Bullion Gold Announces the Acquisition of the Lichen Property, Appoints New Directors
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MONTREAL, March 01, 2021 (GLOBE NEWSWIRE) -- Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or the “Corporation”) is pleased to announce the acquisition of the Lichen Project (the “Property”) formed by a total of 238 mining claims representing 13,280 hectares.
The Lichen property is located approximately 100 km west of the Chibougamau mining camp. The property is underlain by the volcanic rocks of the Obatogamau formation intruded by stocks and plutons of intermediate composition. The volcanic belt is parallel to two known gold bearing volcanic belt, the Bachelor Lake gold area to the west and the Osisko-Windfall gold area to the south. The Nelligan Gold project and The Monster Lake Gold project are located at the eastern extremity of the volcanic belt. Numerous gold and copper showings are also found to the east and to the west of the property.
A similar geological environment to the Doré Lake Anorthosite Complex is also present on the property. In the Chibougamau mining camp, many of the copper-gold mines are in close proximity with the Doré Lake Anorthosite Complex. The volcanic belt is in direct contact with the Opawica River Anorthosite Complex and copper showing are present just to the northwest of the property. Many copper intercepts up 900 ppm Cu and up to 2.05 m were reported in close proximity with the contact the anorthosite complex.
“We are pleased with this strategically located acquisition. We continue to evaluate different possibilities to build a portfolio of properties that could create value for our shareholders.” Said Jonathan Hamel, President and CEO of Bullion Gold Resources Corp.
The company is planning to undertake a compilation of all the work done on the Property and its surrounding and a very high-resolution helicopter-borne magnetic survey.
The Property was purchased from seven independent prospectors for a total of $20,000 and the issuance of 2,350,000 common shares. The prospectors will keep a NSR royalty ranging from 1% to 2%.
Turgeon Lake Project
The Corporation recently completed a very high-resolution helicopter-borne magnetic survey on the Turgeon Lake Project located on the Chicobi Group (Abitibi). The survey shows two magnetic domains corresponding to the two main lithologies on the property. The northwest has a low magnetic relief with exception of an oval-shape area of higher magnetic susceptibility with known MEGATEM conductors. Historical drilling revealed the presence of pyrite and pyrrhotite within intermediate to felsic lavas and pyroclastics. However, on the adjacent property to the southwest and on strike with the MEGATEM conductors, historical drilling showed the presence of gold in hole 1 (1.7 g/t Au over 1.5 m) and silver ( Hole 8 : 13 g/t Ag over 1.5 m and Hole 9 : 33.3 g/t Ag over 1.5 m).
In the southeast part of the property, the magnetic survey identified many units showing a higher magnetic susceptibility. The units may be explained by the presence pyrrhotite-mineralized volcanic units or mafic sills. These magnetic highs exhibit drag fold structures as well as possible faulting.
Appointment of new directors
The Corporation is also pleased to announce the appointment of Mr Bernard Lapointe, P.Geo, Ph.D. and Mr Michael Côté Gagnon as directors of the corporation. Bernard Lapointe has extensive business experience, having spent more than 35 years in the resource sector in exploration and project development. He founded Arianne Resources in 1997 and headed the company until 2013 that became Arianne Phosphate. Mr. Lapointe contributed to the discovery and development of the Lac à Paul project located in Quebec, one of the largest phosphate projects in the world. Mr Lapointe is a member of the OGQ and a Qualified Person (QP) according to National Instrument 43-101. Michael Côté Gagnon is a specialist in the management and acquisition of companies in the human resources sector. Over the past 20 years, he has carried out numerous mergers and acquisitions in addition to coordinating the management of a portfolio of companies employing more than 1,200 people in the transport, distribution and administration sectors across Canada. Mr. Côté Gagnon holds a bachelor's degree in Economics and Politics from Laval University.
Mr. Gilles Laverdière. P.Geo, director and qualified person under NI 43-101 has read and approved this press release.
About Bullion Gold
Bullion Gold is involved in the identification, exploration and development of viable mineral properties in the Province Quebec and British Columbia. For more information on the Corporation, visit www.bulliongold.ca
For further information, please contact:
Jonathan HamelPresident and CEOjhamel@bulliongold.ca514-531-8129
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts no responsibility for the veracity or accuracy of its content.
Forward-Looking Statements: This press release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", “anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements are based on certain key expectations and assumptions made by the Corporation. Although Bullion Gold believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Bullion Gold can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in the Corporation’s management discussion and analysis of the financial condition and results of operations for the year ended December 31, 2019 and the third quarter ended September 30, 2020, which are available on the Corporation’s profile at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Warrior Gold undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.
Photos accompanying this announcement are available at:
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