Bullion Gold Announces Results of Annual General Meeting and Update on James Bay Lithium Project

MONTREAL, July 06, 2023 (GLOBE NEWSWIRE) -- Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or “the Company”) is pleased to announce that shareholders have approved of all resolutions brought before them at the Annual General Meeting of Shareholders ("AGM") held on July 5, 2023. A total of 8,755,313 shares were represented in person or by proxy at the meeting, representing approximately 16.36% of the Company's 53,508,188 outstanding shares.

The following Board members were duly elected with a minimum of 99.68% of the votes cast: Jonathan Hamel, Gilles Laverdiere, Dennis Marsden, and Michael Cote Gagnon. These directors will hold office until the next annual meeting or until their successors are elected or appointed or a director vacates office in accordance with the by-laws of the Company. Raymond Chabot Grant Thornton was reappointed as the external auditor and will hold office until the next annual meeting at such remuneration as may be determined by the directors with 99.89% of the votes cast supporting the appointment of the auditor. Shareholders also voted 99.27% in favor of the Company’s stock option plan. The plan remains subject to the approval of the TSX Venture Exchange.

James Bay Lithium Project

The recent forest fires in Northern Quebec have strongly affected exploration plans for the summer. The Bodo SM property and its surroundings are still under access and work restrictions by SOPFEU. The situation is changing daily, and we hope to have a team on the ground for prospection in the coming weeks.

Composed of 682 cells, the Bodo SM project was acquired based on its potential to contain spodumene pegmatites, the presence of a bedrock largely denuded of vegetation and its location which offers very good accessibility due to its proximity to the main road leading to Chibougamau. The geological environment of Bodo SM is similar to that found in the known geological zones containing lithium in the western part of James Bay. The lithium deposits discovered in the last 10 years have been in greenstone belts in contact with huge granite intrusions. The Company owns 100% of the property, without royalty.

The Bodo SM property covers most of a set of greenstone bands in contact with large granite batholiths and pegmatite granodiorites. The three main greenstone units are made up of amphibolized basalts with a length varying from 20 to 28 km by a width ranging from 2.23 to 8 km. The various granite and granodiorite batholiths bordering these volcanic units would contain, according to the MERN, several pegmatite dykes of different thicknesses, but no serious work has been done to identify the minerals in those visited and mentioned in the RG-144 report dating from 1971. Minerals such as biotite, muscovite or tourmaline have however been noted in the granites visited. Pegmatites containing minerals such as spodumene, lepidolite and petalite are often associated with mica minerals such as biotite and muscovite, as well as silicate minerals such as tourmaline. Pegmatites are usually formed from silica-rich magma that has crystallized slowly, allowing rare minerals to crystallize. Other minerals searched for in association with the potential presence of lithium are beryl, rubidium, and cesium.