- BFGC lays out road map to success
- Potential of area highlighted as majors show interest
- Drill results encourage further exploration
- Gold price maintains lofty levels
The virtual investor presentation given by Bullfrog Gold (CSE: BFG) (OTCQB: BFGC) (FSE: 11B) at the Aug. 6 OTCQB Virtual Investor Conference laid out BFGC’s well-thought-out road map to becoming a profitable gold producer. Bullfrog was one of several companies carefully selected to present to individual and institutional investors, advisors and analysts attending the event.
Starting with a brief account of BFGC’s earliest acquisitions, CEO David Beling went on to show the exciting potential the Bullfrog Mining District of Nevada, location of the company’s properties, has. He also discussed the company’s current drilling program, which has returned promising results. With gold prices at the level they are now — above $1,900 an ounce —Bullfrog seems to be in the right business at the right time.
The presentation noted that the company started trading in the year 2011 and it acquired a strategic land position adjacent to Barrick Bullfrog Inc. in Nevada’s Bullfrog Mining District (the District). Now, the company has commanding land and resource positions in an area that has, in the past, proved highly productive and is surrounded by several major land holders successfully exploring in one of the most prolific gold exploration areas in the US
Beling also explains that Bullfrog’s property positions lie about four miles to the west of Beatty, a town of about 1,000, in Nevada. The Bullfrog area is well-developed for industrial purposes, with substantial infrastructure that includes several roads, a paved highway up to the front gate of the BFGC properties, plus a power line and substation on the site. BFGC properties include the Bullfrog pit, the adjacent Mystery Hill area, the Montgomery-Shoshone pit. and the company’s new Paradise Ridge exploration target.
From 1989 to 1999, Barrick Bullfrog, using conventional milling, recovered 2.329 million ounces of gold. The average grade to the mill was 3 g/t, with underground ore averaging over 8 g/t. Barrick used cutoff grades of 0.5 g/t for pits and 3.0 g/t for underground. Its operations ceased in 1999 when reserves were depleted and at a time when gold was trading at significantly less than $300/ oz.
BFGC is not the only outfit that thinks there’s still more gold to be found in region. In October 2018, Coeur Mining put out $90 million to acquire Northern Empire, which has properties in the District (https://ibn.fm/sm5co). And in May this year, AngloGold Ashanti, the world’s third-largest gold mining company, committed $3 million to purchase certain properties in the District from Renaissance Gold (https://ibn.fm/V7O5N). Other companies operating include Kinross Gold, which has staked several hundred claims, and Corvus Gold, which continues to expand its large land and resource positions.
BFGC’s current project resources estimated in 2017 by Tetra Tech were 525,000 oz. of measured and indicated heap leachable gold resources averaging 1.02 g/t and 111,000 oz. of inferred resources at 1.2 g/t. The Tetra estimates were based on a recovery of 72%. However, CEO Beling noted that metallurgical sampling and testing programs during the past two years achieved an average 86% gold recovery.
BFGC’s 2020 drilling program involved 25 holes in total, of which 17 were designed to expand resources and the Bullfrog pit limits toward the northeast in Mystery Hill area. Now, Beling observed, there is enough close-spaced holes to convert most of BFGC’s “inferred resources” to “measured and indicated resources” and expand resource along strike and down dip in this area.
Six holes were designed and drilled in the Montgomery-Shoshone area to expand resources and pit limits in this area, which is about one mile to the northeast of the Bullfrog pit. , Hole 22 had 80 ft. of mineralization at 0.54 g/t while Hole 21 had 200 ft. of mineralization at 0.78 g/t. Importantly, the nearest hole from mineral intercept in Hole 22 is approximately 600 ft. to the northeast, thereby providing very good potential for further expansions of mineralization and perhaps the pit.
Although the two holes drilled at the far south end of the Paradise Ridge Target did not intersect mineralization, only about 4% of the area was drill tested while still having good exploration potential for 2,000 meters to the northwest. In summary, BFGC achieved success both in defining the limits of its resources and its pits.
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://ibn.fm/BFGC
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