Reviewed by Emily Henderson, B.Sc.Nov 21 2022
Bullion Gold Resources Corp. states that roughly 1,700 m of drilling on the ongoing 3,000-m program at the Bousquet project in Abitibi has been completed.
Geology. Image Credit: Bullion Gold Resources Corp.
The first seven holes, ranging in length from 210 to 270 m, all experienced various silicified and arsenopyrite-mineralized lenses inside a 100 m-wide sheared corridor. Based on the 3D modeling evaluated by GoldSpot Discoveries, there are around 10 gold lenses in the Paquin East zone where the current program is situated, in addition to the likely presence of training folds.
The existence of visible gold is also noted in various historical and current drill holes, according to the company.
We are very pleased with what we currently see in the drilling cores. These will facilitate a better understanding of the gold system in place in the Paquin East zone and will help with the establishment of other drill holes in 2023 to verify the potential of this showing near the surface.
Jonathan Hamel, President and Chief Executive Officer, Bullion Gold Resources Corp.
The Company is still expecting the results of the 1000 m program, which was conducted out on the Paquin Est showing at the end of September 2022.
Potential Near the Surface
Over approximately 3 km, a sheared and folded corridor encompassing the Paquin, Decoeur, Joannès, and CB1 gold showings spans the southern half of the Bousquet property.
Because this project is so near to mining infrastructure specializing in gold ore processing, the company’s management plans to conduct another series of short drillings in 2023 to evaluate the surface potential of the Paquin Est showing and the first attempt to define a resource near the surface that can be economically feasible.
Drilling will primarily occur between the surface and a vertical depth of 100 m. The Paquin Est showing has been intersected up to more than 300 m deep and remains open at depth.
If the exploration budget allows, the Paquin-Ouest and Decoeur showings will also be drilled in 2023.
Financing
In response to the March 28th, 2022, press release, the Company would like to explain that a cash finders fee of $8,160 was paid to an arms-length finder. Further to the November 3rd, 2022, press release, the Company wishes to emphasize that it offered 3,505,000 units of common stock at $0.06 per unit and 4,968,750 units of flow-through shares at $0.08 per unit for total gross proceeds of $607,800.
The funds collected will be utilized to further explore the Bousquet property. In relation to the news release of November 3rd, 2022, the Company wishes to clarify that three arm’s length intermediaries received a total of $22,500 in cash and 281,250 warrants having an exercise price of $0.08 for 24 months.