Bullfrog Gold Corp (BFGC:OTCQB; BFG:CSE; 11B:FSE) (“Bullfrog”, “BFGC” or the “Company”) is pleased to summarize progress during the past year and its plans to drill the highest priority holes in 2020 at the Bullfrog Project (“Project”) located 125 miles NW of Las Vegas, Nevada.
The key event in 2019 was the final closing in March of a US $1.1 million private placement that funded several advancements while fulfilling all Company and Project obligations.
· Gained positive exposure and greater liquidity by listing on the Canadian Securities Exchange in September 2019. This listing set the stage for the C$2.0 million private placement that closed in January 2020. The Company also began trading in Germany.
· Replaced our auditor and transfer agent to meet both US and Canadian requirements.
· Extended the final Barrick Bullfrog Inc. (“Barrick”) work commitment to a 5.5-year period ending September 23, 2020, at which time the purchase option could be exercised. Continued discussions with Barrick to acquire the southern part of the Bullfrog pit, which would add resources, allow the sequential backfill of nearly all waste rock and substantially reduce environmental impacts and mining costs.
· Developed detailed drilling plans to expand mineralization in the Mystery Hill (adjacent and NE of the Bullfrog pit) and Montgomery-Shoshone (“MS”) areas and test the new Paradise Ridge exploration target located one mile east of the Bullfrog pit.
· Received approvals and posted cash reclamation bonds with the State of Nevada and the US Bureau of Land Management to drill priority exploration and development holes.
· Column leach tests on four bulk samples were completed using conventional crushing and high-pressure grinding roll (HPGR) equipment. The four HPGR tests sized at a very fine -1/16 inch recovered an average 86% of the gold and 46% of the silver compared to 71% gold and 28% silver recovered from the conventional crushed sizes of -3/8-inch. It is notable that the bulk sample from Mystery Hill only contained 0.34 g/t but 91% of the gold was recovered from the HPGR feed size of -1/16 inch.
The Bullfrog area deposits are highly amenable to heap leaching much finer sizes from HPGR’s because they contain much less clay contents and generate less fines during the size reduction processes than most other gold deposits. HPGR’s also create much more micro-fractures in the particles than conventional crushers, thereby further enhancing leach recoveries.
Remarkably, load-permeability tests on the leached residues indicate that a fine HPGR size of -1/4 inch heap size can be stacked up to 200 feet high, but the much finer -1/16 inch size requires cement agglomeration to stack this high.
· Detailed geologic studies have confirmed that the Bullfrog area mineralization and waste rocks contain very high alkaline and very low sulfide contents. Recent tests on ten samples also determined that the acid neutralization potential averaged 36 times greater than the acid generation potential. Furthermore, the water immediately under the Bullfrog pit is alkaline at a pH near 8. Thus, there are no acid mine drainage issues at the Project.
In addition to meeting all Company obligations, plans for 2020 have been fully funded by the mid-January equity raise of C$2 million and include the following programs:
· Complete before April a cultural/archeological survey before drilling priority holes on Barrick lands. Update and expand other environmental and water related studies.
· The MS and Mystery Hill deposits need more drilling to test potential resource additions and better define ultimate pit limits while meeting the final Barrick work commitment. For reference, the main Bullfrog deposit has been adequately drilled to design expanded pit limits. The Company’s new Paradise Ridge target area will also be drilled to the extent funds are available. Drilling is anticipated to start before mid-May with completion two months later.
· Perform minor earthwork in the Bullfrog pit to collect at least two additional bulk samples for column leach testing to further document the much higher recoveries from very fine HPGR product sizes and other tests by HPGR manufacturers needed for feasibility study and final engineering and design purposes.