Bullfrog Gold Receives Assays on 5 More Holes at its Project in the Bullfrog Mining District of Nevada, Including 14 Meters of 2.42 g gold/t and 46 Meters of 0.30 g/t
Grand Junction, CO, July 7, 2020 – Bullfrog Gold Corp. (BFGC:OTCQB; BFG:CSE; 11B:FSE) (“Bullfrog,” “BFGC” or the “Company”) today announced assay results from five more 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 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 large data base, 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, including 46 meters averaging 0.30 g gold/t and 24 m of 0.35 g/t. Another hole intersected 14 m at 2.42 g/t in the main Bullfrog vein, including 6 m at 4.89 g/t starting at a depth of 42 m. Most of the thicker, lower grade intercepts are not within previous estimates of measured and indicated resources.
- The new holes now provide much closer hole spacings to support potential increases in resources in higher classifications. A column leach test of a MH bulk sample that contained 0.34 g/t also achieved a 91% gold recovery from a very fine size compared to two Bullfrog bulk samples that averaged 1.2 g/t and recovered 83% at the same fine size.
- Assays coming in the next two weeks include 3 holes in the Montgomery-Shoshone (MS) deposit, 1 hole in the MH deposit and 2 holes in the Paradise Ridge exploration target.
- 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.
MH Drill Hole Assay Data
Table 1 shows the assay and drill data on five additional MH holes, all of which contained significant mineral intercepts. The high-grade intercept in BH-20-10 is in the Bullfrog brecciated vein whereas all the lower grade intercepts are in the MH mineralized fault zone. This interval is consistent in grade and confirms continuity along the strike and dip of similar mineralized intervals in surrounding old drill holes.
Mystery Hill Drill and Assay Data
The use of high pressure grinding rolls (HPGR) to produce column leach feeds having more micro-fractures in a minus 1/16-inch size achieved an average recovery of 85.8% from four bulk samples compared to 70.7% from a conventionally crushed size of minus 3/8-inch. These representative bulk samples were collected near the bottom of the Bullfrog and Montgomery-Shoshone (MS) pits and a dump from a 140-foot deep shaft in the MH area. The MH sample contained 0.34 g/t, yet recoveries were 91% at the very fine size compared to 83% from the conventional crushed size of 3/8-inch size. The Bullfrog area mineralization is highly amenable to using HPGRs rolls and leaching at very fine sizes, but additional sampling and testing are planned to provide greater certainty of gold and silver recoveries and further support future Project studies.
Most of the Company’s resources are on lands in the Barrick lease/option and located within the dashed green line on Figure 1 and northern part of the pit. The north Bullfrog resources have been adequately drilled in all dimensions necessary to optimize and design a final pit plan, but a few more holes may be cored to provide samples for column leach testing. The MH now appears to have enough definition drilling, but core from one or two more holes may also be collected for column leach testing. Figure 1 also shows the location of the cross section through the north Bullfrog pit and the Mystery Hill area. Figure 2 is the cross section that shows the high grade Bullfrog vein in a gold color and the mineralization in the MH fault that outcrops, dips to the west and connects to the Bullfrog fault at depth.
Drill Holes, Pit Expansions and Cross Section Locations
Cross Section through North Bullfrog Pit & Mystery Hill Area
Montgomery-Shoshone and Paradise Ridge Exploration Target
Assays from the three remaining holes drilled in the west side of the MS area and two holes drilled in the south zone of the Paradise Ridge target are expected to be released before mid-July 2020.
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. Based on the wide-spaced drill holes, most of the MH resources are also in the inferred classification. 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 http:www.sec.gov/edgar.shtml. Additional technical and corporate information may also be sourced at www.bullfroggold.com.