Bullion Gold Resources Corp. Announces Option Agreement for Northwestern BC Property
FOR IMMEDIATE RELEASE TSX-V: BGD
October 18, 2013
BULLION GOLD RESOURCES CORP. ANNOUNCES OPTION AGREEMENT FOR NORTHWESTERN BC PROPERTY
Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or the “Company”)
The Company is pleased to announce it has entered into an Option Agreement with Double Crown Ventures Ltd (“Double Crown”) to acquire a 75% interest in the Surprise Lake Property located within northwestern BC. Double Crown is a privately held, related party through common directors.
The property covers 2800 hectares and is bordered by Yellowjacket Resources, Adanac Moly and Blind Creek Resources as well as various placer mines being actively worked within the area on Otter Creek and Pine Creek. The deal calls for Bullion Gold to issue 1,000,000 shares on signing, 2,000,000 shares on the second anniversary date and 3,000,000 shares on the third anniversary date. The work commitment over the three years is $1,200,000 with $125,000 in the first year, 475,000 in the second year and $600,000 in the third year.
The key property is the Spruce Mountain Claim Block, which has seen previous exploration work with MMI geochemistry, induced polarization geophysics and, more recently, a helicopter-borne electromagnetic and magnetic survey. However, the prospect has never been drilled. This work has identified attractive gold targets hosted in an ultramafic unit known as listwanite, which is documented as the principle gold host rock in the Atlin gold camp. Anomalous values of gold in soils and geophysical targets on the Spruce Mountain prospect are drillready.
Additionally, the Surprise Lake Property includes an adjoining claim block called Birch Creek, located between the Yellowjacket gold deposit and the Adanac molybdenum porphyry deposit. Gold mineralization within the Yellowjacket gold deposit consists of coarse gold hosted in quartz stockworks and silicified zones within brittle volcanic and altered ultramafic rocks. This deposit occurs along a prominent fault structure which is interpreted to control the distribution of placer gold reported in the area. Geophysical and geochemical anomalies on the Birch Creek block lie on the interpreted extension of the Surprise Lake fault believed to be the principal mineralized structure of the Yellowjacket deposit.
Furthermore, all the creek beds in and around the project area are actively being exploited for placer gold as they have been for more than 100 years. The Atlin placer camp ranks as the second largest producer of placer gold in the province. BC government geologists Sack and Mihalynuk’s work (2004) suggests that at least some of the placer Au in the Atlin area may have been derived from the Cretaceous Surprise Lake batholith immediately to the south of the Adanac molybdenum deposit, and is found peripheral to the molybdenite zone in porphyry molybdenum deposits. This suggests a possible genetic link between porphyry molybdenum deposits and intrusion-hosted gold deposits.
Bullion Gold Corp. is pleased to be able to add this highly prospective property to its portfolio of projects in leading gold camps of British Columbia.
About Bullion Gold Resources Corp.:
Bullion Gold Resources Corp. is a TSX Venture listed mineral exploration company focused on the exploration of its 95,559 ha properties in the Cariboo Region, including the 16,180 ha Bullion Property which is under an earn-in option/joint venture agreement with Newmont Canada Corporation. The properties are located in the prolific Quesnel Terrane of central British Columbia, Canada and are accessible by highway and logging roads year round.
For information contact: Terry D. Severs, President & CEO Telephone: (604) 763-4848 Facsimile: (604) 683-6350 Email: terry@bulliongold.ca
Cautionary Statement
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward- looking statements.