It is said that Bullfrogs can’t jump very high but that they are known for aggressive “jump attacks” and even wrestling their prey or aggressors. Well, after dropping roughly 987 thousand shares into the market Friday, Bullfrog Gold Corp. (BFGC) jump attacked their PPS to close at the HOD on Monday. BFGC stock price rose from 0.42 to 0.55, a gain of 30.95% on volume of 238,813. Until Friday, Bullfrog Gold was a tadpole of a penny stock with over a million bucks in its pocket.
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BFGC Stock Chart
Market Cap: 16.44M
Avg Vol (3 month): 24,684
Avg Vol (10 day): 206,367
Shares Outstanding: 29.90M
Last Trading Session
Avg Trade Size: 5,553
Friday, Bullfrog Gold acquired 800 lbs., roughly the equivalent of 8 Miami Heat cheerleaders, of additional documentation regarding their Newsboy Project in Arizona. The Newsboy Project is one of two projects the Company acquired.
Newsboy Project, Arizona
The Newsboy Project was acquired by Bullfrog in September, 2011 for $3,425,000 during the next five years plus a 2% net smelter royalty. The Company obtained the working right and option to earn a 100% interest in and to the Newsboy Project. The project is comprised of 5,240 acres of state and federal lands located outside Phoenix, Arizona. Roughly 1.2 million ounces of gold and 1 million ounces of silver have been produced within 25 miles of the Newsboy Project from several historic mines, including the Vulture, Congress, Octave and Yarnell.
The first phase drilling program was initiated in November 2011 and completed by the end of January 2012. A total of 6,750 feet of drilling was completed in 24 holes. Below are highlights from the recently completed program.
• One vertical hole drilled in the basement schist rocks discovered a vein that contained 50 feet (15.2 meters) of 0.084 gold ounces per short ton (opt) (2.9 grams/metric tonne) and 0.18 silver opt (6.1 g/mt), including 5 feet (1.5 m) of 0.39 gold opt (13.5 g/mt) and 0.39 silver opt (13.5 g/mt).
• Five holes drilled within a 1992 proposed open pit mine area averaged 0.048 gold opt (1.6 g/mt), 1.2 silver opt (41.1 g/mt) and 64 feet in thickness (19.5 m). These results are comparable and confirmatory of adjacent old drill data.
• Sixteen additional holes were drilled in the large area surrounding the proposed open pit limits. Nine of these holes contained mineralization above the cutoff grade of 0.015 gold opt (0.5 g/mt).
Bullfrog Gold Project
The Bullfrog Gold Project is 116 miles northwest of Las Vegas, Nevada in a small town called Beatty. Standard Gold acquired a 100% right, title and interest in and to 1,650 acres of mineral claims and patents known as the “Bullfrog Project” subject to a 3% net smelter royalty.
The Company’s first phase drilling program is scheduled to start in the Fall of 2012, subject to approval of a drill program to be submitted to the U.S. Bureau of Land Management in Q2 of 2012.
About BFGC Stock
Bullfrog Gold corp. is an exploration stage company engaged in the acquisition and exploration of properties that may contain gold mineralization in the U. S. The target properties of the Company are those that have previously been explored. Bullfrog has acquired State Leases and Federal patented and unpatented mining claims in the states of Arizona and Nevada for the purpose of exploration and potential development of gold on a total of approximately 6,860 acres. The Company plans to review opportunities and acquire additional mineral properties with current or historic precious and base metal mineralization with meaningful exploration potential.
To view the SEC filings for BFGC, click here.
Bottom Line: Gold penny stocks are typically more attractive to traders than biotechs are. BFGC stock was asleep until Friday which can mean only one thing – “Here comes the pump!” No one has laid claim yet be connected to BFGC yet so, for now it is a prospectors pick for a speculative gold mine as long is this bullfrog can stay above water.
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