Bonanza Mining Corporation announces its 2022 Exploration Plans for the Shag, Frog and MC Properties
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Bonanza Mining Corporation
Suite 105 – 1008 Beach Avenue
Vancouver, B.C.
V6E 1T7
Trading Symbol: TSX-V: BNZ
Email: [email protected]
Telephone: 604-619-0225
Fax: 604-980-6264
Bonanza Mining Corporation announces its 2022 Exploration Plans for the Shag, Frog and
MC Properties
May 10, 2022 – Vancouver, British Columbia : Bonanza Mining Corporation (“Bonanza”)
(TSX-V: BNZ) is pleased to repo rt the following update on 2022 exploration plans for its Shag,
Frog and MC properties. NI 43-101 compliant technical reports have been prepared for all three
properties and can be viewed on Bonanza’s Sedar profile and on Bonanza’s website
www.bonanzamining.com.
The previously announced 3D IP and Seismic surveys on the Shag property identified two
significant IP chargeability anomalies that also have corresponding anomalous seismic features
interpreted to be down dropped solution collapse zones. The mineralization on the Shag property
comprises MVT style zinc, lead and silver occurrences in a sedimentary geological setting similar
to the Pine Point zinc and lead mining district near Slave Lake in the NWT where Cominco found
that IP chargeability anomalies were the best drill targets for the discovery of the orebodies.
The Shag property is situated in the Rocky Mountains of southeastern B ritish Columbia
approximately 24 km due east of Radium Hot Springs and 35 km northeast of the town of Canal
Flats and can be readily accessed by good logging roads from both of those towns.
A program consisting of 2,000 meters to 3,000 meters of diamond drilling in five to eight drill
holes located on existing logging trails is planned to test the coincident IP chargeability and
seismic anomalous targets on the Shag property this Summer and arrangements with a drilling
contractor to conduct the drilling have been made. An application for a drilling permit was
submitted to the BC government several months ago and the timing of the dril l program will be
finalized once the drill permit has been received.
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 Kutco Copper project and Giga
Metals Corporation’s Turnagain nickel property.
The original mineral discovery on the Frog property was an area containing massive galena,
sphalerite, chalcopyrite and rhodochroisite frost heaved boulders measuring roughly 180 meters
by 120 meters at th e head of a cirque. Later IP, ground magnetic and gravity surveys conducted
by Conwest and Cominco located significant geophysical anomalous targets coincident with a
strong lead, zinc, silver and manganese soil anomaly measuring two km by two km in size, which
remains open in several directions.
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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 sulfid e boulders are located and the
historical geophysical and soil geochemic al surveys had been conducted. As well, numer ous
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 sulfide skarn mineralization to occur on the property , possibly
represented by the massive sulfide boulders.
A program consisting of 34 line km of 3D IP surveying on 17 lines 2 km long and spaced 200
meters apart has been agreed to be conducted on the Frog prop erty by SJ Geophysics this
Summer in July. As well , following the completion of the IP surv ey a 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 outside of the grid area.
Arrangements have been made for both crew s room and board with the own er 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. Several months ago Bonanza submitted a
Notice of Work application to the BC government f or a permit to construct an exploration camp
and conduct diamond drilling programs on the property to test targets resulting from the IP and
soil sampling surveys.
The MC property is located in the heart of the Stewart mining camp on the top and eastern slope
of Bear River ridge approximately 12 km north of Stewart BC and 3 km east of the Premier gold
mine located on the western slope of the ridge and owned by Ascot Gold Corp.
There are seventeen historical gold, silver, lead, zinc and copper mineral occurrences on the MC
property, some of which have been explored by trenching and short adits in the 1920’s, 1930’s
and 1979 as well as by soil and rock sampling programs from the 1960’s to 2011. There have
only been 4 drill holes cored on the property, one of which was abandoned in significant
mineralization due to mechanical difficulties with the drill while the other 3 holes only intersected
anomalous multi element enriched zones.
Bonanza Mining Corporation acquired an option to purchase the property in 2017, which wa s
subsequently exercised in 2019, and has conducted a 3D IP survey, a ground magnetic survey as
well as soil a nd rock sampling programs which outlined two significant IP chargeability
anomalies and a multi element soil anomaly associated with in situ gold, silver, lead, zinc and
copper bearing quartz, carbonate veins.
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The MC property 43 -101 report recommended a phase one drill program consisting of coring
1,000 meters in several holes to test the IP chargeability anomalies and gold, silver be aring
quartz-carbonate veins within the multi element soil anomaly. Depending on positive results from
the phase one drill program a phase two 2,000 m follow up drill program was also recommended.
A five year drilling permit has been issued to Bonanza and discussions have been initiated with a
geological consulting company to plan and conduct a drilling program this Summer.
Bonanza currently has $800,000 of 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.