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GRAND JUNCTION, Colo, Dec. 17, 2012 (GLOBE NEWSWIRE) -- Bullfrog Gold Corp (OTCBB:BFGC) ("Bullfrog" or the "Company") is pleased to announce it has leased two patented mining claims in the Queen of Sheba area of its Newsboy Project (Project) located 45 miles NW of Phoenix, Arizona. The two patents cover 38 acres, which together with Bullfrog's surrounding claims comprise a highly prospective exploration target located 2.5 miles NW of the main Newsboy deposit. The Newsboy Project now covers 4,958 acres of mining claims, State lands and the two patents. Terms of the lease include annual payments of $10,000 per year, gold royalties ranging from 1% for gold prices less than $1,200 to 5% for gold prices more than $5,000 per ounce, and a one-time work commitment of $100,000 on the Queen of Sheba exploration target area during the next year.
Several shallow shafts, prospect pits, adits and mineralized outcrops are present in the Queen of Sheba area, but there are no records of production. In September 1994 Moneta Porcupine Mines, who then owned the Newsboy properties, announced that five outcrop chip/channel samples from the Queen of Sheba area averaged 0.064 opt (2.2 g/t) over an average width of 54 feet (16.6 meters) and a strike length of 260 feet (80-meters).The geological-geophysical signature of this new zone was reported as similar to the Newsboy main deposit. The gold values appeared to be the surface expression of a 150 meter wide geophysical anomaly that was traced over a 500 meter strike length that remains open on both ends. A core hole completed in 1995 intersected three shallow mineral intercepts in the Queen of Sheba area, as summarized below:
The Company plans to drill at least 24 holes on Project lands during the next few months and subsequently contract the preparation of resource estimates and preliminary mine plans in the main deposit area. The exploration portion of this drill program will significantly test the patents and claims in Queen of Sheba target area. The remaining holes will test for expansions to the thick, high grade mineralization discovered in the main deposit and described in press releases during May and August 2012.