The objectives of the program were to complete extensive channel sampling aimed at evaluating the direct ship ore potential of the project and to establish longer term project infrastructure.
Pursuant to the SPA the parties have agreed that SHC will assume operational management of Abzu's Nangodi project, which Abzu is earning an interest in pursuant to an option agreement with Kinross Gold.
The company's best results came from CA-12-67 with 7.7 m at 4.3 g/t gold and 58 g/t silver within an overall interval of 16.0 m at 2.2 g/t gold and 35 g/t silver.
"We are extremely pleased as this financing agreement with Tonaquint will enable Bonanza to rapidly advance from exploration to gold mining production before year's end," said Michael Stojsavljevich, President and CEO of Bonanza Goldfields Corporation.