BULGOLD Inc. press release

BULGOLD Confirms Major Epithermal Gold System at Kopernica, Lutila Project

2026-09-29

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

TORONTO, ON / ACCESS Newswire/ September 29, 2026 / BULGOLD Inc. (TSXV:ZLTO)(the "Company" or "BULGOLD") is pleased to announce the geological and geochemical modeling results from its 2026 diamond drilling programme at the Kopernica Vein System, located within the Lutila Gold Project, Slovak Republic.

The 2026 campaign - comprising drill holes KPDD002, KPDD003, KPDD004 and KPDD005 - has successfully achieved a critical technical milestone, confirming the discovery of a major epithermal upflow zone hosted within a rhyolite rock flow dome package located immediately south of the historic Kremnica low-sulfidation epithermal gold mine.

| 1. Highlights |

Intact Epithermal System Confirmed: Low-cost, shallow drilling successfully verified a robust, fully intact low-sulfidation epithermal system across the Company's 100%-controlled area.

Broad Upflow Zone Defined: Integrating data from the 2026 campaign, two earlier BULGOLD holes, and three historic holes outlines an epithermal upflow zone at least 500 meters wide and up to 1,000m long. The zone features widespread low-grade gold, characteristic epithermal rock textures and supporting pathfinder elements, arsenic (As), antimony (Sb) and thallium (Tl).

Advanced Predictive Modeling: Combining comprehensive multi-element geochemistry with targeted X-ray diffraction (XRD) data has successfully mapped the 3D structural architecture of the host rhyolite block. This new alteration and mineralisation model provides clear vectors toward quartz vein structures.

Key Mineralisation Trends Defined:Drill data has mapped specific high-priority zones and new potential across the rhyolite block: First Adularia Discovery (KPDD005):Identified the first adularia on the property within a 60-meter downhole intersection of intense-to-strong silicification on the current eastern margin of the upflow zone. West Vein Potential (KPDD004):Pervasive quartz-illite alteration identified throughout the hole indicating strong proximity to a major fluid conduit, with the target remaining open at depth and along strike. Parallel Targets:Geological indicators highlight potential for parallel-trending upflow zones hosting hidden quartz vein targets within the block.

Tier-1 Jurisdiction & Infrastructure Advantage:The Lutila Gold Project delivers a rare combination of high-impact, greenfields exploration potential situated within a premier, historic mining district in the European Union. The asset benefits from exceptional local infrastructure, year-round access, and a clear regulatory framework, significantly lowering development hurdles and operational costs.

Situated Within a Tier-1 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.

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

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

"The 2026 drilling results mark a significant technical shift for the Kopernica Vein System. This campaign was designed to target narrow, gold-rich epithermal quartz veins; instead, the data has outlined an intact hydrothermal system spanning at least 500 meters in width. The presence of pervasive potassic alteration, elevated volatile pathfinder geochemistry, and widespread low-grade gold confirms that these drill holes have intersected the primary upflow zones of the system. Integrating XRD mineralogical data with multi-element lithogeochemistry has allowed us to model the alteration architecture of this completely altered rhyolite host block, providing clear vectors toward our primary target: epithermal quartz veins and associated hydrothermal breccias.

Historically, epithermal systems within this district exhibit well-defined vertical 'gold windows' - as seen at the nearby Kremnica epithermal deposit, which was mined over vertical extents of up to 400 meters. The strong hydrothermal brecciation and crustiform-colloform textures previously identified at surface across the property indicate a high fluid-flux environment driven by boiling processes, which are key mechanisms for quartz vein development. These drilling results validate our geological model and significantly expand the exploration potential of this 100%-controlled project as we advance our targeting strategy."

| 2. The Kopernica Vein System - Drilling |

The 2026 diamond drilling campaign at the Kopernica Vein System was designed to target interpreted epithermal quartz veins. The programme comprised four diamond drill holes - KPDD002, KPDD003, KPDD004 and KPDD005 - for a total of 780.05 metres. The campaign successfully achieved a critical technical milestone by expanding the project's scope from a discrete vein target to a large-scale epithermal upflow system with the potential to host multiple parallel vein structures.

The drilling programme was executed safely and within budget. All core was oriented and logged systematically at the Company's Lutila core shed facility, with excellent core recovery averaging 98%.

Integrating data from this 2026 campaign, two earlier BULGOLD holes, and three historic holes defines a major epithermal upflow zone at least 500 metres wide. This extensive zone features widespread anomalous gold mineralisation, characteristic epithermal rock textures, and a robust pathfinder element footprint consisting of arsenic, antimony and thallium.

| HOLE ID | DEPTH (m) | X_UTM34N | Y_UTM34N | Z_UTM34N | Azimuth | Dip | Comment | | CVDD001 | 515.4 | 344676 | 5392596 | 575 | 91 | -67 | BULGOLD | | KG-KP-2a | 98.5 | 344673 | 5392593 | 575 | 285 | -65 | HISTORIC | | KG-KP-3 | 175 | 344588 | 5392645 | 581 | 100 | -45 | HISTORIC | | KG-KP-5a | 157.3 | 344729 | 5392666 | 600 | 280 | -75 | HISTORIC | | KPDD001 | 645.6 | 344667 | 5392585 | 574 | 280 | -49 | BULGOLD | | KPDD002 | 209.65 | 344356 | 5392619 | 513 | 103 | -51 | BULGOLD | | KPDD003 | 207.8 | 344412 | 5392510 | 518 | 80 | -51 | BULGOLD | | KPDD004 | 148.2 | 344388 | 5392510 | 514 | 244 | -51 | BULGOLD | | KPDD005 | 214.4 | 344769 | 5392275 | 594 | 55 | -50 | BULGOLD |

Table 1: Exploration drill hole information.

Selected analytical results highlighting the widespread anomalous gold mineralisation within the newly defined 500-metre-wide epithermal upflow zone at the Kopernica Vein System are presented in Table 2 (below). The data includes significant intercepts from the 2026 diamond drilling campaign, integrated with key intervals from earlier BULGOLD and historic drilling.

| HOLEID | FROM | TO | LENGTH | Au (g/t)* | Alteration Stage | | CVDD001 | 33 | 51 | 18 | 0.14 | Sericite-Pyrite-Quartz | | CVDD001 | 126 | 131 | 5 | 0.13 | Sericite-Pyrite-Quartz | | CVDD001 | 358 | 364 | 6 | 0.13 | Sericite-Pyrite-Quartz | | KG-KP-2a | 16.2 | 29 | 12.8 | 0.26 | Sericite-Pyrite-Quartz | | KG-KP-3 | 1 | 7 | 6 | 0.29 | Sericite-Pyrite-Quartz | | KG-KP-5a | 85.6 | 108 | 22.4 | 0.34 | Sericite-Pyrite-Quartz | | KPDD001 | 7 | 11 | 4 | 0.29 | Sericite-Pyrite-Quartz | | KPDD001 | 15 | 16 | 1 | 0.11 | Sericite-Pyrite-Quartz | | KPDD001 | 22 | 23 | 1 | 0.12 | Sericite-Pyrite-Quartz | | KPDD001 | 221 | 222 | 1 | 0.24 | Pyrite-Sericite±Quartz | | KPDD001 | 418 | 420 | 2 | 0.17 | Pyrite-Sericite±Quartz | | KPDD001 | 491 | 492 | 1 | 0.36 | Quartz-Sericite-Pyrite | | KPDD001 | 498 | 504 | 6 | 0.14 | Quartz-Sericite-Pyrite | | KPDD002 | 20 | 21 | 1 | 0.16 | Pyrite-Sericite±Quartz | | KPDD003 | 31 | 33 | 2 | 0.19 | Sericite-Pyrite-Quartz | | KPDD004 | 11 | 12 | 1 | 0.13 | Sericite-Pyrite-Quartz | | KPDD004 | 31 | 38 | 7 | 0.10 | Sericite-Pyrite-Quartz | | KPDD004 | 41 | 42 | 1 | 0.33 | Sericite-Pyrite-Quartz | | KPDD004 | 55 | 56 | 1 | 0.10 | Pyrite-Sericite±Quartz | | KPDD004 | 61 | 63 | 2 | 0.10 | Sericite-Pyrite-Quartz | | KPDD005 | 48 | 49 | 1 | 0.15 | Quartz-Sericite-Pyrite | | KPDD005 | 70 | 71 | 1 | 0.17 | Quartz-Sericite-Pyrite | | KPDD005 | 85 | 86 | 1 | 0.18 | Quartz-Sericite-Pyrite |

Table 2: All significant gold intervals for drill holes within the Kopernica Vein System (refer to Table 3 for a description of the Alteration Stages).

_*1m minimum composite length, 2m maximum internal dilution, 0.1g/t Au cut-off; the Company considers this to represent a ‘geological cut-off' which shows that gold is present within the Kopernica vein system at strongly anomalous values. True widths are unknown at this stage._

| 3. Lithology and Structural Architecture of the Kopernica Rhyolite Block |

The Jastrabá Formation represents the final, fifth stage of late-stage acidic Neogene volcanism in the Central Slovak Volcanic Field (Western Carpathians), active during the Upper Sarmatian to Lower Pannonian. It is particularly prominent on the margins of the Kremnica Mountains and the Štiavnica Stratovolcano.

Structural Architecture

The structural emplacement of the Jastrabá rhyolites is heavily controlled by active tectonics.

Fault Controls:The volcanic products are bound to regional fault networks, specifically N-S to NE-SW striking faults. Volcanic Facies & Forms:They occur as a highly diverse architectural mix of extrusive domes, extensive dome/flow complexes, subvolcanic dykes, and shallow cryptodomes/intrusions. Thickness:The volcanic and volcanoclastic suite forms a continuous, 100- to 500-metre-thick complex.

Lithology & Petrography

The lithology spans both coherent magmatic rocks and vast volcanoclastic blankets:

Kopernica Rhyolite Block:Predominantly composed of sanidine and minor albite phenocrysts, with subordinate biotite and hornblende, embedded within a vitric (glassy) groundmass. The lavas frequently exhibit distinctive spherulitic textures, characteristic of high-temperature devitrification. Coherent Lithofacies:Composed of plagioclase and alkali-feldspar rhyolites, often transitioning into vitrophyric varieties. Rapidly cooled margins commonly present as perlite, perlite glass, and obsidian. Volcanoclastic Suite:Highly explosive initial phases deposited extensive layers of acidic vitric tuffs, lapilli tuffs, pumice flows, agglomerates, and extrusive/phreatic breccias. These were deposited in terrestrial, fluvio-lacustrine and lacustrine environments. Alteration Products:The vitric components of the tuffs and the margins of the rhyolite domes have undergone extensive diagenetic and hydrothermal alteration, transforming heavily into bentonites (Al-Mg montmorillonite), kaolinite, opal-CT, and zeolites (clinoptilolite).

| 4. Hydrothermal Alteration & 3D Mineralogical Vectoring |

Integrating multi-element geochemistry with high-resolution quantitative X-ray diffraction (XRD) mineralogical mapping on drill core together with systematic exploration data has allowed the Company's technical team to reconstruct a highly precise 3D mineralogical and thermal model of the Kopernica epithermal vein system. By tracking the systematic depletion of mobile alkalis alongside the enrichment of volatile pathfinder elements and establishing diagnostic high- and low- temperature mineral phases, the Company has successfully quantified the alteration intensities into three distinct hydrothermal stages. This geochemical model provides an objective, mathematical vectoring tool to locate the fluid pathways of the system.

The geochemical data demonstrates a classic low-sulfidation epithermal trend: as hydrothermal fluids alter the pristine rhyolite melt, sodium is intensely leached out while potassium is fixed into stable secondary silicates (sericite, illite and adularia). This progression drops the alkali vector (Na/K mass ratio) from a fresh baseline of 0.25-0.45 down to an intense <0.10 within the highly altered upflow zones.

The core exploration database from the Kopernica area consists of 1,941 assayed drill core samples which define a highly consistent Zr/Ti ratio clustering tightly around an average of 0.054. This uniform signature demonstrates a high degree of geochemical homogeneity, confirming that the entire 500-metre-wide upflow system is hosted within a single, continuous rhyolite flow-dome block.

To establish a baseline, background geochemical values for un-mineralised rock were determined from 1,099 drill core samples from holes RRDD001 and RRDD002. These control holes were drilled previously by the Company into fresh Jastrabá rhyolite units at the Sinter Field, located approximately 2.8 km south-southwest of the project area.

The Company's drill holes average 74 ppm combined Cu+Pb+Zn which confirms the Kopernica vein system is a base metal poor, low-sulfidation epithermal system. This suppressed base metal profile strongly indicates that all drill holes have intersected the precious metal dominant upper levels of the hydrothermal upflow zone.

The defined alteration stages for the Kopernica vein system are presented in Table 3 (below) and the Kopernica vein system drilling by alteration stage are shown in Table 4 (below).

Figure 1 (below) shows the areal extent of the currently defined 500m-wide Kopernica epithermal system in plan view and Figure 2 (below) shows an example of the Quartz-Sericite-Pyrite alteration stage in drill core from KPDD005.

| Kopernica Vein System Alteration Stage | Potassium Value

(K_%) | Sodium Value

(Na_%) | Alkali Vector (Na/K Mass Ratio) | Epithermal Pathfinder Signatures (As, Sb & Tl) | Gold Potential

(ppm) | Key Geological Meaning & Features | | Fresh Rock

(Baseline Control) | 3.0%-4.0%

(Naturally High) | >1.0%

(Intact) | 0.25-0.45 | As:<30ppm

Sb:<10ppm | <0.005 | Pristine Rhyolite Melt.Unaltered volcanic groundmass. Feldspars are completely intact. | | Pyrite-Sericite±Quartz | ~3.0% | <0.45% | <0.25 | As:30-150ppm

Sb:10-40ppm

Tl: <1ppm | Trace

<0.01

(Max: 0.24) | Mixed Clay Zone.

Pyrite-sericite veinlets ± patchy chalcedonic quartz. | | Sericite-Pyrite-Quartz | 3.0%-4.0% | ~0.30% | ~0.10 | As:150-1,000ppm

Sb:40-200ppm

Tl: ~2ppm | Low

~0.20

(Max: 1.55) | Sericitic-Illitic Zone. Extensional vein-breccia formation with chalcedonic quartz-pyrite infill + veins/veinlets ± rare lattice bladed textures + geopetal structures. | | Quartz-Sericite-Pyrite | >4.0%

(May be lower due to quartz dilution) | 400ppm

Sb:>100ppm

Tl: >2.5ppm | Low

~0.30

(Max. 0.36) | Silicic-Potassic Zone.Strong silicification, extensional breccias, adularia deposition. |

Table 3: Geochemical and Alteration Vectoring Framework of the Kopernica Vein System.

Interpretation and Exploration Significance

Delineating Structural Fluid Pathways:Tracking the downward trend of the alkali vector (Na/K) across successive alteration stages highlights zones of maximum fluid interaction. This drop efficiently pinpoints the central structural plumbing and high-permeability core of the system within the Quartz-Sericite-Pyrite alteration stage. Additionally, high-resolution XRD mineral mapping within KPDD004 (West Vein) isolates the presence of high-crystalline sericite together with illite and high quartz values indicating that the drill hole has intersected the upper portion of an upflow zone.

Vectoring Volatile Pathfinder Footprints:Volatile elements (As, Sb, and Tl) show a strong upward trajectory that matches advanced rock alteration. The direct correlation between this elevated multi-element pathfinder suite and intense potassium enrichment outlines the areas of interest within the Kopernica vein system, specifically KPDD005.

Chemical Validation of Hydrothermal Boiling: Adularia shares an identical chemical formula and overlapping XRD primary reflections with magmatic sanidine and orthoclase and standard quantitative XRD programmes routinely group them together. The intense potassic values observed in KPDD005 (up to 71.2% K-feldspar at 53.5m) strongly exceed primary magmatic expectations for typical rhyolites, indicating a dominant hydrothermal overprint due to boiling and K-metasomatism (hydrothermal adularia).

Preservation of Steam Heated Alteration:Quantitative XRD mapping within the Sericite-Pyrite-Quartz alteration stage of KPDD005 (>95m to 214.4m (EOH)) identified an overprinting steam heated alteration zone composed of cristobalite and kaolinite. This low temperature (50°C to 150°C) assemblage represents a telescoping event in which near paleosurface acidic fluids collapse back down the upflow zone, perhaps in the wanning stages of the epithermal system. The presence of this steam heated alteration assemblage juxtaposed against the Quartz-Sericite-Pyrite alteration stage indicates that the epithermal system is fully preserved and confirms that the gold target window remains intact and has likely not been eroded.

Targeting the Boiling Horizon:Key rock textures within the Sericite-Pyrite-Quartz and Quartz-Sericite-Pyrite alteration stages - specifically extensional breccias, geopetal structures, and diagnostic adularia deposition - confirm that the shallow 2026 drilling intersected the top of a fully intact epithermal system. The broad anomalous gold mineralisation (up to 1.55 ppm Au) within these upper altered horizons shows that the primary quartz vein targets remain untested immediately down-dip and along strike from current drilling.

| HOLE ID | FROM | TO | INTERVAL (m) | ALTERATION STAGE | | KPDD001 | 5 | 65 | 60 | Sericite-Pyrite-Quartz | | KPDD001 | 65 | 490 | 425 | Pyrite-Sericite±Quartz | | KPDD001 | 490 | 510 | 20 | Quartz-Sericite-Pyrite | | KPDD001 | 510 | 645.6 | 135.6 | Pyrite-Sericite±Quartz | | KPDD002 | 0 | 85 | 85 | Pyrite-Sericite±Quartz | | KPDD002 | 85 | 120 | 35 | Sericite-Pyrite-Quartz | | KPDD002 | 120 | 135 | 15 | Pyrite-Sericite±Quartz | | KPDD002 | 135 | 150 | 15 | Sericite-Pyrite-Quartz | | KPDD002 | 150 | 209.65 | 59.65 | Pyrite-Sericite±Quartz | | KPDD003 | 20 | 40 | 20 | Sericite-Pyrite-Quartz | | KPDD003 | 40 | 207.8 | 167.8 | Pyrite-Sericite±Quartz | | KPDD004 | 10 | 45 | 35 | Sericite-Pyrite-Quartz | | KPDD004 | 45 | 60 | 15 | Pyrite-Sericite±Quartz | | KPDD004 | 60 | 110 | 50 | Sericite-Pyrite-Quartz | | KPDD004 | 110 | 148.2 | 38.2 | Pyrite-Sericite±Quartz | | KPDD005 | 35 | 95 | 60 | Quartz-Sericite-Pyrite | | KPDD005 | 95 | 214.4 | 119.4 | Sericite-Pyrite-Quartz | | CVDD001 | 30 | 170 | 140 | Sericite-Pyrite-Quartz | | CVDD001 | 170 | 340 | 170 | Pyrite-Sericite±Quartz | | CVDD001 | 340 | 380 | 40 | Sericite-Pyrite-Quartz | | CVDD001 | 380 | 515.4 | 135.4 | Pyrite-Sericite±Quartz |

Table 4: All Kopernica Drill Holes and Alteration Stage Classification.

[](https://app.accessnewswire.com/imagelibrary/2d7a44c4-ea8a-4441-8d41-33b0d27897e7/image20260928163424ikysbi.jpeg)

Figure 1. Kopernica drill hole traces and location showing the mapped alteration stage and the current 500m-wide extent of the epithermal system; yellow = Pyrite-Sericite±Quartz, orange = Sericite-Pyrite-Quartz, light blue = Quartz-Sericite-Pyrite; dark blue dashed lines represent the current inferred vein structure (upflow zone) trends based on surface float mapping; See Table 5 for a description of surface mapping points and Figures 4,5 & 6 for the location of the Kopernica Vein System within the Lutila exploration licence.

[](https://app.accessnewswire.com/imagelibrary/a9113fd9-9550-4b11-a70b-230b54446ada/1228005/screenshot-2026-09-28-130944.png)

Figure 2. Examples of the Quartz-Sericite-Pyrite alteration stage from KPDD005 (HQ3 core).

Left (63.2m):Strongly silicified and brecciated spherulitic rhyolite rock with an XRD-determined mineralogy of 69.7% quartz, 25.5% sanidine (hydrothermal adularia) and 0.7% pyrite. This potassic-silicic overprint contains 597 ppm As, 317 ppm Sb, 13.4 ppm Tl, and 0.45 g/t Ag(no Au). The elevated thallium signature is directly tied to ion substitution for potassium within the adularia crystal lattice, while arsenic and antimony are likely hosted within the arsenian pyrite fractions and along quartz grain boundaries.

Right (69.9m):A pyrite-chalcedonic quartz vein displaying classic colloform banding textures, cross-cutting a strongly silicified and brecciated spherulitic rhyolite matrix. This multi-phase vein intersection yields 864 ppm As, 96 ppm Sb, 9.2 ppm Tl, and 0.61 g/t Ag(no Au). The high arsenic concentration and colloform silica gel textures confirm rapid fluid discharge and quenching, typical of the upper reaches of a low-sulfidation upflow zone.