Bullfrog Discovers High Grade Gold and Confirms Historic Drill Data at Newsboy Project
GRAND JUNCTION, CO–(Marketwire – May 1, 2012) – Bullfrog Gold Corp. (OTCBB: BFGC) (‘Bullfrog’ or the ‘Company’) is pleased to announce recent drill results at its Newsboy Project located 45 miles NW of Phoenix, Arizona.
- One vertical hole drilled in the basement schist rocks discovered a vein that contained 50 feet (15.2 meters) of 0.084 gold ounces per short ton (opt) (2.9 grams/metric tonne) and 0.18 silver opt (6.1 g/mt), including 5 feet (1.5 m) of 0.39 gold opt (13.5 g/mt) and 0.39 silver opt (13.5 g/mt).
- Five holes drilled within a 1992 proposed open pit mine area averaged 0.048 gold opt (1.6 g/mt), 1.2 silver opt (41.1 g/mt) and 64 feet in thickness (19.5 m). These results are comparable and confirmatory of adjacent old drill data.
- Sixteen additional holes were drilled in the large area surrounding the proposed open pit limits. Nine of these holes contained mineralization above the cutoff grade of 0.015 gold opt (0.5 g/mt).
Approximately 80% of the historic resources estimated in the 1992 open pit mine plan were hosted in the shallow rhyolite rocks and 20% in the immediate underlying pre-Cambrian schist. The significant mineralized portions of these rock types were previously broken and brecciated as a result of low-angle detachment faulting. In this regard, these mineralized zones are typically less than 10 feet thick in the schist and up to 100 feet thick in the rhyolite. However, the Company is particularly excited about the high grade discovery in a mineralized fault zone located 70 feet below the rhyolite-schist contact and 550 feet south of the 1992 proposed open pit mine plan. Such faults were the conduits for ascending mineral solutions that precipitated values in the thick permeable zones as well as in narrow, steeply dipping veins in the rhyolite and the schist.
This discovery and the presence of numerous other fault zones throughout the property creates several additional targets worthy of drilling angled holes to determine the true thicknesses of these near vertical veins. For reference, the ores in the historic Vulture Mine located 10 miles west of the Newsboy Project were hosted in quartz-bearing gold veins in the same pre-Cambrian schist formation.
Drilling & Sampling Procedures and Results
All drilling was performed using reverse circulation methods. Drill cuttings were sampled at intervals of 5 feet and split to typically produce 15-pound representative samples for further preparation and assaying. All sample splits were collected, bagged and tagged under the direct supervision and custody of Clive Bailey, CPG, Qualified Person and Lead Project Consultant. Sample splits were transported to Skyline Laboratories in Tucson, Arizona and assayed for gold, silver and other relevant elements. In compliance with US and other international QA/QC procedures, separate blank, duplicate and standard samples were randomly submitted for assay with the drill samples. The table below shows results from the 24-hole program that was completed by the end of January 2012:
|Newsboy Drill Program|
|Interval Cutoff (C.O.) at 0.015 gold oz/ton|
|BFG Hole||Mineral Intervals, Feet||Gold||Silver||Depth||Relation|
|Year – No.||From||To||Thickness||opt||opt||Feet||To P.O.P *|
|** 11 – 01||0||10||10||0.023||1.52||220||Center|
|** 11 – 02||25||45||20||0.040||0.41||130||NW Edge|
|11 – 03||Re-drilled as 12-23||Incomplete||–||–||70||SW Edge|
|** 11 – 04||45||105||60||0.072||1.76||140||S End|
|11 – 05||Re-drilled as 12-19||Incomplete||–||–||135||NE Edge|
|12 – 06||305||310||5||0.043||0.19||445||150 ft SE|
|12 – 07||255||260||5||0.015||0.41||430||350 ft SE|
|12 – 08||Mineral below C.O.||–||–||–||400||550 ft E|
|12 – 09||Mineral below C.O.||–||–||–||345||1,100 ft E|
|12 – 10||295||330||35||0.036||0.17||400||1,000 ft E|
|12 – 11||375||425||50||0.084||0.18||440||550 ft SSE|
|12 – 12||Mineral below C.O.||–||–||–||400||950 ft ENE|
|12 – 13||280||285||5||0.026||0.31||345||1,000 ft NE|
|12 – 14||330||335||5||0.019||0.02||455||1,000 ft NNE|
|12 – 15||Mineral below C.O.||–||–||–||225||1,600 ft SSE|
|12 – 16||Mineral below C.O.||–||–||–||200||1,600 ft SSE|
|12 – 17||100||105||5||0.043||0.70||300||1,500 ft SSE|
|12 – 18||Mineral below C.O.||–||–||–||100||Angled at #17|
|** 12 – 19||10||25||15||0.029||0.36||325||NE Edge at #5|
|12 – 20||Mineral below C.O.||–||–||–||280||700 ft N|
|12 – 21||25||50||25||0.017||0.04||245||950 ft N|
|12 – 22||90||95||5||0.031||1.01||145||Angled at #3|
|** 12 – 23||50||105||55||0.037||1.29||165||W Edge at #3|
|12 – 24||275||290||15||0.018||0.48||410||250 ft SE|
|Weighted average – all mineral intercepts||24||0.047||0.89|
|* P.O.P = Proposed open pit in 1992 feasibility|
|** Wtd. avg intercept in P.O.P. (9 intercepts)||36||0.048||1.24|
|** Wtd. avg. mineral/hole in P.O.P. (5 holes)||64||0.048||1.24|
The Company plans to drill an additional 20,000 feet in 58 holes during the balance of 2012 and soon thereafter contract the preparation of resource estimates and preliminary mine plans. The development portion of this drilling will further test the lateral and vertical extents of the main deposit area. The exploration portion of this drilling will test several highly-prospective targets located from 0.5 to 3 miles from the main deposit and several deeper, fault/feeder structures in the pre-Cambrian schist. The Company also intends to update and collect additional mine, process and environmental information to support the preparation of technical/economic studies and environmental permit applications.
About Bullfrog Gold Corp.
Bullfrog Gold Corp. is a Delaware corporation that started trading on the over-the-counter bulletin board market on October 17, 2011 under the symbol BFGC. During 1992, predecessor owners of the Newsboy Project completed a feasibility study and submitted environmental permit applications to the State and the US Bureau of Land Management. Historic resources in the main deposit area were estimated in 1992 at 5.3 million tons averaging 0.04 gold opt and 0.7 silver opt. A total of 38,600 feet of drilling and substantial technical work has been completed on the Newsboy Project at an expenditure of more than $5.5 million.
The Company also owns a highly-prospective property located 116 miles NW of Las Vegas, Nevada. These lands are adjacent to Barrick Gold’s Montgomery-Shoshone mine and within one mile of Barrick’s Bullfrog mine. Between 1988 and 1999 these two open pit mines produced approximately 220,000 ounces of gold and 2.3 million ounces of gold, respectively. More information on the Company and its projects may be obtained from www.BullfrogGold.com, or by emailing info@BullfrogGold.com.
On behalf of the Board,
David Beling, PE
President, CEO & Director
Cautionary Note Regarding Forward-Looking Statements
This press release contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein 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.’ Although the Company’s management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company’s future results to differ materially from those anticipated. Potential risks and uncertainties include, among others: general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; risks of junior exploration and pre-production activities; and maintenance of important business relationships. Bullfrog 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 sufficient mineral deposits that can be mined profitably. Once a site with mineralization is discovered, it may take several years from the initial phases of drilling until production is possible, during which time the economic feasibility of production may change. Substantial expenditures are required to establish recoverable proven and probable reserves and to construct mining and processing facilities. As a result, there is no assurance that current or future exploration programs will be successful. Furthermore, the Company currently has no reserves on any of its properties. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with the SEC including the Current Report on Form 8-K/A, filed with the SEC on October 7, 2011 and the Annual Report on Form 10-K filed with the SEC on February 27, 2012. The Company assumes no obligation to update any of the information contained or referenced in this press release.