PHOENIX, AZ -- (Marketwire - April 04, 2013)
Bonanza Goldfields Corporation (Pink Sheets: BONZ) announced today that three hand-collected samples from an 1,800 foot strike of an exposed quartz vein within the Bonanza patents were assayed at 0.08 ounce per ton (oz/ton), 0.192 oz/ton, and 0.62 oz/ton. A single sample collected from a second quartz vein on Bonanza's leased, patented property assayed at 2.73 oz/ton. A fifth sample collected from a pit on a separate leased Bonanza patented property assayed at 0.007 oz/ton. All assays were performed by Copper State Analytical Lab in Prescott, Arizona, an independent registered assayer.
"The results from the five initial phase lode assay tests on the patented property are encouraging," said Mr. Stojsavljevich, President and CEO of Bonanza Goldfields Corp.
The Company's geochemist has identified an 1,800 foot exposure of the larger vein which has a similar strike, dip, and mineralization as the veins in productive mines in the region. The Company will seek to utilize current funding sources to acquire additional equipment and employees needed to recover gold from the veins. The management team also intends to take steps to complete a comprehensive geological mapping, geochemical sampling, and drilling program to evaluate the reserve base and attempt to identify additional gold anomalies on the property.
Based on this new data and a rigorous internal analysis of the relative efficiencies of continuing placer exploration and recovery compared to mining the quartz veins, the Company has temporarily suspended bulk placer exploration. The Company has engaged a third party vendor to continue to collect placer samples on the site.
Lode Assay Results:
opt = ounces per ton
Procedure: Fire assay with an ICP finish