Bison Gold Resources Inc. announces acquisition of the Ross River Gold Property
Wednesday, Mar 28, 2012
Bison Gold Resources Inc. ("Bison Gold" or the "Company") (TSX VENTURE:BGE) is pleased to announce the acquisition of a major new project; the Ross River Gold Project.
After extensive due diligence over the past year, Bison Gold has acquired the Ross River Property based on strong geological similarities to Hammond Reef Style gold mineralization. The Hammond Reef Project, located in NW Ontario, Canada, currently has a global inferred resource of 530.6 MT @ 0.62 grams/tonne gold at a cut-off grade of 0.3 grams/tonne. This amounts to an inferred resource of 10.52 million ounces of gold.
Bison Gold acquired, via claim staking, 14,615 hectares of highly prospective mineral claims within the Rice Lake Greenstone Belt. The new Project is centred on the Ross River Pluton (RRP), a relatively homogeneous body of quartz diorite to tonalite with local granodiorite and granite along with late cross-cutting feldspar porphyry dikes. The RRP has hosted several past-producing mines and exploration shafts including Bison Gold's Ogama, Rockland and Eldorado mines as well as Halfway Lake, Sept Norm and Pendennis. Bison Gold is currently conducting an extensive 15000 meter diamond drill exploration program in the Ogama-Rockland area of the RRP in what is now termed the Ogama Structural Corridor (see Press Release dated March 15, 2012).
This acquisition makes Bison Gold the largest individual mineral claim holder in the Rice Lake Greenstone Belt. By becoming the most dominant land holder in a prolific gold producing belt, management has added substantial accretive value for shareholders.
"We felt that the acquisition of the Ross River Project was the next natural step in the evolution of our company and of exploration in the Rice Lake Greenstone Belt," stated Lucas Ewart, President and CEO for Bison Gold. "We are excited about the acquisition of the Project as it gives our shareholders the chance to be part of potential new discoveries in a previously underexplored and overlooked terrane."
"The evolving model for gold mineralization on our Central Manitoba Property, particularly in the currently being drilled Ogama Structural Corridor, is that the Ross River Pluton has been subject to similar mineralization, geological and structural histories as the Marmion granitoid suite and structural zone, host rocks to the Hammond Reef deposits," stated David Benson, V.P. Exploration for Bison Gold. "We also feel at a very minimum that the new Project can host significant mesothermal lode gold deposits; the typical gold deposit type associated with the Rice Lake Greenstone Belt."
Bison intends to initiate the first phase of exploration on the Ross River Project immediately.
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.