PHOENIX, AZ December 12th, 2011 -- Bonanza Goldfields Corp. (OTC: BONZ) is pleased to announce the completion of the Tarantula Project Preliminary Geological Report, prepared by Auric Resources International, Inc. of Wickenburg, Arizona. Shareholders can download the report at Bonanza Goldfields' official website: www.bonanzagoldfields.com
Highlights from the report include:
The large land package with widespread areas of anomalous gold values; proximity to the Congress Mine; large iron oxide rich quartz veins which exhibit mineralogic and structural similarities to the Congress, Niagra, Queen of the Hills, Golden Wave and other mineralized, economic vein systems in the area; and the presence of placer gold in widespread gravels indicates that the Tarantula Property may host a large, potentially economic gold deposit and undoubtedly represents an excellent exploration target with potential for both placer and lode gold production from auriferous placers and veins.
Although some preliminary testing has been done on portions of the property, the majority of the land package has virgin placer gravels and large quartz veins that have never been explored or tested.
The geologic setting of the property is favorable for the concentration of placer gold in the local gravels that occur in drainage channels and elevated benches and for lode gold that occurs within the early Proterozoic granitic rocks as auriferous quartz fissure veins with locally abundant sulfides and iron oxides.
Auriferous quartz and quartz-sulfide veins occur on the Tarantula Property and many exhibit the same characteristics as those in the Congress Mine and other mines in the area. These veins ranged up to several feet in width and have strike lengths ranging from hundreds to thousands of feet, with unknown depths.
Staking crews discovered numerous large quartz veins up to 4 feet wide and hundreds of feet long on the unpatented claims. These veins also have many of the same characteristics of the past producing veins in the district, and have yet to be explored.
Small-scale production can probably be achieved quite rapidly, while the expanded exploration phase is being conducted. This production will help offset the required exploration costs and will provide valuable information for designing a larger processing facility as warranted by exploration results.
Preliminary rock chip geochemical channel sampling of some quartz veins located on the patented claims held by Bonanza returned gold values which exceeded the 3,000 ppb detection limit.
About: Bonanza Goldfields' Tarantula Project is a contiguous block of 38 lode claims covering 600 acres of pre-1955, patented, private property claims and BLM claims in the Date Creek Mountains, Arizona. The lode claims are directly adjacent to the historic Congress Mine, Arizona. The Congress Mine operated between 1887 and 1959, producing about 400,000 ounces of lode gold. Highly prospective features are ubiquitous throughout the immediate area, including extensive greenstone dikes and quartz veins as well as placer gravel deposits. Many of the newly discovered Tarantula quartz veins are similar in character to the productive veins of the nearby Congress Mine and the other historically productive mines in the area. Bonanza's management strategy is to process feasible placer ore, while proving out hard rock structures. Modern access for heavy equipment is already in place via Bonanza's privately constructed roads, and rail is localized. A Preliminary Geological Report of the claims and the immediate region is completed. (No assurances can be provided that the prior production of lode gold will correspond or predict future production of lode gold.)
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mining exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact:
Steven Ragan
VP of Corporate Communications (928) 251-4044
PHOENIX, AZ December 1st, 2011 -- Bonanza Goldfields Corp. (OTC: BONZ) announced today the expansion of their flagship Tarantula Project with the acquisition of the Piedmont Mine, a gold and silver mine in operation until 1940. The Piedmont Mine has been deemed by the Bonanza geological team a highly prospective addition to the Tarantula Project. The acquisition expands the Tarantula Project to 38 lode mining claims covering over 600 acres of contiguous property directly adjacent to the historic Congress Mine which produced over 400,000 ounces of lode gold between 1887 and 1959.
Bonanza Goldfields' President Scott G. Geisler stated, "Our geological team continues to identify and acquire prime gold properties expanding Tarantula's footprint to world class levels. We believe the continued acquisition and expansion of Tarantula claims in close proximity to the Congress Mine will prove out to be historic in nature."
"The Preliminary Geological Report continues to expand with Bonanza's new acquisitions, and will soon be made available to our shareholders via Bonanza's website," stated Geisler. "Furthermore, Bonanza's year end and first quarter financial statements will be forthcoming, completing the restructuring of the company and regaining our fully-reporting status."
Geisler continued, "Earlier this month, Bonanza signed a letter of engagement with Global Mining Capital Development Ltd. to be our exclusive financial advisor in greater China. The $10 million funding target level discussed would represent an equity deal priced far north of Bonanza's current valuations. We believe the current market capitalization does not represent the fair value of Bonanza's 600-acre contiguous land package bordering the historic Congress Mine. We are committed to bringing favorable funding and value to our shareholders."
About the Piedmont Mine: In 1940, the owner of the Piedmont Mine was Stansbury. The mine produced gold, silver, and copper from an east-west to northeast trending vein which cuts massive, unfoliated Precambrian granite, and usually follows andesite and other mafic dikes which dip shallowly to the north. The vein was apparently accessed by an adit and also an exploration pit (USGS, 2011).
About Bonanza's flagship project: The Tarantula Project is a contiguous block of over 600 acres of pre-1955, patented, private property claims and BLM claims in the Arizona Date Creek Mountains, containing both alluvial and mineralized quartz deposits. Bonanza's management strategy is to process feasible placer ore, while proving out hard rock structures. A Preliminary Geological Report of the claims and the immediate region is now being completed. Modern access for heavy equipment is already in place via Bonanza's privately constructed roads, and rail is localized. The claims are directly adjacent to the world famous historic Congress Mine, Arizona. The Congress Mine operated between 1887 and 1959 producing about 400,000 ounces of lode gold. Unique features appear ubiquitous throughout the immediate area, including greenstone dike extensions, deep placer gravel deposits, and vestiges of numerous pre-historic waterfalls. Additionally, lode gold possibilities exist due to the extensions of schist and mineralized quartz veins in the immediate area of the Congress Mine. (No assurances can be provided that the prior production of lode gold will correspond or predict future production of lode gold.)
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mining exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact:
Steven Ragan
VP of Corporate Communications (928) 251-4044
PHOENIX, AZ October 20, 2011 -- Bonanza Goldfields Corp. (OTC: BONZ) ("Bonanza" or the "Company") announced today the results of the company's most recent 18 assays submitted. Of 18 assay results, 9 tested positive for gold. Bonanza had two assays exceeding the 3000ppb high cutoff threshold. Under traditional laboratory parameters, the fire assay rock chip sample test is considered anomalous with any sample exceeding a cutoff low of 50ppb.
Bonanza Goldfields' President Scott G. Geisler stated, "These globally recognized assays prove the existence of high grade gold on Tarantula. The Bonanza geological team is a group of professionals with exacting standards, and the Preliminary Geological Report being finalized is the foundation of our larger NI 43-101 equivalent geological study. We look forward to our geological teams' additional findings."
About Bonanza's Tarantula Project: Bonanza Goldfields' Tarantula Project is a contiguous block of over 500 acres of pre-1955, patented, private property claims and BLM claims in the Date Creek Mountains, containing both alluvial and mineralized quartz deposits. A Preliminary Geological Report of the claims and the immediate region is now being completed. The geological team has already conducted bulk sampling, and is further exploring the outlying sections of the property. Prior to commencing the survey, extensive samplings were analyzed locally at multiple depths demonstrating the potential for high grade gold findings throughout the property. The current samples are being analyzed at globally recognized assayers. Modern access for heavy equipment is already in place via Bonanza's privately constructed roads, and rail is localized. The claims are directly adjacent to the world famous historic Congress Mine, Arizona. The Congress Mine operated between 1887 and 1959 producing about 400,000 ounces of lode gold. Unique features appear ubiquitous throughout the immediate area, including greenstone dike extensions, deep placer gravel deposits, and vestiges of numerous pre-historic waterfalls. Additionally, lode gold possibilities exist due to the extensions of schist and mineralized quartz veins in the immediate area of the Congress Mine. Bonanza believes the alluvial deposits originate from two ancient rivers that flowed in opposing directions during separate geological periods.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mining exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact:
Steven Ragan
VP of Corporate Communications (928) 251-4044
PHOENIX, AZ October 5, 2011 -- Bonanza Goldfields Corp. (OTC: BONZ) ("Bonanza" or the "Company") announces today the acquisition of 28 Lode Claims expanding the Tarantula Project to over 500 acres of contiguous property directly adjacent to the historic Congress Mine which operated from 1887 to 1959, producing over 400,000 ounces of lode gold.
The Bonanza geological team, as part of the completion of the Preliminary Geological Report, received assay results from the outlying regions of the Tarantula Project. This area was determined by the team to be under-studied and under-analyzed from all historical perspectives. The existence of quartz float, sulfide oxidation anomalies, outcrops of greenstone, and unusually large visible mineralized quartz veins leads management to believe the same quality quartz vein structure at the Congress Mine is ubiquitous throughout the existing and new claims expansion of the Tarantula Project. Bonanza's strategy is to utilize alluvial material for near-term placer production while simultaneously proving out the Tarantula property in its entirety with RC drilling techniques and continued assay analysis leading towards a NI 43-101 US equivalency geological report.
Commenting on the Bonanza Goldfields' historic development, President Scott G. Geisler stated, "Although the final aspects of the Preliminary Geological Report are being completed, management has enough information to move ahead with alluvial placer production plans. Equipment and personnel are being mobilized and nominal levels of production are expected to proceed in the current quarter. Furthermore, based on cursory exploration of the new claims package, targets are already being identified for a drill program commissioning to prove out additional placer material and mineralized quartz veins."
Geisler continued, "Expanding our footprint at Tarantula is very advantageous for shareholders, and securing these claims brings substantial new value to the company. Achieving our expansion goals insures the life of the project as we move forward. Early on, we proved to ourselves the viability of the project through local assay and analysis. With exceptional visible mineralized quartz present on Tarantula's claims and our close proximity to the historic Congress mine site, we feel Bonanza now has a world class land package that will prove to be as historic in nature as the Congress Mine."
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mining exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact:
Steven Ragan
VP of Corporate Communications 720-446-6087
PHOENIX, June 28, 2011 -- Bonanza Goldfields Corp. (OTC: BONZ) ("Bonanza" or the "Company") is pleased to announce the appointment of William C. Berridge to the Board of Directors. Mr. Berridge was also named the Project Manager for Bonanza's Tarantula (Hull Lode) placer claims project.
William C. Berridge, P.G., is the Founder, President/CEO, and Chairman of Auric Resources International, Inc. Mr. Berridge is a Qualified Person (QP) for preparing NI 43-101 technical reports written under CSA & CIM Standards & Guidelines. He is registered as a Professional Geologist in Wyoming and has over 35 years of exploration & development experience. He is also a member of the Geological Society of America (GSA), the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), the Geological Society of Nevada (GSN), the Arizona Geological Society (AGS), the Society of Mineral Analysts (SMA) and a Founding Registered Member of the Society for Mining, Metallurgy and Exploration (SME). Mr. Berridge has a long-term commitment to the Wickenburg/ Congress/Weaver Mountain Mining District geographic area.
Commenting on the development, Bonanza Goldfield's CEO David Janney stated: "Fully engaging Bill Berridge with his experience and credentials is truly a significant development for Bonanza. His impact and discoveries have been enormous, and with the completion of his technical work, I have full confidence in Bill to bring the Tarantula (Hull Lode) Project to its full potential.."
About Bonanza Goldfield's Tarantula Project: Tarantula's neighboring Congress mine between 1887 and 1959 produced 400,000 ounces of lode gold. With extensive placer production, hard rock drilling and field research on the Tarantula adjacent property, Bonanza's management, working in tandem with the leadership of Bill Berridge, plans to develop its long-term economic production plan regarding the veins on the property believed to be the same veins that put the Congress Mine on the map.
Learn more about Bonanza Goldfields Corp: www.bonanzagoldfields.com
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Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mining exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD- -
David Janney
Chief Executive Officer
Bonanza Goldfields Corporation
www.bonanzagoldfields.com
Contact:
Steven Ragan
VP of Corporate Communications
720-446-6087
(C) Bonanza Goldfields Corp. | All Rights Reserved
