Bullion Gold Resources Corp. Announces the Acquisition of Joannès Lake Property in Bousquet Township
The purchase price for the Property is $70,000, payable in cash at closing of the Acquisition. The Acquisition is an arm's length transaction and is subject to customary closing conditions for transactions of this nature, including the receipt of all necessary third-party consents and approvals. Bullion expects the completion of the Acquisition to occur in July 2021. With this new acquisition located on the western edge of its Bousquet project, Bullion Gold now covers nearly 7 km along the famous Cadillac-Larder Lake fault while holding nearly 100 claims in one of the prolific gold mining camp in Canada. "This acquisition now allows us to better manage our space and prepare our next exploration programs. We are confident about the gold potential offered by the Bousquet project. Several showings located on the property indicate an interesting gold potential. Several historic drillings have shown continuity" said Jonathan Hamel, President and CEO of Bullion Gold Resources Corp.
The Bousquet Property is underlain by meta-sedimentary rocks of the Cadillac, Timiskaming and Pontiac Groups and from volcanic flows and intrusives of the Piche Group. The Cadillac-Larder Lake Break crosses the property for 7.0 km through the center of the property. There are several gold mines found along or adjacent to the Cadillac-Larder Lake Break that cuts across the Bousquet Lake Property. Between 1926 and 2020, in excess of twenty (20) mines have produced over 25 million ounces of gold along the Cadillac Break within the Bousquet-Cadillac district. The Cadillac mining camp is characterized by three types of mineralization related to distinct gold-bearing geological settings: gold-bearing massive sulphide lenses (Bousquet 2 and La Ronde mines), gold-rich polymetallic veins (Doyon and Mouska mines) and auriferous veins associated with regional E-W trending faults (Lapa deposit).
A strong gold mineralized system was discovered in the southern portion of the Bousquet Lake Property. Four gold showings, Decoeur, Paquin East and Paquin West and Calder-Bousquet, were discovered in the early exploration work (1932-1945) on the property. These showings have probably been formed in the same mineralizing episode within regional E-W trending faults. On the Decoeur showing, grades of 8.40 g/t Au over 1.77 m, 4.35 g/t Au over 4.83 and 4.04 g/t Au over 1.52 m were intersected in historical drill holes. On the Paquin showings, 3.73 g/t Au over 5.49 m, 5.91 g/t Au over 3.02 m and 6.84 and 6.53 g/t Au over 2.44 m were intersected in historical drilling. An intercept of 8.09 g/t Au over 2.0 m was also intersected on the Calder-Bousquet gold occurrence.
The gold mineralization is located in a fold zone above the 250m level. Strong possibilities exist that other folds from the same deformation exist laterally or at depth. The Blackfly group of claims has been little explored in the past due to the paucity of outcrops but the use of new geophysical methods can generate good and valid targets from the deposit models of this high quality location within one of the most prolific world-class gold belt.
Gold mineralization was also found in a 2003 drill program in the felsic intrusion (called tonalite) within the Cadillac fault zone. The intrusive is found between two talc-chlorite schist units of the Piche Group. Hole TMN-03-31 intersected 4.75 g/t Au over 1.5 m in quartz veins, veinlets, and zones of silicification and hole TMN-03-08 intersected 1.42 g/t Au over 1.5 m and 0.71 g/t Au over 5.7 m gold also in the tonalite.
The Joannes gold occurrence on the Falco claim block returned grades of 26.46 g/t Au and 19.55 g/t Au over 1.50 m with visible gold identified in each intersection. It may be considered as an extension of the Paquin-Decoeur gold-bearing system. In the north part of the Falco block, hole 17932-16-1 intersected 12.69 g/t Au over 1 m in altered and mineralized sediments.
The Paquin-Decoeur-Joannes gold mineralized system is located just south of the Cadillac-Larder Lake Break within the sedimentary formations (greywackes and conglomerates) of the Pontiac Group which is known to host the Canadian Malartic open-pit mine and the Odyssey mine under development located 40 kms to the east of the Bousquet project.
Mr. Gilles Laverdi?re. P.Geo, director and qualified person under NI 43-101 has read and approved this press release.
About Bullion Gold
Bullion Gold is involved in the identification, exploration and development of viable mineral properties in the Province Quebec and British Columbia. For more information on the Corporation, visit www.bulliongold.ca.
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