Montreal, Quebec--(Newsfile Corp. - April 17, 2024) - Bullion Gold Resources Corp. (TSXV: BGD) ("Bullion Gold" or "the Company") announces that it has acquired 22 mining cells from a mining prospector as well as 18 other cells by map staking for a total area of 2,240 hectares. All cells are located on the northern edge of the Bodo property.
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The Bodo project includes 722 cells with an area of nearly 39,000 hectares
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Several copper, zinc and gold showings
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Presence of several magnetic anomalies and electromagnetic conductors
Located approximately 140 km north of Chibougamau, the Bodo project contains the main gold and copper showings Rivon, Canico and Papas.
Historic drilling (GM14058) carried out on the Rivon showing intersected several gold and copper values over thicknesses of up to more than 12 meters. The presence of zinc is also noted in these drillings. The Rivon zone is recognized by a few short surveys over more than 1.5 km and remains open in all directions. This showing is located in the northeastern part of the Bodo project.
Located in the north center of the Bodo project, the Canico showing (GM16800) was found by prospecting in the 1960s. The discovery of angular erratic blocks containing gold and copper values encouraged an exploration project in this area. Grab samples taken from the host rock also traced gold and copper values ranging from 1.43 g/t Au to 2.99 g/t Au and 1% to 1.05% copper. Some erratic blocks gave values ranging from 2.18 g/t Au to 4.35 g/t Au and from 4.75% Cu to 9.25% Cu. Further work will be necessary to determine the origin of the erratic blocks and verify historical data.
On the other hand, drilling 625-81-10 (GM38204) carried out in 1981 by Soquem in the southern part of the property made it possible to trace the Papas showing. This drilling intersected more than 90 meters of rhyolitic lavas containing anomalous values of copper and zinc as well as a horizon of graphitic tuffs. This geological environment is favorable for the establishment of volcanogenic massive sulfide deposits. The presence of Ni and Ag is also noted in the description of the core. This showing is associated with a major high intensity magnetic anomaly with a length of more than 13 km. A Maxmin type electromagnetic conductor accompanies this magnetic anomaly.
According to data from MERN (Sigéom) a sample of lake sediments taken a few hundred meters north of this same magnetic anomaly also revealed values of cobalt (225 ppm) and manganese (more than 1%) as well as silver (1.07 g/t Ag). Other rock samples taken by the MERN in 2023 in the far western part of the property also obtained anomalous values for Cu, Zn, Pt, Pd, Cr, Cs, Li, PGE and Ni. No other work except the collection of a few surface samples by the MERN has been done in this sector.
"It is astonishing to see that this geological area has been virtually ignored in the past. Very little work has been done there. However, there is favorable geology for base metals, gold and certain strategic minerals as well as numerous magnetic and conductive anomalies. This vast property deserves that we pay particular attention to it," mentioned Jonathan Hamel, President and CEO of the Company.
Figure 1: Bodo SM Project
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A first geological survey, prospecting and sampling campaign should begin next June. The main objective is to verify the historical data as well as to sample all the rock outcrops located in the environment of the historical data, particularly those linked to the three main known showings. The exploration team will be made up of a geologist and three experienced technicians. The samples will be analyzed for base and precious metals as well as strategic minerals.
This acquisition was made in consideration of a cash payment of $10,000, 1 million shares of the Company and a royalty of 2% NSR in favor of the seller.
This press release was read and approved by Gilles Laverdière, P.Geo., director, and Qualified Person under National Instrument 43-101.
About Bullion Gold Resources
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
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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 several 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, 2023 and the third quarter ended September 30, 2023, which are available on the Corporation's profile at www.sedarplus.ca. The forward-looking statements contained in this press release are made as of the date hereof and Bullion 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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