BULGOLD Inc. (TSXV: ZLTO) (the “Company” or
“BULGOLD”) announces that it has now completed the maiden drilling
programme on the Kutel Gold Project and all assay results have been
returned, validated and incorporated into the Company’s database.
Three diamond drill holes were drilled across two of the three
primary HEB targets for a total of 1,125.4m. No significant
intersections were recorded.
Quote from the President & CEO, Mr
Sean Hasson:
“After watching every drilled metre come into
the shed, two things became clear to me: (1) the drilled geology
was not supporting the current model, and (2) it soon became
apparent that additional drill holes would be needed to test the
potential of the property and that these holes would fall outside
the scope of the Company’s board of directors’ approved budget. As
such, I made the decision to terminate the drill programme upon
completion of the third drill hole.
The owners/managers of this business are
committed to making an economic gold discovery and this requires
the Company to be ruthless in its allocation of capital. There
remains good potential for gold mineralisation on the Kutel Gold
Project; however, for now, the Company will turn its attention to
the recently acquired Lutila Gold Project in Slovakia and the
Kostilkovo Gold Project in Bulgaria. The Company does not expect to
return to the capital markets for additional funding and plans to
use current cash on hand to drill test these gold projects so as to
determine where the Company’s capital should be allocated moving
forward.”
- The Kutel Drilling
Programme
Figure 1. Kutel Gold Project Geology and Exploration Diamond
Drill Hole Locations
Hole No. |
Grid Name |
X |
Y |
Z |
Dip |
Azimuth |
Depth |
YADD001 |
UTM35N |
314585 |
4631779 |
1421 |
-59.7 |
051 |
304.1 |
KTDD001 |
UTM35N |
313654 |
4630473 |
1520 |
-60.6 |
035 |
396.1 |
KTDD002 |
UTM35N |
313723 |
4630609 |
1523 |
-71.5 |
312 |
425.2 |
YADD001: Drilled sedimentary marble breccia from
surface to 298m, after which metamorphic basement rocks, primarily
marble with some minor amphibolite was intersected to end of
hole.
KTDD001: Drilled sedimentary marble breccia from
surface to 66m, after which metamorphic basement rocks, primarily
marble with some minor amphibolite was intersected to end of
hole.
KTDD002: The BULGOLD team made a decision to
change the orientation of drilling from the northeast to the
northwest, which was the logical decision to make at this stage of
the exploration programme. Sedimentary marble breccia was
intersected from surface to 91m, after which metamorphic basement
rocks, primarily marble with some minor amphibolite was intersected
to end of hole. Carbonate veinlets with bladed vein margins with
either open space or full carbonate centres were intersected
intermittently between 230-242m, 263-265 and 293-294m downhole;
these veinlets were steeply dipping and trending 020-040°. One
chalcedonic quartz vein was intersected between 237-238m
downhole.
Operationally, core recovery was good and
averaged 98.6% for the programme. Drilling rates were reasonable;
however, due to the inherent fractured nature of the sedimentary
marble breccias and marble basement rocks, water return was
commonly lost at upper levels of the drill holes. This necessitated
that the Company transport water to the drill sites, which were all
located on the top of a mountain and, thus, contributed to
additional cost pressures associated with the maiden drill
programme.
About BULGOLD Inc.
BULGOLD is a gold exploration company focused on
the exploration and development of mineral exploration projects in
Central and Eastern Europe. The Company controls 100% of three
quality quartz-adularia epithermal gold projects located in the
Slovakian and Bulgarian portion of the Western Tethyan Belt: the
Lutila Gold Project, the Kutel Gold Project and the Kostilkovo Gold
Project. Management of the Company believes that its assets show
potential for high-grade, good-metallurgy, low-sulfidation
epithermal gold mineralisation.
On August 24, 2023, BULGOLD had approximately
$2.5 million in its treasury and BULGOLD’s issued and outstanding
shares were 27,597,928 of which approximately 39.54% were held by
Founders, Directors and Management. Additional information about
the Company is available on BULGOLD’s website (www.BULGOLD.com) and
on SEDAR (www.sedar.com).
Sampling, Analysis and QAQC of
Exploration Drill Core Samples
Most exploration diamond drill holes are
collared with PQ size, continued with HQ, and are sometimes
finished with NQ. Triple tube core barrels and short runs are used
whenever possible to improve recovery. All drill core is cut
lengthwise into two halves using a diamond saw; the right-hand half
looking downhole is sampled for assaying and the other half is
retained in core trays. The common length for sample intervals
within mineralized zones is one metre. Weights of drill core
samples range from three to eight kilograms (“kg”), depending on
the size of core, rock type, and recovery. A numbered tag is placed
into each sample bag, and the samples are grouped into batches for
laboratory submissions.
Diamond drill core samples are shipped to SGS
Burgas, Bulgaria. Quality control samples, comprising certified
reference materials, blanks, and field duplicates, are inserted
into each batch of samples and locations for crushed duplicates and
pulp replicates are specified. All drill core and quality control
samples are tabulated on sample submission forms that specify
sample preparation procedures and codes for analytical methods. For
internal quality control, the laboratory includes its own quality
control samples comprising certified reference materials, blanks
and pulp duplicates. All QAQC monitoring data are reviewed,
verified and signed off by the Company. Chain of custody records
are maintained from sample shipments to the laboratory until
analyses are completed and remaining sample materials are returned
to the Company. The chain of custody is transferred from the
Company to SGS at the laboratory door.
At the SGS Burgas laboratory, the submitted core
samples are dried at 105°C for a minimum of 12 hours, and then jaw
crushed to ~80% passing 2-6mm. Sample preparation duplicates are
created by riffle splitting crushed samples on a 1-in-20 basis.
Larger samples are riffle split prior to pulverizing, whereas
smaller samples are pulverized entirely. Pulverizing specifications
are 90% passing 75 microns. Gold analyses are done using a
conventional 50-gram fire assay and AAS finish. Multi-element
analyses for 36 elements are done using a four-acid digestion and
an ICP-OES finish.
Qualified Person
The scientific and technical information
described in this Press Release has been prepared in accordance
with National Instrument 43-101. The scientific and technical
information for Slovakia and Bulgaria was reviewed and approved by
Mr Sean Hasson, a Qualified Person as defined by National
Instrument 43-101 and President and Chief Executive Officer to the
Company.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains forward‐looking
statements and forward‐looking information within the meaning of
applicable securities laws (collectively, “forward-looking
statements”). These statements relate to future events or future
performance and include statements related to the Kutel Gold
Project and the potential for gold mineralisation on the Kutel Gold
Project, the Company not accessing the capital markets to fund
drilling, the Company’s plans in respect of the Kutel Drilling
Programme, the Company’s intention to focus on the Lutila Gold
Project, the exploration plans of the Company and the timing and
sources of funding thereof. All statements other than statements of
historical fact may be forward‐looking statements or information.
The forward‐looking statements and information are based on certain
key expectations and assumptions made by management of the Company.
Although management of the Company believes that the expectations
and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward‐looking statements and information since no
assurance can be given that they will prove to be correct.
Forward-looking statements and information are
provided for the purpose of providing information about the current
expectations and plans of management of the Company relating to the
future. Readers are cautioned that reliance on such statements and
information may not be appropriate for other purposes, such as
making investment decisions. Since forward‐looking statements and
information address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks, including the inherent
uncertainty of mineral exploration; risks related to title to
mineral properties; and credit, market, currency, operational,
commodity, geopolitical, liquidity and funding risks generally,
including changes in economic conditions, interest rates or tax
rates and general market and economic conditions. Accordingly,
readers should not place undue reliance on the forward‐looking
statements and information contained in this press release. Readers
are cautioned that the foregoing list of factors is not exhaustive.
The forward‐looking statements and information contained in this
press release are made as of the date hereof and no undertaking is
given to update publicly or revise any forward‐looking statements
or information, whether as a result of new information, future
events or otherwise, unless so required by applicable securities
laws. The forward-looking statements and information contained in
this press release are expressly qualified by this cautionary
statement.
For further information, please contact:
BULGOLD Inc.Sean Hasson, President
and Chief Executive OfficerTelephone: +359 2 989 2361Email:
information@BULGOLD.comWebsite: www.BULGOLD.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/40a9a45a-7dee-4440-a438-3e42e7d38acb
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