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Bullfrog Gold Summarizes Corporate And Project Progress

Stocks in this article: BFGC

GRAND JUNCTION, Colo., Nov. 5, 2013 (GLOBE NEWSWIRE) -- Bullfrog Gold Corp. (OTCBB:BFGC) ("Bullfrog" or the "Company") is pleased to report corporate and project progress from its inception in 2011.

 
Corporate  
Completed a reverse merger: July 17, 2011
Engaged personnel: Completed September 2011 (Corporate and Project)
First trading date: October 11, 2011
Private equity financings: $3.6 million in September 2011
  $2.3 million from November – February 2013
   
Debt facility: $4.2 million in December 2012 from a subsidiary of Rand Merchant Bank.
 

Newsboy Project, 45 miles NW of Phoenix, AZ

  • Drilled 22,995 feet in 74 RC holes during three drilling programs. Table I summarizes eight specific holes drilled in a new area of the Main deposit. Table II summarizes four specific holes drilled in the Queen of Sheba area, which is 2.5 miles west of the Main deposit. Complete results of the Company's three drill programs were reported in press releases of May 1, 2012, August 28, 2012 and April 2, 2013.
 
Table I
Drill Results – Main Deposit Area
 
Hole ID Program Mineral Intervals Thickness Gold Silver
Year - No. Phase From  To Feet opt opt
             
12 - 11 1 375 425 50 0.084 0.176
             
12 - 37 2 380 425 45 0.066 0.27
             
12 - 42 2 385 420 35 0.027 0.12
    455 495 40 0.042 0.08
             
13 - 57 3 295 305 10 0.028 0.05
    335 340 5 0.077 0.02
             
13 - 58 3 385 415 30 0.064 0.49
             
13 - 62 3 290 340 50 0.044 1.28
    360 365 5 0.129 0.34
             
13 - 63 3 330 355 25 0.034 2.14
             
13 - 65 3 210 230 20 0.054 0.56
Average per Hole     381 39 0.054 0.55

Interval Cut-off Criteria: 0.015 gold opt and a Grade x Thickness product of 0.25 feet x opt

 
Table II
Drill Results – Queen of Sheba Area
 
Hole ID Mineral Intervals, Feet Gold Silver
Year -- No. From To Thickness opt opt
           
13 -- 48 0 25 25 2.801 0.17
Includes 10 15 5 13.856 0.48
  390 400 10 0.042 0.05
           
13 -- 49 10 25 15 0.029 0.18
           
13 -- 50 40 45 5 0.017 0.14
  65 70 5 0.016 0.02
           
13 -- 51 60 65 5 0.016 0.08
  • Acquired substantial additional project information from previous operators.  
  • Acquired 160 lode mining claims that increased the Newsboy Project land area to 7,160 acres.  
  • Completed in October 2013 the conversion of old drill paper data into electronic format and vetted all data with respect to QA/QC protocols.  
  • Continue to examine several exploration target areas and planning of a proposed Phase 4 drilling program. The map below shows eight significant exploration targets and the Main deposit.

A map of the Newsboy Gold Project is available at http://media.globenewswire.com/cache/23930/file/23048.pdf

Bullfrog Project, 120 miles NW of Las Vegas, NV

  • Collected and analyzed all relevant data. Interviewed three exploration managers that explored, discovered and developed the south half of the Bullfrog Mining District and produced 3 million ounces of gold from the mid-1980's through late 1990's.  
  • Developed and submitted an exploration program to the US Bureau of Land Management ("BLM").  
  • Evaluated land status.

Klondike Project, 35 miles NW of Eureka, NV

  • Examined the project in late 2011 and mid-2013.  
  • Entered an Option to Purchase and Royalty agreement in June 2012 on 64 lode mining claims.  
  • Located an additional 168 lode mining claims to cover all lands believed to have shallow and deep exploration potential mainly for silver but with potential by-product, lead, zinc, copper and barite mineralization.  
  • Thoroughly analyzed a 1977 geology report that defines several shallow exploration targets and projects a mineral inventory of more than 50 million tons. Developed an exploration program that is drill ready.  
  • Received approval from the BLM to drill 60 holes under a "Notice of Intent to Drill".

Acquisition Program

The Company continues to seek, examine and pursue quality acquisitions and business opportunities. Our objectives are to close selective deals that are financeable in the current market while growing the Company and adding value to our shareholders. Criteria for this initiative include projects having the following attributes:

  • Advanced status with significant tonnages and grades of resources and/or reserves that are compliant with Canadian and US mining standards.  
  • Financial performance projections deemed adequate to raise equity funding under current market conditions.  
  • Politically stable venues acceptable for performing exploration, development and production operations, primarily in North America.  
  • Gold and silver resources that may contain base metal by-products.

In this regard, current depressed metal prices have now developed better opportunities to make strategic acquisitions and build the Company. Notwithstanding, the Company may not be successful in completing or integrating such acquisitions or business opportunities.

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