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there is news today. 07/07/2009 Bonanza Goldfields announce BRB property

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Bonanza Goldfields announce BRB property overview and potential
Date : 07/07/2009 @ 8:23AM
Source : PR Newswire
Stock : (BONZ)
Quote : 0.7 0.0 (0.00%) @ 2:05AM


Bonanza Goldfields announce BRB property overview and potential




Bonanza Goldfields Corp (BONZ:OTCBB) would like to update its shareholders and potential investors on its current property in Arizona.

PHOENIX, July 7 /PRNewswire-FirstCall/ -- The BRB Claim is currently comprised of two unpatented placer claims (320 acres) on BLM ground in the southern part of the Vulture Mining District, Maricopa County Arizona on the northeastern flank of the Belmont Mountains. The property is located along a twelve mile northwest striking mineralized trend where several gold and copper mines previously operated. Rock chip sampling during our reconnaissance reveals exceptionally high-level gold values over 6 large zones or target areas within a much larger area.

About 400 soil samples were taken on a surveyed grid and these samples were sent to Chemex Labs in Reno for analysis. Most of the samples were collected from the "B" horizon and analyzed for 32 elements including gold, silver, copper, lead & zinc. The results obtained from this work indicate a minimum of six gold anomalies within the claim boundaries.

Geology-Mineralization ----------------------

At the BRB a series of fault controlled veins cut Tertiary basalts. These basalts are dark gray to black colored, moderate to fine-grained vesicular flows. At the extreme west, north and south end of the property, rhyolite flows and flow breccias cap the basalt. This rhyolite generally is a light-yellowish-brown to a light brownish-gray color, iron stained to a reddish color where pyrite is abundant. Rock samples taken from the rhyolite are barren with the exception of a rock sample taken on the extreme west end from a limonite (iron oxide) stained outcrop. This sample returned 485 ppb gold with 24.2-ppm silver and 1540-ppm lead.

The veins occur within a zone almost 4 miles in length and 1/4 to 3/4 miles in width. These veins may be 'feeder veins' leakage from a larger ore body beneath. The veins and veinlets vary in width from inches to tens of feet and several hundred to possibly several thousand feet of strike length. These gold bearing veins are comprised of quartz, calcite, with silicified and brecciated vein material. The only visible ore-bearing minerals are sphalerite (zinc sulfide), galena (lead sulfide) with sparse chrysocolla and malachite (copper silicates and carbonates).

Over 10 rock chip samples were taken from outcrops and small dumps on the claims. These samples returned gold values in excess of 3400 ppb gold with highly anomalous lead, zinc, copper and silver. Many of the samples returned values in excess of 2% copper, 20% lead, 15% zinc and up to 7 ounces of silver per ton.

In 2006 we took almost 400 soil samples along a surveyed control grid. The samples were taken from the "B" horizon where possible and screened at the site to minus 20 mesh. The grid was surveyed on east-west lines 300 feet apart and with sample stations north-south and sample intervals of 100 feet except when we were in obvious or visible mineralization, then the sample spacing was tightened up to 50 and rarely 25 foot spacing. These samples were shipped to ALS CHEMEX LAB in Sparks, Nevada. The results indicate highly anomalous gold, with lead and zinc, clearly defining several first phase drill targets.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release that are not based on historical facts are "forward-looking statements" and are prospective. These statements may appear in a number of different places in this news release and can be identified by words such as "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words. Forward-looking statements include statements regarding the outlook for Bonanza's future operations, plans and statements about future market conditions, supply and demand conditions, forecasts of future costs and expenditures, and other expectations, intentions and plans that are not historical fact. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Many of these factors are beyond the control of Bonanza. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance those actual results or developments anticipated will be realized.

Section 21E of the Securities Exchange Act of 1934 as amended, and is subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in Bonanza Goldfields Corp. reports that will be on file with the US Securities and Exchange Commission.

DATASOURCE: Bonanza Goldfields Corp