GRAND JUNCTION, Colo., Nov. 12, 2013 (GLOBE NEWSWIRE) -- Bullfrog Gold Corp. (OTCBB:BFGC) ("Bullfrog" or the "Company") is pleased to announce that it has engaged SRK Consulting ("SRK") of Denver, Colorado to estimate resources on the Newsboy Gold Project ("Project" or "Newsboy") and prepare a technical report using Canadian National Instrument 43-101 standards and procedures. SRK Consulting is an independent, international consulting practice that offers services from exploration through feasibility, mine planning, and production to mine closure. Formed in 1974, SRK now employs more than 1,600 professionals internationally in over 50 offices on 6 continents.
GeoMax of Denver, Colorado recently converted the historic drill data base from paper into electronic format and vetted all information with respect to QA/QC protocols. SRK now has the electronic data package and recently completed its visit to the Newsboy site. The Company anticipates that SRK will complete its report by early 2014.
About the Newsboy Project
The Project comprises 7,160 acres of state, federal and private lands located 45 miles northwest of Phoenix, Arizona. Wickenburg and Morristown are located 10 miles and 3 miles respectively from the site. Approximately 1.2 million ounces of gold and 1 million ounces of silver have been produced within 25 miles of the Project from several historic mines, including the Vulture, Congress, Octave and Yarnell.
Newsboy area mine workings dating from 1915 include several short adits, trenches and shallow mine shafts. From 1940 to 1941 approximately 11,000 tons of ore averaging 0.07 ounces of gold and 8.1 ounces of silver per were surface mined from the main Newsboy deposit and shipped as flux to smelters in Arizona. Other production from the general area was not recorded but was minor. Below is a summary of all drilling on Project lands:
|Newsboy Drilling Summary|
|Principally in Main Deposit Area|
|Year||Owner/Operator||Drill Method (1)||Holes||Footage|
|1985||Labradex Mining Co. (2)||RC||11||2,435|
|1985||Checkmate Resources Ltd.||RAB||22||4170|
|1987||Westmont Mining Co.||RC||29||5,910|
|1988||Westmont Mining Co.||RC||54||13,170|
|1989||Lupine Minerals - Westmont JV||RC||19||4,530|
|1990||Newsboy Gold Mining Corp.||DC||12||1,681|
|1992||Newsboy Gold Mining Corp.||RC||39||6,560|
|1995||Moneta Porcupine Mines||DC||8||3,363|
|2011-12||Bullfrog Gold Corp. Phase 1||RC||24||6,750|
|2012||Bullfrog Gold Corp. Phase 2||RC||24||7,793|
|2013||Bullfrog Gold Corp. Phase 3 (3)||RC||26||8,430|
|(1) RC: Reverse Circulation RAB: Rotary Air Blast DC: Diamond Core|
|(2) Drilling only on RUS claims|
|(3) Drilling in Queen of Sheba and Main deposit areas|
During 1990 and 1992, Newsboy Gold Mining Company ("NGMC") also conducted metallurgical test work, estimated resources and reserves, completed a feasibility study and submitted environmental permit applications to the State and the US Bureau of Land Management. The feasibility study concluded that ore could be economically processed at a rate of 600,000 ton per annum at a mineable grade of 0.05 ounces of gold and 1.4 ounces of silver per ton at an average strip ratio of 3.6:1. Metallurgical tests projected recoveries of at 90% for gold and 20% for silver for a proposed production rate of 27,000 ounces of gold and 168,000 ounces of silver per year. Historic resources estimated by NGMC in 1991 using data from 125 holes were 5.8 million tons averaging 0.04 ounces of gold and 0.7 ounces of silver per ton.
In 1993 NGMC was sold to Moneta Porcupine Mines of Canada, who conducted geophysical and surface sampling programs and cored eight holes. The property was re-acquired by Southwest Exploration Inc. in 2008 and optioned to the Company in September 2011. More than 41,800 feet of drilling has been completed on the Project from 1985 through 1995 at an expenditure of more than $6 million. During the past two years the Company's drilling and direct Project expenditures were $1.7 million. As a result, more than $12 million has been spent on the exploration and development of the Project, based on the current 2013 dollar value.
The Newsboy Project has eight relatively shallow priority drill targets, of which only the RUS and Queen of Sheba areas have had limited drilling to date. Other secondary targets have also been identified below existing drill depths, particularly in the SE area of the main deposit. The Company intends to continue drilling and metallurgical testing while advancing engineering and environmental programs and studies.
David Beling, President, CEO & Director
Cautionary Note Regarding Forward Looking Statements
This press release may contain 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. 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 sufficient 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 from time to time with the United States Securities & Exchange Commission. This press release is not an offer to buy or sell securities.
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Source:Bullfrog Gold Corp.