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BULGOLD Acquires 100% of Lutila Gold Project in Slovakia for €100
TORONTO, Sept. 27, 2023 (GLOBE NEWSWIRE) -- BULGOLD Inc. (TSXV: ZLTO) (the “Company” or “BULGOLD”) is pleased to announce that it has exercised its option to ac
About this update from Bulgold Inc
[{"type":"text","content":" TORONTO, Sept. 27, 2023 (GLOBE NEWSWIRE) -- BULGOLD Inc. (TSXV: ZLTO) (the “Company” or “BULGOLD”) is pleased to announce that it has exercised its option to acquire 100% of the Lutila Gold Project (the “property” or “exploration licence”) in Slovakia for the price of €100. The Lutila exploration licence covers an area of 32.2km², hosts a significant amount of target areas, is prospective for epithermal gold mineralisation and has been granted for an initial 4-year period. 1. Highlights Large (35km²) volcanic rock-hosted, low-sulfidation, quartz-adularia epithermal system. Rhyolite flow dome complexes define a series of topographic highs within the licence area which cumulatively extend for approximately 10km; these rhyolite ridges are in turn surrounded by a large (27km²) sinter field. Limited historic exploration diamond drilling focused on the northeast portion of the property (along strike from the Kremnica gold deposit) where the sinters have been removed by erosion to expose silicified rhyolite flow domes with chalcedonic quartz veins containing low-grade gold and elevated arsenic and antimony values. The sinter field has not been drill tested for gold mineralisation; it has been extensively drill tested for bentonite (average hole depth 20m). The Company believes that the current land surface is approximately 200-300m above the precious metal zone (i.e., the low-sulfidation epithermal system is preserved) and it is the Company’s opinion that the historic drilling had not tested the true potential of this large epithermal system. The Property is located 5km south, along strike and within the same volcanic depression that hosts the historic quartz-adularia Kremnica gold deposit (current JORC (2012) mineral resource estimate of 2.7Moz Au). Exploration target: high-grade gold (Au) ± silver (Ag) quartz veins; underground mining scenario. Supporting maps can be found at the end of this press release: Figure 1. The Lutila Exploration Licence relative to the Kremnica Mining Licence – Geology & Tenure Figure 2. Lutila Exploration Licence – Geology & Tenure Figure 3. The Lutila Exploration Licence – Topography, Tenure, Sinters and Bentonite Open Pits Quote from the President & CEO, Mr Sean Hasson: “The acquisition of the Lutila Gold Project is a great asset fit and enhanc...