Bullfrog Gold Corp (OTCQB:BFGC; CSE:BFG; FSE:11B) (“Bullfrog”, “BFGC” or the “Company”) is pleased to announce a drill program at its Bullfrog Project (“Project”) located 125 miles NW of Las Vegas, Nevada. Arrangements for site preparation and drilling are in place and an accredited laboratory in Reno has been engaged to assay drill samples. The program is fully funded and permitted, cash reclamation bonds have been posted and a cultural-archaeological survey was recently completed to allow drilling on lands leased and optioned to purchase from Barrick Bullfrog Inc. The direct program cost is estimated at $500,000 for drilling, assaying, geological personnel and field services. The program consists of drilling 9,000 feet in 17 holes as described below during a 6 week period starting in early May, unless changes are imposed by the coronavirus crisis.
Drilling priority holes NE of the existing Bullfrog and around the Montgomery-Shoshone pits to expand resources and pit limits. Most of this drilling will be on lands leased from Barrick and is required to meet final work commitments and thereby allow the purchase of said lands by September 23, 2020. After drill results are analyzed, a few additional holes will likely be drilled in a subsequent program to fully optimize ultimate pit limits.
A few priority, but discretionary holes are planned in our new Paradise Ridge exploration target located one mile east of the Bullfrog Pit. Geological studies of this target have identified an undrilled area 2,000 meters long and 350 meters wide that has the identical host rocks as the 2+ million ounce Bullfrog deposit, similar structures and gold in surface samples. Testing the entire target will require much more drilling in subsequent programs.
In summary, the Company is committed to conserve cash during the global crisis but will also meet its 2020 obligations while adding value and advancing the Project.
About Bullfrog Gold Corp.
Bullfrog Gold Corp. is a Delaware corporation that controls the commanding land and mineral positions in the Bullfrog Mine area where Barrick Bullfrog Inc. produced 2.3 million ounces of gold by conventional milling beginning in 1989 and closing in early 1999 when the gold price was under $300/ounce.
The large data base obtained from Barrick includes detailed information on 155 miles of drilling in the Bullfrog area. An independent 43-101 report prepared in 2017 estimated mineralization at 624,000 ounces at 0.7 g/tonne gold within expanded pit plans on the Company’s lands based on a gold price of $1,200 and heap leaching. An annual production rate of at least 60,000 ounces is currently envisioned by management, or more depending on success from drill programs. Much additional technical and corporate information may be sourced at www.bullfroggold.com.
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. Forward looking information in this press release includes but is not limited to statements regarding increased liquidity for the Company’s shareholders and the application of metallurgical testing results.
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.
We use certain terms in this valuation such as “mineralization” and “mineral inventory estimates” that are not defined in Canadian National Instrument 43-101; or recognized under the U.S. SEC Industry Guide 7. 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 resources or 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 from time to time with the United States Securities & Exchange Commission. 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.
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, as he is the CEO & President and holds common shares and incentive stock options of the Company. For further information, please contact David Beling, CEO & President, at (970) 628-1670.
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