06:01:04 EDT Tue 01 Jul 2025
Enter Symbol
or Name
USA
CA



Bullion Gold Resources Corp (2)
Symbol BGD
Shares Issued 59,108,188
Close 2024-11-12 C$ 0.04
Market Cap C$ 2,364,328
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Bullion Gold arranges $1-million private placement

2024-11-13 15:04 ET - News Release

Mr. Jonathan Hamel reports

BULLION PREPARES $1M FINANCING AND PRESENTS SUMMARY OF ITS GOLD AND POLYMETALLIC PROJECTS

Bullion Gold Resources Corp. 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 10 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 kilometres (km) north of Lake Mistassini. Composed of 722 cells with an area of approximately 40,400 hectares, this project contains numerous gold showings, as well as numerous base metal indications suggesting the presence of a VMS (volcanic massive sulphide) and/or a copper porphyry. The main showings Rivon Lake, Canico, Papas and Holton Lake historically traced by drilling and surface sampling demonstrate a geological environment favourable 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 four kilometres long and approximately 800 metres 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 gram per tonne (g/t) gold (Au) to 3.8 g/t Au and silver grades ranging from 10.6 g/t silver (Ag) to 384 g/t Ag. Copper grades of up to 3.56 per cent on Rivon Lake and 6.77 per cent 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 Jonathan Hamel, president and chief executive officer 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.

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 parts per million (ppm) in nickel (Ni) and 170 ppm in cobalt (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 eight km. South of the CLL fault, the Paquin East and West, Decoeur, Joannes, and CB-1 gold showings are located in a gold corridor intersected by drilling of approximately 2.75 km.

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 (southeast and northeast with the Westwood mine), as well as Hecla Mining directly to the west with the Hosco and Heva projects.

The company owns 100 per cent of the property with a minimum royalty allocated.

This press release was read and approved by Gilles Laverdiere, PGeo, director and qualified person under National Instrument 43-101.

About Bullion Gold Resources Corp.

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-per-owned Bousquet and Bodo SM projects.

We seek Safe Harbor.

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