LAS VEGAS, March 12, 2018 /PRNewswire/ -- Bonanza Goldfields Corp. (OTC PINK: BONZ) has acquired the Golden Horseshoe Property for its Congress Project, located near Wickenburg, Arizona.
Golden Horseshoe is located approximately 3 miles southwest of the company's existing Tarantula Gold property in the foothills of the Date Creek Mountains. It is presently comprised of 6 unpatented lode mining claims, which are 100% owned by Bonanza Goldfields.
Homestake Mining (now Barrick Gold) encountered gold in surface samples taken in some prospect pits near the property entrance, and at an old Exxon drill-hole. Four samples bearing gold ranged from 0.006 to 0.027 ounces per ton. These early results were not followed up by Homestake.
Subsequent exploration by others was focused on finding copper and molybdenum, as the property bears certain resemblances to known Arizona porphyry copper / moly deposits. Review of the files on the property maintained by the Arizona Geologic Survey suggests that any porphyry copper / moly mineralization could be deep, as Exxon's longest drill-hole was reportedly still in leached capping at 800 feet.
Bonanza Goldfields is more interested in Golden Horseshoe's potential for gold and silver, specifically to supplement the Tarantula Project. If a mineable gold resource is discovered at Golden Horseshoe, it would be a relatively short haul to the company's Tarantula property for processing.
Golden Horseshoe contains outcrops of up to 11 silicified breccia pipes having a diameter of up to 400 feet, possibly structurally controlled. The pipes are exposed and partially exposed over a northeast trend which is 2,200 feet long and about 1,000 feet wide. There is reportedly pervasive sericitization and silicification. The host rocks are preCambrian granite. There is visible mineralization near the largest breccia pipe in the east-central portion of the claims, as well as in mafic dikes in the northwest portion of the claims.
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 Comstock and Goldfield Mining Districts of Nevada, and the Chloride, Congress and Oatman Mining Districts of Arizona.
About Hondo Minerals Corporation – Hondo is a Nevada-based mineral exploration and mining company that is exploring its Thunder Mountain and Mizpah Extension gold and silver properties at Tonopah, Nevada. Hondo is a shareholder of BONZ, and BONZ is exploring Hondo's Arizona properties.
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