GRAND JUNCTION, CO--(Marketwire -07/10/12)- Bullfrog Gold Corp. (BFGC) ("Bullfrog" or the "Company") is pleased to announce it has acquired an option to purchase the Klondike Project located in the Alpha Mining District about 40 miles north of Eureka, Nevada. The initial property included 64 unpatented mining claims, to which Bullfrog recently staked an additional 100 claims.
The Klondike Project covers mineralized structures 5 miles long and 1 mile wide along the west flank of the Sulfur Springs mountain range. The rocks within this corridor are intensely broken by numerous periods of faulting, thereby providing a favorable environment for several sequences of hydrothermal solutions to form mineral deposits. These host rocks are mostly Devonian age sediments typical of most Carlin gold deposits.
At least two styles of mineral deposits exist on the Company's property:
- The oldest is a silver-rich, lead-zinc event that appears to be related to a molybdenum porphyry system that is not exposed but indicated by geochemistry and alteration. In this regard, the Klondike claims lie 10 miles north of the Mt. Hope molybdenum mine which is currently under development as one of the world's largest molybdenum deposits. The Mt. Hope deposit has a halo of silver-zinc mineralization that is typically more than a thousand feet thick and above several thousand feet of molybdenum mineralization. A silver-rich copper event may also be related to this style of mineralization.
- A later stage Carlin-style gold-arsenic-barite mineralizing event over-printed the earlier silver-zinc-molybdenum system. This event has wide-spread anomalous gold values with arsenic and associated calcite veining. Barite may be related to all events. A new gold discovery is currently being drilled by other companies 10 miles west of the Klondike and may be the continuation of the massive Cortez gold trend.
A total of 156 surface rock chip samples of the Klondike host rocks averaged 32 ppm silver, 1.3 % zinc, 0.8 % lead, 0.16 % copper and anomalous gold. These contents compare well with major silver-zinc deposits such as San Cristobal in Bolivia, Penasquito in Mexico and the new discovery of Cordero in Mexico, each of which may contain more than 100 million tonnes of ore.
The Company is particularly enthused about commencing exploration drilling targeted at shallow oxide zones that may contain enriched silver-zinc mineralization. Subsequent programs will explore individual and combined targets that contain highly prospective values in barite, copper, gallium, gold, lead, molybdenum, silver and zinc. Terms of the option agreement include cash payments and a sliding-scale production royalty with partial buy-down rights.
The Alpha District was organized in 1877, but the first production of significance began in 1909 when small lots of relatively high-grade copper, silver and lead ores were shipped from shallow underground mines to smelters in Salt Lake City, Utah. Limited drill data in the District is not available but has been reported as having minor utility due to location and inadequate depths.
About Bullfrog Gold Corp.
Bullfrog Gold Corp. is a Delaware corporation that started trading on the over-the-counter bulletin board market on October 17, 2011 under the symbol BFGC. The company has an option to purchase the Newsboy Gold Project located 45 miles NW of Phoenix, Arizona. During 1992, predecessor owners completed a feasibility study and submitted environmental permit applications to the State and the US Bureau of Land Management. Historic resources in the main deposit area were estimated in 1992 at 5.3 million tons averaging 0.04 gold opt and 0.7 silver opt. During the first half of 2012 the Company completed 48 holes in two drilling campaigns.
The Company also owns a highly-prospective property located 116 miles NW of Las Vegas, Nevada. These lands are adjacent to Barrick Gold's Montgomery-Shoshone mine and within one mile of Barrick's Bullfrog mine. Between 1988 and 1999 these two open pit mines produced approximately 220,000 ounces gold and 2.3 million ounces of gold, respectively. More information may be obtained from www.BullfrogGold.com, by emailing info@BullfrogGold.com or calling (970) 628 - 1670.
David Beling, PE
President, CEO & Director
Cautionary Note Regarding Forward-Looking Statements
This press release may contain certain "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein including those with respect to the objectives, plans and strategies of the Company and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are forward-looking statements that involve various risks and uncertainties. The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures and may not result in the discovery of sufficient mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Additional information regarding important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the United States Securities & Exchange Commission.
David Beling, PE
President, CEO & Director