Montreal, Quebec--(Newsfile Corp. - May 21, 2024) - Bullion Gold Resources Corp. (TSXV: BGD) ("Bullion Gold" or "The Company") will begin an initial exploration program starting June 2024 on its Bodo project which is located approximately 140 km north of the municipality of Chibougamau, in Jamésie (Québec).
The Bodo project, composed of 722 mining claims with an area of 39,000 hectares (390 km²), is made up of a geological environment favorable to the presence of base metals such as copper, zinc, nickel, cobalt and molybdenum as well as for the presence of gold, silver, PGE as well as for lithium.
"With the significant rise in the price of gold, silver, and copper, we consider ourselves very privileged to own 100% of a project such as Bodo. This 390 km² project is characterized by a geological environment favorable to the presence of an VMS and/or a vast porphyry system conducive to a polymetallic deposit. Moreover, historical data demonstrates the rich presence of copper, gold, silver, zinc, and molybdenum in several showings traced on the surface and by drilling on this project. We will begin our work very soon with all the confidence of making this project a flagship project for the Company," said Jonathan Hamel, President, and CEO of the Company.
Despite the little work carried out over the years, this project contains several significant showings including the Rivon Cu-Au-Ag showing, the Canico copper and gold showing as well as the Papas copper showing. Other significant showings listed by the MRNF also traced the presence of cobalt, PGE and lithium in certain surface and lake sediment samples.
The Rivon showing was the subject of a small drilling campaign in the 1960s and significant grades of Cu, Au, Ag were intersected by a series of short drill holes (approximately 60-70m depth along the hole) in a N-S corridor of more than 1.4 km. Several drillings intersected a copper horizon varying from 5 to 12 meters including rich zones in copper, gold and silver ranging from 0.50% to 9.9% in Cu, from 1.24 g/t Au to 5.93g /t Au and from 20 g/t Ag to 238 g/t Ag over thicknesses ranging from 0.15 m to 1.13 m. This copper, gold and silver mineralized corridor remains open both laterally and at depth. A significant inverted U-shaped magnetic anomaly is associated with this showing.
To the southwest of the Rivon showing, two drill holes carried out by Taché Lake Mines (GM 15698) each intersected silicified zones containing pyrite, chalcopyrite, and molybdenum over approximately 60 meters along the hole in hornblende schists upon contact with an intrusive. This may indicate the presence of a large porphyry system. No analysis was done for these surveys.
Further south, Soquem carried out some drilling at the eastern end of a magnetic anomaly associated with EM conductors. It seems that these were poorly positioned in relation to the geophysical anomalies. However, drilling 625-81-10 intersected an anomalous copper and zinc zone of nearly 90 m. Gold and silver were also detected in different locations in this drilling. The mineralization was intersected in rhyolites and the presence of graphitic tuffs is noted near the mineralization. This geological environment is favorable to the presence of a VMS type deposit. The presence of a few major faults can also be a favorable element for the presence of strategic minerals.
In the central part, the Canico showing, discovered in the 1960s, also contains several significant results demonstrating potential for a copper, gold, and silver environment. Sampling from surface and angular erratics blocks revealed copper values of up to 9.25% Cu, 2.18 g/t Au and 44 g/t Ag in one erratic block and 1.03% Cu, 2.20 g/t Au and 17 g/t Ag on surface. This sector has been little prospected and sampled over the years. This showing is located along a magnetic anomaly located at the contact of a basaltic amphibolite and a granite with pegmatites.
Further south of this showing, a sample of lake sediments (Lake Denos) taken by the MRNF revealed a content of 120 ppm in Co and 1% manganese. Lake Denos is located between two local faults at the contact of a high amplitude magnetic anomaly. No other prospective work has been done in this area. Further west, another sample of lake sediment taken by the MRNF in 1976 gave a significant index content of 3,718 ppm in Cu and 1,210 ppm in Co.
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
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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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