BULGOLD Granted Two Exploration Licences Near Lutila Gold Project in Slovakia
BULGOLD has received two new exploration licences in central Slovakia, adding Chlmok and Sulina to its regional position around the Lutila Gold Project.
BULGOLD Inc. (TSXV:ZLTO) says the Ministry of Environment of the Slovak Republic has granted it two exploration licences adjoining the company's 100%-owned Lutila Gold Project in central Slovakia. The Chlmok and Sulina licences cover 44.5 km 2 and 62.4 km 2 respectively.
The licences add 106.9 km 2 to BULGOLD's regional exploration position, which the company states now totals 139.1 km 2, including the 32.2 km 2 Lutila Gold Project. The new ground extends across the northern part of a structural corridor between the historic Kremnica epithermal gold district and the Banska Štiavnica gold-silver district.
Chlmok is contiguous with Lutila and contains a continuation of the sinter field identified within that project. BULGOLD describes sinter as a preserved near-surface feature associated with the upper levels of an epithermal hydrothermal system.
The company says its work at Lutila is examining surface expression, structure, alteration, geochemistry and elevation to improve its understanding of possible concealed quartz veins at depth. BULGOLD plans to assess whether that developing geological model can also be applied across Chlmok.
Sulina is predominantly underlain by andesitic volcanic rocks and contains the Prochot Intrusive Complex. The source describes the complex as including amphibole-pyroxene andesite porphyry and amphibole-pyroxene diorite porphyry, with hydrothermal alteration, veining, base-metal mineralisation and low-grade gold mineralisation documented in the area.
A third-party exploration licence of less than 1 km² within the Sulina licence area hosts the historically mined Prochot-Lazy Au-Ag occurrence. BULGOLD states that it does not own the occurrence and does not treat it as evidence that its Sulina licence is mineralised. Instead, the company describes Prochot-Lazy as a geological reference point for exploration in the wider Sulina area.
Historical work at Prochot-Lazy reported quartz-carbonate vein samples ranging from 1.58g/t to 20.7g/t Au and up to 9.4 ppm Ag. Drill hole PT-1 was reported to have intersected 2m @ 5.4 g/t Au & 10.5 g/t Ag (from 46m). BULGOLD cautions that these results relate to historical work conducted by third parties, have not been independently verified by the company and may be unreliable. The company also says the historical results should not be considered representative of its Sulina licence.
#Sinter float identified during Sulina reconnaissance
BULGOLD says its reconnaissance work identified sinter float on andesitic volcanic rocks at Sulina. The company links this observation to preserved near-surface hydrothermal activity, but says further work is required to determine the relationship between the sinter, regional structures, the andesitic host rocks, the Prochot Intrusive Complex and any deeper hydrothermal system.
BULGOLD says it will add the two licences to its regional geological model and undertake historical data compilation, geological mapping and reconnaissance prospecting. The stated aim is to identify, define and prioritise exploration targets.
At Chlmok, the company plans to examine the continuation of the Lutila sinter field and its relationship with structures, alteration and possible concealed vein systems. At Sulina, planned work will examine the geological setting around the Prochot Intrusive Complex, the andesitic volcanic sequence, the sinter occurrences identified during reconnaissance and the broader structural framework. BULGOLD also plans to compile historical information relating to Prochot-Lazy while recognising that the occurrence is within a third-party licence.
The company says its immediate focus remains the Lutila Gold Project and progress toward its next major exploration milestone, described as the discovery drill hole. BULGOLD presents Chlmok and Sulina as additional ground for regional exploration while work continues at Lutila.
BULGOLD describes itself as a gold exploration company focused on projects in Central and Eastern Europe. It says it controls 100% of the Lutila Gold Project, the Kostilkovo Gold Project and the Kutel Gold Project.
The company cautions that mineral exploration carries inherent uncertainty and that exploration may not identify mineralisation or targets of economic significance. It also says actual results could differ materially from anticipated outcomes and that no assurance can be given that management's expectations and assumptions will prove correct.
BULGOLD announced that the Ministry of Environment of the Slovak Republic had granted it two exploration licences, Chlmok and Sulina, adjoining its 100%-owned Lutila Gold Project in central Slovakia. Chlmok covers 44.5 km 2 and Sulina covers 62.4 km 2.
The new licences add a combined 106.9 km 2 to BULGOLD's exploration position. The Company's total exploration position in the region is stated as 139.1 km 2, including the 32.2 km 2 Lutila Gold Project.
The licences are contiguous with BULGOLD's Lutila Gold Project in central Slovakia and extend across the northern portion of a regional structural corridor between the historic Kremnica epithermal gold district to the north and the Banska Štiavnica gold-silver district to the south. The area is within the Central Slovak Volcanic Field.
Chlmok covers 44.5 km² and contains a continuation of the extensive sinter field identified at the Lutila Gold Project. BULGOLD says it intends to evaluate the relationship between the sinter field, geological structures, alteration and potential concealed vein systems at depth.
Sulina covers 62.4 km² and is predominantly underlain by andesitic volcanic rocks. It contains the Prochot Intrusive Complex, which the source describes as including amphibole-pyroxene andesite porphyry and amphibole-pyroxene diorite porphyry, as well as evidence of hydrothermal alteration, veining, base-metal mineralisation and low-grade gold mineralisation.
No, the Prochot-Lazy Au-Ag occurrence lies within a third-party exploration licence of less than 1 km² inside the Sulina licence area. BULGOLD states that it does not interpret the occurrence as evidence that its Sulina licence is mineralised, but regards it as a geological reference point within the broader Sulina exploration environment.
BULGOLD says its reconnaissance work identified sinter float occurring on andesitic volcanic rocks at Sulina. The Company states that further work is required to determine the relationship between the sinter, regional structures, andesitic host rocks, the Prochot Intrusive Complex and any deeper hydrothermal system.
The source reports historical sampling of quartz-carbonate vein material with 1.58g/t to 20.7g/t Au and up to 9.4 ppm Ag, while drill hole PT-1 intersected 2m @ 5.4 g/t Au & 10.5 g/t Ag (from 46m). BULGOLD states that these historical results are not representative of its Sulina licence, and cautions that the data were prepared by third parties, have not been independently verified by the Company and may be unreliable.
BULGOLD says its immediate focus remains on the Lutila Gold Project and advancing towards the discovery drill hole. The Company describes the Chlmok and Sulina licences as complementary to, rather than a replacement for, its immediate exploration focus at Lutila.
BULGOLD says it will incorporate the new licences into its regional geological model and undertake systematic compilation of historical information, geological mapping and reconnaissance prospecting to identify priority exploration targets. It also says it will use the results to define and prioritise future exploration targets, while recognising that the Prochot-Lazy occurrence lies within a third-party licence.
BULGOLD says Chlmok provides additional contiguous ground on which to apply its developing understanding of the relationship between the preserved palaeosurface and deeper vein systems. The Company says its Lutila work is examining surface expression, alteration, structure, elevation and geochemistry as potential tools for vectoring towards concealed quartz veins, but it does not state that mineralisation has been established at Chlmok.
BULGOLD is a gold exploration company focused on the exploration and development of mineral exploration projects in Central and Eastern Europe. The Company says it controls 100% of three quartz-adularia epithermal gold projects: the Lutila Gold Project, the Kostilkovo Gold Project and the Kutel Gold Project.
BULGOLD shares trade on the TSX Venture Exchange under the ticker symbol TSXV:ZLTO. The source identifies the issuer as BULGOLD Inc. (TSXV:ZLTO).
BULGOLD identifies the inherent uncertainty of mineral exploration and the risk that exploration activities may not identify mineralisation or targets of economic significance. It also cautions that forward-looking statements involve risks and uncertainties, that actual results could differ materially from those anticipated, and that no assurance can be given that management's expectations and assumptions will prove correct.