Bullion Gold Resources (TSX-V: BGD) and its partner Olympio Metals Limited are pleased to announce that results from the first phase of drilling at the Amadee Prospect have confirmed that a broad (>40m) zone of gold mineralisation has been defined over a strike extent of >200m. Mineralisation characteristics and historical drilling suggest that Amadee occurs within the same strike-extensive gold mineralised structural zone as the nearby high-grade Paquin Prospect, where recent drilling has revealed visible gold and grades up to 54 g/t Au (See Figure 1, Figure 2).

Olympio has an option to earn an 80% interest in the Bousquet Project in Quebec from Bullion Gold Resources in counterpart for an investment of $2 million in exploration expenditures and the payment of $1.25 million in cash and shares over the next few years.

Highlights

• Assay results received for eight holes drilled at the Amadee Prospect within the Bousquet Project have revealed multiple near-surface intercepts of gold mineralisation, including:
  • 4.50m @ 3.29 g/t Au, including 0.50m @ 24.5 g/t Au (BO-25-38)
  • 6.85m @ 1.11 g/t Au (BO-25-37)
  • 5.80m @ 1.06 g/t Au (BO-25-34)
  • 10.7m @ 0.69 g/t Au (BO-25-35)
• These results extend at depth the broad zone of gold mineralisation intersected in shallow historical drilling at Amadee
• Mineralisation is near-surface and potentially suited to open-pit development
• Historical Very Low Frequency Electro-Magnetic (VLF EM) survey data suggests structural continuity between the Paquin and Amadee Prospects, as well as delineating new structural gold targets adjacent to Paquin
• The Bousquet Project is located on the Cadillac Break in Quebec, Canada, a regional structure associated with world-class gold mines
• Situated within 15km of multi-million ounce working gold mines

Olympio’s Managing Director, Sean Delaney, commented:

“The shallow gold mineralised zone identified in our recent drilling at Amadee, including grades up to 24.5 g/t gold, has confirmed that both Amadee and Paquin are contained within the same large, strike-extensive gold mineralised structure that remains very under-explored along strike.

“The mineralisation styles and geochemical characteristics are very similar at Amadee and Paquin, with numerous high-grade mineralised quartz veins within zones up to 40m wide. Drilling is on-going, and we plan to extend Amadee both further east and to the west towards Paquin.”

The eight holes completed at Amadee hit mineralisation in every hole confirming a wide near-surface mineralised zone, with a best intercept of 4.50m @ 3.29 g/t Au from 5.65m (BO-25-38) which included 0.5m @ 24.5 g/t Au from 6.65m. Significant intercepts from the Amadee holes are shown in Table 1. Importantly, this drilling confirms that the mineralisation intersected in shallow historical drilling to the south extends at depth (Figure 2). The drilling to date reveals a wide envelope of gold mineralisation to >40m (Figure 2). The broad, shallow nature of the gold mineralisation is potentially suited to open-pit mining development with underutilised processing facilities in the area.

Table 1: Significant gold intersections from recent drilling at the Amadee Prospect at the Bousquet Project

The gold mineralised zone dips consistently to the north and is typically associated with stockwork veining of smoky quartz-carbonate and sulphides. Collar locations of the holes to-date are detailed in Table 2. Further drilling is planned along strike to the east and west to extend the mineralised zone at Amadee (Figure 1), and to test if the mineralisation zones connect between Paquin and Amadee.

The Company reviewed historical VLF EM data which further supports the potential structural continuity between the Paquin and Amadee prospects (Figure 3). VLF is a passive EM surveying technique that is well suited to detecting linear conductors. A ground-based VLF survey was conducted over the Bousquet Project in 1986 (Figure 3) illustrates that VLF detects established structures such as the North Bousquet Fault very effectively.

The structures are inferred to host disseminated sulphides and/or graphitic schists which produce an EM response. The VLF data reveals an extensive, continuous linear feature that is largely coincident with the Paquin and Amadee mineralisation defined to date. The VLF anomaly strongly supports continuity of the structure between Paquin and Amadee, and also suggests that the structure extends significantly further to the west (Figure 3). Further, a subsidiary structure is evident to the immediate south of Paquin. This target is currently being drilled.

Olympio looks forward to keeping the market updated on our continuing drill campaign at the Bousquet Project.

QAQC

The NQ drilling program was implanted and run by Explo-Logik in Val d’Or, Quebec. The drill core was split with half sent to AGAT Laboratories Ltd., Mississauga, and prepared in their facility in Val d’Or, Quebec. All samples are processed by fire assays on 50 gr with atomic absorption finish and by “four acids digestion” with ICP-OES finish, respectively, for gold base metals and pathfinder elements. Some veins samples are processed by metallic screen procedure to y assay separately coarse fraction with a cut at 106 µm and using 1kg sample preparation. Samples preparation duplicates, varied standards, and blanks are inserted into the sample stream.

Qualified person.

This press release was read and approved by Gilles Laverdière, P.Geo., Director of the Company, and Qualified Person under National Instrument 43-101.

About Bullion Gold Resources

Bullion Gold is a mineral exploration company focused on the discovery and development of gold and polymetallic projects in Quebec.