{"success":true,"data":{"pressRelease":{"id":"155133","rtpr_id":"nACSmh4X7a-20260929","ticker":"ZLTO","exchange":"","all_tickers":["ZLTO"],"title":"BULGOLD Confirms Major Epithermal Gold System at Kopernica, Lutila Project","author":"ACCESSWIRE","published_at":"2026-09-29T11:30:00.616Z","article_body":"TORONTO, ON / ACCESS Newswire (https://www.accessnewswire.com/) / September\n29, 2026 / BULGOLD Inc. (TSXV:ZLTO) (the \"Company\" or \"BULGOLD\") is pleased to\nannounce the geological and geochemical modeling results from its 2026 diamond\ndrilling programme at the Kopernica Vein System, located within the Lutila\nGold Project, Slovak Republic.\n\nThe 2026 campaign - comprising drill holes KPDD002, KPDD003, KPDD004 and\nKPDD005 - has successfully achieved a critical technical milestone, confirming\nthe discovery of a major epithermal upflow zone hosted within a rhyolite rock\nflow dome package located immediately south of the historic Kremnica\nlow-sulfidation epithermal gold mine.\n\n 1. Highlights  \n* Intact Epithermal System Confirmed: Low-cost, shallow drilling successfully\nverified a robust, fully intact low-sulfidation epithermal system across the\nCompany's 100%-controlled area.\n* Broad Upflow Zone Defined: Integrating data from the 2026 campaign, two\nearlier BULGOLD holes, and three historic holes outlines an epithermal upflow\nzone at least 500 meters wide and up to 1,000m long. The zone features\nwidespread low-grade gold, characteristic epithermal rock textures and\nsupporting pathfinder elements, arsenic (As), antimony (Sb) and thallium (Tl).\n* Advanced Predictive Modeling: Combining comprehensive multi-element\ngeochemistry with targeted X-ray diffraction (XRD) data has successfully\nmapped the 3D structural architecture of the host rhyolite block. This new\nalteration and mineralisation model provides clear vectors toward quartz vein\nstructures.\n* Key Mineralisation Trends Defined: Drill data has mapped specific\nhigh-priority zones and new potential across the rhyolite block:* First\nAdularia Discovery (KPDD005): Identified the first adularia on the property\nwithin a 60-meter downhole intersection of intense-to-strong silicification on\nthe current eastern margin of the upflow zone.\n* West Vein Potential (KPDD004): Pervasive quartz-illite alteration identified\nthroughout the hole indicating strong proximity to a major fluid conduit, with\nthe target remaining open at depth and along strike.\n* Parallel Targets: Geological indicators highlight potential for\nparallel-trending upflow zones hosting hidden quartz vein targets within the\nblock.\n\n* Tier-1 Jurisdiction & Infrastructure Advantage: The Lutila Gold Project\ndelivers a rare combination of high-impact, greenfields exploration potential\nsituated within a premier, historic mining district in the European Union. The\nasset benefits from exceptional local infrastructure, year-round access, and a\nclear regulatory framework, significantly lowering development hurdles and\noperational costs.\n* Situated Within a Tier-1 Historic Trend: The Lutila Gold Project sits\nsquarely between Central Slovakia's premier precious metal hubs: the Kremnica\nand Banská Štiavnica epithermal vein fields. These adjacent districts boast\na 1,000-year mining legacy, providing a strong geological validation that the\nLutila volcanic corridor is deeply rooted in a highly productive, gold-bearing\nregional framework.\n* Exploration target: underground, high-grade gold (Au) ± silver (Ag) quartz\nveins.\nQuote from the President & CEO, Mr. Sean Hasson:\n\n\"The 2026 drilling results mark a significant technical shift for the\nKopernica Vein System. This campaign was designed to target narrow, gold-rich\nepithermal quartz veins; instead, the data has outlined an intact hydrothermal\nsystem spanning at least 500 meters in width. The presence of pervasive\npotassic alteration, elevated volatile pathfinder geochemistry, and widespread\nlow-grade gold confirms that these drill holes have intersected the primary\nupflow zones of the system. Integrating XRD mineralogical data with\nmulti-element lithogeochemistry has allowed us to model the alteration\narchitecture of this completely altered rhyolite host block, providing clear\nvectors toward our primary target: epithermal quartz veins and associated\nhydrothermal breccias.\n\nHistorically, epithermal systems within this district exhibit well-defined\nvertical 'gold windows' - as seen at the nearby Kremnica epithermal deposit,\nwhich was mined over vertical extents of up to 400 meters. The strong\nhydrothermal brecciation and crustiform-colloform textures previously\nidentified at surface across the property indicate a high fluid-flux\nenvironment driven by boiling processes, which are key mechanisms for quartz\nvein development. These drilling results validate our geological model and\nsignificantly expand the exploration potential of this 100%-controlled project\nas we advance our targeting strategy.\"\n\n 2. The Kopernica Vein System - Drilling  \n\nThe 2026 diamond drilling campaign at the Kopernica Vein System was designed\nto target interpreted epithermal quartz veins. The programme comprised four\ndiamond drill holes - KPDD002, KPDD003, KPDD004 and KPDD005 - for a total of\n780.05 metres. The campaign successfully achieved a critical technical\nmilestone by expanding the project's scope from a discrete vein target to a\nlarge-scale epithermal upflow system with the potential to host multiple\nparallel vein structures.\n\nThe drilling programme was executed safely and within budget. All core was\noriented and logged systematically at the Company's Lutila core shed facility,\nwith excellent core recovery averaging 98%.\n\nIntegrating data from this 2026 campaign, two earlier BULGOLD holes, and three\nhistoric holes defines a major epithermal upflow zone at least 500 metres\nwide. This extensive zone features widespread anomalous gold mineralisation,\ncharacteristic epithermal rock textures, and a robust pathfinder element\nfootprint consisting of arsenic, antimony and thallium.\n\n HOLE ID   DEPTH (m)  X_UTM34N  Y_UTM34N  Z_UTM34N  Azimuth  Dip  Comment   \n CVDD001   515.4      344676    5392596   575       91       -67  BULGOLD   \n KG-KP-2a  98.5       344673    5392593   575       285      -65  HISTORIC  \n KG-KP-3   175        344588    5392645   581       100      -45  HISTORIC  \n KG-KP-5a  157.3      344729    5392666   600       280      -75  HISTORIC  \n KPDD001   645.6      344667    5392585   574       280      -49  BULGOLD   \n KPDD002   209.65     344356    5392619   513       103      -51  BULGOLD   \n KPDD003   207.8      344412    5392510   518       80       -51  BULGOLD   \n KPDD004   148.2      344388    5392510   514       244      -51  BULGOLD   \n KPDD005   214.4      344769    5392275   594       55       -50  BULGOLD   \n\nTable 1: Exploration drill hole information.\n\nSelected analytical results highlighting the widespread anomalous gold\nmineralisation within the newly defined 500-metre-wide epithermal upflow zone\nat the Kopernica Vein System are presented in Table 2 (below). The data\nincludes significant intercepts from the 2026 diamond drilling campaign,\nintegrated with key intervals from earlier BULGOLD and historic drilling.\n\n HOLEID    FROM  TO   LENGTH  Au (g/t)*  Alteration Stage         \n CVDD001   33    51   18      0.14       Sericite-Pyrite-Quartz   \n CVDD001   126   131  5       0.13       Sericite-Pyrite-Quartz   \n CVDD001   358   364  6       0.13       Sericite-Pyrite-Quartz   \n KG-KP-2a  16.2  29   12.8    0.26       Sericite-Pyrite-Quartz   \n KG-KP-3   1     7    6       0.29       Sericite-Pyrite-Quartz   \n KG-KP-5a  85.6  108  22.4    0.34       Sericite-Pyrite-Quartz   \n KPDD001   7     11   4       0.29       Sericite-Pyrite-Quartz   \n KPDD001   15    16   1       0.11       Sericite-Pyrite-Quartz   \n KPDD001   22    23   1       0.12       Sericite-Pyrite-Quartz   \n KPDD001   221   222  1       0.24       Pyrite-Sericite±Quartz   \n KPDD001   418   420  2       0.17       Pyrite-Sericite±Quartz   \n KPDD001   491   492  1       0.36       Quartz-Sericite-Pyrite   \n KPDD001   498   504  6       0.14       Quartz-Sericite-Pyrite   \n KPDD002   20    21   1       0.16       Pyrite-Sericite±Quartz   \n KPDD003   31    33   2       0.19       Sericite-Pyrite-Quartz   \n KPDD004   11    12   1       0.13       Sericite-Pyrite-Quartz   \n KPDD004   31    38   7       0.10       Sericite-Pyrite-Quartz   \n KPDD004   41    42   1       0.33       Sericite-Pyrite-Quartz   \n KPDD004   55    56   1       0.10       Pyrite-Sericite±Quartz   \n KPDD004   61    63   2       0.10       Sericite-Pyrite-Quartz   \n KPDD005   48    49   1       0.15       Quartz-Sericite-Pyrite   \n KPDD005   70    71   1       0.17       Quartz-Sericite-Pyrite   \n KPDD005   85    86   1       0.18       Quartz-Sericite-Pyrite   \n\nTable 2: All significant gold intervals for drill holes within the Kopernica\nVein System (refer to Table 3 for a description of the Alteration Stages).\n\n*1m minimum composite length, 2m maximum internal dilution, 0.1g/t Au cut-off;\nthe Company considers this to represent a ‘geological cut-off' which shows\nthat gold is present within the Kopernica vein system at strongly anomalous\nvalues. True widths are unknown at this stage.\n\n 3. Lithology and Structural Architecture of the Kopernica Rhyolite Block  \n\nThe Jastrabá Formation represents the final, fifth stage of late-stage acidic\nNeogene volcanism in the Central Slovak Volcanic Field (Western Carpathians),\nactive during the Upper Sarmatian to Lower Pannonian. It is particularly\nprominent on the margins of the Kremnica Mountains and the Štiavnica\nStratovolcano.\n\nStructural Architecture\n\nThe structural emplacement of the Jastrabá rhyolites is heavily controlled by\nactive tectonics.\n* Fault Controls: The volcanic products are bound to regional fault networks,\nspecifically N-S to NE-SW striking faults.\n* Volcanic Facies & Forms: They occur as a highly diverse architectural mix of\nextrusive domes, extensive dome/flow complexes, subvolcanic dykes, and shallow\ncryptodomes/intrusions.\n* Thickness: The volcanic and volcanoclastic suite forms a continuous, 100- to\n500-metre-thick complex.\nLithology & Petrography\n\nThe lithology spans both coherent magmatic rocks and vast volcanoclastic\nblankets:\n* Kopernica Rhyolite Block: Predominantly composed of sanidine and minor\nalbite phenocrysts, with subordinate biotite and hornblende, embedded within a\nvitric (glassy) groundmass. The lavas frequently exhibit distinctive\nspherulitic textures, characteristic of high-temperature devitrification.\n* Coherent Lithofacies: Composed of plagioclase and alkali-feldspar rhyolites,\noften transitioning into vitrophyric varieties. Rapidly cooled margins\ncommonly present as perlite, perlite glass, and obsidian.\n* Volcanoclastic Suite: Highly explosive initial phases deposited extensive\nlayers of acidic vitric tuffs, lapilli tuffs, pumice flows, agglomerates, and\nextrusive/phreatic breccias. These were deposited in terrestrial,\nfluvio-lacustrine and lacustrine environments.\n* Alteration Products: The vitric components of the tuffs and the margins of\nthe rhyolite domes have undergone extensive diagenetic and hydrothermal\nalteration, transforming heavily into bentonites (Al-Mg montmorillonite),\nkaolinite, opal-CT, and zeolites (clinoptilolite).\n 4. Hydrothermal Alteration & 3D Mineralogical Vectoring  \n\nIntegrating multi-element geochemistry with high-resolution quantitative X-ray\ndiffraction (XRD) mineralogical mapping on drill core together with systematic\nexploration data has allowed the Company's technical team to reconstruct a\nhighly precise 3D mineralogical and thermal model of the Kopernica epithermal\nvein system. By tracking the systematic depletion of mobile alkalis alongside\nthe enrichment of volatile pathfinder elements and establishing diagnostic\nhigh- and low- temperature mineral phases, the Company has successfully\nquantified the alteration intensities into three distinct hydrothermal stages.\nThis geochemical model provides an objective, mathematical vectoring tool to\nlocate the fluid pathways of the system.\n\nThe geochemical data demonstrates a classic low-sulfidation epithermal trend:\nas hydrothermal fluids alter the pristine rhyolite melt, sodium is intensely\nleached out while potassium is fixed into stable secondary silicates\n(sericite, illite and adularia). This progression drops the alkali vector\n(Na/K mass ratio) from a fresh baseline of 0.25-0.45 down to an intense <0.10\nwithin the highly altered upflow zones.\n\nThe core exploration database from the Kopernica area consists of 1,941\nassayed drill core samples which define a highly consistent Zr/Ti ratio\nclustering tightly around an average of 0.054. This uniform signature\ndemonstrates a high degree of geochemical homogeneity, confirming that the\nentire 500-metre-wide upflow system is hosted within a single, continuous\nrhyolite flow-dome block.\n\nTo establish a baseline, background geochemical values for un-mineralised rock\nwere determined from 1,099 drill core samples from holes RRDD001 and RRDD002.\nThese control holes were drilled previously by the Company into fresh\nJastrabá rhyolite units at the Sinter Field, located approximately 2.8 km\nsouth-southwest of the project area.\n\nThe Company's drill holes average 74 ppm combined Cu+Pb+Zn which confirms the\nKopernica vein system is a base metal poor, low-sulfidation epithermal system.\nThis suppressed base metal profile strongly indicates that all drill holes\nhave intersected the precious metal dominant upper levels of the hydrothermal\nupflow zone.\n\nThe defined alteration stages for the Kopernica vein system are presented in\nTable 3 (below) and the Kopernica vein system drilling by alteration stage are\nshown in Table 4 (below).\n\nFigure 1 (below) shows the areal extent of the currently defined 500m-wide\nKopernica epithermal system in plan view and Figure 2 (below) shows an example\nof the Quartz-Sericite-Pyrite alteration stage in drill core from KPDD005.\n\n Kopernica Vein System Alteration Stage  Potassium Value (K_%)                        Sodium Value (Na_%)  Alkali Vector (Na/K Mass Ratio)  Epithermal Pathfinder Signatures (As, Sb & Tl)  Gold Potential (ppm)     Key Geological Meaning & Features                                                                                                                                         \n Fresh Rock (Baseline Control)           3.0%-4.0% (Naturally High)                   >1.0% (Intact)       0.25-0.45                        As :<30ppm Sb :<10ppm                           <0.005                   Pristine Rhyolite Melt. Unaltered volcanic groundmass. Feldspars are completely intact.                                                                                   \n Pyrite-Sericite±Quartz                  ~3.0%                                        <0.45%               <0.25                            As :30-150ppm Sb :10-40ppm Tl : <1ppm           Trace <0.01 (Max: 0.24)  Mixed Clay Zone. Pyrite-sericite veinlets ± patchy chalcedonic quartz.                                                                                                    \n Sericite-Pyrite-Quartz                  3.0%-4.0%                                    ~0.30%               ~0.10                            As :150-1,000ppm Sb :40-200ppm Tl : ~2ppm       Low ~0.20 (Max: 1.55)    Sericitic-Illitic Zone. Extensional vein-breccia formation with chalcedonic quartz-pyrite infill + veins/veinlets ± rare lattice bladed textures + geopetal structures.   \n Quartz-Sericite-Pyrite                  >4.0% (May be lower due to quartz dilution)  <0.30%               <0.10                            As :>400ppm Sb :>100ppm Tl : >2.5ppm            Low ~0.30 (Max. 0.36)    Silicic-Potassic Zone. Strong silicification, extensional breccias, adularia deposition.                                                                                  \n\nTable 3: Geochemical and Alteration Vectoring Framework of the Kopernica Vein\nSystem.\n\nInterpretation and Exploration Significance\n* Delineating Structural Fluid Pathways: Tracking the downward trend of the\nalkali vector (Na/K) across successive alteration stages highlights zones of\nmaximum fluid interaction. This drop efficiently pinpoints the central\nstructural plumbing and high-permeability core of the system within the\nQuartz-Sericite-Pyrite alteration stage. Additionally, high-resolution XRD\nmineral mapping within KPDD004 (West Vein) isolates the presence of\nhigh-crystalline sericite together with illite and high quartz values\nindicating that the drill hole has intersected the upper portion of an upflow\nzone.\n* Vectoring Volatile Pathfinder Footprints: Volatile elements (As, Sb, and Tl)\nshow a strong upward trajectory that matches advanced rock alteration. The\ndirect correlation between this elevated multi-element pathfinder suite and\nintense potassium enrichment outlines the areas of interest within the\nKopernica vein system, specifically KPDD005.\n* Chemical Validation of Hydrothermal Boiling: Adularia shares an identical\nchemical formula and overlapping XRD primary reflections with magmatic\nsanidine and orthoclase and standard quantitative XRD programmes routinely\ngroup them together. The intense potassic values observed in KPDD005 (up to\n71.2% K-feldspar at 53.5m) strongly exceed primary magmatic expectations for\ntypical rhyolites, indicating a dominant hydrothermal overprint due to boiling\nand K-metasomatism (hydrothermal adularia).\n* Preservation of Steam Heated Alteration: Quantitative XRD mapping within the\nSericite-Pyrite-Quartz alteration stage of KPDD005 (>95m to 214.4m (EOH))\nidentified an overprinting steam heated alteration zone composed of\ncristobalite and kaolinite. This low temperature (50°C to 150°C) assemblage\nrepresents a telescoping event in which near paleosurface acidic fluids\ncollapse back down the upflow zone, perhaps in the wanning stages of the\nepithermal system. The presence of this steam heated alteration assemblage\njuxtaposed against the Quartz-Sericite-Pyrite alteration stage indicates that\nthe epithermal system is fully preserved and confirms that the gold target\nwindow remains intact and has likely not been eroded.\n* Targeting the Boiling Horizon: Key rock textures within the\nSericite-Pyrite-Quartz and Quartz-Sericite-Pyrite alteration stages -\nspecifically extensional breccias, geopetal structures, and diagnostic\nadularia deposition - confirm that the shallow 2026 drilling intersected the\ntop of a fully intact epithermal system. The broad anomalous gold\nmineralisation (up to 1.55 ppm Au) within these upper altered horizons shows\nthat the primary quartz vein targets remain untested immediately down-dip and\nalong strike from current drilling.\n HOLE ID  FROM  TO      INTERVAL (m)  ALTERATION STAGE         \n KPDD001  5     65      60            Sericite-Pyrite-Quartz   \n KPDD001  65    490     425           Pyrite-Sericite±Quartz   \n KPDD001  490   510     20            Quartz-Sericite-Pyrite   \n KPDD001  510   645.6   135.6         Pyrite-Sericite±Quartz   \n KPDD002  0     85      85            Pyrite-Sericite±Quartz   \n KPDD002  85    120     35            Sericite-Pyrite-Quartz   \n KPDD002  120   135     15            Pyrite-Sericite±Quartz   \n KPDD002  135   150     15            Sericite-Pyrite-Quartz   \n KPDD002  150   209.65  59.65         Pyrite-Sericite±Quartz   \n KPDD003  20    40      20            Sericite-Pyrite-Quartz   \n KPDD003  40    207.8   167.8         Pyrite-Sericite±Quartz   \n KPDD004  10    45      35            Sericite-Pyrite-Quartz   \n KPDD004  45    60      15            Pyrite-Sericite±Quartz   \n KPDD004  60    110     50            Sericite-Pyrite-Quartz   \n KPDD004  110   148.2   38.2          Pyrite-Sericite±Quartz   \n KPDD005  35    95      60            Quartz-Sericite-Pyrite   \n KPDD005  95    214.4   119.4         Sericite-Pyrite-Quartz   \n CVDD001  30    170     140           Sericite-Pyrite-Quartz   \n CVDD001  170   340     170           Pyrite-Sericite±Quartz   \n CVDD001  340   380     40            Sericite-Pyrite-Quartz   \n CVDD001  380   515.4   135.4         Pyrite-Sericite±Quartz   \n\nTable 4: All Kopernica Drill Holes and Alteration Stage Classification.\n(https://app.accessnewswire.com/imagelibrary/2d7a44c4-ea8a-4441-8d41-33b0d27897e7/image20260928163424ikysbi.jpeg)\nFigure 1. Kopernica drill hole traces and location showing the mapped\nalteration stage and the current 500m-wide extent of the epithermal system;\nyellow = Pyrite-Sericite±Quartz, orange = Sericite-Pyrite-Quartz, light blue\n= Quartz-Sericite-Pyrite; dark blue dashed lines represent the current\ninferred vein structure (upflow zone) trends based on surface float mapping;\nSee Table 5 for a description of surface mapping points and Figures 4,5 & 6\nfor the location of the Kopernica Vein System within the Lutila exploration\nlicence.\n(https://app.accessnewswire.com/imagelibrary/a9113fd9-9550-4b11-a70b-230b54446ada/1228005/screenshot-2026-09-28-130944.png)\nFigure 2. Examples of the Quartz-Sericite-Pyrite alteration stage from KPDD005\n(HQ3 core).\n* Left (63.2m): Strongly silicified and brecciated spherulitic rhyolite rock\nwith an XRD-determined mineralogy of 69.7% quartz, 25.5% sanidine\n(hydrothermal adularia) and 0.7% pyrite. This potassic-silicic overprint\ncontains 597 ppm As, 317 ppm Sb, 13.4 ppm Tl, and 0.45 g/t Ag (no Au). The\nelevated thallium signature is directly tied to ion substitution for potassium\nwithin the adularia crystal lattice, while arsenic and antimony are likely\nhosted within the arsenian pyrite fractions and along quartz grain boundaries.\n* Right (69.9m): A pyrite-chalcedonic quartz vein displaying classic colloform\nbanding textures, cross-cutting a strongly silicified and brecciated\nspherulitic rhyolite matrix. This multi-phase vein intersection yields 864 ppm\nAs, 96 ppm Sb, 9.2 ppm Tl, and 0.61 g/t Ag (no Au). The high arsenic\nconcentration and colloform silica gel textures confirm rapid fluid discharge\nand quenching, typical of the upper reaches of a low-sulfidation upflow zone.\n 5. Discussion  \n\nDiscussion\n\nThe Lutila Gold Project is located favourably between two of the largest Au-Ag\nepithermal vein systems within the Central Slovak Volcanic Field, the Kremnica\ngold deposit and the Banska Štiavnica gold-silver ore field, which\ncollectively, have produced significant amounts of precious metals over many\ncenturies.\n\nThe Property is located 5km south, along strike and within the same volcanic\ndepression that hosts the historic quartz-adularia Kremnica gold mine (current\nJORC (2012) mineral resource estimate of M&I: 36.9Mt @ 1.36g/t Au (1.6Moz Au)\nand Inf: 31.5Mt @ 1.07g/t Au (1.1Moz Au))(1) Historic gold production is\nestimated by Finka (1995) to be 1.48Moz.\n\n[1] This is not a mineral reserve or mineral resource that has been prepared\nin compliance with the requirements of National Instrument 43-101. The\ntechnical and scientific information disclosed from neighboring properties\ndoes not necessarily apply to the Lutila Gold Project. The current JORC (2012)\nmineral resource estimate for the Kremnica gold mine consists of: Measured\n24.6Mt @ 1.46g/t Au, Indicated 12.3Mt @ 1.15g/t Au and Inferred 31.5Mt @\n1.07g/t Au. Source: Metals Tech Limited, ASX Release, 8th May 2023\n(https://wcsecure.weblink.com.au/pdf/MTC/02663482.pdf).\n\nThe Kremnica Vein II system which is located in the hanging wall position to\nthe Kremnica gold deposit (and under the town of Kremnica) has similar\ndimensions to the currently defined Kopernica Vein System, being approximately\n1,000 metres by 500 metres and consisted of more than 40 individual veins\nwhich were generally north-south striking and dipping to both the east and\nwest. Interestingly, historic records suggest that the thickness of these\nveins decreased with depth. The highest gold values were recorded from within\nore shoots and according to Bakoš et al (2017) from 1938 until mine closure\nin 1970, 18t @ 2.5% Au was mined. The vein system was discovered\nserendipitously during underground development and mining started at the end\nof the 18(th) century.\n\nAccording to Kodera (2005) the Banska Štiavnica ore field has produced 2.6Moz\nAu and 129Moz Ag from the early middle ages until the twentieth century.\n\nThe fact that low to intermediate sulfidation Au-Ag epithermal vein systems\nare intimately associated with rhyolite volcanism during the period 12.4 -\n11.2 Ma underpins the Company's exploration model (See Figures 3, 4, 5 & 6).\n\nThe newly discovered Kopernica Vein System, located within the North East\nBlock, dramatically accelerates the exploration framework of the Lutila Gold\nProject. Drilling has successfully intersected the upper-level geological\nindicators and alteration vectors that typically sit directly above hidden\nlow-sulfidation vein systems. The following technical attributes make further\ntargeted testing of this upflow centre highly compelling:\n* Intact Epithermal System Confirmed.\n* Broad Upflow Zone Defined.\n* Advanced Predictive Modeling Established.\n* Key Mineralisation Trends Defined:* First Adularia Discovery (KPDD005).\n* West Vein Potential (KPDD004).\n* Multiple Parallel Targets.\n\n* Tier-1 Jurisdiction & Infrastructure Advantage.\n* Situated Within a Tier-1 Historic Trend.\n* 100%-Owned by the Company.\n* Exploration target: underground, high-grade gold (Au) ± silver (Ag) quartz\nveins.\n\n(https://app.accessnewswire.com/imagelibrary/0f039ba6-18a0-4300-a353-82eef87b83ed/1228005/image20260928163413fkm9u9.jpeg)\nFigure 3. Regional geological setting of the Lutila Gold Project in relation\nto adjacent ore districts within the Central Slovak Volcanic Field (after\nKodera et al, 2014).\n\n 6. About the Slovak Republic  \n* Drill pads can be permitted within 3-months.\n* EU and NATO member since 2004.\n* Eurozone (€)member since 2009.\n* Established mining industry, clearly defined mining legislation.\n* No restrictions on foreign ownership.\n* 21% corporate tax rate.\n* 5% NSR for gold and silver.\n* The use of cyanide for extractive purposes has been prohibited since 2014.\n* Low-cost profiles, skilled local workforce.\n* Exploration licences can be held for a 10-year period (4+4+2).\n\n(https://app.accessnewswire.com/imagelibrary/5fcc4dec-bace-44ae-9547-3baa7998f8db/1228005/image20260928163414xcu4y3.jpeg)\nFigure 4. The Lutila Exploration Licence - Geology & Antimony (Sb) Soil\nGeochemistry.\n(https://app.accessnewswire.com/imagelibrary/d972bf17-7266-4d5e-afc0-5bee1c35649c/image202609281634145v15hv.jpeg)\nFigure 5. The Lutila Exploration Licence - Geology & Arsenic (As) Soil\nGeochemistry.\n(https://app.accessnewswire.com/imagelibrary/47428887-8cec-48c1-8e4b-68de3ddee4a5/image.png)\nFigure 6. Lutila Gold Project - Geology.\n\n Symbol                                                                                                                                                                    Code          Description                                                                                                                                                                                                                                                                                                                      \n (https://app.accessnewswire.com/imagelibrary/79a02d87-0dd2-40c0-9659-30c7ed17668b/1228005/image20260928171530s3zp0o.jpeg)                                                 CVQ           Saccharoidal quartz vein (recrystallised chalcedony?) with drusy quartz lined cavities, weak banding may be evident, commonly massive; No crustiform-colloform or lattice bladed textures. Sb > 100ppm.                                                                                                                          \n (https://app.accessnewswire.com/imagelibrary/79a02d87-0dd2-40c0-9659-30c7ed17668b/1228005/image20260928171530s3zp0o.jpeg)                                                 >600mRL                                                                                                                                                                                                                                                                                                                                        \n (https://app.accessnewswire.com/imagelibrary/944670b2-15b0-41c8-bad7-ce2732392285/1228005/image20260928171530nr08b1.jpeg)                                                 SCV           Massive (oxidised) cryptocrystalline chalcedony as coarse veins/veinlets (red, brown, yellow), may have associated rhyolite rock, commonly not. May contain relict unoxidised portions containing pyrite.                                                                                                                        \n (https://app.accessnewswire.com/imagelibrary/944670b2-15b0-41c8-bad7-ce2732392285/1228005/image20260928171530nr08b1.jpeg)                                                 515-600+mRL                                                                                                                                                                                                                                                                                                                                    \n (https://app.accessnewswire.com/imagelibrary/4cf6b75c-993c-4212-8151-64038983884d/1228005/image20260928171530onyy32.jpeg)                                                 RCB           Brecciated rhyolite rock with clasts of SCV + chalcedonic quartz matrix infill ± cross-cutting chalcedonic quartz veinlets ± silicified and brecciated rhyolite ± pyrite (hydrothermal breccia veins (HBV)); RCB rock (float) samples in the area of current drilling average: 0.45g/t Au, 2.9g/t Ag, 670g/t As & 188g/t Sb.     \n (https://app.accessnewswire.com/imagelibrary/4cf6b75c-993c-4212-8151-64038983884d/1228005/image20260928171530onyy32.jpeg)                                                 465-600+mRL                                                                                                                                                                                                                                                                                                                                    \n (https://app.accessnewswire.com/imagelibrary/511940cb-d4a6-447b-8621-f7504c2c2631/1228005/image20260928171530jvqofs.jpeg)                                                 RCB-VQZ       Transition from RCB to VQZ.                                                                                                                                                                                                                                                                                                      \n (https://app.accessnewswire.com/imagelibrary/511940cb-d4a6-447b-8621-f7504c2c2631/1228005/image20260928171530jvqofs.jpeg)                                                 480-580mRL                                                                                                                                                                                                                                                                                                                                     \n (https://app.accessnewswire.com/imagelibrary/fd739aeb-7bc5-4c2b-ba51-c9a42c9636ab/1228005/image20260928171530f9cvd4.jpeg)                                                 VQZ           Crustiform-colloform chalcedonic quartz ± lattice bladed quartz with very little rhyolite rock ± vein cross-cutting relationships (>0.1g/t Au to ~3g/t Au ± sulfides (commonly disseminated/blebby ± colloform pyrite)). Indicates lattice bladed textures present (indication of boiling).                                      \n (https://app.accessnewswire.com/imagelibrary/fd739aeb-7bc5-4c2b-ba51-c9a42c9636ab/1228005/image20260928171530f9cvd4.jpeg)                                                 480-540mRL                                                                                                                                                                                                                                                                                                                                     \n (https://app.accessnewswire.com/imagelibrary/848781ce-a71b-4f32-b57c-8287448fa9f7/1228005/image.jpeg) (https://app.accessnewswire.com/imagelibrary/848781ce-a71b-4f32-b57c                                                                                                                                                                                                                                                                                                                                                \n -8287448fa9f7/1228005/image.jpeg)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        \n\nTable 5. Detailed field description of the BULGOLD mapping and prospecting\nframework covering the western slopes of the North East Block and the\nKopernica Vein System.\n\nReferences:\n\nBakoš F., Chovan M., Žitňan P. et al, 2017. Gold in Slovakia,\nVydavatel'stvo LÚČ, Bratislava, 2017 (in Slovak and English).\n\nFinka, O., 1995. Zlatá Kremnica: Tisícročná história baníctva, Neografia\nvydavateľstvo, Monografie 71 pages (in Slovak).\n\nKodera P., Lexa J., Rankin AH., Fallick AE., 2005. Epithermal gold veins in a\ncaldera setting: Banská Hodruša, Slovakia. Mineralium Deposita. 39: 921-943.\n\nKodera P., Lexa J., Fallick AE., Walle M., Biron A., 2014. Hydrothermal fluids\nin epithermal and porphyry Au deposits in the Central Slovakia Volcanic Field.\nGeological Society, London, Special Publications 2014, v.402; p177-206.\n\nKonečný, V., Lexa, J., & Planderová, E., 1983. Stratigraphic division of\nNeogene volcanics in Central Slovakia. Západné Karpaty, Séria Geológia, 9,\n1-203.\n\nAbout BULGOLD Inc.\n\nBULGOLD is a gold exploration company focused on the exploration and\ndevelopment of mineral exploration projects in Central and Eastern Europe. The\nCompany controls 100% of three quality quartz-adularia epithermal gold\nprojects located in the Bulgarian and Slovak portions of the Western Tethyan\nBelt: the Lutila Gold Project, the Kostilkovo Gold Project and the Kutel Gold\nProject. Management of the Company believes that its assets show potential for\nhigh-grade, good-metallurgy, low-sulfidation epithermal gold mineralisation.\n\nOn June 30, 2026, BULGOLD's issued and outstanding shares were 72,626,013 of\nwhich approximately 20.1% were held by Founders, Directors and Management.\nAdditional information about the Company is available on BULGOLD's website\n(www.BULGOLD.com) and on SEDAR (www.sedarplus.ca).\n\nHistoric Sampling and Drilling Data and Information\n\nThe historical sampling and drilling data and information disclosed in this\nnews release is related to historical exploration results. The reader is\ncautioned that the historical sampling and drilling data and information are\nbased on prior data and reports previously prepared by third parties without\nthe involvement of the Company. Information has been sourced from the Slovak\nGeological Survey in reports 83971 (December 1997) and 92416 (February 2013).\nBULGOLD has not undertaken any independent investigation of the historical\nsampling and drilling data and information, nor has it independently analyzed\nthe results of the historical sampling and drilling exploration work in order\nto verify the results. The reader is cautioned not to treat them, or any part\nof them, as current due to the fact that a qualified person has not done\nsufficient work to verify the results and that they may not form a reliable\nguide to future results. No independent quality assurance/quality control\nprotocols are known for these historic samples and drill holes and therefore\nthe analytical results, data and information may be unreliable. BULGOLD\nconsiders the historical sample and drill data and information to be relevant\nas BULGOLD is using this data and information, in conjunction with the\nsampling conducted by BULGOLD, as a guide to plan its exploration programme\nfor the Lutila Gold Project. BULGOLD's current exploration work includes\nverification of the historical data and information through further\nexploration.\n\nSampling, Analysis and QAQC of Exploration Drill Core Samples\n\nMost exploration diamond drill holes are collared with PQ size, continued with\nHQ, and are sometimes finished with NQ. Triple tube core barrels and short\nruns are used whenever possible to improve recovery. All drill core is cut\nlengthwise into two halves using a diamond saw; the right-hand half looking\ndownhole is sampled for assaying and the other half is retained in core trays.\nThe common length for sample intervals within mineralized zones is one metre.\nWeights of drill core samples range from three to eight kilograms (\"kg\"),\ndepending on the size of core, rock type, and recovery. A numbered tag is\nplaced into each sample bag, and the samples are grouped into batches for\nlaboratory submissions.\n\nDiamond drill core and rock samples are shipped to SGS Burgas, Bulgaria.\nQuality control samples, comprising certified reference materials, blanks, and\nfield duplicates, are inserted into each batch of samples and locations for\ncrushed duplicates and pulp replicates are specified. All drill core and\nquality control samples are tabulated on sample submission forms that specify\nsample preparation procedures and codes for analytical methods. For internal\nquality control, the laboratory includes its own quality control samples\ncomprising certified reference materials, blanks and pulp duplicates. All QAQC\nmonitoring data are reviewed, verified and signed off by the Company. Chain of\ncustody records are maintained from sample shipments to the laboratory until\nanalyses are completed and remaining sample materials are returned to the\nCompany. The chain of custody is transferred from the Company to SGS at the\nlaboratory door.\n\nAt the SGS Burgas laboratory, the submitted core samples are dried at 105°C\nfor a minimum of 12 hours and then jaw crushed to ~80% passing 2-6mm. Sample\npreparation duplicates are created by riffle splitting crushed samples on a\n1-in-20 basis. Larger samples are riffle split prior to pulverizing, whereas\nsmaller samples are pulverized entirely. Pulverizing specifications are 90%\npassing 75 microns. Gold analyses are done using a conventional 50-gram fire\nassay and AAS finish. Multi-element analyses for 49 elements are done using a\nfour-acid digest and an ICPMS finish. Some older multi-element analyses have\nbeen carried out for 32 elements and are done using a four-acid digestion and\nan ICP-OES finish.\n\nQualified Person\n\nThe scientific and technical information in this news release was reviewed and\napproved by Mr Sean Hasson, a Qualified Person as defined by National\nInstrument 43-101 and President and Chief Executive Officer to the Company.\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\nCautionary Statement Regarding Forward-Looking Information\n\nThis press release contains forward‐looking statements and forward‐looking\ninformation within the meaning of applicable securities laws (collectively,\n\"forward-looking statements\"). These statements relate to future events or\nfuture performance and include statements relating to the exploration and\ndrilling plans of the Company and the timing thereof; future drillhole lengths\nat the Kopernica Vein System and the anticipated cost savings; the exploration\npotential within the Kopernica Vein System; the potential for the Kopernica\nVein System to possess conditions necessary for bonanza-grade gold veins; the\ngold window likely spanning a vertical range of 250-300 meters; the Company's\ndecision not to drill additional holes within the Sinter Field in the short to\nmedium term; the identification of the Kopernica Vein System establishing the\nCompany as a leading candidate for growth and discovery; the Company's\nassessment of various strategies to advance the discovery process on the\nLutila Gold Project; the Lutila Gold Project as prospective for\nquartz-adularia epithermal gold mineralisation; the Lutila Gold Project\nreflecting a continuation of the same volcanic depression that hosts the\nKremnica gold mine; the Company's exploration model for the Lutila Gold\nProject; and the potential of the Lutila Gold Project to benefit the Company's\nstakeholders. All statements other than statements of historical fact may be\nforward‐looking statements or information. The forward‐looking statements\nand information are based on certain key expectations and assumptions made by\nmanagement of the Company. Although management of the Company believes that\nthe expectations and assumptions on which such forward-looking statements and\ninformation are based are reasonable, undue reliance should not be placed on\nthe forward‐looking statements and information since no assurance can be\ngiven that they will prove to be correct.\n\nForward-looking statements and information are provided for the purpose of\nproviding information about the current expectations and plans of management\nof the Company relating to the future. Readers are cautioned that reliance on\nsuch statements and information may not be appropriate for other purposes,\nsuch as making investment decisions. Since forward‐looking statements and\ninformation address future events and conditions, by their very nature they\ninvolve inherent risks and uncertainties. Actual results could differ\nmaterially from those currently anticipated due to a number of factors and\nrisks, including the inherent uncertainty of mineral exploration; the risk\nthat the Kopernica Vein System does not contain economic quantities of gold or\nsilver; the risk that drilling results may not confirm surface sampling\nresults or geological interpretations; risks related to the accuracy of the\nCompany's geological model and assumptions regarding vein geometry and the\nvertical extent of mineralisation; the risk that future drilling may not\nintersect mineralisation or may intersect mineralisation at grades lower than\nanticipated; risks related to title to mineral properties; and changes in laws\nor regulations, including environmental laws and regulations; and credit,\nmarket, currency, operational, commodity, geopolitical, liquidity and funding\nrisks generally, including changes in economic conditions, interest rates or\ntax rates and general market conditions. Accordingly, readers should not place\nundue reliance on the forward‐looking statements and information contained\nin this press release. Readers are cautioned that the foregoing list of\nfactors is not exhaustive. The forward‐looking statements and information\ncontained in this press release are made as of the date hereof and no\nundertaking is given to update publicly or revise any forward‐looking\nstatements or information, whether as a result of new information, future\nevents or otherwise, unless so required by applicable securities laws. The\nforward-looking statements and information contained in this press release are\nexpressly qualified by this cautionary statement.\n\nFor further information, please contact:\n\nBULGOLD Inc.\nSean Hasson, President and Chief Executive Officer\nTelephone: +359 887 560 545\nEmail: sean.hasson@BULGOLD.com\nWebsite: www.BULGOLD.com\n\nSOURCE: BULGOLD Inc.\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/metals-and-mining/bulgold-confirms-major-epithermal-gold-system-at-kopernica-lutila-project-1228005)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nACSmh4X7a-20260929","title":"BULGOLD Confirms Major Epithermal Gold System at Kopernica, Lutila Project","author":"ACCESSWIRE","ticker":"ZLTO","created":"2026-09-29T11:30:00.616Z","tickers":["ZLTO"],"exchange":"","article_body":"TORONTO, ON / ACCESS Newswire (https://www.accessnewswire.com/) / September\n29, 2026 / BULGOLD Inc. (TSXV:ZLTO) (the \"Company\" or \"BULGOLD\") is pleased to\nannounce the geological and geochemical modeling results from its 2026 diamond\ndrilling programme at the Kopernica Vein System, located within the Lutila\nGold Project, Slovak Republic.\n\nThe 2026 campaign - comprising drill holes KPDD002, KPDD003, KPDD004 and\nKPDD005 - has successfully achieved a critical technical milestone, confirming\nthe discovery of a major epithermal upflow zone hosted within a rhyolite rock\nflow dome package located immediately south of the historic Kremnica\nlow-sulfidation epithermal gold mine.\n\n 1. Highlights  \n* Intact Epithermal System Confirmed: Low-cost, shallow drilling successfully\nverified a robust, fully intact low-sulfidation epithermal system across the\nCompany's 100%-controlled area.\n* Broad Upflow Zone Defined: Integrating data from the 2026 campaign, two\nearlier BULGOLD holes, and three historic holes outlines an epithermal upflow\nzone at least 500 meters wide and up to 1,000m long. The zone features\nwidespread low-grade gold, characteristic epithermal rock textures and\nsupporting pathfinder elements, arsenic (As), antimony (Sb) and thallium (Tl).\n* Advanced Predictive Modeling: Combining comprehensive multi-element\ngeochemistry with targeted X-ray diffraction (XRD) data has successfully\nmapped the 3D structural architecture of the host rhyolite block. This new\nalteration and mineralisation model provides clear vectors toward quartz vein\nstructures.\n* Key Mineralisation Trends Defined: Drill data has mapped specific\nhigh-priority zones and new potential across the rhyolite block:* First\nAdularia Discovery (KPDD005): Identified the first adularia on the property\nwithin a 60-meter downhole intersection of intense-to-strong silicification on\nthe current eastern margin of the upflow zone.\n* West Vein Potential (KPDD004): Pervasive quartz-illite alteration identified\nthroughout the hole indicating strong proximity to a major fluid conduit, with\nthe target remaining open at depth and along strike.\n* Parallel Targets: Geological indicators highlight potential for\nparallel-trending upflow zones hosting hidden quartz vein targets within the\nblock.\n\n* Tier-1 Jurisdiction & Infrastructure Advantage: The Lutila Gold Project\ndelivers a rare combination of high-impact, greenfields exploration potential\nsituated within a premier, historic mining district in the European Union. The\nasset benefits from exceptional local infrastructure, year-round access, and a\nclear regulatory framework, significantly lowering development hurdles and\noperational costs.\n* Situated Within a Tier-1 Historic Trend: The Lutila Gold Project sits\nsquarely between Central Slovakia's premier precious metal hubs: the Kremnica\nand Banská Štiavnica epithermal vein fields. These adjacent districts boast\na 1,000-year mining legacy, providing a strong geological validation that the\nLutila volcanic corridor is deeply rooted in a highly productive, gold-bearing\nregional framework.\n* Exploration target: underground, high-grade gold (Au) ± silver (Ag) quartz\nveins.\nQuote from the President & CEO, Mr. Sean Hasson:\n\n\"The 2026 drilling results mark a significant technical shift for the\nKopernica Vein System. This campaign was designed to target narrow, gold-rich\nepithermal quartz veins; instead, the data has outlined an intact hydrothermal\nsystem spanning at least 500 meters in width. The presence of pervasive\npotassic alteration, elevated volatile pathfinder geochemistry, and widespread\nlow-grade gold confirms that these drill holes have intersected the primary\nupflow zones of the system. Integrating XRD mineralogical data with\nmulti-element lithogeochemistry has allowed us to model the alteration\narchitecture of this completely altered rhyolite host block, providing clear\nvectors toward our primary target: epithermal quartz veins and associated\nhydrothermal breccias.\n\nHistorically, epithermal systems within this district exhibit well-defined\nvertical 'gold windows' - as seen at the nearby Kremnica epithermal deposit,\nwhich was mined over vertical extents of up to 400 meters. The strong\nhydrothermal brecciation and crustiform-colloform textures previously\nidentified at surface across the property indicate a high fluid-flux\nenvironment driven by boiling processes, which are key mechanisms for quartz\nvein development. These drilling results validate our geological model and\nsignificantly expand the exploration potential of this 100%-controlled project\nas we advance our targeting strategy.\"\n\n 2. The Kopernica Vein System - Drilling  \n\nThe 2026 diamond drilling campaign at the Kopernica Vein System was designed\nto target interpreted epithermal quartz veins. The programme comprised four\ndiamond drill holes - KPDD002, KPDD003, KPDD004 and KPDD005 - for a total of\n780.05 metres. The campaign successfully achieved a critical technical\nmilestone by expanding the project's scope from a discrete vein target to a\nlarge-scale epithermal upflow system with the potential to host multiple\nparallel vein structures.\n\nThe drilling programme was executed safely and within budget. All core was\noriented and logged systematically at the Company's Lutila core shed facility,\nwith excellent core recovery averaging 98%.\n\nIntegrating data from this 2026 campaign, two earlier BULGOLD holes, and three\nhistoric holes defines a major epithermal upflow zone at least 500 metres\nwide. This extensive zone features widespread anomalous gold mineralisation,\ncharacteristic epithermal rock textures, and a robust pathfinder element\nfootprint consisting of arsenic, antimony and thallium.\n\n HOLE ID   DEPTH (m)  X_UTM34N  Y_UTM34N  Z_UTM34N  Azimuth  Dip  Comment   \n CVDD001   515.4      344676    5392596   575       91       -67  BULGOLD   \n KG-KP-2a  98.5       344673    5392593   575       285      -65  HISTORIC  \n KG-KP-3   175        344588    5392645   581       100      -45  HISTORIC  \n KG-KP-5a  157.3      344729    5392666   600       280      -75  HISTORIC  \n KPDD001   645.6      344667    5392585   574       280      -49  BULGOLD   \n KPDD002   209.65     344356    5392619   513       103      -51  BULGOLD   \n KPDD003   207.8      344412    5392510   518       80       -51  BULGOLD   \n KPDD004   148.2      344388    5392510   514       244      -51  BULGOLD   \n KPDD005   214.4      344769    5392275   594       55       -50  BULGOLD   \n\nTable 1: Exploration drill hole information.\n\nSelected analytical results highlighting the widespread anomalous gold\nmineralisation within the newly defined 500-metre-wide epithermal upflow zone\nat the Kopernica Vein System are presented in Table 2 (below). The data\nincludes significant intercepts from the 2026 diamond drilling campaign,\nintegrated with key intervals from earlier BULGOLD and historic drilling.\n\n HOLEID    FROM  TO   LENGTH  Au (g/t)*  Alteration Stage         \n CVDD001   33    51   18      0.14       Sericite-Pyrite-Quartz   \n CVDD001   126   131  5       0.13       Sericite-Pyrite-Quartz   \n CVDD001   358   364  6       0.13       Sericite-Pyrite-Quartz   \n KG-KP-2a  16.2  29   12.8    0.26       Sericite-Pyrite-Quartz   \n KG-KP-3   1     7    6       0.29       Sericite-Pyrite-Quartz   \n KG-KP-5a  85.6  108  22.4    0.34       Sericite-Pyrite-Quartz   \n KPDD001   7     11   4       0.29       Sericite-Pyrite-Quartz   \n KPDD001   15    16   1       0.11       Sericite-Pyrite-Quartz   \n KPDD001   22    23   1       0.12       Sericite-Pyrite-Quartz   \n KPDD001   221   222  1       0.24       Pyrite-Sericite±Quartz   \n KPDD001   418   420  2       0.17       Pyrite-Sericite±Quartz   \n KPDD001   491   492  1       0.36       Quartz-Sericite-Pyrite   \n KPDD001   498   504  6       0.14       Quartz-Sericite-Pyrite   \n KPDD002   20    21   1       0.16       Pyrite-Sericite±Quartz   \n KPDD003   31    33   2       0.19       Sericite-Pyrite-Quartz   \n KPDD004   11    12   1       0.13       Sericite-Pyrite-Quartz   \n KPDD004   31    38   7       0.10       Sericite-Pyrite-Quartz   \n KPDD004   41    42   1       0.33       Sericite-Pyrite-Quartz   \n KPDD004   55    56   1       0.10       Pyrite-Sericite±Quartz   \n KPDD004   61    63   2       0.10       Sericite-Pyrite-Quartz   \n KPDD005   48    49   1       0.15       Quartz-Sericite-Pyrite   \n KPDD005   70    71   1       0.17       Quartz-Sericite-Pyrite   \n KPDD005   85    86   1       0.18       Quartz-Sericite-Pyrite   \n\nTable 2: All significant gold intervals for drill holes within the Kopernica\nVein System (refer to Table 3 for a description of the Alteration Stages).\n\n*1m minimum composite length, 2m maximum internal dilution, 0.1g/t Au cut-off;\nthe Company considers this to represent a ‘geological cut-off' which shows\nthat gold is present within the Kopernica vein system at strongly anomalous\nvalues. True widths are unknown at this stage.\n\n 3. Lithology and Structural Architecture of the Kopernica Rhyolite Block  \n\nThe Jastrabá Formation represents the final, fifth stage of late-stage acidic\nNeogene volcanism in the Central Slovak Volcanic Field (Western Carpathians),\nactive during the Upper Sarmatian to Lower Pannonian. It is particularly\nprominent on the margins of the Kremnica Mountains and the Štiavnica\nStratovolcano.\n\nStructural Architecture\n\nThe structural emplacement of the Jastrabá rhyolites is heavily controlled by\nactive tectonics.\n* Fault Controls: The volcanic products are bound to regional fault networks,\nspecifically N-S to NE-SW striking faults.\n* Volcanic Facies & Forms: They occur as a highly diverse architectural mix of\nextrusive domes, extensive dome/flow complexes, subvolcanic dykes, and shallow\ncryptodomes/intrusions.\n* Thickness: The volcanic and volcanoclastic suite forms a continuous, 100- to\n500-metre-thick complex.\nLithology & Petrography\n\nThe lithology spans both coherent magmatic rocks and vast volcanoclastic\nblankets:\n* Kopernica Rhyolite Block: Predominantly composed of sanidine and minor\nalbite phenocrysts, with subordinate biotite and hornblende, embedded within a\nvitric (glassy) groundmass. The lavas frequently exhibit distinctive\nspherulitic textures, characteristic of high-temperature devitrification.\n* Coherent Lithofacies: Composed of plagioclase and alkali-feldspar rhyolites,\noften transitioning into vitrophyric varieties. Rapidly cooled margins\ncommonly present as perlite, perlite glass, and obsidian.\n* Volcanoclastic Suite: Highly explosive initial phases deposited extensive\nlayers of acidic vitric tuffs, lapilli tuffs, pumice flows, agglomerates, and\nextrusive/phreatic breccias. These were deposited in terrestrial,\nfluvio-lacustrine and lacustrine environments.\n* Alteration Products: The vitric components of the tuffs and the margins of\nthe rhyolite domes have undergone extensive diagenetic and hydrothermal\nalteration, transforming heavily into bentonites (Al-Mg montmorillonite),\nkaolinite, opal-CT, and zeolites (clinoptilolite).\n 4. Hydrothermal Alteration & 3D Mineralogical Vectoring  \n\nIntegrating multi-element geochemistry with high-resolution quantitative X-ray\ndiffraction (XRD) mineralogical mapping on drill core together with systematic\nexploration data has allowed the Company's technical team to reconstruct a\nhighly precise 3D mineralogical and thermal model of the Kopernica epithermal\nvein system. By tracking the systematic depletion of mobile alkalis alongside\nthe enrichment of volatile pathfinder elements and establishing diagnostic\nhigh- and low- temperature mineral phases, the Company has successfully\nquantified the alteration intensities into three distinct hydrothermal stages.\nThis geochemical model provides an objective, mathematical vectoring tool to\nlocate the fluid pathways of the system.\n\nThe geochemical data demonstrates a classic low-sulfidation epithermal trend:\nas hydrothermal fluids alter the pristine rhyolite melt, sodium is intensely\nleached out while potassium is fixed into stable secondary silicates\n(sericite, illite and adularia). This progression drops the alkali vector\n(Na/K mass ratio) from a fresh baseline of 0.25-0.45 down to an intense <0.10\nwithin the highly altered upflow zones.\n\nThe core exploration database from the Kopernica area consists of 1,941\nassayed drill core samples which define a highly consistent Zr/Ti ratio\nclustering tightly around an average of 0.054. This uniform signature\ndemonstrates a high degree of geochemical homogeneity, confirming that the\nentire 500-metre-wide upflow system is hosted within a single, continuous\nrhyolite flow-dome block.\n\nTo establish a baseline, background geochemical values for un-mineralised rock\nwere determined from 1,099 drill core samples from holes RRDD001 and RRDD002.\nThese control holes were drilled previously by the Company into fresh\nJastrabá rhyolite units at the Sinter Field, located approximately 2.8 km\nsouth-southwest of the project area.\n\nThe Company's drill holes average 74 ppm combined Cu+Pb+Zn which confirms the\nKopernica vein system is a base metal poor, low-sulfidation epithermal system.\nThis suppressed base metal profile strongly indicates that all drill holes\nhave intersected the precious metal dominant upper levels of the hydrothermal\nupflow zone.\n\nThe defined alteration stages for the Kopernica vein system are presented in\nTable 3 (below) and the Kopernica vein system drilling by alteration stage are\nshown in Table 4 (below).\n\nFigure 1 (below) shows the areal extent of the currently defined 500m-wide\nKopernica epithermal system in plan view and Figure 2 (below) shows an example\nof the Quartz-Sericite-Pyrite alteration stage in drill core from KPDD005.\n\n Kopernica Vein System Alteration Stage  Potassium Value (K_%)                        Sodium Value (Na_%)  Alkali Vector (Na/K Mass Ratio)  Epithermal Pathfinder Signatures (As, Sb & Tl)  Gold Potential (ppm)     Key Geological Meaning & Features                                                                                                                                         \n Fresh Rock (Baseline Control)           3.0%-4.0% (Naturally High)                   >1.0% (Intact)       0.25-0.45                        As :<30ppm Sb :<10ppm                           <0.005                   Pristine Rhyolite Melt. Unaltered volcanic groundmass. Feldspars are completely intact.                                                                                   \n Pyrite-Sericite±Quartz                  ~3.0%                                        <0.45%               <0.25                            As :30-150ppm Sb :10-40ppm Tl : <1ppm           Trace <0.01 (Max: 0.24)  Mixed Clay Zone. Pyrite-sericite veinlets ± patchy chalcedonic quartz.                                                                                                    \n Sericite-Pyrite-Quartz                  3.0%-4.0%                                    ~0.30%               ~0.10                            As :150-1,000ppm Sb :40-200ppm Tl : ~2ppm       Low ~0.20 (Max: 1.55)    Sericitic-Illitic Zone. Extensional vein-breccia formation with chalcedonic quartz-pyrite infill + veins/veinlets ± rare lattice bladed textures + geopetal structures.   \n Quartz-Sericite-Pyrite                  >4.0% (May be lower due to quartz dilution)  <0.30%               <0.10                            As :>400ppm Sb :>100ppm Tl : >2.5ppm            Low ~0.30 (Max. 0.36)    Silicic-Potassic Zone. Strong silicification, extensional breccias, adularia deposition.                                                                                  \n\nTable 3: Geochemical and Alteration Vectoring Framework of the Kopernica Vein\nSystem.\n\nInterpretation and Exploration Significance\n* Delineating Structural Fluid Pathways: Tracking the downward trend of the\nalkali vector (Na/K) across successive alteration stages highlights zones of\nmaximum fluid interaction. This drop efficiently pinpoints the central\nstructural plumbing and high-permeability core of the system within the\nQuartz-Sericite-Pyrite alteration stage. Additionally, high-resolution XRD\nmineral mapping within KPDD004 (West Vein) isolates the presence of\nhigh-crystalline sericite together with illite and high quartz values\nindicating that the drill hole has intersected the upper portion of an upflow\nzone.\n* Vectoring Volatile Pathfinder Footprints: Volatile elements (As, Sb, and Tl)\nshow a strong upward trajectory that matches advanced rock alteration. The\ndirect correlation between this elevated multi-element pathfinder suite and\nintense potassium enrichment outlines the areas of interest within the\nKopernica vein system, specifically KPDD005.\n* Chemical Validation of Hydrothermal Boiling: Adularia shares an identical\nchemical formula and overlapping XRD primary reflections with magmatic\nsanidine and orthoclase and standard quantitative XRD programmes routinely\ngroup them together. The intense potassic values observed in KPDD005 (up to\n71.2% K-feldspar at 53.5m) strongly exceed primary magmatic expectations for\ntypical rhyolites, indicating a dominant hydrothermal overprint due to boiling\nand K-metasomatism (hydrothermal adularia).\n* Preservation of Steam Heated Alteration: Quantitative XRD mapping within the\nSericite-Pyrite-Quartz alteration stage of KPDD005 (>95m to 214.4m (EOH))\nidentified an overprinting steam heated alteration zone composed of\ncristobalite and kaolinite. This low temperature (50°C to 150°C) assemblage\nrepresents a telescoping event in which near paleosurface acidic fluids\ncollapse back down the upflow zone, perhaps in the wanning stages of the\nepithermal system. The presence of this steam heated alteration assemblage\njuxtaposed against the Quartz-Sericite-Pyrite alteration stage indicates that\nthe epithermal system is fully preserved and confirms that the gold target\nwindow remains intact and has likely not been eroded.\n* Targeting the Boiling Horizon: Key rock textures within the\nSericite-Pyrite-Quartz and Quartz-Sericite-Pyrite alteration stages -\nspecifically extensional breccias, geopetal structures, and diagnostic\nadularia deposition - confirm that the shallow 2026 drilling intersected the\ntop of a fully intact epithermal system. The broad anomalous gold\nmineralisation (up to 1.55 ppm Au) within these upper altered horizons shows\nthat the primary quartz vein targets remain untested immediately down-dip and\nalong strike from current drilling.\n HOLE ID  FROM  TO      INTERVAL (m)  ALTERATION STAGE         \n KPDD001  5     65      60            Sericite-Pyrite-Quartz   \n KPDD001  65    490     425           Pyrite-Sericite±Quartz   \n KPDD001  490   510     20            Quartz-Sericite-Pyrite   \n KPDD001  510   645.6   135.6         Pyrite-Sericite±Quartz   \n KPDD002  0     85      85            Pyrite-Sericite±Quartz   \n KPDD002  85    120     35            Sericite-Pyrite-Quartz   \n KPDD002  120   135     15            Pyrite-Sericite±Quartz   \n KPDD002  135   150     15            Sericite-Pyrite-Quartz   \n KPDD002  150   209.65  59.65         Pyrite-Sericite±Quartz   \n KPDD003  20    40      20            Sericite-Pyrite-Quartz   \n KPDD003  40    207.8   167.8         Pyrite-Sericite±Quartz   \n KPDD004  10    45      35            Sericite-Pyrite-Quartz   \n KPDD004  45    60      15            Pyrite-Sericite±Quartz   \n KPDD004  60    110     50            Sericite-Pyrite-Quartz   \n KPDD004  110   148.2   38.2          Pyrite-Sericite±Quartz   \n KPDD005  35    95      60            Quartz-Sericite-Pyrite   \n KPDD005  95    214.4   119.4         Sericite-Pyrite-Quartz   \n CVDD001  30    170     140           Sericite-Pyrite-Quartz   \n CVDD001  170   340     170           Pyrite-Sericite±Quartz   \n CVDD001  340   380     40            Sericite-Pyrite-Quartz   \n CVDD001  380   515.4   135.4         Pyrite-Sericite±Quartz   \n\nTable 4: All Kopernica Drill Holes and Alteration Stage Classification.\n(https://app.accessnewswire.com/imagelibrary/2d7a44c4-ea8a-4441-8d41-33b0d27897e7/image20260928163424ikysbi.jpeg)\nFigure 1. Kopernica drill hole traces and location showing the mapped\nalteration stage and the current 500m-wide extent of the epithermal system;\nyellow = Pyrite-Sericite±Quartz, orange = Sericite-Pyrite-Quartz, light blue\n= Quartz-Sericite-Pyrite; dark blue dashed lines represent the current\ninferred vein structure (upflow zone) trends based on surface float mapping;\nSee Table 5 for a description of surface mapping points and Figures 4,5 & 6\nfor the location of the Kopernica Vein System within the Lutila exploration\nlicence.\n(https://app.accessnewswire.com/imagelibrary/a9113fd9-9550-4b11-a70b-230b54446ada/1228005/screenshot-2026-09-28-130944.png)\nFigure 2. Examples of the Quartz-Sericite-Pyrite alteration stage from KPDD005\n(HQ3 core).\n* Left (63.2m): Strongly silicified and brecciated spherulitic rhyolite rock\nwith an XRD-determined mineralogy of 69.7% quartz, 25.5% sanidine\n(hydrothermal adularia) and 0.7% pyrite. This potassic-silicic overprint\ncontains 597 ppm As, 317 ppm Sb, 13.4 ppm Tl, and 0.45 g/t Ag (no Au). The\nelevated thallium signature is directly tied to ion substitution for potassium\nwithin the adularia crystal lattice, while arsenic and antimony are likely\nhosted within the arsenian pyrite fractions and along quartz grain boundaries.\n* Right (69.9m): A pyrite-chalcedonic quartz vein displaying classic colloform\nbanding textures, cross-cutting a strongly silicified and brecciated\nspherulitic rhyolite matrix. This multi-phase vein intersection yields 864 ppm\nAs, 96 ppm Sb, 9.2 ppm Tl, and 0.61 g/t Ag (no Au). The high arsenic\nconcentration and colloform silica gel textures confirm rapid fluid discharge\nand quenching, typical of the upper reaches of a low-sulfidation upflow zone.\n 5. Discussion  \n\nDiscussion\n\nThe Lutila Gold Project is located favourably between two of the largest Au-Ag\nepithermal vein systems within the Central Slovak Volcanic Field, the Kremnica\ngold deposit and the Banska Štiavnica gold-silver ore field, which\ncollectively, have produced significant amounts of precious metals over many\ncenturies.\n\nThe Property is located 5km south, along strike and within the same volcanic\ndepression that hosts the historic quartz-adularia Kremnica gold mine (current\nJORC (2012) mineral resource estimate of M&I: 36.9Mt @ 1.36g/t Au (1.6Moz Au)\nand Inf: 31.5Mt @ 1.07g/t Au (1.1Moz Au))(1) Historic gold production is\nestimated by Finka (1995) to be 1.48Moz.\n\n[1] This is not a mineral reserve or mineral resource that has been prepared\nin compliance with the requirements of National Instrument 43-101. The\ntechnical and scientific information disclosed from neighboring properties\ndoes not necessarily apply to the Lutila Gold Project. The current JORC (2012)\nmineral resource estimate for the Kremnica gold mine consists of: Measured\n24.6Mt @ 1.46g/t Au, Indicated 12.3Mt @ 1.15g/t Au and Inferred 31.5Mt @\n1.07g/t Au. Source: Metals Tech Limited, ASX Release, 8th May 2023\n(https://wcsecure.weblink.com.au/pdf/MTC/02663482.pdf).\n\nThe Kremnica Vein II system which is located in the hanging wall position to\nthe Kremnica gold deposit (and under the town of Kremnica) has similar\ndimensions to the currently defined Kopernica Vein System, being approximately\n1,000 metres by 500 metres and consisted of more than 40 individual veins\nwhich were generally north-south striking and dipping to both the east and\nwest. Interestingly, historic records suggest that the thickness of these\nveins decreased with depth. The highest gold values were recorded from within\nore shoots and according to Bakoš et al (2017) from 1938 until mine closure\nin 1970, 18t @ 2.5% Au was mined. The vein system was discovered\nserendipitously during underground development and mining started at the end\nof the 18(th) century.\n\nAccording to Kodera (2005) the Banska Štiavnica ore field has produced 2.6Moz\nAu and 129Moz Ag from the early middle ages until the twentieth century.\n\nThe fact that low to intermediate sulfidation Au-Ag epithermal vein systems\nare intimately associated with rhyolite volcanism during the period 12.4 -\n11.2 Ma underpins the Company's exploration model (See Figures 3, 4, 5 & 6).\n\nThe newly discovered Kopernica Vein System, located within the North East\nBlock, dramatically accelerates the exploration framework of the Lutila Gold\nProject. Drilling has successfully intersected the upper-level geological\nindicators and alteration vectors that typically sit directly above hidden\nlow-sulfidation vein systems. The following technical attributes make further\ntargeted testing of this upflow centre highly compelling:\n* Intact Epithermal System Confirmed.\n* Broad Upflow Zone Defined.\n* Advanced Predictive Modeling Established.\n* Key Mineralisation Trends Defined:* First Adularia Discovery (KPDD005).\n* West Vein Potential (KPDD004).\n* Multiple Parallel Targets.\n\n* Tier-1 Jurisdiction & Infrastructure Advantage.\n* Situated Within a Tier-1 Historic Trend.\n* 100%-Owned by the Company.\n* Exploration target: underground, high-grade gold (Au) ± silver (Ag) quartz\nveins.\n\n(https://app.accessnewswire.com/imagelibrary/0f039ba6-18a0-4300-a353-82eef87b83ed/1228005/image20260928163413fkm9u9.jpeg)\nFigure 3. Regional geological setting of the Lutila Gold Project in relation\nto adjacent ore districts within the Central Slovak Volcanic Field (after\nKodera et al, 2014).\n\n 6. About the Slovak Republic  \n* Drill pads can be permitted within 3-months.\n* EU and NATO member since 2004.\n* Eurozone (€)member since 2009.\n* Established mining industry, clearly defined mining legislation.\n* No restrictions on foreign ownership.\n* 21% corporate tax rate.\n* 5% NSR for gold and silver.\n* The use of cyanide for extractive purposes has been prohibited since 2014.\n* Low-cost profiles, skilled local workforce.\n* Exploration licences can be held for a 10-year period (4+4+2).\n\n(https://app.accessnewswire.com/imagelibrary/5fcc4dec-bace-44ae-9547-3baa7998f8db/1228005/image20260928163414xcu4y3.jpeg)\nFigure 4. The Lutila Exploration Licence - Geology & Antimony (Sb) Soil\nGeochemistry.\n(https://app.accessnewswire.com/imagelibrary/d972bf17-7266-4d5e-afc0-5bee1c35649c/image202609281634145v15hv.jpeg)\nFigure 5. The Lutila Exploration Licence - Geology & Arsenic (As) Soil\nGeochemistry.\n(https://app.accessnewswire.com/imagelibrary/47428887-8cec-48c1-8e4b-68de3ddee4a5/image.png)\nFigure 6. Lutila Gold Project - Geology.\n\n Symbol                                                                                                                                                                    Code          Description                                                                                                                                                                                                                                                                                                                      \n (https://app.accessnewswire.com/imagelibrary/79a02d87-0dd2-40c0-9659-30c7ed17668b/1228005/image20260928171530s3zp0o.jpeg)                                                 CVQ           Saccharoidal quartz vein (recrystallised chalcedony?) with drusy quartz lined cavities, weak banding may be evident, commonly massive; No crustiform-colloform or lattice bladed textures. Sb > 100ppm.                                                                                                                          \n (https://app.accessnewswire.com/imagelibrary/79a02d87-0dd2-40c0-9659-30c7ed17668b/1228005/image20260928171530s3zp0o.jpeg)                                                 >600mRL                                                                                                                                                                                                                                                                                                                                        \n (https://app.accessnewswire.com/imagelibrary/944670b2-15b0-41c8-bad7-ce2732392285/1228005/image20260928171530nr08b1.jpeg)                                                 SCV           Massive (oxidised) cryptocrystalline chalcedony as coarse veins/veinlets (red, brown, yellow), may have associated rhyolite rock, commonly not. May contain relict unoxidised portions containing pyrite.                                                                                                                        \n (https://app.accessnewswire.com/imagelibrary/944670b2-15b0-41c8-bad7-ce2732392285/1228005/image20260928171530nr08b1.jpeg)                                                 515-600+mRL                                                                                                                                                                                                                                                                                                                                    \n (https://app.accessnewswire.com/imagelibrary/4cf6b75c-993c-4212-8151-64038983884d/1228005/image20260928171530onyy32.jpeg)                                                 RCB           Brecciated rhyolite rock with clasts of SCV + chalcedonic quartz matrix infill ± cross-cutting chalcedonic quartz veinlets ± silicified and brecciated rhyolite ± pyrite (hydrothermal breccia veins (HBV)); RCB rock (float) samples in the area of current drilling average: 0.45g/t Au, 2.9g/t Ag, 670g/t As & 188g/t Sb.     \n (https://app.accessnewswire.com/imagelibrary/4cf6b75c-993c-4212-8151-64038983884d/1228005/image20260928171530onyy32.jpeg)                                                 465-600+mRL                                                                                                                                                                                                                                                                                                                                    \n (https://app.accessnewswire.com/imagelibrary/511940cb-d4a6-447b-8621-f7504c2c2631/1228005/image20260928171530jvqofs.jpeg)                                                 RCB-VQZ       Transition from RCB to VQZ.                                                                                                                                                                                                                                                                                                      \n (https://app.accessnewswire.com/imagelibrary/511940cb-d4a6-447b-8621-f7504c2c2631/1228005/image20260928171530jvqofs.jpeg)                                                 480-580mRL                                                                                                                                                                                                                                                                                                                                     \n (https://app.accessnewswire.com/imagelibrary/fd739aeb-7bc5-4c2b-ba51-c9a42c9636ab/1228005/image20260928171530f9cvd4.jpeg)                                                 VQZ           Crustiform-colloform chalcedonic quartz ± lattice bladed quartz with very little rhyolite rock ± vein cross-cutting relationships (>0.1g/t Au to ~3g/t Au ± sulfides (commonly disseminated/blebby ± colloform pyrite)). Indicates lattice bladed textures present (indication of boiling).                                      \n (https://app.accessnewswire.com/imagelibrary/fd739aeb-7bc5-4c2b-ba51-c9a42c9636ab/1228005/image20260928171530f9cvd4.jpeg)                                                 480-540mRL                                                                                                                                                                                                                                                                                                                                     \n (https://app.accessnewswire.com/imagelibrary/848781ce-a71b-4f32-b57c-8287448fa9f7/1228005/image.jpeg) (https://app.accessnewswire.com/imagelibrary/848781ce-a71b-4f32-b57c                                                                                                                                                                                                                                                                                                                                                \n -8287448fa9f7/1228005/image.jpeg)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        \n\nTable 5. Detailed field description of the BULGOLD mapping and prospecting\nframework covering the western slopes of the North East Block and the\nKopernica Vein System.\n\nReferences:\n\nBakoš F., Chovan M., Žitňan P. et al, 2017. Gold in Slovakia,\nVydavatel'stvo LÚČ, Bratislava, 2017 (in Slovak and English).\n\nFinka, O., 1995. Zlatá Kremnica: Tisícročná história baníctva, Neografia\nvydavateľstvo, Monografie 71 pages (in Slovak).\n\nKodera P., Lexa J., Rankin AH., Fallick AE., 2005. Epithermal gold veins in a\ncaldera setting: Banská Hodruša, Slovakia. Mineralium Deposita. 39: 921-943.\n\nKodera P., Lexa J., Fallick AE., Walle M., Biron A., 2014. Hydrothermal fluids\nin epithermal and porphyry Au deposits in the Central Slovakia Volcanic Field.\nGeological Society, London, Special Publications 2014, v.402; p177-206.\n\nKonečný, V., Lexa, J., & Planderová, E., 1983. Stratigraphic division of\nNeogene volcanics in Central Slovakia. Západné Karpaty, Séria Geológia, 9,\n1-203.\n\nAbout BULGOLD Inc.\n\nBULGOLD is a gold exploration company focused on the exploration and\ndevelopment of mineral exploration projects in Central and Eastern Europe. The\nCompany controls 100% of three quality quartz-adularia epithermal gold\nprojects located in the Bulgarian and Slovak portions of the Western Tethyan\nBelt: the Lutila Gold Project, the Kostilkovo Gold Project and the Kutel Gold\nProject. Management of the Company believes that its assets show potential for\nhigh-grade, good-metallurgy, low-sulfidation epithermal gold mineralisation.\n\nOn June 30, 2026, BULGOLD's issued and outstanding shares were 72,626,013 of\nwhich approximately 20.1% were held by Founders, Directors and Management.\nAdditional information about the Company is available on BULGOLD's website\n(www.BULGOLD.com) and on SEDAR (www.sedarplus.ca).\n\nHistoric Sampling and Drilling Data and Information\n\nThe historical sampling and drilling data and information disclosed in this\nnews release is related to historical exploration results. The reader is\ncautioned that the historical sampling and drilling data and information are\nbased on prior data and reports previously prepared by third parties without\nthe involvement of the Company. Information has been sourced from the Slovak\nGeological Survey in reports 83971 (December 1997) and 92416 (February 2013).\nBULGOLD has not undertaken any independent investigation of the historical\nsampling and drilling data and information, nor has it independently analyzed\nthe results of the historical sampling and drilling exploration work in order\nto verify the results. The reader is cautioned not to treat them, or any part\nof them, as current due to the fact that a qualified person has not done\nsufficient work to verify the results and that they may not form a reliable\nguide to future results. No independent quality assurance/quality control\nprotocols are known for these historic samples and drill holes and therefore\nthe analytical results, data and information may be unreliable. BULGOLD\nconsiders the historical sample and drill data and information to be relevant\nas BULGOLD is using this data and information, in conjunction with the\nsampling conducted by BULGOLD, as a guide to plan its exploration programme\nfor the Lutila Gold Project. BULGOLD's current exploration work includes\nverification of the historical data and information through further\nexploration.\n\nSampling, Analysis and QAQC of Exploration Drill Core Samples\n\nMost exploration diamond drill holes are collared with PQ size, continued with\nHQ, and are sometimes finished with NQ. Triple tube core barrels and short\nruns are used whenever possible to improve recovery. All drill core is cut\nlengthwise into two halves using a diamond saw; the right-hand half looking\ndownhole is sampled for assaying and the other half is retained in core trays.\nThe common length for sample intervals within mineralized zones is one metre.\nWeights of drill core samples range from three to eight kilograms (\"kg\"),\ndepending on the size of core, rock type, and recovery. A numbered tag is\nplaced into each sample bag, and the samples are grouped into batches for\nlaboratory submissions.\n\nDiamond drill core and rock samples are shipped to SGS Burgas, Bulgaria.\nQuality control samples, comprising certified reference materials, blanks, and\nfield duplicates, are inserted into each batch of samples and locations for\ncrushed duplicates and pulp replicates are specified. All drill core and\nquality control samples are tabulated on sample submission forms that specify\nsample preparation procedures and codes for analytical methods. For internal\nquality control, the laboratory includes its own quality control samples\ncomprising certified reference materials, blanks and pulp duplicates. All QAQC\nmonitoring data are reviewed, verified and signed off by the Company. Chain of\ncustody records are maintained from sample shipments to the laboratory until\nanalyses are completed and remaining sample materials are returned to the\nCompany. The chain of custody is transferred from the Company to SGS at the\nlaboratory door.\n\nAt the SGS Burgas laboratory, the submitted core samples are dried at 105°C\nfor a minimum of 12 hours and then jaw crushed to ~80% passing 2-6mm. Sample\npreparation duplicates are created by riffle splitting crushed samples on a\n1-in-20 basis. Larger samples are riffle split prior to pulverizing, whereas\nsmaller samples are pulverized entirely. Pulverizing specifications are 90%\npassing 75 microns. Gold analyses are done using a conventional 50-gram fire\nassay and AAS finish. Multi-element analyses for 49 elements are done using a\nfour-acid digest and an ICPMS finish. Some older multi-element analyses have\nbeen carried out for 32 elements and are done using a four-acid digestion and\nan ICP-OES finish.\n\nQualified Person\n\nThe scientific and technical information in this news release was reviewed and\napproved by Mr Sean Hasson, a Qualified Person as defined by National\nInstrument 43-101 and President and Chief Executive Officer to the Company.\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\nCautionary Statement Regarding Forward-Looking Information\n\nThis press release contains forward‐looking statements and forward‐looking\ninformation within the meaning of applicable securities laws (collectively,\n\"forward-looking statements\"). These statements relate to future events or\nfuture performance and include statements relating to the exploration and\ndrilling plans of the Company and the timing thereof; future drillhole lengths\nat the Kopernica Vein System and the anticipated cost savings; the exploration\npotential within the Kopernica Vein System; the potential for the Kopernica\nVein System to possess conditions necessary for bonanza-grade gold veins; the\ngold window likely spanning a vertical range of 250-300 meters; the Company's\ndecision not to drill additional holes within the Sinter Field in the short to\nmedium term; the identification of the Kopernica Vein System establishing the\nCompany as a leading candidate for growth and discovery; the Company's\nassessment of various strategies to advance the discovery process on the\nLutila Gold Project; the Lutila Gold Project as prospective for\nquartz-adularia epithermal gold mineralisation; the Lutila Gold Project\nreflecting a continuation of the same volcanic depression that hosts the\nKremnica gold mine; the Company's exploration model for the Lutila Gold\nProject; and the potential of the Lutila Gold Project to benefit the Company's\nstakeholders. All statements other than statements of historical fact may be\nforward‐looking statements or information. The forward‐looking statements\nand information are based on certain key expectations and assumptions made by\nmanagement of the Company. Although management of the Company believes that\nthe expectations and assumptions on which such forward-looking statements and\ninformation are based are reasonable, undue reliance should not be placed on\nthe forward‐looking statements and information since no assurance can be\ngiven that they will prove to be correct.\n\nForward-looking statements and information are provided for the purpose of\nproviding information about the current expectations and plans of management\nof the Company relating to the future. Readers are cautioned that reliance on\nsuch statements and information may not be appropriate for other purposes,\nsuch as making investment decisions. Since forward‐looking statements and\ninformation address future events and conditions, by their very nature they\ninvolve inherent risks and uncertainties. Actual results could differ\nmaterially from those currently anticipated due to a number of factors and\nrisks, including the inherent uncertainty of mineral exploration; the risk\nthat the Kopernica Vein System does not contain economic quantities of gold or\nsilver; the risk that drilling results may not confirm surface sampling\nresults or geological interpretations; risks related to the accuracy of the\nCompany's geological model and assumptions regarding vein geometry and the\nvertical extent of mineralisation; the risk that future drilling may not\nintersect mineralisation or may intersect mineralisation at grades lower than\nanticipated; risks related to title to mineral properties; and changes in laws\nor regulations, including environmental laws and regulations; and credit,\nmarket, currency, operational, commodity, geopolitical, liquidity and funding\nrisks generally, including changes in economic conditions, interest rates or\ntax rates and general market conditions. Accordingly, readers should not place\nundue reliance on the forward‐looking statements and information contained\nin this press release. Readers are cautioned that the foregoing list of\nfactors is not exhaustive. The forward‐looking statements and information\ncontained in this press release are made as of the date hereof and no\nundertaking is given to update publicly or revise any forward‐looking\nstatements or information, whether as a result of new information, future\nevents or otherwise, unless so required by applicable securities laws. The\nforward-looking statements and information contained in this press release are\nexpressly qualified by this cautionary statement.\n\nFor further information, please contact:\n\nBULGOLD Inc.\nSean Hasson, President and Chief Executive Officer\nTelephone: +359 887 560 545\nEmail: sean.hasson@BULGOLD.com\nWebsite: www.BULGOLD.com\n\nSOURCE: BULGOLD Inc.\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/metals-and-mining/bulgold-confirms-major-epithermal-gold-system-at-kopernica-lutila-project-1228005)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved."},"type":"article","timestamp":"2026-09-29T11:30:02.045655921Z","server_sent_at_ms":1790681402045},"received_at":"2026-09-29T11:30:02.244Z","source_url":"https://www.accessnewswire.com/newsroom/en/metals-and-mining/bulgold-confirms-major-epithermal-gold-system-at-kopernica-lutila-project-1228005"},"analysis":{"id":"143882","press_release_id":"155133","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["All gold intercepts to date are low-grade/anomalous; high-grade vein targets remain undrilled","No mineral resource estimate on the Lutila project; neighboring Kremnica data is not NI 43-101 compliant for Lutila","Historic drill data not independently verified and lacks known QAQC protocols","True widths of intercepts unknown at this stage"],"eventType":"operations_update","narrative":"BULGOLD confirmed a major, fully intact low-sulfidation epithermal upflow zone at its 100%-owned Kopernica Vein System within the Lutila Gold Project in Slovakia, at least 500 meters wide and up to 1,000 meters long.\n\nThe 2026 campaign of four diamond drill holes totaling 780.05 metres was completed on budget with 98% core recovery, and XRD/geochemical modeling has mapped the 3D alteration architecture with clear vectors toward hidden quartz vein targets.\n\nGold values so far are only anomalous to low-grade (up to 1.55 ppm Au), with the primary high-grade vein targets still untested down-dip and along strike of current drilling.\n\nThe project sits along strike from the historic Kremnica gold mine (JORC M&I of 1.6Moz Au), providing regional geological validation, though no NI 43-101-compliant resource exists for Lutila itself.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Early-stage exploration de-risking: intact 500m-wide epithermal system confirmed, but watch for actual vein intercepts before assigning discovery value."},"keyFigures":{"customDimensions":{"core_recovery":"98%","max_gold_value":"1.55 ppm Au","assayed_samples":1941,"drill_holes_2026":["KPDD002","KPDD003","KPDD004","KPDD005"],"upflow_zone_width":"at least 500 meters wide, up to 1,000m long","shares_outstanding":72626013,"campaign_meters_drilled":780.05}},"quotedText":"The 2026 drilling results mark a significant technical shift for the Kopernica Vein System. This campaign was designed to target narrow, gold-rich epithermal quartz veins; instead, the data has outlined an intact hydrothermal system spanning at least 500 meters in width.","namedEntities":{"people":[{"name":"Sean Hasson","role":"President & CEO, Qualified Person"}],"products":["Lutila Gold Project","Kopernica Vein System","Kostilkovo Gold Project","Kutel Gold Project"],"companies":[{"name":"BULGOLD Inc.","ticker":"ZLTO","relationship":"filer"},{"name":"SGS Burgas","relationship":"assay laboratory"}],"dollarAmounts":[]},"materialImpact":{"score":2,"reasoning":"Positive exploration milestone confirming a large intact epithermal system at Kopernica, but results are early-stage, low-grade (max 1.55 ppm Au), with no resource estimate or economic metrics. Meaningful for exploration de-risking, not yet market-moving."},"tickerRelevance":{"others":[],"primary":"ZLTO"},"globalImportance":18,"audienceRelevance":12,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"micro-cap TSXV explorer","eventGravity":"positive exploration milestone, no resource or economics","sectorWeight":"junior gold exploration","issuerAuthored":true}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":2,"narrative":"BULGOLD confirmed a major, fully intact low-sulfidation epithermal upflow zone at its 100%-owned Kopernica Vein System within the Lutila Gold Project in Slovakia, at least 500 meters wide and up to 1,000 meters long.\n\nThe 2026 campaign of four diamond drill holes totaling 780.05 metres was completed on budget with 98% core recovery, and XRD/geochemical modeling has mapped the 3D alteration architecture with clear vectors toward hidden quartz vein targets.\n\nGold values so far are only anomalous to low-grade (up to 1.55 ppm Au), with the primary high-grade vein targets still untested down-dip and along strike of current drilling.\n\nThe project sits along strike from the historic Kremnica gold mine (JORC M&I of 1.6Moz Au), providing regional geological validation, though no NI 43-101-compliant resource exists for Lutila itself.","key_figures":{"customDimensions":{"core_recovery":"98%","max_gold_value":"1.55 ppm Au","assayed_samples":1941,"drill_holes_2026":["KPDD002","KPDD003","KPDD004","KPDD005"],"upflow_zone_width":"at least 500 meters wide, up to 1,000m long","shares_outstanding":72626013,"campaign_meters_drilled":780.05}},"named_entities":{"people":[{"name":"Sean Hasson","role":"President & CEO, Qualified Person"}],"products":["Lutila Gold Project","Kopernica Vein System","Kostilkovo Gold Project","Kutel Gold Project"],"companies":[{"name":"BULGOLD Inc.","ticker":"ZLTO","relationship":"filer"},{"name":"SGS Burgas","relationship":"assay laboratory"}],"dollarAmounts":[]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-29T11:30:15.603Z","global_importance":18,"audience_relevance":12,"importance_components":{"tickerTier":"micro-cap TSXV explorer","eventGravity":"positive exploration milestone, no resource or economics","sectorWeight":"junior gold exploration","issuerAuthored":true}},"durationMs":7416,"modelName":"glm-5.3-flashx"}}