Bison Gold Resources Inc.
TSX VENTURE : BGE

Bison Gold Resources Inc.

March 12, 2012 12:23 ET

Bison Gold Resources Inc. Exploration Update: Drilling Continues to Confirm the Robustness of the Ogama Structural Corridor; New Mineralized Structures Identified

TORONTO, ONTARIO--(Marketwire - March 12, 2012) - Bison Gold Resources Inc. ("Bison Gold" or the "Company") (TSX VENTURE:BGE) is pleased to provide an update on results from recent drilling on the Ogama Structural Corridor from the Company's Central Manitoba Property.

Diamond drilling commenced in late January and to date ten (10) holes have been completed; results from the first five (5) holes are presented herein. The 15,000 metre drilling program has been designed to test multiple individual mineralized structures within the Ogama Structural Corridor as well as test immediately adjacent targets identified by surface exploration programs in 2010-2011. Prior to this drilling campaign, Bison had identified five (5) gold-mineralized parallel to echelon structures within the Ogama Structural Corridor over an area of approximately 1,000 metres strike length by 300 metres width. These are, in stratigraphic order (south to north), Ogama Vein #4, Ogama Vein #1, HW1, HW2 and HW3. At the completion of this drilling program, Bison Gold will commence an initial global resource estimate for the Ogama Structural Corridor which will take each in to consideration underground and near surface open pit mining scenarios and combinations thereof. The Company anticipates completion date for the resource estimate to be prior to Q4 2012.

Due to the close proximity of each mineralized structure, the drilling program has been designed for each drill hole to intersect multiple structures. All drill holes reported herein intersected all targeted structures with varying grades and widths, typical of the style and occurrence of mineralization in the Ogama Structural Corridor. Please refer to the table below for drill intersections from the first five (5) holes.

HOLE From (m) To (m) Width (m) Au g/t Zone
OG-12-01 79.00 95.15 16.15 1.20 Ogama Vein #1
including 83.30 86.20 2.90 4.70 Ogama Vein #1
OG-12-01 101.00 108.33 7.33 0.66 Ogama Vein #4
OG-12-02 17.25 25.70 8.45 1.30 HW1
including 17.25 20.30 3.05 2.20 HW1
OG-12-02 133.54 137.38 3.84 4.19 Ogama Vein #1
including 136.00 137.38 1.38 11.25 Ogama Vein #1
OG-12-02 173.77 182.66 8.89 0.42 Ogama Vein #4
OG-12-02 222.77 225.00 2.23 1.00 FW1
OG-12-03 18.87 25.23 6.36 0.22 HW2
OG-12-03 77.50 81.00 3.50 0.60 HW1
OG-12-03 227.54 231.07 3.53 0.62 Ogama Vein #1
OG-12-03 256.00 257.00 1.00 0.40 FW1
OG-12-04 14.45 35.05 21.05 0.62 Ogama Vein#1
OG-12-04 52.28 59.75 7.47 7.90 Ogama Vein #4
including 52.28 55.00 2.72 21.45 Ogama Vein #4
OG-12-05 109.00 112.00 3.00 2.62 Ogama Vein#1
OG-12-05 135.50 138.00 2.50 1.38 Ogama Vein #4
OG-12-05 185.90 189.90 3.00 0.74 FW1
OG-12-05 338.53 345.00 6.47 5.94 420 zone
including 338.53 342.20 3.67 10.26 420 zone
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.

Discussion of Results

Drill holes OG-12-01, -02 and -03 were designed to intersect the near surface, up-dip extensions of the mineralized structures immediately adjacent the historical mining operations and from drill hole OG-11-09, which cut 96.47 g/t Au over 3.82 metres core length at approximately 300 metres vertical depth (see Press release dated May 30, 2011). All 3 holes intersected their intended targets. Of particular note is the apparent increase in the width and consistency of grade of the mineralized envelope near surface.

Drill hole OG-12-04 was designed to intersect Ogama Vein #1 and Vein #4 near surface immediately adjacent the western extent of the historical mining operations. Both targets were intersected and proved the near surface continuity of each structure extending away from the historical Ogama mine.

Drill hole OG-12-05 was designed to intersect Ogama Veins #1 and #4 near surface and 50 metres to the west of OG-12-04. Additionally, the possible depth extension of a mineralized structure approximately 150 metres outside the limits of the current Ogama Structural Corridor identified during the 2011 surface exploration program was targeted. All targeted were structures were intersected. Of particular significance was the intersection of this new zone (tentatively termed the 420 zone); the drill hole cut 3.67 metres of 10.26 g/t Au at a vertical depth of 250 metres. This is the first drill hole to be drilled in to this structure.

"The significance of the intersection of the new zone in OG-12-05 cannot be understated," commented David Benson, V.P. Exploration for Bison Gold. "The grade and apparent width of the 420 zone is similar to that of the historical Ogama mine and represents a new discovery on the Central Manitoba Property." The 420 zone is currently open in all directions and Bison Gold has modified the drilling plan to further evaluate the extensions of the 420 zone.

"Overall we are very pleased with the early success of this drilling program," stated Lucas Ewart, President and CEO of Bison Gold. "These early results fall in line with our deposit model for the Ogama area and the discovery of the 420 zone far exceeds our initial expectations for this drilling program."

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.

About Bison Gold

Bison Gold is a Canadian public company listed on the TSX Venture Exchange. Bison Gold is focused on gold, base metal and rare element exploration with property assets in 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