Gold Bull Resources Corp. (TSX-V: GBRC) (“
Gold
Bull” or the “
Company”) is pleased to
report that drilling operations will resume this week at its 100%
owned Sandman project, located near Winnemucca, Nevada.
HIGHLIGHTS & UPDATE:
- 3779m
Phase 1 RC drill program successfully completed: lab re-assays
still in process
- Phase 2
5000m RC drill program will commence this week
- The
holes in the next program are split approximately 70:30 between
exploration and resource extension drilling
Gold Bull CEO, Cherie Leeden commented:
Our
exploration team have developed exciting targets at Sandman. We
look forward to drilling more exploration during this 5000m
program, as we acquire and analyze new geochemical and geophysical
data. The compilation of historic multi-element geochemical data
from about 25,000 drill hole samples spread across the project
area, never before available as a single digital dataset, is
expected to result in more robust exploration targets. This is just
the beginning in terms of our exploration program at Sandman
targeting virgin undercover targets.
Background
Gold Bull drilled a 3679 m program of reverse
circulation (RC) holes at the Sandman Project between February 20
and April 10, 2021. That program was designed to both improve and
upgrade mineral resource estimate categories and to test new
exploration targets. The same approach will continue in the
programs planned for the remainder 2021. The initial program of
circa 2500 m of drilling commencing this week will be more heavily
weighted towards resource extensions, testing concepts that have
arisen from the exploration team’s analysis of historic data and
the holes drilled earlier this year, The subsequent program of
circa 2500 m to be drilled in the Fall will test more exploration
targets, using ground geophysical data (CSAMT) acquired over the
summer and a large multi-element geochemical drill sample database
recovered recently by keypunching thousands of assays from scanned
paper records. The paper records pre-date Newmont’s involvement in
the project. Until now, no explorer on this project has
consolidated all this data. Multi-element geochemical data is
especially useful in low-sulphidation epithermal gold systems like
those existing at Sandman because elements such as arsenic,
antimony and mercury are more widely dispersed at detectable levels
than precious metals like gold and silver, producing a wider
footprint for mineralization. Integrating this data with geological
and geophysical data will generate more robust exploration targets
at Sandman. The Company is also utilizing portable/handled XRF
machines to enable preliminary geochemical analysis in the field
during the drill program.
Figure 1. Gold Bull drill hole summary
(completed holes in yellow and proposed holes in
orange): https://www.globenewswire.com/NewsRoom/AttachmentNg/49766f6e-b973-42d3-9340-a549e625a845
About Sandman
In December 2020, Gold Bull purchased the
Sandman Project from Newmont. Gold mineralization was first
discovered at Sandman in 1987 by Kennecott and the project has been
intermittently explored since then. There are four known pit
constrained gold resources located within the Sandman Project,
consisting of 21.8Mt @ 0.7g/t gold for 494,000 ounces of
gold; comprising of an Indicated Resource of 18,550kt @
0.73g/t gold for 433kozs of gold plus an Inferred Resource of
3,246kt @ 0.58g/t gold for 61kozs of gold. Several of the resources
remain open in multiple directions and the bulk of the historical
drilling has been conducted to a depth of less than 100m. Sandman
is conveniently located circa 25-30 km northwest of the mining town
of Winnemucca, Nevada.
Qualified Person
Cherie Leeden, B.Sc Applied Geology (Honours),
MAIG, a “Qualified Person” as defined by National Instrument
43-101, has read and approved all technical and scientific
information contained in this news release. Ms. Leeden is the
Company’s Chief Executive Officer. Cherie Leeden relied on resource
information contained within the Technical Report on the Sandman
Gold Project, prepared by Steven Olsen, a Qualified Person under NI
43-101, who is a Qualified Persons as defined by the National
Instrument NI 43-101. Mr Olsen is an independent consultant and has
no affiliations with Gold Bull except that of an independent
consultant/client relationship. Mr Olsen is a member of the
Australian Institute of Geoscientists (AIG) and is the Qualified
Person under NI 43-101, Standards of Disclosure for Mineral
Projects.
About Gold Bull Resources Corp.
Gold Bull’s mission is to grow into a US focused
mid-tier gold development Company via rapidly discovering and
acquiring additional ounces. The Company’s exploration hub is based
in Nevada, USA, a top-tier mineral district that contains
significant historical production, existing mining infrastructure
and an established mining culture. Gold Bull is led by a Board and
Management team with a track record of exploration and acquisition
success.
Gold Bull’s core asset is the Sandman Project,
located in Nevada which has a 494,000 oz gold
resource as per 2021 43-101 Resource Estimate. Sandman is located
23 km south of the Sleeper Mine and boasts excellent large-scale
exploration potential. Drilling at Sandman is currently
underway.
Gold Bull is driven by its core values and
purpose which includes a commitment to safety, communication &
transparency, environmental responsibility, community, and
integrity.
Cherie LeedenPresident and CEO, Gold Bull Resources Corp.
For further information regarding Gold Bull
Resources Corp., please visit our website at www.goldbull.ca or
email admin@goldbull.ca.
Cautionary Note Regarding Forward-Looking
StatementsNeither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This news release contains certain statements
that may be deemed “forward-looking statements” with respect to the
Company within the meaning of applicable securities laws.
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
“expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential”, “indicates”, “opportunity”,
“possible” and similar expressions, or that events or conditions
“will”, “would”, “may”, “could” or “should” occur. Although Gold
Bull believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, are subject to risks and
uncertainties, and actual results or realities may differ
materially from those in the forward-looking statements. Such
material risks and uncertainties include, but are not limited to,
the Company’s ability to raise sufficient capital to fund its
obligations under its property agreements going forward, to
maintain its mineral tenures and concessions in good standing, to
explore and develop its projects, to repay its debt and for general
working capital purposes; changes in economic conditions or
financial markets; the inherent hazards associates with mineral
exploration and mining operations, future prices of copper and
other metals, changes in general economic conditions, accuracy of
mineral resource and reserve estimates, the potential for new
discoveries, the ability of the Company to obtain the necessary
permits and consents required to explore, drill and develop the
projects and if obtained, to obtain such permits and consents in a
timely fashion relative to the Company’s plans and business
objectives for the projects; the general ability of the Company to
monetize its mineral resources; and changes in environmental and
other laws or regulations that could have an impact on the
Company’s operations, compliance with environmental laws and
regulations, dependence on key management personnel and general
competition in the mining industry. Forward-looking statements are
based on the reasonable beliefs, estimates and opinions of the
Company’s management on the date the statements are made. Except as
required by law, the Company undertakes no obligation to update
these forward-looking statements in the event that management’s
beliefs, estimates or opinions, or other factors, should
change.
Gold Bull Resources (TSXV:GBRC)
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