Bullion Gold Resources selling Turgeon Lake to Xcite Resources, Quebec

Bullion Gold Resources Corp. [BGD-TSXV] has executed a purchase and sale agreement dated April 12, 2023, with Xcite Resources Inc. [XRI-CSE] pursuant to which Xcite will acquire a 100% interest in the Turgeon Lake property. The property comprises 39 mining cells covering approximately 2,067 hectares in the province of Quebec.

Xcite previously had an option to acquire the property from Bullion Gold pursuant to an option agreement, but the parties have agreed to replace the option agreement with the agreement.

Pursuant to the agreement, Xcite will acquire the property from Bullion Gold by making a cash payment of $20,000 and issuing 600,000 common shares of Xcite (at a deemed price of 8.625 cents/share) to Bullion on closing of the transaction, representing an aggregate purchase price of $71,750.

In addition, under the agreement Xcite will grant Bullion a 2% net smelter return royalty on the property, with Xcite having the right to purchase one-half of the NSR (1%) from Bullion for $1-million. Closing is subject to receipt of regulatory approvals.

Bousquet gold: For the northern part of the property, the company is planning a prospecting campaign and potentially a geochemical survey for this entire region. Depending on the results, it will assess the relevance of a drilling program. For the southern part of the property, the company is planning for a fall drilling program on the Decoeur showing.

The Bousquet project is located in one of the most active mining camps in Canada. The main gold showings (best results: BO-21-08: 16.97 g/t gold over nine metres) are in the southern part of the property. A sheared and folded corridor containing the Paquin (East and West), Decoeur, Joannes and CB1 gold showings crosses the southern part of the Bousquet property over nearly 3 km.

The northern part of the property, located north of the very prolific gold-bearing Cadillac-Larder Lake (CLL) fault, has practically never been tested by drilling despite the presence of numerous targets defined by a magnetic survey carried out in 2020. The western part of the property also located north of the CLL fault has also been very little explored in previous years. A few gold showings have been traced there by drilling over the last century. Bullion Gold owns 100% of the property.

Bodo SM lithium project: The company has mandated ALS GoldSpot Discoveries to define the prospecting targets for the summer 2023 campaign. Depending on the results, the company will evaluate the possibility of a drilling campaign in the fall of 2023. Management is constantly evaluating the potential for acquisition of new properties in the critical minerals sector.

The company also announces that incentive stock options have been granted to a consultant to purchase up to 450,000 common shares at a price of 4.5 cents/share for five years, pursuant to its stock option plan. The company currently has 52,408,188 shares issued and outstanding, along with 4.9 million options (including the options described above) and 12,761,754 warrants.