LAS VEGAS, March 19, 2018 /PRNewswire/ -- Bonanza Goldfields Corp. (OTC PINK: BONZ) is pleased to announce that it has acquired the Thunder Mountain Gold Project, located in Nye County, Nevada between Tonopah and Round Mountain, Nevada.
The Thunder Mountain project is presently comprised of 17 unpatented lode mining claims on BLM ground, which are centered on the areas previously drilled by Newmont, Midway Gold and Kinross.
Past Drill Results
Midway Gold reported drill results in 2007 and 2008 as follows:
- 10 feet of 0.389 ounces per ton (OPT) gold within 40 feet of 0.135 opt gold (drill hole TM08-09)
- 5 feet of 1.187 OPT gold within 30 feet of 0.705 OPT gold (drill hole TM07-04)
- 10 feet 1.93 OPT gold within 30 feet of 0.705 OPT gold (drill hole TH-27)
- 15 feet of 0.036 OPT gold with 5 feet of 7.4 OPT silver (drill hole TM08-10)
Geology. Thunder Mountain is an emerging epithermal gold district, which hosts a series of high grade epithermal quartz-adularia-gold veins.
Bonanza Goldfields acquired Thunder Mountain as part of an amendment to its Omnibus Exchange Agreement with Hondo Minerals Corporation and related parties. Hondo received one share of Bonanza Goldfield's newly designated Series C Preferred Stock, which is convertible into 9.99% of the Bonanza Goldfields common shares. Bonanza Goldfields intends to register these common shares with the SEC for distribution to Hondo's stockholders in a special liquidating distribution once Bonanza Goldfields resumes its status as a fully reporting company to the SEC. This is targeted for 2019.
Because of its acquisition of Thunder Mountain, Bonanza Goldfields has elected not to proceed with acquisition of the mining properties at Chloride, Arizona or Goldfield, Nevada. The Company now has four active mining projects:
- Thunder Mountain Gold
- Comstock Gold (50% interest in Monte Cristo Mine)
- Congress Gold (Tarantula and Golden Horseshoe)
- Oatman Gold (Tom Reed Jr. and Argo Mines)
About Bonanza Goldfields Corp.: BONZ is a Las Vegas–based mineral exploration and mining company. We are exploring gold and silver properties located in the Thunder Mountain and Comstock Mining Districts of Nevada, and the Congress and Oatman Mining Districts of Arizona.
About Hondo Minerals Corporation – Hondo is a 9.99% stockholder of Bonanza Goldfields Corp., with the intention of distributing these shares to its stockholders once legal requirements have been satisfied.
Disclaimer - Forward Looking Statements: This press release contains "forward-looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties, including the risks that actual results may differ materially from those projected in the forward-looking statements; projected events in this press release may not occur due to unforeseen circumstances and various other factors and risks.
Fred Bauman, General Counsel