Hull Lode / Tarantula Claim Group - Bonanza Goldfield's Dynamic Gold Mine Site

Mar 07, 2011, 09:40 ET from Bonanza Goldfields Corporation

PHOENIX, March 7, 2011 /PRNewswire/ -- It has been an exciting year at the Hull Lode / Tarantula Claim Group located in Yavapai County, Arizona, once part of the historic Congress Gold Mine. With last summer's discovery of a Bonanza grade Gold deposit, the former Granite Boulder property has moved quickly from "Raw Prospect," to near-term producer. Since this year's purchase by Bonanza Goldfields Corporation (Pink Sheets: BONZ), the Mine site has become very active with an aggressive bulk sampling program, exploration and testing.  It is expected by Bonanza's management that the bulk sampling program will rapidly evolve into full scale production.


With hardrock assays as high as six ounces per ton and Placer values of one gram per yard across the entire Claim group, the Tarantula Claim Group is on track to rival the nearby Congress Gold Mine.  

Ongoing exploration and testing along the eastern boundary of the Hull Lode Claim has led to the discovery of additional sources of mineralization as well as confirming Placer values of one gram per yard across the Pediment / Basin area.

Additional Placer mineralization occurs as erosion of a granite porphory has intruded a greenstone dike on faulted bedrock in the Pediment area. Any concerns over possible chlorination of Placer values have been resolved with the discovery of naturally occurring precipitants.  

With discovery of additional mineralization around intruded greenstone dikes and granite porphories, the future looks bright as the build-out of the Placer recovery facilities kicks into high gear.  Increasing water supply and the purchase of a newly constructed custom washplant are among the improvements under way.

An aggressive bulk sampling program continues at the Hull Lode Claim.  This, coupled with an ongoing exploration and testing program makes for a dynamic Mine site.

Placer sampling across the Hull in a diagonal pattern, confirms Placer values from 3700 feet in the southeast corner to within 1 foot of bedrock in the northwest corner.  Bulk sampling in these two areas confirm the Bonanza grade label, as Placer Gold has been recovered across the Claim.

Recent discoveries from the past ten days include Bedrock, a truckee formation, Garnets, gem grade Blue Quartz.

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SOURCE Bonanza Goldfields Corporation