Montreal, Quebec--(Newsfile Corp. - November 13, 2024) - Bullion Gold Resources Corp. (TSXV: BGD) ("Bullion Gold" or "the Company") will undertake a non-brokered private placement for minimum aggregate gross proceeds of $1 million consisting of: (i) $200,000 through the issuance of units of the Company at a price of five cents per unit; and (ii) $800,000 through the issuance of flow-through (FT) units of the Company at a price of seven cents per FT unit. Each unit will consist of one common share in the capital of the Company and one common share purchase warrant, and each FT unit will consist of one flow-through common share and one warrant. Each warrant will entitle the holder thereof to acquire one common share at a price of eight cents per common share for a period of 36 months and ten cents per flow-through share for a period of 12 months, from the date of issuance. Dollar amounts are in Canadian dollars unless otherwise noted.
Bullion Gold intends to use the net proceeds from the offering for expenses incurred in connection with the exploration of its Bodo Project and for general corporate and working capital purposes.
Bodo Project
The Bodo project is located approximately 40 km north of Lake Mistassini. Composed of 722 cells with an area of approximately 40,400 hectares (40.4 km²), this project contains numerous gold showings as well as numerous base metal indications suggesting the presence of a VMS and/or a copper porphyry. The main showings Rivon Lake (Au, Ag, Cu, Pb, Zn), Canico (Au, Ag, Cu), Papas (Cu, Zn, Ag) and Holton Lake (Cu-Mo) historically traced by drilling and surface sampling demonstrate a geological environment favorable to the presence of a polymetallic system. These showings are partly associated with magnetic and electromagnetic anomalies (EM).
The Rivon Lake zone associated with a north-south trending mineralized corridor nearly 4 kilometers long and approximately 800 meters wide would include, according to historical drilling, several mineralized shear zones parallel to each other. The Company's management suspects the presence of several other parallel shear zones in this same corridor. Historical drilling indicates this possibility and field work also seems to confirm this hypothesis. These short historical drill holes carried out on the Rivon Lake zone currently intersect three zones containing distinct minerals suggesting different phases of mineralization. Some zones contain gold, silver and copper while others contain zinc and cobalt or zinc and lead.
This same corridor runs along a strong north-south magnetic anomaly. Further north, this magnetic anomaly folds severely to form a horseshoe. The MERN indicates the presence of ultramafic units associated with this major fold. The fold zones are sometimes excellent traps associated with the circulation of hydrothermal fluids allowing the deposition of different types of minerals and metals.
2024 Exploration Work
A first phase of exploration work in June 2024 confirmed the polymetallic nature of the Bodo project and discovered a new zone of massive sulphides located at the contact of a high-intensity magnetic anomaly associated with electromagnetic conductors. The best results from channel and grab samples taken from the Rivon Lake and Canico showings yielded gold grades ranging from 0.18 g/t Au to 3.8 g/t Au and silver grades ranging from 10.6 g/t Ag to 384 g/t Ag. Copper grades of up to 3.56% on Rivon Lake and 6.77% on Canico (boulder). These surface results correspond to historical drilling results (GM 14059) both in terms of the grades obtained and the significant presence of gold, silver, copper, zinc and lead. The Papas and Holton showings were not visited during this period due to the lack of rock outcrops present in these areas. These showings were traced by drilling in the 1960s.
"The polymetallic potential of the Bodo project is very interesting for the Company. The June 2024 campaign allowed us to confirm the Rivon Lake and Canico showings in addition to the discovery of a new massive sulphides zone. Given the recent increase in the price of gold, silver and copper, the Bodo project could therefore become even more attractive for companies and investors looking for good polymetallic projects." said Mr. Jonathan Hamel, President and CEO of Bullion Gold.
This prospecting campaign also made it possible to note the presence of several minerals associated with the potential of a VMS such as copper and zinc or with a magmatic potential such as cobalt and nickel.
Figure 1 - Rivon and Canico Showings Results
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Figure 2 - Rivon Lake Zone in the Northeast Part of the Project - Horseshoe-Shaped Magnetic Anomaly
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In the Canico sector, the various samples taken on the surface and in the angular erratic blocks also demonstrate the presence of gold, silver and copper. These samples were collected to the west of several induced polarization (IP) anomalies. Several anomalous values of up to 1,570 ppm in Ni and 170 ppm in Co were also traced in this sector. A short historical 102-metre drill hole in this sector in 1981 had also intersected an anomalous zone ranging from 30 to 95 metres along the hole containing anomalous values in Cu, Au, Ag, Zn, Ni and Co.
In a next phase of field work, the Canico, Holton and Papas indices will be the subject of greater attention in order to trace rock outcrops allowing us to know even more about the geological environment of these indices.
Bousquet Project
The Bousquet project, consisting of 71 claims covering approximately 2,369 hectares, runs along the Cadillac-Larder Lake fault, one of the most prolific gold-bearing faults in the world, for nearly 8 km. South of the CLL fault, the Paquin East and West, Decoeur, Joannès and CB-1 gold showings are located in a gold corridor intersected by drilling of approximately 2.75 km.
Figure 3 - Bousquet Project Gold Intercepts
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West and North of the CLL fault, very little work has been done in previous years. Based on an airborne magnetic survey, the Company has traced several targets that should eventually be tested by drilling.
The Bousquet project is totally landlocked by active projects from companies such as Agnico Eagle (North and East with the Laronde mine), IAMGOLD (South-East and North-East with the Westwood mine) as well as Hecla Mining directly to the West with the Hosco and Heva projects.
The Company owns 100% of the property with a minimum royalty allocated.
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 of Quebec. The Company is developing the 100% owned Bousquet and Bodo SM projects. For more information, 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 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 second quarter ended June 30, 2024, 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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SOURCE: Bullion Gold Resources Corporation
