Bullion Gold Completes Terragold Drill, First Assays Due September

Bullion Gold Resources Corp. has completed its 32-hole, 3,909-metre validation diamond drill programme at the Terragold property in Quebec, with the first assay results due on a rolling basis from September 2026. It is the first substantial modern drilling campaign at Terragold since 1984.

That four-decade gap matters. The gold system beneath Terragold has sat effectively untouched through multiple gold price cycles, and a micro-cap explorer with a market capitalisation of approximately C$10 million is now the company putting it to the test under modern technical standards. For junior mining investors watching the TSX Venture Exchange, the completion of this programme sets up a sequence of near-term catalysts: each batch of assay results released from September onwards becomes a discrete event for a stock at this size.

Here is what the drilling programme covered, what the historical record behind it actually shows, and what to watch for as those assay releases begin landing.

The 32-hole programme at Terragold: what Bullion Gold just completed

The programme was designed with a focused objective: to drill 3,909 metres across 32 diamond holes specifically to confirm whether known gold intersections and historical drill data hold up under modern scrutiny, rather than to advance into new ground. Bullion Gold designed the campaign to confirm whether the grades and intervals documented over decades of earlier work hold up when re-drilled with modern methods and modern quality controls.

Modern quality controls applied to assay programmes, including certified reference materials, blanks, duplicates, and independent laboratory verification, are what separate a dataset capable of supporting an NI 43-101 resource estimate from historical records that can only serve as conceptual targets.

Key programme specifications:

• 32 diamond drill holes totalling 3,909 metres
• Programme completed 25-26 August 2026
• Assay results scheduled on a rolling basis from September 2026
• Terragold property: 38 claims, 2,058 hectares, 100% owned by Bullion Gold (consolidated February 2026)
• Located approximately 12 km south of Senneterre, Quebec, within the Abitibi Greenstone Belt

CEO and President Simon Britt indicated that investors can look forward to drill results arriving in a steady sequence from September onwards.

Why the 1984 gap matters

The last time drill rigs turned on this property was 1984. That is not a company pausing between seasons. It is a known, documented gold system sitting dormant through the entire modern gold bull market, through the 2011 peak, through the post-pandemic rally, and through gold’s recent push above US$2,500 per ounce. The validation programme represents the first real test of whether the historical picture holds up, and the fact that it is happening now, at these gold prices, is what gives the September assays their weight.

What the historical record shows and why it matters to the validation thesis

The Terragold system is not a greenfield target. It has a compiled historical drill record that stretches back to the early 1960s, and the consistency of that record is what made validation drilling worth doing.

Of 116 historical diamond drill holes compiled, 100 had assay data. Of those 100, a full 98 returned at least one interval grading 0.30 g/t Au or better over 0.6 metres. That is a 98% hit rate across the assayed dataset, a level of consistency that suggests a coherent mineralised system rather than isolated pockets of gold.

The higher-grade results add credibility. 21 historical holes returned intervals above 10.0 g/t Au over 0.6 m, and a 237 kg surface bulk sample from historical work returned 3.64 g/t Au, providing evidence that gold mineralisation reaches surface level within the system.

June 2026 surface sample F158002 returned 5.42 g/t Au and 5.0 g/t Ag from quartz breccia, the strongest pre-drilling confirmation of near-surface mineralisation at Terragold.

Additional porphyry grab samples collected in June 2026 returned 1.24 g/t Au and 0.64 g/t Au, adding further data points to the near-surface picture before a single validation hole was drilled.

Based on the compiled historical dataset, the mineralised footprint spans roughly 2.2 km of strike and reaches to approximately 250 metres depth, with a higher-grade core section covering around 300 m of that strike corridor. The system remains open in all directions. If modern drilling broadly confirms the historical intersections in grade and continuity, it would substantially de-risk the dataset and underpin a credible path toward a formal NI 43-101 mineral resource estimate, a standardised technical report classifying mineral resources by confidence level. None is currently defined.

An NI 43-101 mineral resource estimate requires a continuous, validated dataset demonstrating grade and tonnage confidence across defined geological domains, which is precisely why a 32-hole validation campaign that confirms historical intersections is a necessary precursor rather than an optional preliminary step.

What to watch as assay results begin in September

The validation programme is complete. The interpretive work starts now. Rather than waiting to see whether results look “good” or “bad” in isolation, three specific technical variables will determine whether the validation thesis holds:

1. Grade: Do modern intercepts match or exceed the historical intervals? The benchmark to watch is how many holes return grades above 1-2 g/t Au over mineable widths, the threshold where individual intersections start to carry economic weight.
2. Continuity: Do the intersections tie together along the 2.2 km strike and down dip? Isolated high-grade hits are less meaningful than connected mineralisation that a geological model can work with.
3. Depth extension: Does mineralisation extend meaningfully below the approximately 250 m historical depth? Anything beyond that envelope would expand the system’s scale and open new targeting potential.

“Shareholders can expect a steady flow of drill results beginning in September 2026.” — Simon Britt, CEO and President, Bullion Gold Resources Corp.

Management confirmed that assays will come out in batches rather than a single release. For a stock trading at C$0.85 per share (up C$0.10, approximately 13.3%, on 26 August 2026) and a market capitalisation recorded at C$10.04 million (US$7.49 million), each batch is a discrete event that could move the stock materially in either direction.

A 3D Leapfrog model has already been initiated using the historical compilation. Positive validation would support resource-style follow-up drilling, potentially commencing in 2027.

Key risks to weigh against that pathway:

• Lower grades or weaker continuity than the historical data suggests would weaken the project’s perceived potential
• No NI 43-101 mineral resource is currently defined; Bullion Gold remains an early-stage explorer
• Further capital raises will likely be required for follow-up programmes and resource definition work

What the September releases will actually tell us about Terragold’s future

Validation drilling sits at a specific point in the exploration lifecycle: between historical compilation and resource definition. The September assay results will not deliver a verdict on Terragold as an investment. They will deliver a verdict on the historical dataset, and that distinction matters.

Even a fully positive validation outcome does not produce a resource estimate or de-risk the asset for institutional capital. It produces a strengthened geological model and the rationale for a larger follow-up programme. The milestones ahead, in sequence:

• September 2026 onwards: Rolling assay releases from the 32-hole validation programme
• Late 2026 or early 2027: Follow-up programme decisions, contingent on validation results
• 2027 and beyond: Potential progression toward a formal NI 43-101 mineral resource estimate, the medium-term milestone that would substantively change the project’s investability profile

Terragold’s position within the Abitibi Greenstone Belt, one of the world’s most productive gold-producing geological regions, provides a geological credential that supports long-term exploration potential. But credentials do not substitute for confirmed modern data. The September releases will tell investors whether the system’s historical promise translates into a modern dataset worth building on, or whether the four-decade gap left questions the validation programme cannot fully resolve.

The Abitibi Greenstone Belt has produced more gold than almost any comparable geological terrane on Earth, with its structural corridors hosting dozens of multi-million-ounce deposits across Quebec and Ontario over more than a century of systematic production.

Investors who understand that distinction will be better positioned to interpret each rolling release on its own terms, without over-reacting to individual holes, and will know which subsequent announcements represent genuinely material steps forward.

For readers new to exploration-stage companies, our full explainer on junior resource stock investing covers the exploration lifecycle from initial sampling through to resource definition, including how to evaluate catalysts at each stage.

This article is for informational purposes only and should not be considered financial advice. Investors should conduct their own research and consult with financial professionals before making investment decisions. These statements are speculative and subject to change based on market developments and company performance.