BULGOLD Defines the 2.2km-Long BL Vein Corridor at the Lutila Gold Project

Bulgold Inc. (ZLTO) has issued an update on mapping, prospecting, and historical data synthesis for the BL Vein target on the eastern flank of the North East Block at its Lutila Gold Project in Slovakia. The company clarified that there is no new drilling associated with this release.

The central finding identifies a near-continuous 2.2 km north-south subvertical structural corridor. This feature is located 1.1 km to 1.7 km east/southeast of recent drill hole KPDD005 and remains untested by modern exploration.

The primary gold data cited in the release consists of historical intercepts from 2004. These composites were calculated using a 0.5 g/t Au cutoff, a 2 m minimum composite length, and 2 m maximum internal dilution. The specific historical intercepts are as follows:

• KG-BL-1: 26.2 m @ 0.91 g/t Au (97–123.2 m), 5.3 m @ 1.26 g/t Au (84.4–89.7 m), 5.1 m @ 0.63 g/t Au (138–143.1 m)
• KG-BL-2: 24.3 m @ 0.76 g/t Au (51.7–76 m), 11.7 m @ 0.94 g/t Au (156.3–168 m)
• KG-BL-3: 0.45 m @ 2.21 g/t Au (191.35–191.8 m)

Surface geochemistry results include a combined 62-sample dataset from Bulgold and historic sources, which averaged 0.56 g/t Au, 4.9 g/t Ag, 364 ppm As, and 512 ppm Sb. A subset of 20 samples with grades of 0.40 g/t Au or higher averaged 1.53 g/t Au, 13.08 g/t Ag, 325 ppm As, and 445 ppm Sb.

Geological observations describe brecciated rhyolite with chalcedonic quartz infill and minor stibnite, alongside polymict hydrothermal breccias. The area exhibits crustiform-colloform and lattice-bladed silica textures, with As-Sb(-Tl) pathfinders identified. The historical exploited width of the vein is estimated at 3–5 m.

Previous exploration activity included 10 holes totaling 1,984.3 m in the 1990s, for which no reliable assays were preserved. In 2004, three holes totaling 770.8 m were drilled. A small northern program in 2006 yielded no material outcomes. No modern exploration has been conducted along the trend since 2006.

Bulgold Inc. (ZLTO) is a pre-resource grassroots explorer with a market capitalization of approximately C$3.6 million. The company currently generates no revenue and holds no established resource, metallurgical data, or preliminary economic assessment. While new targets are generally more material for explorers at this stage than for producers, they must demonstrate changes in scale, grade, or odds in a bankable direction to be considered significant.

The recent announcement adds a second, parallel 2.2 km structural corridor to the previous Kopernica footprint, supporting a camp-scale thesis involving multiple upflow zones. This expansion is directionally positive as it introduces genuinely new structural context. However, the release does not include new assays, new drilling, or any demonstration of grade. Historical grades remain sub-economic for the stated underground-selective target and are unverified, meaning the grade thesis is not advanced and odds are not de-risked.

The stock closed at C$0.05 on October 14, 2026, near its 52-week low of C$0.04 and roughly at book value. The stock round-tripped from C$0.10 in January to C$0.04, indicating that the market expects footprint-expansion news to have little impact on the equity. Only grade or resource news appears to move this stock.

The historical intercepts carry no QA/QC weight, and the only fresh data are rock chips. Consequently, the release cannot be rated Material on grade alone due to its heavy reliance on historical, uncaveated data.

Bulgold Inc. (TSXV: ZLTO) is a pre-revenue gold exploration company focused on Central and Eastern Europe, controlling 100% of three quartz-adularia, low-sulfidation epithermal gold projects on the Western Tethyan Belt: Lutila in Slovakia, and Kostilkovo and Kutel in Bulgaria.

The company’s flagship asset is the Lutila Gold Project, which holds a 32.2 km² licence in central Slovakia, situated between the Kremnica and Banská Štiavnica epithermal districts. The project targets low-sulfidation epithermal quartz-adularia veins with a planned underground scenario. There is currently no resource, reserve, economic study, or metallurgical data for Lutila.

As of June 30, 2026, Bulgold had 72,626,013 shares outstanding, with approximately 20.1% held by founders, directors, and management. The company reported a book value of approximately C$0.05 per share and total equity of approximately C$3.68 million, with no debt.

According to the company’s H1 2026 filing, liquidity stood at C$817,147, while the net loss for the six-month period was C$256,437. The company stated it would need future equity financing. In April 2026, a private placement raised approximately C$1.17 million at C$0.05, accompanied by C$0.07 finder's warrants.

The management and board include James Crombie as Executive Chairman, Sean Hasson as President and CEO and Qualified Person, Jeff Pennock as CFO, Danko Zhelev as Chief Geologist, and Demetrios Constantinides as Managing Director for Slovakia. The technical advisory board includes Dick Tosdal.