TORONTO, ONTARIO--(Marketwired - Jun 13, 2013) - Bison Gold Resources Inc. ("Bison Gold" or the "Company") (TSX VENTURE:BGE) is pleased to provide an update on 2012-2013 exploration and review key findings and exploration work.
Since Q3 2009, Bison Gold has focused on the advancement of its past-producing Central Manitoba gold property located in South East Manitoba, Canada ("CM Property"). It is similar in style to the Rice Lake and Red Lake mining camps, both of which are located in the prolific Uchi Subprovince of the Canadian Shield.
The CM Property produced approximately 205,000 ounces of gold up to 1951 from two main mining trends known as the Central Manitoba zone and the Ogama-Rockland zone. The Central Manitoba zone produced gold from 5 mine shafts over a distance of approximately 2km. The Ogama-Rockland zone produced gold from 3 shafts over approximately 1km distance. As well, there exists numerous other mining shafts and adits on different mineralized trends where gold production cannot be verified. These include Walton, Gold Hill, Valley Vein and Eldorado. Exploration on the CM Property following the closing of the last mining operation in 1951 had been sporadic and of limited extent up to the early 2000's due to a variety of reasons but mainly gold and commodity prices and fractioned ownership of the mining claims. Formally known as Mid-North Resources, Bison Gold consolidated the Central Manitoba land package and in 2003 optioned the CM Property to Placer Dome Canada. Placer Dome conducted the first systematic exploration of the CM Property conducting airborne geophysical surveys, multi-media geochemical surveys and extensive geological and structural mapping. Numerous drill targets were generated from this work, almost all exclusively in the region of the Ogama-Rockland mineralized trend. In 2004, Placer Dome conducted a limited diamond drilling campaign testing several of these targets and were successful in intersecting significant gold mineralization but decided not to pursue the option to acquire the CM Property. Bison Gold continued very limited exploration on the CM Property until 2009 when five holes tested the possible depth extension of the Ogama-Rockland mineralized zone below the Ogama mine workings. All holes intersected significant gold mineralization. In particular, hole OG-09-07 intersected 34.99 g/t Au over 4.73 metres (core width, not true width). This drill hole intersection was the stimulus to further explore and develop the Ogama-Rockland trend in the subsequent years.
In Q3 2010, Bison Gold decided to focus on the resource potential adjacent and at depth to the old Ogama mine workings. Over the next two years, Bison Gold drilled 74 holes, totaling 26,747 metres on the Ogama-Rockland mineralized trend. A vast majority of the holes hit gold mineralization in at least one zone. The table below provides a sample of highlights from this drilling. The original targets for the drilling were the two main structures that were mined during the Ogama mine operations. However, along with intersecting these two structures at depth and along strike, numerous other mineralized structures were intersected, both in the hangingwall and the footwall of the Ogama mineralized zones. Key observations and conclusions from the drilling are as follows:
- There are many more parallel to en-echelon mineralized zones in close proximity to the original Ogama mineralized zones;
- The Ogama mineralized zones remain open at both depth and along strike;
- Drilling (and follow-up surface work) indicates that Ogama Vein #4 zone is a minimum of 800 m strike length and is the same structure that was mined shallowly from the Rockland shaft, 800 m west of the Ogama shaft;
- Ogama Vein #4 which was only mined from the original Ogama mine between 200-300 metres beneath surface is mineralized to surface along its entire strike length;
- The 420 zone, a subsequent new discovery made by drilling in the footwall of Ogama Vein #4 is mineralized to 500 m beneath surface and is open along strike to the west of the discovery hole.
|Drill Hole||FROM (m)||TO (m)||WIDTH (m)||Au (g/t)||Zone|
|** All core intervals are drill core widths and not true widths|
Bison Gold, through geological and structural mapping, sampling and channel cutting have identified numerous gold mineralized structures within the Ogama-Rockland mineralized corridor that has been drill-tested and proven to persist at depth. And have identified new zones that have not been drill-tested. As well, Bison Gold has established significant surface mineralization at zones outside of the Ogama-Rockland corridor, namely the shafts near Eldorado, Walton, Growler, Kitchener, Gold Hill, Valley and Hope as well as unnamed new showings.
In 2012, Bison, along with the University of Waterloo and the Manitoba Geological Survey, initiated a multi-year metallogenic and structural study on the southwest portion of the Rice Lake Greenstone Belt/Ross River Pluton (host rock of the Ogama-Rockland trend). The study is led by Dr. Shoufa Lin and the results will be incorporated in to a doctoral thesis candidate Xiaohui Zhou as well as the Manitoba Geological Survey's Annual Reports of Activities.
Geophysical Surveys and LiDAR
In 2011, due to recent successful usages in the Rice Lake Greenstone Belt, Bison Gold deployed a high resolution laser mapping survey (LiDAR) and orthophotography of the CM Property. The results of the survey aided greatly in tracking mineralized structures across the CM Property and have generated numerous new targets to be followed up in future exploration work.
In 2012, Bison Gold deployed a test surface magnetometer survey across the Eldorado mineralized zone in an attempt to map the Eldorado mineralized structure where it is not exposed at surface. The results were very encouraging as they showed that the Eldorado zone has a potential mineralized strike length in excess of 1 km.
In 2011, Bison Gold staked mineral claims across the remaining unclaimed portion of the Ross River Pluton. It was determined that the Ross River Pluton (host rock for Ogama-Rockland trend, Eldorado, Valley and Gold Hill showings) had significant potential to host high grade gold deposits. Bison Gold staked 66 mineral claims totalling 14,629 hectares.
NI 43-101 Technical Report
In 2009, Bison Gold filed a NI 43-101 technical report pertaining to its CM Property on Sedar. The Company has since commissioned Watts, Griffis and McQuat to complete an updated report that incorporates exploration data, of over 16,152 assays that were tested at TSL labs in Saskatoon, SK from its 2009 - 2012 exploration activities.
Drill core was sawed, with half sent to TSL Labs and the other half retained for reference. Most gold analyses were completed using 50g fire assay with AA finish. A gravimetric finish is employed where samples return gold values in excess of 3000 ppb. Screen metallics techniques were used on samples with visible gold. TSL maintains a strict quality control program with standards, blanks and duplicates included with every sample series. Standards and blanks are inserted regularly by Bison Gold personnel in to the sample series at their on-site core processing facility.
All exploration activities for Bison Gold are under the supervision and guidance of David C. Benson, P.Geo, and a Qualified Person under NI 43-101. Mr. Benson has reviewed the technical portions of this news release.
About Bison Gold
Bison Gold is a Canadian public company listed on the TSX Venture Exchange. Bison Gold is focused on gold exploration with property assets in Manitoba, Canada. The flagship property, Central Manitoba, is historically the second largest gold producer in the prolific Rice Lake Greenstone Belt after San Gold Corp.'s Rice Lake Mining Operations. Further details can be found on Bison Gold's website at www.bisongold.com.
We seek safe harbour. This news release contains forward-looking statements regarding the timing and content of upcoming programs and may be subject to regulatory approval. Actual results may differ materially from those currently anticipated in such statements. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Bison undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.