosed in a June 17, 2020, press release.
Drill Holes Locations, Pit Expansions and Cross Section Locations
Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/0e63a411-a61d-4133-bef2-7fafec170ce5
North Bullfrog Pit & Mystery Hill Area
Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/8161bcfe-59be-4b3d-862b-1bea8bf44b63
For reference, drill and assay data for five of the six wide-spaced old holes within the MH area are shown in Table 2, which also includes MH intercepts in the closest old holes west of the MH. Nearly all these old intercepts correlate well with the new mineral intercepts. Old Holes rdh-218, rdh-458 and es-002 and new holes BH-20-13 and 14 are located on or reasonably projected to the west to east cross section through the northern part of the Bullfrog pit, as shown in Figure 2.
Montgomery-Shoshone and Paradise Ridge Target
Assays from the three remaining holes drilled in the MS area and two holes in the new Paradise Ridge target are expected in early July 2020.
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 Tech Inc. at 525,000 ounces of gold, averaging 1.02 gold g/t in base case pit plans. Most of these resources are in the north extension to the Bullfrog pit. Inferred resources within these pit plans were estimated at 110,000 ounces of gold averaging 1.2 g/t. It is noted that the 3-year trailing average gold prices are now more than $160 higher than the $1,200 price used in the mid-2017 Canadian NI 43-101 resource estimates, which 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.
|Summary of Previous MH Drill Results 1|
|No.||Thick, Ft||Au G/T||Ag G/T||From, ft||To, ft|
|Five Interior Holes Within the MH Perimeter|
|1 Hole es-001 is the only other internal hole in the 300 m x 250 m MH area and defines|
|part of the eastern limit of resource as it had no significant mineralization.|
|Closest MH Intercepts West of the MH Perimeter 2|
|2 In MH fault zone only, Excludes peripheral intercepts in the Bullfrog vein and|
|stockworks that were in previous resource estimates and located above the above|
|the MH fault zone.|
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.
Drill Holes Locations, Pit Expansions and Cross Section Locations