Bulgold Discovers the Kopernica Vein System Within the North East Block ON the Lutila GOLD Project
BULGOLD DISCOVERS THE KOPERNICA VEIN SYSTEM WITHIN THE NORTH EAST BLOCK ON
THE LUTILA GOLD PROJECT
Toronto, ON. February 10 2026 – BULGOLD Inc. (TSXV: ZLTO) (the “Company” or “BULGOLD”) is pleased to
announce that it has received all outstanding assay data relating to the 2025 exploration programme on the Lutila
Gold Project (the “Property”). This information has now been reviewed, validated and incorporated into the
Company’s database. The Lutila exploration licence covers an area of 32.2km 2 and is prospective for quartz -
adularia epithermal gold mineralisation.
1. Highlights
• The Company has recently identified the Kopernica Vein System, which has been mapped, drilled
and sampled across an area measuring 1,000 metres by 500 metres on the western slopes of the
North East Block.
• The Kopernica Vein System is focused on the 700-metre long Main Vein, where surface float
samples of hydrothermally brecciated rock and epithermal quartz vein material at the 550 mRL
have results of up to 2.88 grammes per tonne (g/t) of gold (Au) and 15.8 g/t of silver (Ag).
• Surface mapping has identified several subvertical hanging wall splay veins connected to the
Main Vein, which can be intermittently traced for about 600 meters to the north. In this area, a
hydrothermal breccia outcrop in a small creek returned 0.55g/t Au.
• The Company identified the West Vein late in the season, outlining an initial 300 metres of strike
length and results up to 1.19g/t Au and 4.3g/t Ag from an epithermal quartz vein boulder at surface.
• The BULGOLD exploration team initially believed that the Main Vein was subvertical; however,
this is not the case . The vein -structure was encountered during the drilling of KPDD001 at a
considerable depth of 498 met res downhole, where an intersection of 6 m @ 0.14 g/t Au was
recorded within a brecciated chalcedonic quartz vein containing marcasite at the 200mRL.
• Surface mapping, drilling and rock sampling indicate that the Main Vein's “gold window” spans a
250–300 metre vertical range between the 550mRL (average surface rock sample: 0.45g/t Au, 2.9g/t
Ag, 670g/t As, 188g/t Sb) and the KPDD001 drill intercept at 200mRL.
• Future drilling at the Main Vein is planned to use drillholes no longer than 2 50 metres in length,
significantly reducing exploration costs.
• Drilling at the Horna Klapa target area, located within the Sinter Field, was completed to a target
depth of 541.7 metres and failed to intersect any evidence of quartz veining within an upflow zone
or evidence for rhyolite dyke activity beneath the ridgeline.
• The Lutila Gold Project is located favourably between two of the largest Au -Ag epithermal vein
systems within the Central Slovak Volcanic Field, the Kremnica gold deposit and the Banska
Štiavnica gold-silver ore field, which, collectively, have produced significant amounts of precious
metals over many centuries.
• Exploration target: underground, high-grade gold (Au) ± silver (Ag) quartz veins.
Quote from the President & CEO, Mr. Sean Hasson:
“Over 1,000 years of exploration and mining of epithermal vein systems in Central Slovakia demonstrates that, to
date, every discovered vein system has contained either gold or silver. The identification of the Kopernica Vein
System establishes the Company as a leading candidate for growth and discovery within the prevailing gold market.
Last year’s exploration programme has surpassed expectations by allowing us to delineate the Kopernica Vein
System over an initial area of 1,000 metres by 500 metres through surface sampling, mapping, and the first drillhole
into the 700-metre long Main Vein. There remains substantial exploration potential within this newly identified vein
system which is evidenced by the presence of potential hanging wall splay veins to the Main Vein and the West
Vein which is an emerging parallel quartz vein located 200 metres to the west.
KPDD001 was the first hole drilled into the Main Vein, and it intersected the vein deeper than the BULGOLD
exploration team initially expected, due to its overall westerly dip. However, this allowed us to determine the
geometry of the vein system and establish that the “gold window” likely spans a vertical range of 250-300 metres.
This means that the upcoming drillholes designed to confirm the gold potential of the Main Vein can be less than
250 meters deep, saving both time and money, together with the added benefit that the drillhole will also intersect
any hanging wall splay veins en route to the Main Vein target.
At the nearby historic epithermal quartz vein deposits of Kremnica and the Kremnica Vein II system, mining
operations were conducted over an approximately 400 metre and 200-350 metre vertical window respectively; this
effectively shows what the “gold window” potential can be within this part of the Central Slovakia. The "gold window"
concept highlights that because epithermal vein systems are not uniformly mineralised, precisely identifying these
transient, specific conditions is essential for successful exploratio n (see Figure 1 on the following page for a
graphical representation of the “gold window” concept as applied to the Kopernica Vein System).
Surface rocks are typically composed of hydrothermal breccias, often containing fragments of epithermal quartz
veins dislodged from deeper sections of the vein system. In adjacent areas at slightly lower elevations, there is a
notable presence of quartz ve in boulders and rocks exhibiting well -developed crustiform-colloform textures. The
extensive degree of brecciation observed in the surface rocks indicates that the Kopernica Vein System may
possess the conditions necessary for a high fluid -flux hydrotherma l environment, which generally results from
frequent and violent boiling events. In epithermal quartz-adularia vein systems, such boiling processes are widely
regarded as the most effective mechanism for the formation of bonanza-grade gold veins.
“Since we started exploration drilling on the Lutila Gold Project 18 months ago we have remained steadfast in
adhering to our internal target ranking methodology and efficient allocation of capital. The first targets to be tested
were located under Rhyolite Ridge within the Sinter Field, however having now drilled three drillholes for no reward
it was clear that a trend was emerging. As such, the Company does not plan to drill any more holes within the
Sinter Field in the short to medium term. The current exploration model within the Sinter Field will need to be
reassessed by the Company.
The Company exercised its option to acquire the Lutila Gold Project and assumed 100% control of the project 28
months ago. The following day, management met with the Mayor of Lutila to discuss exploration plans and establish
connections. Since then, we have continued building lasting relationships in the region, adapting to local operating
conditions and regulations, and contributing to the local economy.
The Company is actively assessing various strategies to advance the discovery process on the Lutila Gold Project.”
Figure 1. Cross-section (KPDD001) showing the key geological elements of the Main Vein derived from BULGOLD
data together with a schematic indication of where the next proposed drill hole should be drilled into the “gold
window”.
2. The Kopernica Vein System - Exploration
The western slopes of the North East Block were the focus for the BULGOLD exploration team during the latter
half of 2025. A few historic rock chips from this area had previously returned low levels of gold e.g. 0.47g/t Au,
0.22g/t Au and 0.12g/t Au with arsenic and antimony geochemical support from “brecciated saccharoidal quartz
boulders”. The BULGOLD due diligence field visit during 2022 also confirmed the presence and grade of these
historic samples but recognised that the textures within these samples were, in fact, weakly developed crustiform-
colloform chalcedonic quartz veins.
The objective of the late 2025 exploration programme was to establish where these chalcedonic quartz boulders
had originated. The approach taken by the BULGOLD exploration team was to undertake a series of geological
traverses commencing at the highest point of the rid geline and then effectively walking along the contours and
then dropping down to the next contour and repeating the exercise. All surface rock float (± outcrop) material was
assessed during these traverses which led to the development of the m apping and prospecting framework that is
shown in Table 1, and which has become an integral part of the BULGOLD exploration ‘toolkit’ when exploring the
North East Block for epithermal quartz veins. Figure 1 shows the distribution of hydrothermally altered rocks across
the Kopernica Vein System according to this framework.
Symbol Code Description
CVQ
>600mRL
Saccharoidal quartz vein (recrystallised chalcedony?) with drusy quartz
lined cavities, weak banding may be evident, commonly massive; No
crustiform-colloform or lattice bladed textures. Sb > 100ppm.
SCV
515-600+mRL
Massive cryptocrystalline chalcedony as coarse veins/veinlets (red,
brown, yellow), may have associated rhyolite rock, commonly not.
RCB
465-600+mRL
Brecciated rhyolite rock with clasts of SCV + chalcedonic quartz matrix
infill ± cross -cutting chalcedonic quartz veinlets ± silicified and
brecciated rhyolite ± marcasite (hydrothermal breccia veins (HBV));
RCB rock (float) samples above the Main Vein average: 0.45g/t Au,
2.9g/t Ag, 670g/t As & 188g/t Sb.
RCB-VQZ
480-580mRL
Transition from RCB to VQZ.
VQZ
480-540mRL
Crustiform-colloform chalcedonic quartz ± lattice bladed quartz with very
little rhyolite rock ± vein cross -cutting relationships (>0.1g/t Au to ~3g/t
Au ± sulfides (commonly disseminated/blebby ± colloform marcasite)).
Indicates lattice bladed textures present (indication of boiling).
Table 1. Detailed field description of the BULGOLD mapping and prospecting framework covering the western
slopes of the North East Block and the Kopernica Vein System.
Figure 2. All BULGOLD mapping points (see Table1 for detailed descriptions) across the Kopernica Vein System
overlain on LIDAR with 10m contours; the yellow arrows define the KPDD001 cross-section line in Figures 1 and
8. The yellow dashed lines show where the 600mRL contour line sits.
By employing this methodical approach, the BULGOLD exploration team was able to establish the existence of the
Kopernica Vein System which is centred on the 700-metre long Main Vein. There remains substantial exploration
potential within this newly identified vein system which is evidenced by the presence of potential hanging wall splay
veins to the Main Vein and the West Vein which is an emerging parallel quartz vein located 200 metres to the west.
Previous assessment of all rock and drill core , both historic and BULGOLD, within the North East Block has
established that gold in rock commences below the 600mRL. The Kopernica Vein System is no exception from
this finding and is defined on surface between the 590mRL to the 490mRL.
Additionally, approximately 600m to the north -west of the Main Vein a n outcrop of hydrothermal breccia was
identified in a small creek which assayed 0.55g/t Au and 200g/t Sb. Abundant hydrothermally altered float rock has
been identified within this area directly beneath the andesite rock contact that continues north to host the Kremnica
gold deposit. More exploration is required in this area to determine the potential for additional quartz veins.
Historic mining activity appears to be restricted to two areas, both located on the periphery of the currently defined
Kopernica Vein System: 1) The “1817 Mine” (underground operation) which is located 400 metres south -east of
the Main Vein and just below the 600mRL and strikes north -west towards the Main Vein and 2) The “Old Mine”
(small open pit) which is located 500 metres west north-west of the Main Vein at the confluence of two drainages
at the 490mRL. Within the area above the Main Vein there appears to be what may be interpreted as ‘exploration
test pits’, likely assessing the gold potential of the hydrothermal breccia ± epithermal quartz vein pieces found at
surface; their age remains unknown.
The extensive degree of brecciation observed in the surface rocks, particularly above the Main Vein, indicates that
the Kopernica Vein System may possess the conditions necessary for a high fluid-flux hydrothermal environment,
which generally results from frequent and violent boiling events. In epithermal quartz -adularia vein systems, such
boiling processes are widely regarded as the most effective mechanism for the formation of bonanza -grade gold
veins.
Table 2 shows all the BULGOLD surface rock samples ≥0.1g/t Au that have been collected within the currently
defined Kopernica Vein System.
Figures 3, 4, 5, 6 and 7 show images of the surface float rock that have contributed to the BULGOLD mapping and
prospecting framework with a particular focus on the Kopernica Vein System.
SAMPLEID X_UTM34N Y_UTM34N Z_UTM34N Au_BEST_ppm Ag_BEST_ppm As_BEST_ppm Sb_BEST_ppm
95805 344476 5392591 543 2.88 15.8 439 207
95933 344550 5392680 576 2.03 9.3 74.4 71
95941 344340 5392490 510 1.19 4.3 70.6 128
95937 344520 5392590 554 1.18 4.8 1877 40
95806 344551 5392712 581 1.11 1 109 134
95714 344563 5392677 579 1.03 1 193 104
95936 344550 5392620 567 0.83 8.7 261 95.5
45503 344503 5392524 536 0.81 5 74.8 26.6
45045 344520 5392500 536 0.81 5.42 49.8 10.1
45047 344540 5392507 540 0.76 6.78 151.2 14.1
95934 344545 5392690 576 0.72 4.1 113 140
95935 344545 5392670 570 0.67 3.7 212 167
95931 344545 5392535 545 0.63 4 20 19
45048 344580 5392505 553 0.62 2.53 437.8 61.2
45504 344490 5392509 532 0.58 5.9 38.5 44
95929 344110 5393140 505 0.55 1 39.3 200
Table 2. Kopernica Vein System: All BULGOLD surface rock samples ≥0.1g/t Au (n=39).
95902 344540 5392670 572 0.54 2.9 200 195
95715 344538 5392696 575 0.49 1 184 125
95901 344600 5392600 573 0.46 1 1304 319
95808 344472 5392663 550 0.44 1 217 144
95807 344525 5392668 568 0.37 2 142 189
45046 344530 5392515 539 0.34 1.7 73.8 10.7
95932 344555 5392680 578 0.33 1 88.8 99.1
45502 344515 5392505 536 0.33 2.5 115 39.8
95910 344555 5392385 574 0.29 1 193 86.7
95809 344485 5392596 546 0.27 1 458 193
95942 344350 5392495 510 0.27 1 49.9 131
95912 344570 5392390 578 0.26 1 338 173
95915 344505 5393000 579 0.25 1 922 204
45501 344517 5392525 539 0.25 1 367 177
95911 344560 5392390 575 0.24 1 449 165
45505 344493 5392500 531 0.19 1 138 94.5
95904 344470 5392500 527 0.19 17.3 661 144
95930 344585 5392390 581 0.18 1 822 185
95913 344570 5392400 576 0.18 1 463 124
95938 344370 5392310 572 0.17 5.1 3264 367
45506 344425 5392493 521 0.13 1 205 44.2
95926 344360 5392870 542 0.11 1 355 210
95940 344385 5392330 559 0.1 4.4 3633 464
Figure 3. Field and slabbed examples of hydrothermal breccia within the Kopernica Vein System (all from the Main
Vein area). (A) Hydrothermal breccia containing clasts of brecciated chalcedonic quartz within rhyolite rock ; (B)
Hydrothermal breccia in drill core 0.14g/t Au, 2,474g/t As, 242g/t Sb (CVDD001; 39 -40m); (C) Hydrothermal
breccia containing clasts of chalcedonic quartz within rhyolite rock ; (D) Hydrothermal breccia containing massive
to very coarsely banded quartz vein clasts in a marcasite -rich rock flour matrix, <0.01g/t Au, 4,888g/t As, 353g/t
As (95914); (E) Brecciated chalcedonic quartz cross-cut by marcasite-rich hydrothermal breccia veins, 0.83g/t Au,
8.7g/t Ag, 261g/t As, 95.5g/t Sb (95936); (F) Hydrothermal breccia containing a large clast (circled) of crustiform -
colloform (with lattice bladed textures) quartz vein, 1.18g/t Au, 4.8g/t Ag, 1,877g/t As, 400g/t Sb (95937).