BULGOLD Announces an Exploration Update on the Kutel Gold Project

TORONTO, Oct. 17, 2023 (GLOBE NEWSWIRE) -- BULGOLD Inc. (TSXV: ZLTO) (the “Company” or “BULGOLD”) announces that it has now completed the maiden drilling programme on the Kutel Gold Project and all assay results have been returned, validated and incorporated into the Company’s database. Three diamond drill holes were drilled across two of the three primary HEB targets for a total of 1,125.4m. No significant intersections were recorded.

Quote from the President & CEO, Mr Sean Hasson:

“After watching every drilled metre come into the shed, two things became clear to me: (1) the drilled geology was not supporting the current model, and (2) it soon became apparent that additional drill holes would be needed to test the potential of the property and that these holes would fall outside the scope of the Company’s board of directors’ approved budget. As such, I made the decision to terminate the drill programme upon completion of the third drill hole.

The owners/managers of this business are committed to making an economic gold discovery and this requires the Company to be ruthless in its allocation of capital. There remains good potential for gold mineralisation on the Kutel Gold Project; however, for now, the Company will turn its attention to the recently acquired Lutila Gold Project in Slovakia and the Kostilkovo Gold Project in Bulgaria. The Company does not expect to return to the capital markets for additional funding and plans to use current cash on hand to drill test these gold projects so as to determine where the Company’s capital should be allocated moving forward.”

1. The Kutel Drilling Programme

Figure 1. Kutel Gold Project Geology and Exploration Diamond Drill Hole Locations

Hole No.	Grid Name	X	Y	Z	Dip	Azimuth	Depth
YADD001	UTM35N	314585	4631779	1421	-59.7	051	304.1
KTDD001	UTM35N	313654	4630473	1520	-60.6	035	396.1
KTDD002	UTM35N	313723	4630609	1523	-71.5	312	425.2

YADD001: Drilled sedimentary marble breccia from surface to 298m, after which metamorphic basement rocks, primarily marble with some minor amphibolite was intersected to end of hole.