Bison Gold Resources Inc.
TSX VENTURE : BGE

Bison Gold Resources Inc.

May 24, 2012 16:15 ET

Bison Gold Resources Inc. Exploration Update: 32.27 metres of 1.67 g/t gold in drill hole OG-12-22 and Announces Resignation of Director

TORONTO, ONTARIO--(Marketwire - May 24, 2012) - Bison Gold Resources Inc. ("Bison Gold" or the "Company") (TSX VENTURE:BGE) is pleased to provide an update on results from the current drilling program on the Ogama Structural Corridor from the company's Central Manitoba Property.

Bison previously released results from the first nineteen holes of this drilling program in press releases dated March 12th, April 3rd and April 30th, 2012. This release details results from the next five drill holes on the program (OG-12-20 to OG-12-24). Drill hole OG-12-22 targeted Ogama veins 1 & 4 at depth below the intersections from OG-12-12 (see press release dated April 3, 2012). OG-12-22 cut 1.67 g/t Au over a drill core width of 32.27 metres (including 4.57 g/t Au over 8.70 metres) in Ogama Vein #1 and 2.89 g/t Au over 13.00 metres (including 11.98 g/t Au over 3.00 metres) at vertical depths of approximately 200 metres and 250 metres, respectively. All targets were intersected with a major intersection of 1.34 g/t gold over 49.5 metres in the 420 zone at a vertical depth averaging 230 metres. "These intersections are significant in the fact that there is now continuity along strike and at depth of the Ogama Vein #1 and #4 structures," remarked David Benson, VP Exploration and Qualified Person for Bison Gold.

Another significant intersection noted from the results herein was the intersection of the historical Onandago mine structure approximately 265 metres along strike to the southwest of the Ogama mine and 190 metres along strike to the northwest of the Onandago Shaft. Drill hole OG-12-24 cut 13.16 g/t Au over 2.00 metres in the Onandago structure. Historically, no significant production was reported from the Onandago mine shaft although historical reports did identify the high grade nature of the mineralization in the Onandago structure. Further drilling is planned to test the strike and depth extent of the Onandago structure and also to test the possibility that Ogama Vein #4 and the Onandago structure are one in the same.

The remaining drill holes reported here each targeted multiple zones within the Ogama Structural Corridor extending east along strike from the Ogama mine workings. These remaining holes intersected the targeted horizons with anticipated results as well as cutting additional anomalous zones not previously identified or reported adjacent to the targets. These are termed HW (hangingwall) and FW (footwall). Please refer to the table below for drill intersections from drill holes OG-12-20 through OG-12-24.

HOLE From (m) To (m) Width (m) Au g/t Zone
OG-12-22 286.20 318.47 32.27 1.67 VEIN #1
including 287.80 296.50 8.70 4.57 VEIN #1
OG-12-22 351.00 364.00 13.00 2.89 VEIN #4
including 357.00 360.00 3.00 11.98 VEIN #4
OG-12-22 38.00 39.50 1.50 1.38 HW #2
OG-12-22 77.30 83.00 5.70 0.52 HW #1
OG-12-22 271.00 280.00 9.00 0.74 VEIN #1
OG-12-22 480.97 488.50 7.53 0.29 420 ZONE
OG-12-22 496.00 498.36 2.36 0.59 420 ZONE
OG-12-22 594.27 606.00 11.73 0.10 FW2
OG-12-24 212.00 214.00 2.00 13.16 Onandago
OG-12-24 89.82 94.29 4.47 0.15 VEIN #1
OG-12-24 160.00 164.50 4.50 0.49 VEIN #4
OG-12-23 23.00 27.50 4.50 0.38 HW #2
OG-12-23 176.00 190.06 14.06 0.21 VEIN #1
OG-12-23 310.16 311.50 1.34 0.71 Onandago
OG-12-21 162.00 164.00 2.00 0.64 VEIN #1
OG-12-21 199.00 202.00 3.00 0.43 VEIN #4
OG-12-21 206.50 208.00 1.50 0.41 VEIN #4
OG-12-20 160.03 165.15 5.12 0.41 VEIN #1
OG-12-20 258.50 263.00 4.50 0.18 FW1
Width (m) is the length in drill core and does not represent true width of the mineralization. True width is estimated in all cases to be greater than 80% of drill core width.

"The drilling to date has expanded the gold mineralization in the Ogama Structural Corridor to dimensions of 1000 metres by 450 metres with six (6) confirmed continuous lenses or horizons as well as numerous other significant structures which have either not been confirmed to be continuous or were confirmed to be closed," stated Lucas Ewart, President and CEO of Bison Gold.

To date, Bison has completed 28 holes in this program for 10,330 metres. The company is currently awaiting results from drill holes OG-12-25 through OG-12-28 and expects results from the assay lab by mid-June. Two drills are currently on-site and the drilling program is anticipated to be completed in June of 2012. The results from this drilling program will be incorporated in to the first NI 43-101 resource estimate on the Central Manitoba Property with an anticipated delivery date during the 3rd quarter of 2012.

QA/QC

Drill core was sawed, with half sent to TSL Labs in Saskatoon, SK and the other half retained for reference. Most gold analyses were done using 50g fire assay with AA finish. A gravimetric finish is employed where samples return gold values in excess of 3000 ppb. Screen metallics techniques were used on samples with visible gold. TSL maintains a strict quality control program with standards, blanks and duplicates included with every sample series. Standards and blanks are inserted regularly by Bison Gold personnel in to the sample series at their on-site core processing facility.

All exploration activities for Bison Gold are under the supervision and guidance of David C. Benson, P.Geo, and a Qualified Person under NI 43-101. Mr. Benson has reviewed the technical portions of this news release.

Bison Gold also announces the resignation of Mr. Jason Ewart from the Board of Directors of the Company effective May 24, 2012.

Mr. Jason Ewart is the President and CEO of GC Global Capital Corp. ("GC Global") a Canadian merchant bank that provides bridge loans to companies in various industry sectors. Mr. Jason Ewart served on Bison Gold's Board of Directors while the merchant bank extended a convertible bridge loan facility to the Company, which was fully repaid in December 2011.

Mr. Lucas Ewart, President & CEO of Bison Gold stated, "We thank Mr. Jason Ewart for his contributions during his tenure as a members of the Company's Board of Directors, we wish him all the best in their future endeavors."

About Bison Gold

Bison Gold is a Canadian public company listed on the TSX Venture Exchange. Bison Gold is focused on gold exploration with property assets in Manitoba, Canada. The flagship property, Central Manitoba, is historically the 2nd largest gold producer in the prolific Rice Lake Greenstone Belt after San Gold Corp.'s Rice Lake Mining Operations. Further details can be found on Bison Gold's website at www.bisongold.com.

We seek safe harbour. This news release contains forward-looking statements regarding the timing and content of upcoming programs and may be subject to regulatory approval. Actual results may differ materially from those currently anticipated in such statements. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Bison undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Bison Gold Resources Inc.
    Mr. Lucas Ewart
    President and CEO
    (416) 488-2590
    www.bisongold.com