Business
Bullion Gold Resources Announces the Acquisition of the Lichen Property, Appoints New Directors
MONTREAL, March 01, 2021 (GLOBE NEWSWIRE) -- Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or the “Corporation”) is pleased to announce the acquisit
About this update from Bullion Gold Resources Corp.
[{"type":"text","content":" MONTREAL, March 01, 2021 (GLOBE NEWSWIRE) -- Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or the “Corporation”) is pleased to announce the acquisition of the Lichen Project (the “Property”) formed by a total of 238 mining claims representing 13,280 hectares. The Lichen property is located approximately 100 km west of the Chibougamau mining camp. The property is underlain by the volcanic rocks of the Obatogamau formation intruded by stocks and plutons of intermediate composition. The volcanic belt is parallel to two known gold bearing volcanic belt, the Bachelor Lake gold area to the west and the Osisko-Windfall gold area to the south. The Nelligan Gold project and The Monster Lake Gold project are located at the eastern extremity of the volcanic belt. Numerous gold and copper showings are also found to the east and to the west of the property. A similar geological environment to the Doré Lake Anorthosite Complex is also present on the property. In the Chibougamau mining camp, many of the copper-gold mines are in close proximity with the Doré Lake Anorthosite Complex. The volcanic belt is in direct contact with the Opawica River Anorthosite Complex and copper showing are present just to the northwest of the property. Many copper intercepts up 900 ppm Cu and up to 2.05 m were reported in close proximity with the contact the anorthosite complex. “We are pleased with this strategically located acquisition. We continue to evaluate different possibilities to build a portfolio of properties that could create value for our shareholders.” Said Jonathan Hamel, President and CEO of Bullion Gold Resources Corp. The company is planning to undertake a compilation of all the work done on the Property and its surrounding and a very high-resolution helicopter-borne magnetic survey. The Property was purchased from seven independent prospectors for a total of $20,000 and the issuance of 2,350,000 common shares. The prospectors will keep a NSR royalty ranging from 1% to 2%. Turgeon Lake Project The Corporation recently completed a very high-resolution helicopter-borne magnetic survey on the Turgeon Lake Project located on the Chicobi Group (Abitibi). The survey shows two magnetic domains corresponding to the two main lithologies on the property. The northwest has a low magnetic relief with exception of an oval-shape area of higher mag...