Bullman Minerals Inc.
TSX VENTURE : BUL

Bullman Minerals Inc.

September 12, 2013 09:30 ET

Bullman Minerals Signs Drill Contract and Prepares for Exploration Programs on its Siguiri and Balandougouba Projects, Guinea, West Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 12, 2013) - Bullman Minerals Inc. (TSX VENTURE:BUL) is pleased to announce the signing of a drill contract with Layne Drilling Guinea SARL ("Layne Drilling") to complete a reverse circulation and diamond drilling program on its recently acquired Siguiri and Balandougouba Projects located in northeast Guinea, West Africa. Layne Drilling is a subsidiary of the Layne Christensen Company, an international company that performs drilling around the world and with extensive experience in West Africa. The program (up to 20,000 m) is scheduled to start the first week of October with drill testing of the Siguiri project initially, followed by drilling at the Balandougouba project later in the program. Assay results from this program will be released as they are received from the lab, once the Company's qualified person has compiled, verified and reviewed the results. Drill holes from the above program along with over 55,000 metres of drilling completed by the previous owner will be used to complete a mineral resource estimate that will be documented in a NI43-101 Technical Report in 2014.

Siguiri Project

The Siguiri Project covers a 248 square km area and is comprised of three exploration permits organized into two concession blocks, a North Block comprised of two permits and a South Block comprised of a single permit. The project is underlain predominantly by fine grained sedimentary rocks comprised of siltstone, argillite and immature sandstones; felsic and mafic dykes are mapped in the project area. A north to northeast shear zone that is over 60 km long extends across both the North and South Block, and is host to gold mineralization exposed in artisanal pits and trenches, and intersected in drill holes. In the North Block, three deposits (FK, Tinko, and Shawn) are aligned north to south along part (>16 km) of this shear zone; the Amina deposit is located along a parallel structure 6 km to the west. Gold mineralization is associated with moderately developed quartz stockworks and sheeted veinlets that have been oxidized to depths varying from 40 to over 100 m. Mineralization is open along strike and at depth.

Historical resource estimates were completed by the previous owner for four of the deposits on the Siguiri project and were reported in brief internal memorandums; no detailed technical reports were written to support these estimates (Table 1). The few key parameters provided in these memorandum related to the estimates are summarized in the table and include the number of holes used for each estimate, the top capping grade for outlier gold values, the cut-off grade and the depth projection of the estimate. All estimates were reported as preliminary and none were classified. Bullman is not aware of any more recent estimates for these deposits on the Siguiri project. Several estimates were completed for some deposits (FK and Shawn) resulting in a global resource that ranges from 28.4 Mt grading 1.01 g/t gold (928,000 oz) to 38.4 Mt grading 1.19 g/t gold (1,512,000 oz).

Table 1: Siguiri Project - Historical Resource Estimates*

Prospect Author (year) Cut-off
grade
Tonnes Gold grade Contained gold Data-base Method Capped Depth
g/t millions g/t ounces # holes g/t m
FK Caracal (2010) 0.5 13.0 0.90 380,000 81 sectional none 150
MRA (2010) 0.5 11.0 0.81 287,000 ordinary kriging 5 n/a
Tinko Caracal (2010) 0.5 3.2 1.20 122,000 36 sectional n/a 120
Shawn Caracal (2008) 0.5 20.0 1.26 830,000 81 sectional none 150
MRA (2008) 0.5 12.1 0.87 339,000 64 ordinary kriging 9 n/a
Buchanan (2010) 0.25 18.9 1.05 630,000 n/a sectional 11 n/a
Amina Caracal (2008) 0.5 2.6 2.10 180,000 63 ordinary kriging n/a 120

*A qualified person has not done sufficient work to classify the historical estimates as a current mineral resources or mineral reserves. The potential quantities and grades of the resource estimates are conceptual in nature and reader is cautioned not to rely on these estimates. Bullman is not treating the historical estimates as a current mineral resource or mineral reserve.

Balandougouba Project

The Balandougouba Project covers a 265 square km area and is comprised of three contiguous exploration permits. The project is underlain primarily by fine grained sedimentary rocks comprised of siltstones and greywacke in the west and central area of the concession with volcanic and intrusive units outcropping in the northeast area of the concession. Historic drilling has identified two gold deposits (Sidikila and Jade), as well as a several targets (Gberekole, Mandiantri, Moussa Woule and Noumoro Kourou/Niani). Sidikila mineralization occurs in two parallel, north-south trending, sub-vertical lenses that have been intersected in drill holes over a 600 m strike length and are 50 to 100 m thick; the mineralization has been intersected to 90 m depth with a few deep holes up to 250 m depth. Jade mineralization has been intersected in widely spaced drill holes over a strike length of 2,000 m; the mineralization is up to 20 m thick and has been intersected to 100 m depth. Mineralization at Sidikila and Jade is open along strike and at depth.

Historical resource estimates for the Sidikila deposit were reported in brief internal memorandums of the previous operator; no detailed technical reports were written to support these estimates. The few key parameters provided in these memorandum related to the estimates are summarized in the table and include the number of holes used for each estimate, the top capping grade for outlier gold values, the cut-off grade and the depth projection of the estimate. All estimates were reported as preliminary and none were classified. Bullman is not aware of any more recent estimates for the Sidikila deposit. Four resource estimates were completed for the Sidikila deposit that range from 16.0 Mt grading 1.4 g/t gold (710,000 oz) to 21.0 Mt grading 1.3 g/t gold (820,000 oz).

Table 2: Balandougouba Project - Historical Resource Estimates for the Sidikila deposit*

Prospect Author (year) Cut-off grade Tonnes Gold grade Contained gold Method Capped Depth
g/t millions g/t ounces g/t m
Sidikila Caracal (2010) 0.50 14.7 1.5 715,000 sectional 19 250
Sidikila Caracal (2010) 0.50 16.0 1.4 710,000 ordinary kriging 19 250
Sidikila MRA (2010) 0.25 22.0 1.0 710,200 ordinary kriging 11 unknown
Sidikila Buchanan (2010) 0.25 21.0 1.3 820,000 sectional 11 unknown

*A qualified person has not done sufficient work to classify the historical estimate as a current mineral resources or mineral reserves. The potential quantities and grades of the resource estimates are conceptual in nature and reader is cautioned not to rely on these estimates. Bullman is not treating the historical estimates as a current mineral resources or mineral reserves.

Qualified Person

André C. Lambert, B.Sc. (Honors), EurGeo. is Exploration Manager for the Corporation and a qualified person as defined by National Instrument 43-101. Mr. Lambert and has reviewed and approved the technical disclosure contained in this News Release.

About Bullman Minerals Inc.

Bullman Minerals Inc. is a Canadian based public company with a focus on the acquisition, exploration and development of gold properties in Guinea and neighboring countries of West Africa. The Company owns two gold projects in the under-explored Siguiri Basin of northeast Guinea, which is underlain by Birimian age rocks, the host rock to most of the large gold deposits in West Africa. For details on the projects, the reader is referred to NI43-101 Technical Report on the Siguiri and Balandougouba Projects, Guinea, prepared by independent qualified person Michael B. Gareau with an effective date of April 10, 2013 and available on SEDAR or the company's website.

For further information:

Bullman Minerals Inc.

Peter Yue, CEO and Director

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

Neither 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 the accuracy of this news release.

Contact Information

  • Peter Yue
    CEO and Director
    +1 604 998-7894