Bulgold Extends the Occurrence of Epithermal Quartz Veins to 1.2KM of Strike Length Within the Sinter Field ON the Lutila GOLD Project
BULGOLD EXTENDS THE OCCURRENCE OF EPITHERMAL QUARTZ VEINS TO 1.2KM OF
STRIKE LENGTH WITHIN THE SINTER FIELD ON THE LUTILA GOLD PROJECT
Toronto, ON. May 12, 2025 – BULGOLD Inc. (TSXV: ZLTO) (the “Company” or “BULGOLD”) is pleased to
announce the results of recent prospecting activity on the Lutila Gold Project (the “Property”) , Slovakia . This
information has now been validated and incorporated into the Company’s database. The Lutila exploration licence
covers an area of 32.2km2 and is prospective for quartz-adularia epithermal gold mineralisation.
1. Highlights
• Recent prospecting activity on the Horna Klapa section of Rhyolite Ridge, has led to the Company
extending the occurrence of quartz vein material to over 1.2km in strike length which clearly
indicates that this north -east striking portion of the ridge remains strongly prospective for gold
mineralisation within epithermal quartz veins at depth below the ridgeline.
• Within the currently defined strike length of 1.2km, the Company has now established quartz
lattice bladed textures, which indicate clear evidence of boiling, over a distance 0.7km.
• Additionally, the Company has uncovered the presence of what appears to be a medieval
exploration gallery (‘pre-gunpowder’ era) which seems to drive towards the ridge line and contains
altered pyroclastic rocks together with occasional epithermal quartz vein float within the
associated waste piles.
• Further field review of the Horna Klapa sinter terraces located proximal to this section of Rhyolite
Ridge has revealed the presence of geyserite textures within outcropping sinter deposits ; these
textures indicate proximity to an “upflow zone” i.e., vent, geyser or hot spring.
• During 2024, prospecting activity led to the discovery of epithermal quartz vein material on the
highest peak within the Sinter Field; located 2.7km north along Rhyolite Ridge from RRDD001 and
RRDD002 and 1.7km south west from CVDD001 . This was the first time that epithermal quartz
veins have been recognised within the Sinter Field and validate the Company’s exploration model.
• The Lutila Gold Project is located favourably between two of the largest Au-Ag epithermal systems
within the Central Slovakia Volcanic Field, the Kremnica gold deposit and the Banska Štiavnica
gold-silver ore field, which, collectively, have produced signi ficant 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:
“There is now very little ambiguity in relation to the location of these epithermal quartz vein pieces as they sit on
and just off the sides of the highest elevation section of Rhyolite Ridge. This means that they cannot be derived
from any other portion of the property.
The textures of these epithermal quartz vein pieces indicate that they formed at a high level within the vein system
and the nearby Horna Klapa sinter terrace also suggests that the current level of exposure is close to or at the
paleosurface therefore indicating that the vein system is in place at depth below the ridgeline with minimal erosion
responsible for the current distribution of epithermal quartz vein pieces.
When exploring for quartz-adularia vein systems it is critical to a) recognise where one sits within the system and
b) to find one vein and then look for more, but perhaps more importantly from a capital allocation perspective it is
crucial to determine where the highest probability of success lies as early as possible within the exploration
programme i.e., where is the ‘engine room’ that will drive the project’s economics.
The BULGOLD exploration team believes that the Horna Klapa section of Rhyolite Ridge provides the Company
with that level of probability. With that in mind, the Company continues to evaluate a number of options to progress
the discovery process on the Lutila Gold Project.”
2. Epithermal Quartz Veins within the Sinter Field (Horna Klapa Target Area)
During 2024, prospecting following the completion of exploration drilling led to the discovery of epithermal quartz
veins on and just below the equal highest peak (687mRL) within the Sinter Field. The BULGOLD exploration team
has recently returned from the field where, due to good early Spring conditions, they were able to continue
prospecting the Horna Klapa section of Rhyolite Ridge. The quartz vein material is now located 20-60m vertically
above and 0.5-1km north-east from the nearest outcropping sinter terrace; the Horna Klapa sinter terrace. Sinters
form at the paleo-water table, while epithermal quartz veins form beneath the paleo-water table (See Figures 1, 8,
9 & 10).
The epithermal quartz vein fragments continue to represent the high-level expression of an upflow zone located
beneath this +1,400m portion of Rhyolite Ridge, where the overall strike of the ridge abruptly changes from a north-
south to a north -east orientation. The vein pieces are dominated by low temperature, low fluid -flux textures and
are commonly coarsely banded chalcedonic quartz with zones of quartz lattice bladed textures which indicate that
boiling has occurred. Minor included fragments of rhyolite rock within the vein pieces clearly indicates that the veins
formed within rhyolite rock. They are strongly anomalous for antimony (average of 122g/t Sb) with very low levels
of Au, Ag and As (See Figures 2 & 3).
Additionally, a medieval exploration gallery was discovered on the eastern side of the Horna Klapa ridgeline located
approximately 80m below the equal highest peak. It is believed that this mining activity was carried out in the ‘pre-
gunpowder’ era (pre-1627) and was exploratory in nature and designed to access rocks below the ridgeline. The
Company speculates that they may have been following up on the epithermal quartz vein float in the area and
wished to assess the hydrothermal system at a lower level by driving a horizontal exploration gallery. The Company
found clay-altered rhyolite pyroclastic rocks in proximity to the working (see Figure 4) and it should be noted that
there are no outcropping altered rhyolite rocks in the vicinity (even though there is abundant rhyolite rock outcrop
immediately above the working); minor epithermal quartz vein float was also found in the area.
Correction: The Company previously reported on the 14th November 2024 that an area of ancient mining had been
discovered on the north-east end of the Horna Klapa ridgeline. Follow -up assessment of this area now leads the
Company to agree that it is most likely a landslide conditioned by bentoni sed perlite at the margin of a rhyolite
cryptodome (pers. Comms. Lexa, J. 2024). Additionally, the Company has found and sampled altered rhyolite
pyroclastic material from this area (see Figure 5).
Historic gold exploration within the Lutila Gold Project has been ongoing for centuries given its location immediately
south and along strike from the Kremnica gold deposit, which has been mined for approximately 1,000 years, and
in that time, this is the first recorded occurrence of epithermal quartz veins within the Si nter Field. The Company
has drill tested Rhyolite Ridge 2.7km south of this location and used the occurrence and distribution of outcropping
sinters to guide such drilling efforts. It is now clear to the Company that future exploration drilling should take place
within this +1, 400m portion of Rhyolite Ridge where epithermal quartz veins are found at surface together with
medieval exploration activity which provide indirect evidence for the presence of epithermal veins at depth beneath
the ridgeline where they may have been deposited within an upflow zone.
Figure 1. The newly extended location of the area of epithermal quartz vein material on the Horna Klapa portion of
Rhyolite Ridge overlain on historic Sb soil geochemistry with 2m contours derived from LIDAR. VQZ=Vein Quartz,
LB=lattice bladed textures present, CRB=chalcedonic veinlets within rhyolite rock, ALT_VOL=altered rhyolite rock.
Figure 2. Field and slabbed examples of epithermal quartz veins from the north-east trending, +1,400m long Horna
Klapa portion of Rhyolite Ridge. (A) Poorly developed crustiform-colloform vein piece (45532); (B) Low temperature
chalcedonic quartz with included fragments of rhyolite rock (45533); (C) Massive chalcedonic quartz with included
fragments of spherulitic rhyolite (45534); (D) Typical low temperature textures reflecting a low fluid-flux environment
of formation within the upper levels of the upflow zone (45538).
Figure 3. Slabbed examples of epithermal quartz veins from the north -east trending, +1,400m long Horna Klapa
portion of Rhyolite Ridge. (A) Coarse chalcedonic banding with minor quartz lattice bladed bands (45527); (B)
Coarse quartz lattice bladed textures in chalcedonic quartz vein (45535); (C) Coarse chalcedonic banding w ith
minor quartz lattice bladed bands (45536); (D) Coarse chalcedonic banding with minor quartz lattice bladed bands
(95804); (E) & (F) Coarse chalcedonic banding with quartz lattice bladed section after carbonate indicating that
boiling has taken place (45537).
Figure 4. (A), (B), (C) & (D): Examples of smectite ± zeolite altered rhyolite pyroclastic rocks which were excavated
from the probable medieval exploration gallery waste dump.
Figure 5. Hydrothermally altered rhyolite pyroclastic rock from the area of the exposed cryptodome including a
chalcedonic veinlet with finely disseminated marcasite in the far-right piece (above scribe end), 506g/t As, 107g/t
Sb.
3. The Horna Klapa Sinter Terrace
Further field review was undertaken within the Horna Klapa sinter terrace which is located to the immediate south-
west of the Horna Klapa portion of Rhyolite Ridge which contains the epithermal quartz vein pieces (see Figure 1).
The sinter terrace is a significant geological feature on the property and contains multiple stacked terraces over
approximately 250m of elevation, starting immediately below the named Horna Klapa peak (687mRL) and
extending 1.3km towards the Kopernica potok (stream) located downhill and to the west.
Sinters commonly form proximal to upflow zones in which quartz -adularia epithermal veins may have formed at
depth nearby. The Company has now clearly established that geyserite textures are present within the Horna Klapa
sinter terrace (see Figure 6). These textures form in response to hot, deeply derived, near neutral, alkali -chloride
waters intersecting the earth’s surface at or near the water table surface in the form of vents, geysers or hot springs.
They are diagnostic textures and are commonly r ecognised today around active geothermal fields e.g.,
Yellowstone.
More importantly, geyserite textures form from geothermal waters which are being expelled from the upflow zone
or the open space fault structures that are controlling the permeability fabric and allowing this near -boiling water
to reach surface.
Taken in conjunction with the occurrence and distribution of epithermal quartz vein material found on the nearby
Horna Klapa portion of Rhyolite Ridge, then the occurrence of geyserite textures provides additional support to the
Company’s exploration model for the Lutila Gold Project i.e., there may not only be a spatial relationship but also
a genetic relationship between the Horna Klapa sinter terrace and the nearby epithermal quartz veins.
Figure 6. Field examples of geyserite from the Horna Klapa sinter terrace. (A) Nodular geyserite in outcrop; (B)
Nodular geyserite; (C) Nodular geyserite in plan view; (D) Nodular geyserite; (E) Delicate splash textures related
to vent, geyser or hot spring proximity; (F) Splash textures related to vent, geyser or hot spring proximity.