Bonanza Goldfield Expands Cupid Gold Project; Reduces Debt by Almost 50%

LAS VEGAS, NV / ACCESSWIRE / January 23, 2020 / Bonanza Goldfields Corp. BONZ is pleased to announce that it has increased the size of its Cupid Gold Project to 1,064 acres from 217 acres. The Cupid Gold Project now covers substantially all of the area of outcropping alteration / mineralization formerly included in the Kinross CPD property. The Cupid Gold property is located in Esmeralda County, Nevada 15 miles south of Goldfield. The Goldfield Mining District produced 4,160,000 ounces of gold and 1,440,000 ounces of silver from 1907 to 1951. The gold deposits at Goldfield are associated with alunite, which is also abundant along the eastern portion of the Cupid Gold property.

Sampling at Cupid

Past sampling by the project vendor encountered anomalous gold throughout the original Cupid project area, ranging from 0.134 to 0.270 ounces of gold per ton (3.8 to 7.7 g/ton). Further sampling is planned concurrent with geological mapping of the additional project claims.

Cupid Geology

The area is underlain by a late-Miocene acid-sulfate hydrothermal alteration center west of US Highway 95, which has altered both Cambrian metasedimentary rocks and Tertiary volcanic rocks. According to the files of the Nevada Bureau of Mines and Geology, mineralization has affected rocks as young as 7 million years, characterized by acid-sulfate alteration that has converted Cambrian siltstones and Tertiary tuffs, flows and volcanic sedimentary rocks to silicified, opalized and argillized rocks. Silicification is concentrated in the central part of the district. Opalized rocks, locally containing abundant alunite, and associated precious-metal mineralization, probably are localized along northerly trending faults. There has been past production of sulfur and silica.

Debt Reduction / Net Smelter Royalty

As a result of the recent sale of Thunder Mountain, the Company will reduce debt by $130,000. (The Company's total debt was approximately $272,000 at 9/30/19.) The Company will also retain a 1.25% net smelter royalty (NSR) on Thunder Mountain.

About Bonanza Goldfields Corp.: BONZ is a Las Vegas-based mineral exploration and mining company. We are exploring gold and silver properties located in the Goldfield, Tonopah and Comstock Mining Districts of Nevada, the Chloride Mining District of Arizona and the Cripple Creek Mining District of Colorado.

Contact:

Fred Bauman, General Counsel
702-357-0555
Email: info@bonanzagoldfield.com

SOURCE: Bonanza Goldfields Corp.