BULGOLD Discovers the Kopernica Vein System Within the North East Block on the Lutila Gold Project

2026-02-10

TSXV - TSX Venture Exchange · Gold · Silver · Antimony · Arsenic · Canada

TORONTO, ON / ACCESS Newswire / February 10, 2026 / BULGOLD Inc. (TSXV:ZLTO) (the "Company" or "BULGOLD") is pleased to announce that it has received all outstanding assay data relating to the 2025 exploration programme on the Lutila Gold Project (the "Property"). This information has now been reviewed, validated and incorporated into the Company's database. The Lutila exploration licence covers an area of 32.2km2 and is prospective for quartz-adularia epithermal gold mineralisation.

1. Highlights

The Company has recently identified the Kopernica Vein System, which has been mapped, drilled and sampled across an area measuring 1,000 metres by 500 metres on the western slopes of the North East Block.

The Kopernica Vein System is focused on the 700-metre long Main Vein, where surface float samples of hydrothermally brecciated rock and epithermal quartz vein material at the 550mRL have results of up to 2.88 grammes per tonne (g/t) of gold (Au) and 15.8 g/t of silver (Ag).

Surface mapping has identified several subvertical hanging wall splay veins connected to the Main Vein, which can be intermittently traced for about 600 meters to the north. In this area, a hydrothermal breccia outcrop in a small creek returned 0.55g/t Au.

The Company identified the West Vein late in the season, outlining an initial 300 metres of strike length and results up to 1.19g/t Au and 4.3g/t Ag from an epithermal quartz vein boulder at surface.

The BULGOLD exploration team initially believed that the Main Vein was subvertical; however, this is not the case. The vein-structure was encountered during the drilling of KPDD001 at a considerable depth of 498 metres downhole, where an intersection of 6m @ 0.14 g/t Au was recorded within a brecciated chalcedonic quartz vein containing marcasite at the 200mRL.

Surface mapping, drilling and rock sampling indicate that the Main Vein's "gold window" spans a 250-300 metre vertical range between the 550mRL (average surface rock sample: 0.45g/t Au, 2.9g/t Ag, 670g/t As, 188g/t Sb) and the KPDD001 drill intercept at 200mRL.

Future drilling at the Main Vein is planned to use drillholes no longer than 250 metres in length, significantly reducing exploration costs.

Drilling at the Horna Klapa target area, located within the Sinter Field, was completed to a target depth of 541.7 metres and failed to intersect any evidence of quartz veining within an upflow zone or evidence for rhyolite dyke activity beneath the ridgeline.

The Lutila Gold Project is located favourably between two of the largest Au-Ag epithermal vein systems within the Central Slovak Volcanic Field, the Kremnica gold deposit and the Banska Štiavnica gold-silver ore field, which, collectively, have produced significant amounts of precious metals over many centuries.

Exploration target: underground, high-grade gold (Au) ± silver (Ag) quartz veins.

Quote from the President & CEO, Mr. Sean Hasson:

"Over 1,000 years of exploration and mining of epithermal vein systems in Central Slovakia demonstrates that, to date, every discovered vein system has contained either gold or silver. The identification of the Kopernica Vein System establishes the Company as a leading candidate for growth and discovery within the prevailing gold market.

Last year's exploration programme has surpassed expectations by allowing us to delineate the Kopernica Vein System over an initial area of 1,000 metres by 500 metres through surface sampling, mapping, and the first drillhole into the 700-metre long Main Vein. There remains substantial exploration potential within this newly identified vein system which is evidenced by the presence of potential hanging wall splay veins to the Main Vein and the West Vein which is an emerging parallel quartz vein located 200 metres to the west.

KPDD001 was the first hole drilled into the Main Vein, and it intersected the vein deeper than the BULGOLD exploration team initially expected, due to its overall westerly dip. However, this allowed us to determine the geometry of the vein system and establish that the "gold window" likely spans a vertical range of 250-300 metres. This means that the upcoming drillholes designed to confirm the gold potential of the Main Vein can be less than 250 meters deep, saving both time and money, together with the added benefit that the drillhole will also intersect any hanging wall splay veins en route to the Main Vein target.

At the nearby historic epithermal quartz vein deposits of Kremnica and the Kremnica Vein II system, mining operations were conducted over an approximately 400 metre and 200-350 metre vertical window respectively; this effectively shows what the "gold window" potential can be within this part of the Central Slovakia. The "gold window" concept highlights that because epithermal vein systems are not uniformly mineralised, precisely identifying these transient, specific conditions is essential for successful exploration (see Figure 1 on the following page for a graphical representation of the "gold window" concept as applied to the Kopernica Vein System).

Surface rocks are typically composed of hydrothermal breccias, often containing fragments of epithermal quartz veins dislodged from deeper sections of the vein system. In adjacent areas at slightly lower elevations, there is a notable presence of quartz vein boulders and rocks exhibiting well-developed crustiform-colloform textures. The extensive degree of brecciation observed in the surface rocks indicates that the Kopernica Vein System may possess the conditions necessary for a high fluid-flux hydrothermal environment, which generally results from frequent and violent boiling events. In epithermal quartz-adularia vein systems, such boiling processes are widely regarded as the most effective mechanism for the formation of bonanza-grade gold veins.

"Since we started exploration drilling on the Lutila Gold Project 18 months ago we have remained steadfast in adhering to our internal target ranking methodology and efficient allocation of capital. The first targets to be tested were located under Rhyolite Ridge within the Sinter Field, however having now drilled three drillholes for no reward it was clear that a trend was emerging. As such, the Company does not plan to drill any more holes within the Sinter Field in the short to medium term. The current exploration model within the Sinter Field will need to be reassessed by the Company.

The Company exercised its option to acquire the Lutila Gold Project and assumed 100% control of the project 28 months ago. The following day, management met with the Mayor of Lutila to discuss exploration plans and establish connections. Since then, we have continued building lasting relationships in the region, adapting to local operating conditions and regulations, and contributing to the local economy.

The Company is actively assessing various strategies to advance the discovery process on the Lutila Gold Project."

Figure 1. Cross-section (KPDD001) showing the key geological elements of the Main Vein derived from BULGOLD data together with a schematic indication of where the next proposed drill hole should be drilled into the "gold window".

2. The Kopernica Vein System - Exploration

The western slopes of the North East Block were the focus for the BULGOLD exploration team during the latter half of 2025. A few historic rock chips from this area had previously returned low levels of gold e.g. 0.47g/t Au, 0.22g/t Au and 0.12g/t Au with arsenic and antimony geochemical support from "brecciated saccharoidal quartz boulders". The BULGOLD due diligence field visit during 2022 also confirmed the presence and grade of these historic samples but recognised that the textures within these samples were, in fact, weakly developed crustiform-colloform chalcedonic quartz veins.

The objective of the late 2025 exploration programme was to establish where these chalcedonic quartz boulders had originated. The approach taken by the BULGOLD exploration team was to undertake a series of geological traverses commencing at the highest point of the ridgeline and then effectively walking along the contours and then dropping down to the next contour and repeating the exercise. All surface rock float (± outcrop) material was assessed during these traverses which led to the development of the mapping and prospecting framework that is shown in Table 1, and which has become an integral part of the BULGOLD exploration ‘toolkit' when exploring the North East Block for epithermal quartz veins. Figure 1 shows the distribution of hydrothermally altered rocks across the Kopernica Vein System according to this framework.

Table 1. Detailed field description of the BULGOLD mapping and prospecting framework covering the western slopes of the North East Block and the Kopernica Vein System.

Figure 2. All BULGOLD mapping points (see Table1 for detailed descriptions) across the Kopernica Vein System overlain on LIDAR with 10m contours; the yellow arrows define the KPDD001 cross-section line in Figures 1 and 8. The yellow dashed lines show where the 600mRL contour line sits.

By employing this methodical approach, the BULGOLD exploration team was able to establish the existence of the Kopernica Vein System which is centred on the 700-metre long Main Vein. There remains substantial exploration potential within this newly identified vein system which is evidenced by the presence of potential hanging wall splay veins to the Main Vein and the West Vein which is an emerging parallel quartz vein located 200 metres to the west.

Previous assessment of all rock and drill core, both historic and BULGOLD, within the North East Block has established that gold in rock commences below the 600mRL. The Kopernica Vein System is no exception from this finding and is defined on surface between the 590mRL to the 490mRL.

Additionally, approximately 600m to the north-west of the Main Vein an outcrop of hydrothermal breccia was identified in a small creek which assayed 0.55g/t Au and 200g/t Sb. Abundant hydrothermally altered float rock has been identified within this area directly beneath the andesite rock contact that continues north to host the Kremnica gold deposit. More exploration is required in this area to determine the potential for additional quartz veins.

Historic mining activity appears to be restricted to two areas, both located on the periphery of the currently defined Kopernica Vein System: 1) The "1817 Mine" (underground operation) which is located 400 metres south-east of the Main Vein and just below the 600mRL and strikes north-west towards the Main Vein and 2) The "Old Mine" (small open pit) which is located 500 metres west north-west of the Main Vein at the confluence of two drainages at the 490mRL. Within the area above the Main Vein there appears to be what may be interpreted as ‘exploration test pits', likely assessing the gold potential of the hydrothermal breccia ± epithermal quartz vein pieces found at surface; their age remains unknown.

The extensive degree of brecciation observed in the surface rocks, particularly above the Main Vein, indicates that the Kopernica Vein System may possess the conditions necessary for a high fluid-flux hydrothermal environment, which generally results from frequent and violent boiling events. In epithermal quartz-adularia vein systems, such boiling processes are widely regarded as the most effective mechanism for the formation of bonanza-grade gold veins.

Table 2 shows all the BULGOLD surface rock samples ≥0.1g/t Au that have been collected within the currently defined Kopernica Vein System.

Figures 3, 4, 5, 6 and 7 show images of the surface float rock that have contributed to the BULGOLD mapping and prospecting framework with a particular focus on the Kopernica Vein System.

SAMPLEID

X_UTM34N

Y_UTM34N

Z_UTM34N

Au_BEST_ppm

Ag_BEST_ppm

As_BEST_ppm

Sb_BEST_ppm

95805

344476

5392591

543

2.88

15.8

439

207

95933

344550

5392680

576

2.03

9.3

74.4

95941

344340

5392490

510

1.19

4.3

70.6

128

95937

344520

5392590

554

1.18

4.8

1877

95806

344551

5392712

581

1.11

109

134

95714

344563

5392677

579

1.03

193

104

95936

344550

5392620

567

0.83

8.7

261

95.5

45503

344503

5392524

536

0.81

74.8

26.6

45045

344520

5392500

536

0.81

5.42

49.8

10.1

45047

344540

5392507

540

0.76

6.78

151.2

14.1

95934

344545

5392690

576

0.72

4.1

113

140

95935

344545

5392670

570

0.67

3.7

212

167

95931

344545

5392535

545

0.63

45048

344580

5392505

553

0.62

2.53

437.8

61.2

45504

344490

5392509

532

0.58

5.9

38.5

95929

344110

5393140

505

0.55

39.3

200

95902

344540

5392670

572

0.54

2.9

200

195

95715

344538

5392696

575

0.49

184

125

95901

344600

5392600

573

0.46

1304

319

95808

344472

5392663

550

0.44

217

144

95807

344525

5392668

568

0.37

142

189

45046

344530

5392515

539

0.34

1.7

73.8

10.7

95932

344555

5392680

578

0.33

88.8

99.1

45502

344515

5392505

536

0.33

2.5

115

39.8

95910

344555

5392385

574

0.29

193

86.7

95809

344485

5392596

546

0.27

458

193

95942

344350

5392495

510

0.27

49.9

131

95912

344570

5392390

578

0.26

338

173

95915

344505

5393000

579

0.25

922

204

45501

344517

5392525

539

0.25

367

177

95911

344560

5392390

575

0.24

449

165

45505

344493

5392500

531

0.19

138

94.5

95904

344470

5392500

527

0.19

17.3

661

144

95930

344585

5392390

581

0.18

822

185

95913

344570

5392400

576

0.18

463

124

95938

344370

5392310

572

0.17

5.1

3264

367

45506

344425

5392493

521

0.13

205

44.2

95926

344360

5392870

542

0.11

355

210

95940

344385

5392330

559

0.1

4.4

3633

464

Table 2. Kopernica Vein System: All BULGOLD surface rock samples ≥0.1g/t Au (n=39).

Figure 3. Field and slabbed examples of hydrothermal breccia within the Kopernica Vein System (all from the Main Vein area). (A) Hydrothermal breccia containing clasts of brecciated chalcedonic quartz within rhyolite rock; (B) Hydrothermal breccia in drill core 0.14g/t Au, 2,474g/t As, 242g/t Sb (CVDD001; 39-40m); (C) Hydrothermal breccia containing clasts of chalcedonic quartz within rhyolite rock; (D) Hydrothermal breccia containing massive to very coarsely banded quartz vein clasts in a marcasite-rich rock flour matrix,

Figure 4. Slabbed examples of the hydrothermal breccia to epithermal quartz vein transition rock within the Kopernica Vein System. (A) Coarsely banded chalcedonic quartz vein cross-cutting hydrothermal breccia within rhyolite rock, 2.03g/t Au, 9.3g/t Ag, 74.4g/t As, 71g/t Sb (Main Vein: 95933); (B) Chalcedonic quartz veinlets cross-cutting hydrothermal breccia,

Figure 5. Slabbed examples of epithermal quartz vein rocks within the Kopernica Vein System. (A) Crudely banded chalcedonic quartz within rhyolite rock,

Figure 6. (A), (B), (C) & (D) Field and slabbed examples of saccharoidal quartz vein (CVQ) pieces exhibiting a coarse banding and commonly found at or above the 600mRL.

Figure 7. (A), (B), (C) & (D) Field examples of massive cryptocrystalline chalcedony (SCV) commonly found above the 600mRL but also within the northern portion of the Kopernica Vein System.

3. The Kopernica Vein System - Drilling

KPDD001 was drilled to test the Main Vein within the North East Block:

HOLEID

X_UTM34N

Y_UTM34N

Z_UTM34N

AZIMUTH

DIP

DEPTH (m)

KPDD001

344667

5392585

574

280

-48.9

645.6

Table 3. KPDD001 exploration drill hole information.

Gold anomalous intervals from KPDD001, targeting the Main Vein are outlined below:

1m @ 0.36g/t Au, 1,055g/t As, 95g/t Sb (from 491m) *

Footwall damage zone.

6m @ 0.14g/t Au, 168g/t As, 56g/t Sb (from 498m) *

Brecciated chalcedonic quartz vein + marcasite.

*1m minimum composite length, no internal dilution, 0.1g/t Au cut-off; the Company considers this to represent a ‘geological cut-off' which shows that gold is present in the Main Vein at strongly anomalous values. True widths are unknown at this stage. Overall drill core recovery was 97.7%.

Geologically, KPDD001 intersected the following volcanic units:

0-65m: Rhyolite pyroclastic rock with minor zones of hydrothermal brecciation.

65-229m: Rhyodacite (feldspar-biotite phyric) pyroclastic rock with minor chalcedony-marcasite veinlets; weak argillic to propylitic alteration.

229-498m: Rhyodacite flow aligned pyroclastic unit with disseminated marcasite from 380m; weak to strong argillic alteration.

498-504m: Brecciated chalcedonic quartz vein with disseminated marcasite.

504-638m: Rhyolite to rhyodacite flow banded unit; this unit is the hanging wall to the Main Vein at depth; strong quartz-sericite (illite?) ± hematite alteration affecting both the (glassy) groundmass and the phenocryst phases (plagioclase, biotite, amphibole ± monoclinic pyroxene); occasional quartz veinlets (≤2cm) cross-cut the flow dome unit from ~540m to ~600m downhole and are associated with low grade gold (average: 0.05g/t Au) and strongly anomalous arsenic and antimony (average: 263g/t As, 171g/t Sb); after 600m downhole the alteration assemblage becomes quartz-sericite-carbonate.

638-645.6m: Volcanic breccia (epiclastic) unit; sericite-carbonate alteration.

KPDD001 was the first hole drilled into the Main Vein, and it intersected the vein deeper than the BULGOLD exploration team initially expected, due to its overall westerly dip. However, this allowed us to determine the geometry of the vein system and establish that the 'gold window' likely spans a vertical range of 250-300 meters. This means that the upcoming drillholes designed to confirm the gold potential of the Main Vein can be less than 250 meters deep, saving both time and money, together with the added benefit that the drillhole will also intersect any hanging wall splay veins en route to the Main Vein target (see Figure 8).

Figure 8. KPDD001 cross-section showing the key geological elements of the Main Vein derived from BULGOLD data together with a schematic indication of where the next proposed drill hole should be drilled.

4. Horna Klapa - Drilling

HKDD001 was drilled to test the Horna Klapa target area within the Sinter Field:

HOLEID

X_UTM34N

Y_UTM34N

Z_UTM34N

AZIMUTH

DIP

DEPTH (m)

HKDD001

343717

5390838

597

305

-49.2

541.7

Table 4. HKDD001 exploration drill hole information.

Geologically, HKDD001 intersected the following volcanic units:

0-30m: Pyroclastic rock unit; block and ash flow with layered tuff bands; weak argillic alteration.

30-47m: Flow banded rhyolite unit.

47-128m: Flow banded rhyolite unit; a combination of volcanic breccia and lavas.

128m-144m: Pyroclastic unit; strong argillic alteration (bentonite).

144-303m: Rhyolite breccia unit; a combination of poorly consolidated epiclastic material and spherulitic lava to lava breccias; weak argillic alteration.

303-369.5m: Block and ash pyroclastic flow unit; essentially monomict quartz-biotite ± feldspar.

369.5-541.7m: Pyroclastic flow unit, polymict rhyolite clasts (red, white & black ± flow banding) with minor fine tuff/epiclastic layers.

Overall drill core recovery was 96.6%.

5. Discussion

The Lutila Gold Project is located favourably between two of the largest Au-Ag epithermal vein systems within the Central Slovak Volcanic Field, the Kremnica gold deposit and the Banska Štiavnica gold-silver ore field, which collectively, have produced significant amounts of precious metals over many centuries.

The Property is located 5km south, along strike and within the same volcanic depression that hosts the historic quartz-adularia Kremnica gold mine (current JORC (2012) mineral resource estimate of M&I: 36.9Mt @ 1.36g/t Au (1.6Moz Au) and Inf: 31.5Mt @ 1.07g/t Au (1.1Moz Au))1 Historic gold production is estimated by Finka (1995) to be 1.48Moz.

[1]This is not a mineral reserve or mineral resource that has been prepared in compliance with the requirements of National Instrument 43-101. The technical and scientific information disclosed from neighboring properties does not necessarily apply to the Lutila Gold Project. The current JORC (2012) mineral resource estimate for the Kremnica gold mine consists of: Measured 24.6Mt @ 1.46g/t Au, Indicated 12.3Mt @ 1.15g/t Au and Inferred 31.5Mt @ 1.07g/t Au. Source: Metals Tech Limited, ASX Release, 8th May 2023 (https://wcsecure.weblink.com.au/pdf/MTC/02663482.pdf).

BULGOLD Discovers the Kopernica Vein System Within the North East Block on the Lutila Gold Project

Earlier from BULGOLD Inc.