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.
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 petroleum exploration and development stage 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 factor disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE Bonanza Goldfields Corporation