Today, Bullfrog Gold, which also has a sizeable (5,240 acres; 90 federal lode and 12 placer claims) holding in Arizona at their Newsboy Gold Project, detailed a newly devised and comprehensive exploration program for the Company’s other major acreage position in Nevada, the Bullfrog Gold Project.
Just three miles outside Beatty (120 miles NW of Las Vegas), the Bullfrog project is directly adjacent to the Montgomery-Shoshone open pit mine of major industry developer Barrick Gold Corp. BFGC’s combined analysis, drawing on both the industry veterans in the Company’s management and upon expert consultants, indicates that the volcanic host body underlying mineralization extends onto the Bullfrog property.
The exploration managers employed by St. Joe American, Lac Minerals and Barrick (1983-2003), who originally explored, developed and implemented the detachment fault method here, pulling out a total of some 3M ounces of gold, have been thoroughly interviewed. All investigations and review of technical data, ranging from geophysical/geochemical to drill data, point to an extension onto the Company’s property.
The Bullfrog property contains a patent and lode mining claim previously unavailable to Barrick or its predecessors and while the 78 other lode mining claims BFGC owns were explored, it was never done in a comprehensive fashion, nor with the land position on Montgomery-Shoshone pit’s eastern wall. The comprehensive, integrated program devised by BFGC has been designed to exploit this potential window in the other claims and the clear indications of a mineralization host extension.
Given the 90k ounces produced via underground mining at the Montgomery-Shoshone deposit prior to the some 220k ounces produced subsequently via Barrick’s open pit operation, BFGC is in an enviable position to drive some serious shareholder value moving forward with the program. Barrick also pulled some 2.3M ounces from its Bullfrog open pit mine just 0.6 miles away.
Targeted cost for initial exploration is $1.2M and covers the drilling/coring of 25 holes in addition to preliminary considerations associated with exploration, including environmental permits, geologic mapping and other data-driven tasks and requirements.
A late 2012 target to commence drilling on the key patent and claims adjacent to the Montgomery-Shoshone pit wall awaits environmental permitting and the results will determine, to a large extent, further direction for the program’s activities. BFGC looks to map out the structural arms of the underlying mineralization source and drill at other priority targets along the trends.
Volume pull backs, most noticeably from hedge fund and other large-scale holders in GLD/SLV ETFs, perhaps shaken into physical commodities due to underlying market instability and the liquidity dynamics (both external, as in Europe, and domestic), pushed precious metals prices lower over the last month. But the same underlying forces give Au/Ag all the momentum required to continue trending along similar lines as today’s uptick, with metals, Sisyphus-like, putting a shoulder once again to the Greek/Italian bond markets. Great news for domestic gold producers like BFGC who are able to pull the one thing out of the ground that the entire world seems short of and to which investors will increasingly flock amid Europe’s foreseeably distressed future.
For more information on the program proposal, or to stay up to date with the latest developments at Bullfrog Gold Corp., please visit the Company’s website at: www.BullFrogGoldCorp.com
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