The management of Bullion Gold Resources Corp., which deals in the exploration and development of potential mineral properties in the Province Quebec and British Columbia, announced that it has completed the acquisition of the Turgeon Lake property that was disclosed previously, and has now nominated Mr Martin Nicoletti CPA as Chief Financial Officer with immediate effect.
The Turgeon Lake project includes a total of 39 claims, spanning an overall area of 2,203.28 hectares situated in Chazel Township and Lavergne Township, NTS 32D15 and 32E02, located 95 km north of the Rouyn-Noranda mining district and 36 km north of Macamic in the Abitibi-Temiscamingue area in Northwestern Quebec, Canada, respectively.
The core of the property is situated at 652 700E, 5 430 300N UTM Zone 17 (NAD 83). The project area is geologically located within the Archean Abitibi Greenstone Belt that lies on the southeast central portion of the Superior Province. The geology is regionally composed of volcanic formations of intermediate composition to felsic composition with the core part taken up by the Chicobi Group sediments.
Exploration work was initiated in this region after a sulfide showing was discovered on the eastern shore of Turgeon Lake earlier in 1936 by Erie Canadian Mines Limited. This sulfide showing is situated around 400 m west of the property claim group. The sulfides mainly contained pyrrhotite and pyrite with negligible sphalerite and marcasite detected in a shear zone.
In 1958, exploration work was initiated on a part of the property. The companies performed magnetometer as well as horizontal loop electromagnetic surveys and drilled the best electromagnetic conductors. The electromagnetic conductors were described by the existence of semi-massive to disseminated pyrrhotite and pyrite that were largely barren in economic metals.
An airborne INPUT MARK V was performed in 1972, following which exploration work was continued on the property. To locate the INPUT electromagnetic, the companies had also performed ground follow-up electromagnetic surveys. A few of the electromagnetic conductors were drilled and were described by the existence of semi-massive to disseminated pyrrhotite and pyrite that were mostly barren in economic metals.
Then, from 1986 to 1987, Syngold Exploration investigated the eastern half of the property for gold. The company performed magnetometer surveys, geological mapping, and also a basal till sampling program. One specific bedrock sample yielded 240 ppb gold (Au) in a quartz-carbonate vein.
From 2001 to 2003, an airborne electromagnetic MEGATEM II and magnetic survey across the Abitibi Greenstone Belt was commissioned by Noranda Exploration and Mines d’Or Virginia.
This survey identified five clusters of electromagnetic conductors on the property, largely the same previously detected conductors with the INPUT survey. In 2004, Noranda Exploration drilled one of the electromagnetic conductors and the hole showed the presence of pyrrhotite and pyrite stringers over 6 m.
The Turgeon Lake property is stratigraphically localized near the geological formations of the previous Normetal Mine and also contains volcanogenic sulfide mineralization. As a result, it has the potential for volcanogenic massive sulfide deposits (VMS).
The project is also conducive for the occurrences of orogenic gold associated with longitudinal shear zones as demonstrated by the presence of quartz-carbonate veins that carry anomalous gold.
Nomination of New CFO
Bullion Gold Resources has nominated Mr Martin Nicoletti as Chief Financial Officer with immediate effect. A chartered professional accountant (CPA) with over 32 years of experience, Mr Nicoletti holds a bachelor’s degree in business administration, accounting specialization. He is also the president of Corporation Financière SKTM Ltée and serves as a chief financial officer for many other public mining firms.
Grant of Stock Options
Bullion Gold Resources has also declared that incentive stock options have been granted to consultants, officers, and directors to buy up to 1,000,000 common shares at a price of $0.17 for each share for five years, as per its Stock Option Plan.
At present, Bullion Gold Resources has 32,260,000 issued and outstanding shares, together with 2,050,000 options (such as the above-described options) and 3,529,412 warrants outstanding.
Bullion Gold Resources has also announced the resignation of Mr Jeff Sopatyk from its board of directors with immediate effect. Mr Sopatyk will continue to advise the former as a consultant.
Source: Bullion Gold Resources Corp.