Gold Bullion Discoveries, Assays Pending!

If one believes that gold (“Au”) is headed back above US$5,000/oz in the coming months, select junior miners, even early-stage ones, can offer compelling risk/reward profiles.

Companies with strong teams, in world class jurisdictions, with high-grade drill results, near key regional infrastructure, surrounded by meaningful mines & projects.

To be clear, high-quality prospects in places like Quebec, Canada, near Agnico Eagle’s La Ronde and Eldorado Gold’s Lamaque don’t need an Au price north of $5,000/oz to stand out, today’s $4,450 is perfectly fine.

A name that looks quite promising is Bullion Gold Discoveries (TSX-v: BGD). It recently announced the completion of an important “validation drilling” program of 32 diamond holes for 3,909 meters —> more than the planned 3,000 meters outlined in June.

Management reports that every hole intersected their targeted geological & mineralized zones, supporting the historical model.

However, there were no drill assays in the press release. The only new numbers were a few modest grade channel & grab samples. All eyes are on core results slated to be released from September on. The results could be impactful.

According to CEO/Pres. Simon Britt, “The primary objective was to validate historical data and known gold intersections within the Terragold mineralized system, confirm continuity of mineralization, and evaluate its complete geochemical signature. Since program launch in June, we advanced several stages of the discovery process simultaneously, from surface prospecting & channel sampling, to validation drilling at depth. Shallow drilling intersected the targeted geological & mineralized zones in every drill hole. Our focus now turns to assay results and their integration into the geological model.”

In the next month, management will focus on receiving & interpreting assay results. The latest drill data will be combined with historical information and added to Terragold’s new 3-D model to identify areas with the strongest potential.

Management believes there’s clearly a shallow Au deposit of interest, it’s a question of how much more extensive it is, how deep it might run, and how much medium-to-higher-grade mineralization there might be.

Speaking of management, this is a strong team, led by CEO Simon Britt who’s been actively buying shares in the open market (he now owns nearly 1.8M shares). Please note the following three technical committee members…

Claude Britt, géologue (OGQ), graduate of the Univ. of Western Ontario (B.Sc., 1974), is an exploration Geo with 50+ years’ experience. He has contributed to the discovery and advancement of gold, copper and iron deposits in Québec, Peru & Africa. His career spans senior roles at Pangea Goldfields, Geomega Resources, Century Global Commodities, and Hana Mining.

Guy Morissette has 45+ years’ in exploration. He founded Vanstar Mining Resources, and was Chair., Pres/CEO until 2020. Vanstar was acquired by IAMGOLD in 2024; Guy is credited with the Moriss discovery in 2010 and helped advance the Hendrick, GP, RB, Hurd and Moriss showings (~1.8M Inferred ounces) and the Lake Expanse showing. He has advised on the development of Galloway, now owned by Fokus Mining Resources.

Chairman Gilles Laverdière, P.Geo., has 40+ years’ experience. He’s a NI 43-101 QP. He worked in NW Québec (1978–1984), then in senior management and on boards in Canada, the Philippines, Brazil & Nevada. He was Pres./CEO of HMZ Metals, taking it public. Gilles planned/supervised drilling & authored NI reports in NW Québec, then led a Mali gold project for Merrex Gold in a JV with IAMGOLD. He was CEO of Vantex Resources, and a Dir. of Vanstar Mining and Fokus Mining.

The Terragold deposit is open in all directions and at depth. Historical drilling in the 1960s and 1980s only assayed for gold. Detailed compilation work has identified a 2.2 km gold-mineralized strike length to ~250 m of vertical depth, and ~450 m width.

A 3D Leapfrog model of 107 holes (100 with assays; 98 mineralized) uses cutoffs: green 0.3–1 g/t, yellow 1–2, orange 2–5, red 5–10, purple > 10 g/t.

Of course, there’s a lot of lower grade green and yellow, but if one zooms in and looks closely there’s a meaningful amount of orange, red & purple, especially in the middle of the image.

Importantly, this year’s drilling will be assayed for more than just gold. We already know their are silver & copper showings, could there be others? Very little core survived from the 1960s/80s, but assays reportedly included 21 intervals of 10+ g/t Au over a minimum of 0.6 meters.

Significant results from the mid-1960s include the following intervals at down hole depths of 2 to 447 meters. Note, these are from five different holes.

• ~14.7 g/t Au over 6.7 m (from 2 m)

• ~11.5 g/t Au over 8.1 m (from 76 m)

• ~11.7 g/t Au / 10.0 m (from 104 m)

• ~3.45 g/t Au / 27.1 m (from 302 m) Incl. 18.2 g/t / 3.9 m (from 302 m)

• ~6.4 g/t Au / 15.4 m (from 447 m)Regional mines/projects routinely plunge 1,000+ meters

Notice the owners/operators of these assets. Companies like Agnico Eagle, Eldorado, IAMGOLD, groups that could invest into TerraGold and run hard with it.

Readers should note that producers are meaningfully stepping up the pace of strategic investments into juniors. Combined, Agnico, Barrick, and Newmont have made nearly 20 investments into attractive projects in the past few years.

Others staking claims in promising projects and/or companies include; Freeport McMoRan, BHP, Rio Tinto, AngloGold Ashanti, Centerra Gold, Gold Fields, Teck Resources, Kinross Gold, Lundin Mining, B2Gold, South32, Pan American Silver, First Quantum, Fortescue Ltd., OceanaGold, and Evolution Mining.

Terragold is a robust project, Bullion Gold’s flagship, but the Company has a few other projects as well. The Bousquet project covers 2,393 hectares, also in the Abitibi Greenstone Belt, is ~30 km west of Rouyn-Noranda, Québec. In March 2025, Bullion farmed Bousquet out to Australian-listed Olympio Metals to earn up to 80%.

Bousquet has multiple high-grade hits, highlighted by 19.4 meters of 17.3 g/t Au, incl. 7.5 m of 41. 8 g/t, incl. 2.0 m at 109.5 g/t drilled this year. Bousquet is very near Agnico’s giant La Ronde Complex (~15 km away) and IAMGOLD’s Westwood (less than 8 km).

Another project, Langlade, is a VMS exploration project in Québec targeting copper, zinc, Au & Ag. Historical drilling returned wide mineralized intervals, and the company is following up with till sampling and new holes to test extensions and nearby geophysical targets.

Even if Bousquet and Langlade are only worth C$1-2M each, that’s not insignificant as Bullion Gold’s enterprise value is under C$8M (C$0.08/shr). For now, all eyes are on drill results at Terragold.

Will September/October be big months for Bullion Gold Discoveries? High risk, but high return potential in a bull market for gold.

Disclosures/disclaimers: The content of this article is for information only. Readers fully understand and agree that nothing contained herein, written by Peter Epstein of Epstein Research [ER], (together, [ER]) about Bullion Gold Discoveries, including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is not to be considered implicit or explicit investment advice. Nothing contained herein is a recommendation or solicitation to buy or sell any security. [ER] is not responsible under any circumstances for investment actions taken by the reader. [ER] has never been, and is not currently, a registered or licensed financial advisor or broker/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and does not perform market-making activities. [ER] is not directly employed by any company, group, organization, party, or person. The shares of Bullion Gold Discoveries are highly speculative, and not suitable for all investors. Readers understand and agree that investments in small-cap stocks can result in a 100% loss of invested funds. It is assumed and agreed upon by readers that they will consult with their own licensed or registered financial advisors before making investment decisions.

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