Bullion Gold Announces the Acquisition of Joannès Lake Property in Bousquet Township, Abitibi
MONTRÉAL, May 04, 2021 (GLOBE NEWSWIRE) -- Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or the “Corporation”) is pleased to announce
that it has entered into an agreement with Falco Resources Ltd. (“Falco”) to acquire (the “Acquisition”) 100% of the Joannès Lake Property (the
“Property”) located on the historical Cadillac Break. The Property consists of 26 claims covering 826 ha located approximately 25 kilometers east of Rouyn-Noranda, Québec.
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).
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