GRAND JUNCTION, Colo., June 5, 2014 (GLOBE NEWSWIRE) -- Bullfrog Gold Corp (OTCQB:BFGC) ("Bullfrog" or the "Company") is pleased to announce completion of a phase 1 drill program at its Klondike Silver Project ("Klondike") located 40 miles north of Eureka, Nevada. Assays from this program should be received by early July 2014. The Company has also provided a 30-day termination notice on its Option to Purchase the Newsboy Gold Project located approximately 45 miles NW of Phoenix, Arizona. This termination allows the Company to focus on exploring the significant potential of Klondike while maintaining its 100% owned Bullfrog Gold Project located 120 miles NW of Las Vegas, Nevada. In addition, the Company aggressively continues to seek and selectively pursue acquisitions and potential business opportunities of merit.
Klondike Exploration Drilling & Assaying
The initial program was planned for percussion drilling 5,000 feet in 50 shallow holes in five specific target areas of the Klondike property (see press release of May 5, 2014). Based on issues concerning the percussion drill and requirements of the BLM, the program was revised whereby 1,507 feet of percussion drilling in 16 shallow holes and 2,885 feet of reverse circulation drilling in 11 deeper holes were completed by the end of May. The deepest hole was extended to 400 feet based on observations of mineralized host rocks in the drill cuttings. Significant oxide minerals of silver, lead, zinc and copper as well as barite have been observed in most of the drill cuttings, but mineral contents in Klondike rocks can only be determined by assay.
Drilling and further surface reconnaissance were able to trace mineralization from the Glory Hole exploration target nearly 2,000 feet south toward the historic Old Whalen underground mine. The Copper Hill target, located approximately 2,000 feet west of the Glory Hole target, appears to be a large stock-work located between two north-south fault systems separated by more than 1,000 feet of altered dolomite host rocks. Copper Hill also extends south toward the Cougar Hill exploration target, the latter of which was not drilled during this first phase program and is located approximately 1,500 feet south of Copper Hill. Most of the phase 1 drilling did not appear to penetrate the total thickness of the mineralized zones.
Two lots of drill samples were shipped to American Assay Laboratories of Reno, Nevada. Assay results from 16 holes are anticipated by late June 2014 and assay results from the 11 RC holes are anticipated by early July 2014. All field work and sample QA/QC protocols were under the direct custody, supervision and management of Clive Bailey, CPG, Qualified Person and Lead Project Consultant.
Newsboy Gold Project Termination
The Company entered an Option to Purchase the Newsboy Gold Project in September 2011, at which time the gold price was near $1,900 per ounce. Since then the Company completed four exploration programs that included 27,201 feet of drilling in 160 holes to test potential expansions to an open pit mine proposed in 1992 and at priority exploration targets within 3 miles of the Main deposit. An independent technical report was completed in February 2014 that showed the project was not economic under reasonably foreseeable gold prices. Based on the above report and option payments deemed too high under current circumstances, the Company concluded it was in the best interest of its shareholders to terminate this project and apply its resources and expertise on other endeavors.
The Bullfrog Gold Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=16223
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. Further the price of minerals and resources is highly volatile. The Company currently has no reserves on any of its properties. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its business and properties contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. As a result, this press release should be read in conjunction with the Company's periodic filings with the SEC, which are available at www.sec.gov.
CONTACT: David Beling, President & CEO (970) 628-1670
Source:Bullfrog Gold Corp.