Bullion Gold Acquires 36,420 Hectares (364 km ?) for Lithium Exploration in Jam?(C)sie (James Bay)

 

MONTREAL, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or “the Company”) announces the acquisition, by way of staking and from a group of prospectors, of 36,320 contiguous hectares forming the Bodo SM property, located approximately 200 km north of the municipality of Chibougamau and about 100 km south of the Eastmain mine.

Composed of 682 cells, the Bodo SM project was acquired based on its potential to contain spodumene pegmatites, the presence of a bedrock largely denuded of vegetation and its location which offers very good accessibility due to its proximity to the main road leading to Chibougamau. The geological environment of Bodo SM is similar to that found in the known geological zones containing lithium in the western part of James Bay. The lithium deposits discovered in the last 10 years have been in greenstone belts in contact with huge granite intrusions. The company has thus staked one of the last available greenstone belts that are easily accessible.

Bodo SM Geological Map

“We had been looking for a geological sector integrating greenstone units in contact with vast pegmatite batholiths which are favorable to exploration for lithium and other strategic minerals. The Lake Baudau region offered this opportunity. With Bodo SM, we now hold 100% interest, without royalty, in a vast mining project located approximately 200 km north of Chibougamau, an important mining region. The Lac Baudau sector could become, in our opinion, another favorable area for the discovery of lithium or other strategic minerals. Also, according to the International Energy Agency (IEA), global demand for lithium will be multiplied by 40 by 2040,” mentioned Mr. Jonathan Hamel, President, and CEO of Bullion

The Bodo SM property covers most of a set of greenstone bands in contact with large granite batholiths and pegmatite granodiorites. The three main greenstone units are made up of amphibolized basalts with a length varying from 20 to 28 km by a width ranging from 2.23 to 8 km. The various granite and granodiorite batholiths bordering these volcanic units would contain, according to the MERN, several pegmatite dykes of different thicknesses, but no serious work has been done to identify the minerals in those visited and mentioned in the RG-144 report dating from 1971. Minerals such as biotite, muscovite or tourmaline have however been noted in the granites visited. Pegmatites containing minerals such as spodumene, lepidolite and petalite are often associated with mica minerals such as biotite and muscovite, as well as silicate minerals such as tourmaline. Pegmatites are usually formed from silica-rich magma that has crystallized slowly, allowing rare minerals to crystallize. Other minerals searched for in association with the potential presence of lithium are beryl, rubidium, and cesium.

ALS Goldspot Discoveries will also participate in the analysis of current and future available data in order to delineate the best targets to prospect as soon as the property becomes accessible in the spring of 2023.

Historically, there has been very little exploration work done in this area. There is therefore not a lot of geological and geophysical data except those mentioned in the various MERN reports. There is a Cu-Au-Ag and Mo showing (Rivon-Ouest) on the eastern edge of the property.

The claims acquired from a group of prospectors were acquired in return for 1,100,000 shares of The Company. No royalty was granted to this group.

This press release was read and approved by Gilles Laverdière, P.Geo., director, and Qualified Person under National Instrument 43-101.

About Bullion Gold Resources

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 Hamel
President and CEO
jhamel@bulliongold.ca
514-317-7956

Other Information

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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 Bullion 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.

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