- In January 2020, Bullfrog completed a private placement of shares that raised C$2 million to fund drilling of its flagship project with 43-101 compliant gold resource of 525,000 ounces and 110,000 ounces of inferred resources within pit plans
- Company’s project is 125 northwest of Las Vegas and in the area where Barrick Bullfrog gold Inc. produced over 2.3 million ounces of gold between 1989 and 1999
- Bullfrog’s land position is now covers 5,250 acres in the prolific Bullfrog Gold District
- Average gold price is expected to reach by year end an all-time high of $1,970 per troy ounce
Bullfrog Gold (CSE: BFG) (OTCQB: BFGC) (FSE: 11B) President and CEO David Beling detailed the company’s strategic efforts to position for growth over the past decade and discussed development of its flagship Bullfrog Project, as well as company management in an exclusive audio interview with NetworkNewsWire.
“Bullfrog Gold took over an OTC-listed company in mid-2011. The key property that we had at that time is now our flagship property called The Bullfrog Project. We didn’t have any known ounces on it, but we had great potential in an area where Barrick Bullfrog Inc. produced 2.3 million ounces from 1989 to 1999,” Beling said (http://ibn.fm/n1E2s).
In the years since, Bullfrog has expanded its base in Bullfrog Gold District 125 miles northwest of Las Vegas, Nevada. The company has acquired more lands, including an option to purchase key lands from Barrick that contain most of the established resources. Their strategic land ownership and resources have positioned the company for success on the market, particularly with soaring gold prices. According to aggregated statistics, average gold prices worldwide are expected to reach an all-time high of $1,970 per troy ounce this year, from $1,390 per troy ounce in 2019. Analysts expect the average price to stay over $1,900 per ounce over the next few years (http://ibn.fm/90qY9).
Beling underlined that the company is committed to developing its Bullfrog project and adding value, having the necessary capability to take it into production or to complete an M&A or a corporate transaction on the property. “We just recently completed a 25-hole drill program to expand resources, further define expansions of the existing pits and initially test a new, highly prospective exploration target,” he said.
During the interview, Beling also detailed the company’s recent corporate achievements, including a Canadian Stock Exchange listing in September 2019 and closing a C$2 million (US$1.47 million) equity raise in mid-January 2020 to fund its recently completed Bullfrog Project drilling program.
Bullfrog’s corporate backing is just as impressive. The company’s management team has over a century of combined experience in the industry, Beling himself having been in the business for more than 55 years. Chairman and Director Alan Lindsay brings about 42 years of experience, 26 of which are in the mining industry, to the table, while Kjeld Thygesen, independent director, has 48 years of experience in mining research and investment management.
Additionally, approximately 5% of the company is owned by Owl Capital Corp., run by Ron Netolitzky and Dale Wallster. Netolitzky was inducted into the Canadian Mining Hall of Fame in 2015. Wallster and his team discovered what became Hathor’s Roughrider uranium deposit, sold to Rio Tinto for C$650 million (over US$479 million).
At present, the Bullfrog Project has a measured and indicated resource of 525,000,000 ounces of gold and 1.34 million ounces of silver at average grades of 1.02 and 2.61 grams per tonne within pit plans based on a gold price of $1,200 and a cutoff grade of 0.36 g/t. There is also an inferred in-pit resource of 110,000 ounces of gold and 248,000 ounces of silver at similar grades. Barrick conventionally milled and produced over 2.3 million ounces of gold and 2.49 million ounces of silver from three open pits and one underground mine between 1989 and 1999
Project lands cover the Bullfrog and Montgomery-Shoshone pits that the company intends to expand and process using low cost heap leaching methods. Several exploration targets are also planned for drilling. Since purchasing the initial land position in 2011, Bullfrog optioned 12 patents from Mojave Gold. The company also leased/optioned 28 claims and 6 patents from Barrick that include SE half of Montgomery-Shoshone pit and north third of Bullfrog deposit in 2015 and leased 24 patents, staked 134 claims, and purchased two patents during 2017 and 2018.
For more information, visit the company’s website at www.BullFrogGold.com.
NOTE TO INVESTORS: The latest news and updates relating to BFGC are available in the company’s newsroom at http://ibn.fm/BFGC