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Bonanza Goldfields acquires Thunder Mountain gold project in Nevada

Published 20 March 2018

Bonanza Goldfields has acquired the Thunder Mountain gold project in Nye County, Nevada, located between Tonopah and Round Mountain, Nevada.

The Thunder Mountain project is presently comprised of 17 unpatented lode mining claims on BLM ground, which are centered on the areas previously drilled by Newmont, Midway Gold and Kinross. 

Past Drill Results

Midway Gold reported drill results in 2007 and 2008 as follows:

  • 10 feet of 0.389 ounces per ton (OPT) gold within 40 feet of 0.135 opt gold (drill hole TM08-09)
  • 5 feet of 1.187 OPT gold within 30 feet of 0.705 OPT gold (drill hole TM07-04)
  • 10 feet 1.93 OPT gold within 30 feet of 0.705 OPT gold (drill hole TH-27)
  • 15 feet of 0.036 OPT gold with 5 feet of 7.4 OPT silver (drill hole TM08-10)

Geology.  Thunder Mountain is an emerging epithermal gold district, which hosts a series of high grade epithermal quartz-adularia-gold veins.

Bonanza Goldfields acquired Thunder Mountain as part of an amendment to its Omnibus Exchange Agreement with Hondo Minerals Corporation and related parties. 

Hondo received one share of Bonanza Goldfield's newly designated Series C Preferred Stock, which is convertible into 9.99% of the Bonanza Goldfields common shares. 

Bonanza Goldfields intends to register these common shares with the SEC for distribution to Hondo's stockholders in a special liquidating distribution once Bonanza Goldfields resumes its status as a fully reporting company to the SEC. This is targeted for 2019.

Because of its acquisition of Thunder Mountain, Bonanza Goldfields has elected not to proceed with acquisition of the mining properties at Chloride, Arizona or Goldfield, Nevada. 

The Company now has four active mining projects:

  • Thunder Mountain Gold
  • Comstock Gold (50% interest in Monte Cristo Mine)
  • Congress Gold (Tarantula and Golden Horseshoe)
  • Oatman Gold (Tom Reed Jr. and Argo Mines)

Source: Company Press Release