Bullfrog Increases Gold Mineral Inventory  

 

GRAND JUNCTION, CO - Bullfrog Gold Corp reported that mineral inventories remaining around the Montgomery-Shoshone (M-S) and Bullfrog mines have been estimated by the Company at 470,000 ounces of gold. These estimates are supported by close-spaced drill holes upon which Barrick Bullfrog Inc. ("Barrick") produced 2.3 million ounces of gold from proven and probable ore reserves during 1989 to 1999. As a result, it would not require much more drilling or expense to upgrade these inventories to much higher classifications and meet US and Canadian industry standards. For reference, the large electronic data base acquired from Barrick includes 253,900 meters or 157 miles of drilling in 1,298 holes and a paper data base that may weigh 2,000 pounds. In this regard, the Company is the only entity that examined the Project data base after it was re-located to Barrick's Elko and Salt Lake City offices in 2000 and performed detailed evaluations of mineralization remaining around the M-S and Bullfrog mines. Notwithstanding, Barrick makes no representation concerning the accuracy, completeness or application of their data by the Company. It is further cautioned that the Project contains no reserves or resources and that the mineral inventory estimates and other forward looking statements herein may never become viable, feasible or economic.

In addition to mineralization immediately around the M-S pit, there is only one hole located within 150 meters from the NE pit limit and the next hole is 1,000 meters NE. Furthermore, these mineral trends and structures have been projected more than 4 kilometers NE of the M-S pit, but only nine holes were drilled by Barrick in this large area.

Located east of the M-S pit is an area that is 700 meters by 1,300 meters, but it contains only one shallow old hole from which no data is available. Only a portion of this area may be prospective, but additional study and exploration drilling is certainly warranted. The adjacent lands east and north of this area also have limited drilling. For reference, the Company controls all the lands that cover the M-S pit.
From 1989 through 1994, Barrick recovered more than 1,346,000 ounces by conventional milling Bullfrog ores using a pit cut-off grade of 0.5 g/t. From 1992 through 1998, approximately 690,000 ounces averaging 0.24 opt were recovered from the north extension of the deposit and below much of the Bullfrog pit using underground mining and a cut-off grade of 3 g/t. As a result, significant mineralization grading from 0.3 to 3.0/g/t remains between the pit and underground workings and in isolated high grade intercepts that were too small or distant to develop and mine underground. Since Barrick's underground operations extracted 95% of their reserve, it is expected that 5% or 34,000 ounces averaging 0.24 opt remain around the underground workings. Half of this high grade may be within pit mining depths. For reference, most of Barrick's Bullfrog production was from lands now controlled by the Company.

The Mystery Hill structure is adjacent to the main Bullfrog deposit and has shallow mineralization for a known strike length of 300 meters.

In 1995, Barrick performed a pilot heap leach test on 844 tons that were crushed to -1/2 inch and averaged 0.019 gold opt. In only 41 days of leaching, 67% of the gold was recovered while cyanide and lime consumptions were exceptionally low.

In 1986, St Joe column leached a 22-ton composite of minus 12-inch material grading 0.037 gold opt to simulate heap leaching material at a coarse run-of-mine ("ROM") size and recovered 49% in 59 days of leaching, which they projected to 54% for leaching 90 days. In summary, Project mineralization has good heap leach gold recoveries for crushing to 1.5 inch or less and at ROM size. The latter is particularly important since much additional low grade under 0.3 g/t that must be excavated from a pit could be ROM heap leached to supplement production.