- Gold exploration in and around the historically productive Bullfrog mining area in southwestern Nevada is reawakening the potential for it to become a “new, major gold production center”
- Substantial exploration and development activities with reported successes have been achieved by neighboring AngloGold, Coeur Mining, Kinross Gold and Corvus Gold in the Bullfrog Gold District located 125 miles northwest of Las Vegas, Nevada
- Bullfrog Gold Corp. recently completed a 25-holedrill program at its Bullfrog Project and expects to publish assay results after they become available in mid-June
- Barrick Bullfrog Inc, subsidiary of Barrick Gold Corp. produced 2.3 million ounces of gold from the Bullfrog Mining District but ceased operations in 1999 when gold prices were under $300 per ounce. Approximately 1,000,000 ounces were produced from the lands now controlled by Bullfrog Gold.
- BFGC’s 43-101 compliant resources within a base case pit plan were independently estimated at 525,000 ounces at an average grade of 1.02 g/t using a gold cutoff grade of 0.36 g/t and a price of $1,200 per ounce. More than one analyst predicts the possibility of $1,900 per ounce by year’s end and the application of a lower cutoff grade within the base case pit will increase these resources
- Bullfrog Gold recently completed a private placement of primary shares in January 2020 that brought in C$2 million to facilitate the purchase of the lands leased from Barrick and the further exploration and development of the Project
Gold and silver exploration company Bullfrog Gold (CSE: BFG) (OTCQB: BFGC) (FSE: 11B) recently completed a 25-hole strategic drilling program in the historically productive area surrounding Beatty, Nev.
The drilling focused on resource expansions, further defining pit limits, and testing a new exploration target. Assay results will be published as they become available in the coming weeks, according to a news release issued by the company June 9 (http://nnw.fm/QI3go).
“We are fully funded and timely completed this U.S.$500,000+ drill program, having raised C$2,000,000 in January 2020. We anticipate the receipt of assays from 18 holes by June 12, 2020, and intend to release them soon thereafter,” Bullfrog Gold CEO and President David Beling stated in the news release. “The exploration and development potential of our strategic land position is strongly supported by a large database … (with) detailed information on 155 miles of drilling in 1,262 holes in the Bullfrog mine area.”
The hills around Beatty have become one of the most prolific gold exploration areas in the United States during recent years as gold prices have awakened new interest in the metal known as a refuge during economic crises. Contract for Difference (“CFD”) derivatives market trader IG Markets Limited projects gold could rise as far as $1,900 per ounce by the end of the year as investors respond to recessionary conditions amid the ongoing COVID-19 pandemic (http://nnw.fm/Lr4FJ).
Mining in the region was initiated in 1904 and by 1911 approximately 94,000 ounces of gold were produced from several underground mines at an average gold grade of 0.47 ounces per ton. Very little activity occurred thereafter u until the early 1980s with the expansion of resources in two small deposits and the discovery of the 2.0+ million ounce main Bullfrog deposit. From 1989 to 1999 2.3 million ounces from an average ore grade of 0.08 ounces per ton (oz/t) were recovered from three pits and one underground mine (http://nnw.fm/n5IgF).
Operations in the Bullfrog mine area ended in 1999 with depletion of ore reserves and as gold prices fell, and costs rose, leading owner Barrick Bullfrog Inc. to shut down and ultimately complete reclamation of the Project. However, BFGC has determined that pit expansions and potential exploration discoveries under current marketing and economic conditions could potentially support the resumption of operations using low cost heap leaching compared to the conventional milling process used by Barrick.
Significant infrastructure from Barrick’s operations remains in place at the project, including a primary power line with a substation site, water supply and suitable pit ramps and access roads. No activity has taken place in the Bullfrog area during the last 20 years beyond Barrick’s reclamation and monitoring of its site and BFGC’s bulk sampling of the pits and recent drill program.
Although gold prices are capable of fluctuating along with large market factors, analysts at precious metals investment firm GoldSilver report that gold prices rise in most cases during big stock market drop-offs, and that gold’s “only significant selloff (46% in the early 1980s)” took place immediately after a years-long bull market climb in which prices had risen more than 2,300 percent (http://nnw.fm/XwBx7).
The conditions have led BFGC to not only pursue expansion of two pits with the aim of purchasing Barrick lands currently under a lease/option, but also drill test several prospective exploration targets , including the new Paradise Ridge target, which is a compelling analog to the Bullfrog deposit and located one mile to the east. The company believes that its resources and potential and those of neighboring AngloGold, Coeur Mining, Corvus Gold and Kinross Gold are set to “reestablish the Bullfrog Gold District as a potential new, major gold production center in Nevada.”
For more information, visit the company’s website at www.BullFrogGold.com.
NOTE TO INVESTORS: The latest news and updates relating to BFGC are available in the company’s newsroom at http://nnw.fm/BFGC
MiningNewsWire (MNW) is a specialized communications platform focused on developments and opportunities in the global resources sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, MNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, MNW brings its clients unparalleled visibility, recognition and brand awareness. MNW is where news, content and information converge.
To receive SMS text alerts from MiningNewsWire, text “BigHole” to 21000 (U.S. Mobile Phones Only)
For more information, please visit https://www.MiningNewsWire.com
MiningNewsWire is part of the InvestorBrandNetwork.