Bullion Gold Resources (TSXV: BGD) and its partner Olympio Metals announced results from the first phase of drilling at the Amadee Prospect have confirmed that a broad (>40m) zone of gold mineralization has been defined over a strike extent of >200m. Bullion Gold is a mineral exploration company focused on the discovery and development of gold and polymetallic projects in Quebec.
Mineralization characteristics and historical drilling suggest that Amadee occurs within the same strike-extensive gold mineralized structural zone as the nearby high-grade Paquin Prospect, where recent drilling has revealed visible gold and grades up to 54 g/t gold.
Olympio has an option to earn an 80% interest in the Bousquet project in Quebec from Bullion Gold Resources in counterpart for an investment of $2 million in exploration expenditures and the payment of $1.25 million in cash and shares over the next few years. The Bousquet project is situated on the Cadillac Break in Quebec, Canada, a well-known regional structure associated with several world-class gold mines. It is located within 15 km of multiple multi-million-ounce active gold operations.
Assay results from eight drill holes at the Amadee Prospect within the Bousquet project reveal multiple near-surface intercepts of gold mineralization. Notable results include 4.50 metres at 3.29 g/t gold, which includes a 0.50-metres section at 24.5 g/t gold (BO-25-38); 6.85 metres at 1.11 g/t gold (BO-25-37); 5.80 metres at 1.06 g/t gold (BO-25-34); and 10.7 metres at 0.69 g/t gold (BO-25-35). These results extend the broad zone of shallow gold mineralization detected in historical drilling at Amadee to greater depths.
The mineralization is near the surface and may be suitable for open-pit development. Additionally, historical very low frequency electro-magnetic (VLF EM) survey data indicates structural continuity between the Paquin and Amadee Prospects and reveals new structural gold targets adjacent to Paquin.
Olympio’s managing director Sean Delaney, commented: “The shallow gold mineralized zone identified in our recent drilling at Amadee, including grades up to 24.5 g/t gold, has confirmed that both Amadee and Paquin are contained within the same large, strike-extensive gold mineralized structure that remains very under-explored along strike,”
Delaney added: “The mineralization styles and geochemical characteristics are very similar at Amadee and Paquin, with numerous high-grade mineralised quartz veins within zones up to 40m wide. Drilling is on-going, and we plan to extend Amadee both further east and to the west towards Paquin.”
The eight holes completed at Amadee hit mineralization in every hole confirming a wide near-surface mineralised zone, with a best intercept of 4.50 metres at 3.29 g/t gold from 5.65m (BO-25-38) which included 0.5 metres at 24.5 g/t gold from 6.65m.
Importantly, this drilling confirms that the mineralization intersected in shallow historical drilling to the south extends at depth. The drilling to date reveals a wide envelope of gold mineralisation to >40m.The broad, shallow nature of the gold mineralization is potentially suited to open-pit mining development with underutilised processing facilities in the area.
The company reviewed historical VLF EM data which further supports the potential structural continuity between the Paquin and Amadee prospects. VLF is a passive EM surveying technique that is well suited to detecting linear conductors. A ground-based VLF survey was conducted over the Bousquet project in 1986 illustrates that VLF detects established structures such as the North Bousquet Fault very effectively.
Olympio looks forward to keeping the market updated on our continuing drill campaign at the Bousquet project.
For more information, please visit: www.BullionGold.ca.
