Update on Drilling Work on the Bousquet Project

 

MONTREAL, Nov. 18, 2022 (GLOBE NEWSWIRE) -- Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or “The Company”) announces that approximately 1,700 meters of drilling have been completed on the ongoing 3,000-meter program on the Bousquet project, in Abitibi.

The first seven holes, varying in length from 210 m to 270 m, all encountered different silicified and arsenopyrite-mineralized lenses within a sheared corridor approximately 100 meters wide. In the Paquin East zone where the current program is located, we note the presence, according to the 3D modeling interpreted by GoldSpot Discoveries, of about ten gold lenses as well as the possible presence of training folds. The company also notes the presence of visible gold in several historical and current drill holes.

“We are very pleased with what we are currently seeing in the drilling cores. These will facilitate a better understanding of the gold system in place in the Paquin East zone and will help with the establishment of other drill holes in 2023 to verify the potential of this showing near surface,” says Jonathan Hamel, President, and Chief Executive Officer of the Company.

About the 1000-meter program also carried out on the Paquin Est showing at the end of September 2022, the Company is still awaiting the analysis results.

Potential near the surface

A sheared and folded corridor containing the Paquin, Decoeur, Joannès and CB1 gold showings crosses the southern part of the Bousquet property over nearly 3 km. As this project is located very close to mining infrastructures specializing in the processing of gold ore, the management of the company will undertake another series of short drillings in 2023 to assess the surface potential of the Paquin Est showing and first try to define a resource near the surface that can be economically viable.

Drilling will be concentrated between the surface and 100 meters vertical depth. The Paquin Est showing has been intersected up to more than 300 meters deep to date and it still remains open at depth.

If the exploration budget allows, the Paquin-Ouest and Decoeur showings will also be drilled in 2023.

Financing

Further to the PR on March 28, 2022, the Company wishes to clarify that a cash finders fee of $8,160 was paid to an arms length finder. Further to the PR on November 3, 2022, the Company wishes to clarify that it issued 3,505,000 units of common stock at a price of $0.06 per unit and 4,968,750 units of flow-through shares at a price of $0.08 per unit, for gross proceeds of $607,800. The funds raised will be used for exploration work on the Bousquet property. Also, in connection with the press release dated November 3, 2022, the Company wishes to clarify that 3 arm's length intermediaries received a total of $22,500 in cash and 281,250 warrants with an exercise price of $0.08 for 24 months.

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

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 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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