Bonanza Mining Corporation announces commencement of the Frog Property IP survey
Bonanza Mining Corporation
Suite 105-1008 Beach Avenue
Vancouver, BC
V6E 1T7
Trading Symbol: TSX-V: BNZ
Email: [email protected],
Telephone: 604-619-0225
Fax: 604-980-6264
Website www.bonanzamining.com
Bonanza Mining Corporation announces commencement of the Frog Property IP survey
July 25 , 2022 – Vancouver, British Columbia : Bonanza Mining Corporation (“Bonanza”)
(TSX-V: BNZ) is pleased to report that an IP crew has mobilized to the Frog Property to start a
3D I P survey which is expected to be completed in early August. The survey will consist of
seventeen 2 km long lines covering an area of 6 square kilometers where historical 1970’s and
1980’s IP, gravity and magnetic surveys as well as trenching and soil sampling have identified
significant poly-metallic sulfide mineralization.
The Frog property is located in the northern portion of the Golden Triangle of northwestern BC
approximately 170 km east of Dease Lake and 70 km east of the Kutcho Copper project and Giga
Metals Corporati on’s Turnagain nickel property. Copper F ox’s Eaglehead porphyry copper
project is also west of the Frog property near the Turnagain nickel project.
The original mineral discovery on the Frog property is an area containing massive galena,
sphalerite, chalcopyrite and rhodochroisite frost heaved boulders measuring roughly 180 meters
by 120 meters at the head of a cirque. Later in the 1970’s and 1980’s, IP, ground magnetic and
gravity surveys conducted by major mining companies Conwest and Cominco located significant
geophysical anomalous targets c oincident with a strong lead, zinc, silver and manganese soil
anomaly measuring two km by two km in size, that remains open in several directions.
In 1971 Conwest conducted a small diamond drilling program consisting of eight shallow holes
that are thought to have been unsuccessful, however the actual results are unknown as no report
on the drilling was submitted to the BC government for assessment credits and the drill core has
been destroyed over time.
In 1995 the BC and Canadian geological surveys had an airborne magnetic survey conducted over
a large area of northern BC which covered the area where the Frog property is located. The
results of this survey outlined a large magnetic high anomaly measuring ten km in diameter that
was centered on the Frog property where the massive sulfide boulders are located and the
historical geophysical and soil geochemical surveys had been conducted. As well, numerous
bleached, gossanous alteration zones can be observed over a large area of the Frog property on
Google and Bingmap images extending several kilometers away from the cirque where the
historical work has been done.
The large airborne magnetic anomaly and the widespread alteration zones indicate there is
potential for the existence of underlying porphyry copper mineralization on the Frog property. A
GSC regional geological map shows the Frog property is underlain by late Proterozoic age
Ingenika Group sedimentary rock formations, one of which is a limestone unit which indicates
the possibility for massive sulf ide skarn mineralization to occur on the property, possibly
represented by the massive sulfide boulders.
A program consisting of 34 line km of Volterra 3D IP surveying on 17 lines 2 km long and
spaced 200 meters apart is planned to be conducted on the Frog property by SJ Geophysics Ltd.
As well, following the completion of the IP survey a separate geological contractor has been
engaged to conduct a soil sampling survey over the IP survey grid area and collect numerous
stream sediment samples over the property within and outside of the grid area.
Arrangements have been made for room and board with the owner of an existing camp located
between the Kutcho Copper and Giga Metals properties as well as for a helicopter to ferry the
crews daily to and from the Frog property. Bonanza has received a permit from the BC Mines
Ministry to construct an exploration camp and conduct diamond drilling programs on the property
to test targets resulting from the IP and soil sampling surveys in 2023 and subsequent years.
Bonanza currently has sufficient flow through funds in place to conduct these exploration
programs.
Qualified Person
Technical information in this news release has been approved by Christopher Graf, P. Eng., the
Vice-President exploration, as well as a Director of the Company and a Qualified Person for the
purposes of National Instrument 43-101.
For further information, please contact:
Bonanza Mining Corporation
Suite 105 – 1008 Beach Avenue
Vancouver, B.C. V6E 1T7
Attention: Alfredo De Lucrezia, President;
CEO and Director
Tel: (604) 619-0225
Email: [email protected]
Cautionary Statements
This press release contains "forward -looking information" within the meaning of applicable
securities laws . Readers are cautioned to not place undue reliance on forward -looking
information. Actual results and developments may differ materially from those contemplated by
these statements. The statements in this press release are made as of the date of this press
release. The Company undertakes no obligation to update forward-looking information, except
as required by securities law.
Neither the 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 press release.