MONTRÉAL, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or the “Corporation”) is pleased to announce that it has filed for drilling permits with the Government of Quebec for a 15,000 m drill program on its Bousquet property. The Corporation owns a 100% interest in 97 claims representing 2,675 ha located at the heart of the globally recognized Abitibi mining camp (more than 30 mines) with an historical production of more than 100M oz. of gold along the Cadillac-Larder Lake Fault.
Drill Program
The drill program will focus on establishing the extension of the known gold system at depth. A strong gold mineralized system was discovered in the southern portion of the Bousquet Lake Property. Four gold showings, Decoeur, Paquin East and Paquin West, Calder-Bousquet and Joannes, were discovered in the early exploration work (1932-1945) on the property. They are located within a 2.5 km hydrothermal gold system within a shear zone parallel to the Cadillac-Larder Lake Break at about 1 km south of same. These showings have probably been formed in the same mineralizing episode within regional E-W trending faults.
On the Paquin showings, grades of 7.13 g/t Au over 12.10 m, 4.51 g/t Au over 9.40 and 2.44 g/t Au over 13.00 m were intersected in historical drill holes (GM 07013-A). On the Decoeur showing, 1.26 g/t Au over 18.60 m and 1.16 g/t Au over 16.80 m were intersected in historical drilling (GM 07013-A). On the newly acquired western block, 26.46 g/t Au and 19.55 g/t Au over widths of 1.5 m were discovered on the Joannes gold discovery GM 00735-B). No recent drilling was carried out on the property.
The deepest gold intersection on the property was on the Paquin showing at a vertical depth of 325 m where 23.52 g/t Au over 1.2 m was intersected (GM 61411). High grade gold mineralization at depth is known to occur in the neighboring mining operations. For example, grades of 38.1 g/t Au over 4.0 m were found at a vertical depth of 1600 m at the Westwood Mine (Iamgold), 14.8 g/t Au over 4.9 m at the -1335 level at the Lapa Mine (Agnico Eagle). Recent drilling at the former O’Brien mine by Radisson intersected 24.22 g/t Au over 3.0 m at 900 m deep. Longitudinal sections from the historical drilling show that all the showings of this strong gold system are open at depth and future drilling will verify their continuity at depth.
Other drill targets will include gold anomalous felsic intrusions within the Cadillac-Larder Lake Break which bear significant geological settings with felsic intrusions in the Malartic mining District. The Calder-Bousquet gold showing will also verify the continuity at depth of a shallow intercept of 8.09 g/t Au over 2.0 m.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/039b85e8-5d5d-45b5-bba5-5504ab4e1fd8
Jonathan Hamel, President and CEO of Bullion Gold stated “We are incredibly pleased with the acquisition of the Bousquet property located along the Cadillac-Larder-Lake Fault, historically one of the most prolific gold faults in the world. We are now concentrating our efforts on the summer exploration campaign which will aim to test the grades at depth on a 4km corridor formed of 5 historic gold showings ranging from 2.49 g/t over 5.91M (Paquin Showing) to 26.46 g/t over 1.50M (Joannes Showing). The property's enviable geographic location, in the heart of the Abitibi mining camp, makes it an interesting project for Bullion Gold.”
Results of an Airborne Magnetic Survey
The Company has received the results of an 1,114 km high resolution heli-borne magnetic survey. The survey outlined several geological features. First and foremost, it shows the location of the Cadillac-Larder Lake Fault as represented on Figure 1. There is also a Proterozoic diabase dyke that crosses the property in a NE direction that is parallel to the Bousquet Fault that transects into Iamgold’s gold deposits (Doyon Mine, Westwood) to the northeast. It also may have filled an ancient volcanic vent. In the north part of the property, the survey has revealed several magnetic highs represented by iron formations. The Norgold-Orion gold showing is located east of the property and an intercept of 1,35 g/t Au over 2,40 m was found in iron formations beds within the Cadillac Group. (Hole NG94-01, GM 52982).
Airborne Magnetic Survey Report (PDF)
Grant of Stock Options
The Company announces that incentive stock options have been granted to directors and officers to purchase up to 500,000 common shares at a price of $0.075 per share for five years, pursuant to its Stock Option Plan.
The Company currently has 37,112,253 shares issued and outstanding, along with 3,450,000 options (including the options described above) and 3,526,441 warrants.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts no responsibility for the veracity or accuracy of its content.
This press release was compiled and approved by Gilles Laverdière, P.Geo., director, and Qualified Person under National Instrument 43-101.
About Bullion Gold
Bullion Gold is involved in the identification, exploration, and development of viable mineral properties in the Province Quebec and British Columbia. For more information on the Corporation, visit www.bulliongold.ca
For further information, please contact:
Jonathan Hamel
President and CEO
jhamel@bulliongold.ca
Other Information
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts no responsibility for the veracity or accuracy of its content.
Forward-Looking Statements: This press release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", “anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements are based on certain key expectations and assumptions made by the Corporation. Although Bullion Gold believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Bullion Gold can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in the Corporation’s management discussion and analysis of the financial condition and results of operations for the year ended December 31, 2019 and the third quarter ended September 30, 2020, which are available on the Corporation’s profile at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Warrior Gold undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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