BULGOLD Inc. press release
BULGOLD Defines the 2.2km-Long BL Vein Corridor at the Lutila Gold Project
TSXV - TSX Venture Exchange · Gold · Silver · Antimony · Arsenic · Canada
TORONTO, ON / ACCESS Newswire/ October 15, 2026 / BULGOLD Inc. (TSXV:ZLTO)(the "Company" or "BULGOLD") announces the mapping, prospecting and historical dataset synthesis for the BL Vein target, located on the eastern flank of the North East Block within the Lutila Gold Project, Slovak Republic.
While initial surface exposures of the corridor were documented as early as the 1600s, systematic field prospecting by the Company has now traced the subvertical BL Vein over a near-continuous 2.2-km north-south strike length. This vein structure represents a new target area within the North East Block situated between 1.1km east and 1.7km southeast of recent drill hole KPDD005, having seen minimal modern exploration and none in the last twenty years.
1. Highlights
2.2km Subvertical Structural Trend Mapped: Systematic mapping and prospecting has delineated a near-continuous 2.2km north-south trending structural corridor on the eastern flank of the project area.
Historic Gold Drill Intercepts:Historical diamond drilling data from 2004 confirms low-grade gold (Au) mineralisation within the BL vein-structure, highlighted by 26.2m @ 0.91g/t Au (from 97m in KG-BL-1) and 24.3m @ 0.76g/t Au (from 51.7m in KG-BL-2). Cross-sectional review of the mineralisation indicates an approximately 100m-wide zone of brecciated rhyolite rock with chalcedonic quartz infill and minor stibnite (antimony sulfide).
Robust Surface Geochemistry: A combined dataset of 62 rock samples (BULGOLD and Historic) across the trend averaged 0.56g/t Au, 4.9g/t Ag, 364ppm As and 512ppm Sb.
Preserved System Topography: Outcropping between 425mRL and 540mRL, the BL Vein system reflects a lower level of erosion than the nearby Kopernica Vein System. Historical exploration and/or mining activity tends to cluster preferentially at lower elevations.
Arsenic-Antimony Pathfinder Coincidence: Surface gold values are coincident with elevated arsenic and antimony volatile pathfinder signatures, matching the property-wide low-sulfidation epithermal vector model.
Project Location and Logistics:The Lutila Gold Project provides early-stage exploration potential within an established European Union mining district. The site features existing local infrastructure, year-round road access and a standardized regulatory framework, which reduces initial development requirements and estimated operational costs.
Situated Within a Well-Established Historic Trend: The Lutila Gold Project sits squarely between Central Slovakia's premier precious metal hubs: the Kremnica and Banská Štiavnica epithermal vein fields. These adjacent districts boast a 1,000-year mining legacy, providing a strong geological validation that the Lutila volcanic corridor is deeply rooted in a highly productive, gold-bearing regional framework.
View the 2026 BL Vein Rock Sample Atlas Here
Exploration target: underground, high-grade gold (Au) ± silver (Ag) quartz veins.
Quote from the President & CEO, Mr. Sean Hasson:
"Delineating the 2.2-kilometre-long BL Vein target significantly scales up the prospective footprint of the North East Block. While our primary 2026 campaign focused on defining the 500-metre-wide upflow zone at Kopernica, the BL Vein provides a substantial, parallel structural target with verified subsurface thickness and low-grade gold mineralisation in historic drilling.
Our technical review shows that at surface the trend is backed by good gold and silver values, diagnostic crustiform-colloform and lattice-bladed replacement textures, multi-stage hydrothermal breccias and strongly supported by arsenic-antimony pathfinder geochemical signatures. This indicates that the underlying boiling zone remains intact and untested by modern exploration methods."
2. Exploration History & Historic Drilling Footprint
Historical archives indicate that initial recognition of quartz veining within the Jastrabá Formation rhyolites occurred at the BL target during the 1600s. Subsequent small-scale open-pit operations and underground gallery development focused on the eastern slopes during the 19th and 20th centuries. Modern subsurface drill testing, however, remains restricted to limited campaigns.
The 1990s Programme
During the 1990s, 10 historic diamond drill holes totaling 1,984.3 metres were drilled along the eastern flank of the North East Block above the village of Bartošova Lehôtka. These holes were predominantly collared as horizontal drill holes into the hillside. Due to poor core recovery and historical data loss, no reliable multi-element or gold assay data are preserved. Legacy geological logs only confirm scattered occurrences of rhyolite-hosted quartz veins and hydrothermal brecciation.
The 2004-2006 Programme
In 2004, three diamond drill holes totaling 770.8 meters tested the subsurface continuity of the BL Vein directly beneath a major surface quartz vein float field.
Drill holes KG-BL-1 and KG-BL-2 were executed as scissor holes targeting the central section of the BL Vein trend. Partial assay records confirm broad zones of gold mineralization hosted within the rhyolite flow-dome complex and adjacent pyroclastic rocks. Hole KG-BL-3 was subsequently drilled deeper beneath the first two holes; the Company understands that the highest-grade interval in this deeper hole returned 0.45m @ 2.21 g/t Au (from 191.35m).
No further assay information is available for KG-BL-3 and historical records indicate that the exploration programme was curtailed immediately following the completion of this third hole. The Company is aware of an additional, small drill programme during 2006 which targeted the northern portion of the BL Vein trend; however, only very limited gold assay information is available and no material outcomes can be reported. Consequently, no modern exploration has taken place along the BL Vein trend since that time.
Drill hole information is shown in Table 1 and significant intercepts calculated using a 0.5g/t Au cut-off are presented in Table 2. Figure 1 (below) shows a mineralised section of the KG-BL-1 drill core. For additional information on historic exploration within the Lutila Gold Project please see the Company's press release dated: May 1, 2024.
| HOLE ID | DEPTH | X_UTM34N | Y_UTM34N | Z_UTM34N | Azimuth | Dip | | KG-BL-1 | 200 | 345791 | 5391545 | 508 | 240 | -60 | | KG-BL-2 | 220.8 | 345684 | 5391551 | 538 | 120 | -45 | | KG-BL-3 | 350 | 345891 | 5391387 | 473 | 300 | -45 |
Table 1. Historic drill hole information.
| HOLE ID | From (m) | To (m) | Interval (m) | Au g/t | | KG-BL-1 | 84.4 | 89.7 | 5.3 | 1.26 | | KG-BL-1 | 97 | 123.2 | 26.2 | 0.91 | | KG-BL-1 | 138 | 143.1 | 5.1 | 0.63 | | KG-BL-2 | 51.7 | 76 | 24.3 | 0.76 | | KG-BL-2 | 156.3 | 168 | 11.7 | 0.94 | | KG-BL-3 | 191.35 | 191.8 | 0.45 | 2.21 |
Table 2. Historic drill hole significant intercepts; 2m minimum composite length, 2m maximum internal dilution, 0.5g/t Au cut-off.
[](https://app.accessnewswire.com/imagelibrary/1db73801-22f5-4cbe-8c0e-08fe83d10f99/1236821/bgi1.jpg)Figure 1. Strongly silicified rhyolite tuff, brecciated, with dark chalcedony and stibnite stockwork infill plus limonite (orange) after sulfides (2.98g/t Au & 19.5g/t Ag; 104.1-105.5m; KG-BL-1).
3. Surface Exploration & Geochemistry
Systematic surface prospecting across the 2.2km-long strike length of the BL Vein has successfully delineated a highly anomalous geochemical footprint. A combined dataset comprising 62 rock samples, collected through both recent BULGOLD field campaigns and historical programmes, has returned consistent results across the outcropping and subcropping structural corridor.
The entire 62-sample dataset yielded a robust property-wide multi-element average of 0.56g/t Au, 4.9g/t Ag, 364ppm As and 512ppm Sb.
To understand the grade distribution within this system, a higher-grade subset filter was applied (Table 3):
Higher Grade Subset: 20 samples returned grades ≥0.40g/t Au.
Subset Averages: This core group averages 1.53g/t Au, 13.08g/t Ag, 325ppm As and 445ppm Sb.
These data confirm that coherent, higher-grade gold mineralization extends into the unmined footwall margins and peripheral alteration halo surrounding the legacy workings. Surface rock textures are dominated by polymict hydrothermal breccias and quartz vein float boulders displaying moderately developed crustiform-colloform banding and lattice-bladed silica replacement textures. The strong spatial correlation between elevated gold values and the robust volatile pathfinder anomaly (364 - 512 ppm As-Sb) conforms to the property-wide low-sulfidation epithermal vector model. This geochemical signature demonstrates that the current surface exposures of the BL Vein system represent the intact upper levels of a boiling upflow zone that has experienced a slightly deeper level of erosion compared to the more preserved, nearby Kopernica Vein System.
| SAMPLE ID | X_UTM34N | Y_UTM34N | Z_UTM34N | Au_ppm | Ag_ppm | As_ppm | Sb_ppm | Comment | | 5072 | 345737 | 5391390 | 519 | 4.44 | 36.8 | 78 | 444 | HISTORIC | | 95705 | 345728 | 5391447 | 529 | 3.90 | 28.9 | 251 | 317 | BULGOLD | | 5071 | 345731 | 5391370 | 511 | 3.60 | 33.1 | 49 | 562 | HISTORIC | | SL97-64 | 345775 | 5391409 | 519 | 3.48 | 3 | N/A | N/A | HISTORIC | | 5070 | 345728 | 5391360 | 506 | 2.89 | 22 | 69 | 512 | HISTORIC | | 5073 | 345727 | 5391405 | 521 | 2.63 | 26.5 | 111 | 264 | HISTORIC | | 5074 | 345744 | 5391434 | 524 | 1.37 | 22.8 | 60 | 439 | HISTORIC | | 5076 | 345740 | 5391520 | 534 | 1.06 | 12.5 | 93 | 568 | HISTORIC | | 5075 | 345737 | 5391441 | 527 | 1.04 | 6.8 | 21 | 277 | HISTORIC | | 95987 | 345770 | 5392315 | 505 | 0.85 | 11.4 | 196 | 94 | BULGOLD | | SL97-79 | 345787 | 5391570 | 507 | 0.75 | 10.7 | N/A | N/A | HISTORIC | | 5077 | 345751 | 5391583 | 520 | 0.64 | 15.5 | 56 | 373 | HISTORIC | | 5080 | 345781 | 5392383 | 533 | 0.60 | 4.7 | 335 | 104 | HISTORIC | | 5062 | 345845 | 5390833 | 431 | 0.57 | 2.1 | 666 | 2,019 | HISTORIC | | SL97-65 | 345797 | 5392371 | 534 | 0.57 | 3 | 654 | N/A | HISTORIC | | SL97-80 | 345787 | 5391570 | 507 | 0.50 | 9 | N/A | N/A | HISTORIC | | 95984 | 345792 | 5392392 | 541 | 0.48 | 3.3 | 354 | 87 | BULGOLD | | 95986 | 345797 | 5392404 | 544 | 0.43 | 4.7 | 507 | 103 | BULGOLD | | 95709 | 345855 | 5390861 | 429 | 0.40 | 1.7 | 1,611 | 880 | BULGOLD | | 95983 | 345790 | 5392390 | 540 | 0.40 | 3.1 | 417 | 84 | BULGOLD |
Table 3. The ≥0.40g/t Au subset of BULGOLD and historic surface rock chip samples.
[](https://app.accessnewswire.com/imagelibrary/86b3ea09-4b39-4579-bfcf-01ae339701aa/1236821/bgi2.jpg)Figure 2. Slabbed rock sample 95990 (421mRL) displaying a diagnostic hydrothermal breccia texture. The sample shows distinct quartz vein fragments - ranging from low-temperature chalcedonic quartz to higher-temperature vein quartz - set within a polymict quartz vein, pyrite-rich matrix from the southern portion of the BL Vein trend. This brecciated epithermal assemblage returned assays of 0.18g/t Au, 2.6g/t Ag, 644ppm As, 1,104ppm Sb and 4.6ppm Tl.
4. Structural Architecture & Target Potential
Along its 2.2-km mapped strike length, the BL Vein trend is defined by extensive surface float trains of polymict hydrothermal breccia and/or epithermal quartz vein material. Outcropping hydrothermal breccias are also exposed near legacy exploration and mining features.
Field mapping reveals distinct spatial and structural trends:
Lower Elevation Zones:These areas correlate with the highest density of historical workings, where selective legacy extraction has left only limited surface float boulder material. Northern Galleries:In the northern portion of the trend, historic underground galleries are clearly recognisable. Here, the Company sampled outcropping, low-grade footwall hydrothermal breccia, where a four-sample cluster showed good repeatability and averaged 0.41g/t Au, 3.45g/t Ag, 416ppm As, 94ppm Sb and 6.1ppm Tl. Potential Vein Width:The historically exploited mineralisation width within these legacy galleries is estimated to range between 3 and 5 metres.
While local variations in surface cover can mask the exact trace of the structure in isolated areas, the Company's structural synthesis confirms strong geological continuity and good exploration potential across the entire 2.2-km corridor.
In modern times, the 2.2-km-long BL Vein system has only been drill-tested along a single section line, leaving much of this major structural corridor completely open. Prior to this limited modern testing, the trend had seen only shallow historic exploration activity.
Initial drilling directly beneath the extensive surface quartz vein boulder field successfully defined a broad, 100-metre-wide structural zone characterized by brecciated rhyolite rock, chalcedonic quartz infill, low-grade gold and minor stibnite mineralization. This substantial thickness indicates that the BL Vein trend possesses good potential to host a discrete, independent hydrothermal upflow zone on the eastern flank of the North East Block.
Compared to the Kopernica Vein System, the BL Vein has experienced a slightly deeper level of erosion, meaning the boiling zone sits closer to the current topography.
Figure 2. (below) shows the spatial alignment of the BL Vein corridor in relation to the adjacent Kopernica Vein System. Table 4 (below) outlines the mapping and prospecting criteria used by the Company.
[](https://app.accessnewswire.com/imagelibrary/f0798bed-8333-4a96-a2d3-aa01aace32c4/1236821/bgi3.png)
Table 4. Detailed field description of the BULGOLD mapping and prospecting framework covering the western and eastern slopes of the North East Block and the Kopernica Vein System.
[](https://app.accessnewswire.com/imagelibrary/7278ceb1-e84f-44d9-bbcc-0f1194e0758e/1236821/bgi4.jpg)Figure 2. Plan map showing the 2.2km-long BL Vein System. The map highlights key geological and geochemical features discussed in this release, including the spatial alignment of the BL Vein corridor in relation to the adjacent Kopernica Vein System. Historic drill traces and collars are shown in yellow. Refer to Table 1 (above) for detailed descriptions of the individual mapping points.
5. Discussion
The Lutila Gold Project is located favourably between two of the largest gold-silver 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
Finka (1995) estimates that historical gold production at Kremnicatotalled 1.48 million ounces (Moz)using exclusively gravity recovery methods.
[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 neighbouring 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).
The Kremnica Vein II system which is located in the hanging wall position to the Kremnica gold deposit (and under the town of Kremnica) has similar dimensions to the currently defined Kopernica Vein System, being approximately 1,000 metres by 500 metres and consisted of more than 40 individual veins which were generally north-south striking and dipping to both the east and west. The highest gold values were recorded from within ore shoots and according to Bakoš et al (2017) from 1938 until mine closure in 1970, 18t @ 2.5% Au was mined. The vein system was discovered serendipitously during underground development and mining started at the end of the 18thcentury.
According to Kodera (2005) the Banska Štiavnica ore field has produced 2.6Moz Auand 129Moz Agfrom the early middle ages until the twentieth century.
The fact that low to intermediate sulfidation gold-silver epithermal vein systems are intimately associated with rhyolite volcanism during the period 12.4 - 11.2 Ma underpins the Company's exploration model (See Figure 3). For the location of the BL Vein in relation to the Kopernica Vein System see Figures 4, 5 & 6.
The surface exploration, mapping, prospecting and historical data synthesis results at the BL Vein System deliver two critical breakthroughs for BULGOLD:
Camp-Scale Footprint:Field mapping and historical compilation confirm that the BL Vein runs parallel to the main Kopernica system just 1.1km to 1.7km to the west, proving the North East Block hosts multiple, closely spaced structural trends capable of hosting low-sulfidation epithermal upflow zones containing quartz-adularia veins. Subsurface Scale Established: Historic 2004 scissor drilling confirms a 100-meter-wide subsurface envelope of brecciated rhyolite hosting multiple, low-grade gold-bearing zones. As this remains the only drill tested section line across the 2.2-km-long trend, the confirmed upflow zone thickness demonstrates good exploration upside for additional mineralisation along strike with systematic drilling.
[](https://app.accessnewswire.com/imagelibrary/8dd8069f-71b8-43d1-9c3a-22dfaf323a1e/1236821/bgi5.jpg)Figure 3. Regional geological setting of the Lutila Gold Project in relation to adjacent ore districts within the Central Slovak Volcanic Field (after Kodera et al, 2014).
6. About the Slovak Republic
Drill pads can be permitted within 3-months.
EU and NATO member since 2004.
Eurozone (€)member since 2009.
Established mining industry, clearly defined mining legislation.
No restrictions on foreign ownership.
21% corporate tax rate.
5% NSR for gold and silver.
The use of cyanide for extractive purposes has been prohibited since 2014.
Low-cost profiles, skilled local workforce.
Exploration licences can be held for a 10-year period (4+4+2).
[](https://app.accessnewswire.com/imagelibrary/28dbc57d-b9be-43ea-b2da-d2baaca52ce3/1236821/bgi6.jpg)Figure 4. The Lutila Exploration Licence - Geology & Antimony (Sb) Soil Geochemistry.
[](https://app.accessnewswire.com/imagelibrary/bf997610-2917-4e63-9744-82a90ecaaf72/1236821/bgi7.jpg)Figure 5. The Lutila Exploration Licence - Geology & Arsenic (As) Soil Geochemistry.
[](https://app.accessnewswire.com/imagelibrary/e26370d7-1564-4f62-a7fc-1c83a7221364/1236821/bgi8.png)Figure 6. Lutila Gold Project - Geology.
References:
Bakoš F., Chovan M., Žitňan P. et al, 2017. Gold in Slovakia, Vydavatel'stvo LÚČ, Bratislava, 2017 (in Slovak and English).
_Finka, O.,_1995. Zlatá Kremnica: Tisícročná história baníctva, Neografia vydavateľstvo, Monografie 71 pages (in Slovak).
_Kodera P., Lexa J., Rankin AH., Fallick AE., 2005. _Epithermal gold veins in a caldera setting: Banská Hodruša, Slovakia. Mineralium Deposita. 39: 921-943.
_Kodera P., Lexa J., Fallick AE., Walle M., Biron A., 2014._Hydrothermal fluids in epithermal and porphyry Au deposits in the Central Slovakia Volcanic Field. Geological Society, London, Special Publications 2014, v.402; p177-206.
_Konečný, V., Lexa, J., & Planderová, E., 1983.Stratigraphic division of Neogene volcanics in Central Slovakia._Západné Karpaty, Séria Geológia, 9, 1-203.
About BULGOLD Inc.
BULGOLD is a gold exploration company focused on the exploration and development of mineral exploration projects in Central and Eastern Europe. The Company controls 100% of three quality quartz-adularia epithermal gold projects located in the Bulgarian and Slovak portions of the Western Tethyan Belt: the Lutila Gold Project, the Kostilkovo Gold Project and the Kutel Gold Project. Management of the Company believes that its assets show potential for high-grade, good-metallurgy, low-sulfidation epithermal gold mineralisation.
On June 30, 2026, BULGOLD's issued and outstanding shares were 72,626,013 of which approximately 20.1% were held by Founders, Directors and Management. Additional information about the Company is available on BULGOLD's website (www.BULGOLD.com) and on SEDAR (www.sedarplus.ca).