Bulgold starts drilling on Lutila gold project

The most recent news, released on October 30, 2025, states that Bulgold Inc. (TSXV: ZLTO) has commenced exploration diamond drilling on its Lutila Gold Project in Central Slovakia. The drilling program is focused on the Horna Klapa target area, with the first drill hole, HKDD001, planned to a depth of 600 meters. The Lutila exploration licence covers 32.2 km² and is considered prospective for quartz-adularia, low-sulfidation epithermal gold mineralization.

This news represents a routine positive development for Bulgold Inc. It signifies the company's progression from surface exploration and geological interpretation to active subsurface testing, which is a critical step for any mineral exploration company. The commencement of drilling follows several earlier announcements: * November 2024: Initial drilling yielded no significant gold intervals in two holes (RRDD001, RRDD002) in the Sinter Field, while a third (CVDD001) returned only low-grade gold with anomalous arsenic and antimony. However, surface prospecting at the time discovered epithermal quartz veins and an ancient mining area, which was deemed a "pivotal moment" by management, validating the exploration model and suggesting a new focus. * May 2025: Further surface work extended the strike length of these epithermal quartz veins to 1.2 kilometers within the Horna Klapa section of the Sinter Field. This release specifically identified Horna Klapa as the "highest probability area for success." * July 2025: The company successfully closed a $1.07 million private placement at $0.05 per share, providing essential capital for exploration and general corporate purposes. Dundee Corporation, a strategic investor, participated in this financing.

Therefore, the current drilling program is a direct execution of the strategy outlined in May 2025, funded by the July 2025 private placement. While active drilling is a positive operational step for an exploration company, it is a planned event and not an unexpected breakthrough. The market had already factored in the potential for renewed drilling in a new target area following the previous geological updates and financing. The stock price showed a slight increase to $0.09 prior to the news, and had touched $0.12 earlier in October, suggesting some anticipation. Given the high-risk nature of exploration and the previous disappointing drill results, this news is positive in demonstrating progress and capital deployment, but it is not yet a "game changer." The material impact will depend entirely on the drill results.

Bulgold Inc. is a Canadian exploration company listed on the TSX Venture Exchange (TSXV: ZLTO). The company is engaged in the acquisition, exploration, and development of mineral properties in Slovakia and Bulgaria, with a primary focus on gold.

Its flagship project is the Lutila Gold Project in Central Slovakia. The Lutila licence covers 32.2 km² and is prospective for quartz-adularia, low-sulfidation epithermal gold mineralization. The project is strategically located between the historical Kremnica gold deposit (estimated 1.48 Moz Au historic production, 2.7 Moz Au current JORC resource) and the Banska Štiavnica gold-silver ore field (estimated 2.6 Moz Au and 129 Moz Ag historic production). Recent exploration has focused on the Sinter Field and the Horna Klapa target area, where epithermal quartz veins and ancient mining activity have been identified at surface, validating the company's exploration model.

Bulgold also holds interests in the Kostilkovo and Kutel Gold Projects, though recent news primarily highlights Lutila. The company's exploration model for Lutila is underpinned by rhyolite volcanism (12.4 – 11.2 Ma), believed to be preserved in a downfaulted volcanic depression.