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Bullion Gold Signs Option Agreement with Olympio Metals for the Bousquet Project
Montreal, Quebec--(Newsfile Corp. - March 18, 2025) - Bullion Gold Resources Corp. (TSXV: BGD) (...
About this update from Bullion Gold Resources Corp.
[{"type":"text","content":"Bullion Gold Signs Option Agreement with Olympio Metals for the Bousquet ProjectMontreal, Quebec--(Newsfile Corp. - March 18, 2025) - Bullion Gold Resources Corp. (TSXV: BGD) (\"Bullion Gold\" or \"the Company\") announces the signing of an option agreement with Olympio Metals (\"Olympio\" or \"OLY\"), allowing the latter to acquire up to 80% of the Bousquet gold project, located in Abitibi, Quebec.A strategic project in AbitibiThe Bousquet gold project, wholly owned by Bullion Gold, comprises 71 mining cells covering 2,369 hectares. It hosts several gold showings along an east-west trending corridor of approximately 2.5 km, close to major mining infrastructure. Historical exploration has reached a depth of 300 m, while neighboring mines (Westwood, La Ronde and Lapa) have revealed high gold grades at depths of over 1,200 m.Option Agreement DetailsTo obtain up to an 80% interest in the Bousquet project, Olympio Metals will:Invest $2 million in exploration work.Pay a total of $1.25 million in cash and shares.Manage the exploration work.Ultimately, Bullion Gold will retain a 20% undivided interest.Term of the agreement for 51% interestOlympio will pay Bullion Gold:Upon approval by the authorities:$100,000 in cash$50,000 in OLY sharesDeferred payments:Year 2: $100,000 in cash + $50,000 in OLY sharesYear 3: $150,000 in cash + $50,000 in OLY sharesConditions for an additional 29%Years 4 to 6: $50,000/year in cash + $25,000/year in OLY sharesYear 7: $150,000 in cash + $75,000 in OLY sharesYear 8: $200,000 in cash + $100,000 in OLY sharesAll issued shares will be subject to a four-month voluntary escrow.Formation of a Joint Venture (JVA)If OLY decides to exit the project once it has acquired 51% of the project, a joint venture will be formed and:Bullion will become the operator and will automatically obtain 51% in the project.Olympio's interest will be reduced to 49%.The project will continue to be developed on a pro rata basis with standard dilution factors.Performance Bonuses (43-101)Olympio will pay the following bonuses based on indicated gold resources or Eq:$1.50/ounce up to 250,000 ounces (max. $375,000)$1.00/ounce from 250,001 to 500,000 ounces (max. $625,000 including above)$0.50/ounce beyond 500,000 ounces (no maximum)Exercise of the OptionOlympio may exercise the option at any time for 8 years, subject to:A progressive explor...