GRAND JUNCTION, Colo., April 2, 2013 (GLOBE NEWSWIRE) -- Bullfrog Gold Corp (OTCBB:BFGC) ("Bullfrog" or the "Company") is pleased to announce results from its Phase 3 drill program at the Newsboy Gold Project located 45 miles NW of Phoenix, Arizona.
Prior to the Phase 3 program, data on the Queen of Sheba area consisted of helpful but limited assays of outcrops and one hole cored in 1995 that intersected 16 feet of 0.024 gold opt, 6 feet of 0.038 gold opt and 2 feet of 0.124 gold opt, all within 37 feet of the surface. The area also contained five shallow old shafts and two short adits that indicated mineralization of great interest. A new angled hole was located 20 feet north of the 1995 core hole and intersected 25 feet of 2.8 gold ounces per short ton (opt) starting at the surface. Drill cuttings from this high grade have been examined and found to contain free gold in granular and wire forms about 40 mesh in size and within a matrix of quartz and specular hematite.
A subsequent vertical hole was drilled about 12 feet NW from this high grade hole, but had two 10 foot intercepts that only averaged 0.027 gold opt within 30 feet of the surface. Four additional holes within 120 feet of the high grade hole confirmed a continuous mineralized zone that averaged 18 feet in thickness and a grade of 0.028 gold opt within 26 feet of the surface. Another hole was located about 540 feet northeast and contained 10 feet of 0.079 gold opt at a depth of 35 feet. As a result, much additional shallow angle and vertical drilling will be required to fully explore this narrow high grade structure and better define the limits of the lower grade but important continuous mineralization.
Twelve holes in the Main deposit area were drilled to expand mineralization in the eastern, higher grade zone discovered in 2012 and to further define the northeastern perimeter of the open pit proposed in 1992. The eight holes drilled in this eastern zone during Phases 1 - 3 are summarized in Table I and have now established continuous mineralization which still remains open to the north and east.
|Hole ID||Program||Mineral Intervals||Thickness||Gold||Silver|
|Year - No.||Phase||From||To||Feet||Oz/Ton||Oz/Ton|
|12 - 11||1||375||425||50||0.084||0.176|
|12 - 37||2||380||425||45||0.066||0.27|
|12 - 42||2||385||420||35||0.027||0.12|
|13 - 57||3||295||305||10||0.028||0.05|
|13 - 58||3||385||415||30||0.064||0.49|
|13 - 62||3||290||340||50||0.044||1.28|
|13 - 63||3||330||355||25||0.034||2.14|
|13 - 65||3||210||230||20||0.054||0.56|
|Average per Hole||381||39||0.054||0.55|
|Interval Cut-off Criteria: 0.015 gold opt and a Grade x Thickness product of 0.25 feet x opt|
Table II summarizes results from all 26 holes drilled during Phase 3 using a 0.015 gold opt cutoff.
|Hole ID||Area||Mineral Intervals, Feet||Gold||Silver||Depth||Feet From|
|Year - No.||From||To||Thickness||opt||opt||Feet||Hole # 48|
|13 - 48||Queen Sheba (1)||0||25||25||2.801||0.17||400||0'|
|13 - 49||Queen Sheba (1)||10||25||15||0.029||0.18||320||110' SSE|
|13 - 50||Queen Sheba||40||45||5||0.017||0.14||400||220' ENE|
|13 - 51||Queen Sheba||60||65||5||0.016||0.08||250||560' ENE|
|13 - 52||Queen Sheba||Below Cutoff||--||--||--||420||220' N|
|13 - 53||Queen Sheba||Below Cutoff||--||--||--||320||340' ENE|
|13 - 54||Main Deposit||235||245||10||0.017||0.15||330|
|13 - 55||Main Deposit||410||415||5||0.018||0.06||515|
|13 - 56||Main Deposit||Below Cutoff||--||--||--||250|
|13 - 57||Main Deposit||295||305||10||0.028||0.05||435|
|13 - 58||Main Deposit||350||355||5||0.018||0.03||440|
|13 - 59||State Land||Below Cutoff||--||--||--||100|
|13 - 60||Main Deposit||25||50||25||0.025||0.36||350|
|13 - 61||Main Deposit||325||330||5||0.026||0.12||420|
|13 - 62||Main Deposit||280||285||5||0.032||0.30||440|
|13 - 63||Main Deposit||315||320||5||0.016||0.06||400|
|13 - 64||Main Deposit||Below Cutoff||--||--||--||320|
|13 - 65||Main Deposit||210||230||20||0.054||0.56||290|
|13 - 66||Main Deposit||30||35||5||0.023||0.13||120|
|13 - 67||Queen Sheba||Below Cutoff||--||--||--||215||380' SSE|
|13 - 68||Queen Sheba (1)||0||5||5||0.028||0.24||500||90' SSW|
|13 - 69||Queen Sheba (1)||0||10||10||0.029||0.16||140||12' NNW|
|13 - 70||Queen Sheba (1)||0||5||5||0.021||0.11||140||50' E|
|13 - 71||Queen Sheba||130||135||5||0.015||0.01||400||540' NNE|
|13 - 72||Queen Sheba||35||45||10||0.079||0.13||200||540' NE|
|13 - 73||Mammoth Spar||Below Cutoff||--||--||--||315||3,800' NW|
|(1) These five holes are within 120 feet of each other and show strong continuity of the shallow mineral zone.|
The exploratory hole drilled in the Mammoth Spar area and another on Arizona State land about ¾ mile north of the Main deposit did not intercept mineralization above a cutoff of 0.015 gold opt.
Drilling & Sampling Procedures and Results
All drilling was performed using reverse circulation methods. Drill cuttings were sampled at intervals of 5 feet and split to typically produce 15-pound representative samples for further preparation and assaying. All field sample splits were collected, bagged and tagged under the direct supervision and custody of Clive Bailey, CPG, Qualified Person and Lead Project Consultant. Sample splits are loaded on trucks operated by Skyline Laboratories, transported to their facility in Tucson, Arizona and assayed for gold, silver and other relevant elements. In compliance with US and other international QA/QC procedures, separate blank, duplicate and standard samples were randomly submitted and assayed with the drill sample splits.
Plans for Remainder of 2013
Upon compilation of all historic and recent data in electronic format, the Company plans to engage an independent mine engineering firm to develop a computerized block model and estimate resources in the Main deposit and the Queen of Sheba areas. The Company also plans to evaluate the total drill data base and develop and complete a Phase 4 drill program, mainly to further test the shallow Queen of Sheba mineralization on the patented mining claims, including the high grade within this zone. The Company also intends to drill several high priority targets during Phase which are also near historic shallow shafts on new claims acquired and discussed in its March 19, 2013 press release. Phase 4 is scheduled to start in October and be completed before the end of 2013. All plans at Newsboy are fully-funded through mid-2014 per the debt facility announced on December 11, 2012.
About Bullfrog Gold Corp.
Bullfrog Gold Corp. is a Delaware corporation that started trading on the over-the-counter bulletin board market on October 17, 2011 under the symbol BFGC. During 1992, predecessor owners of the Newsboy Project drilled 154 holes and completed a feasibility study. Historic resources in the main deposit area were estimated in 1992 at 5.3 million tons averaging 0.044 gold opt and 0.64 silver opt. The Company also has two highly-prospective properties in Nevada, one of which is in the Bullfrog Mining District that produced 2.3 million ounces of gold between 1988 and 1998. The Company's Klondike Project in Nevada has shallow occurrences of silver with potential base metal and barite byproduct credits. More information on the Company and its projects may be obtained from www.BullfrogGold.com, or by emailing info@BullfrogGold.com.
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. 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.
CONTACT: David Beling, PE, President, CEO & Director, (970) 628-1670
Source:Bullfrog Gold Corp.