GBRC Gold Bull Resources Corp

Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to report that all CSAMT (ground geophysics) survey data has been received and incorporated into the drilling program that commenced last week at its 100% owned Sandman Project (“Sandman” or the “Project”) located in Humboldt County, Nevada, USA.

HIGHLIGHTS & UPDATE:

• 2022 ‘Phase 1’ drill program at Sandman is underway
• Phase 1 consists of 18 RC drill holes for circa 4000m
• New exploration target model is being tested - exploring for high grade ‘bonanza’ gold feeders
• Recently acquired geophysical data is assisting with drill hole prioritization and selection

Gold Bull CEO, Cherie Leeden commented:

“Exploration targets based on multiple lines of evidence – geophysics, geochemistry and geology – have a better chance of yielding successful drilling results. We are using the geophysical data to project our interpretations of shallow drilling and surface geochemistry to greater depths, targeting a new gold discovery at Sandman. I am proud of the new targets that our technical team has generated which are all based on robust science, and I look forward to seeing the assay results come in.”

In this video link: https://goldbull.ca/media/#overlay-3271 Gold Bull’s Project Geologist, Amy Hannink, describes the relationships between the interpreted structures and geophysical (resistivity model) features. The CSAMT resistivity models on east-west and north-south oriented traverses in the Silica Ridge deposit and adjoining Windmill target area also support the new targets derived from shallower drilling data.

Background

Two-dimensional resistivity models from the North Hill CSAMT data have been received from DIAS Geophysical and images have been imported into Leapfrog for analysis. The hydrothermal feeder structures (faults) interpreted from the 3D gold grade model project at depth onto major breaks in a conductive (red shaded) layer within the Triassic basement rocks beneath the North Hill Mineral Resource Estimate (MRE) (Figure 1). This observation supports our interpretation that the faults associated with high grade zones within the MRE are deep-rooted structures that may have acted as conduits for mineralizing fluids migrating out of the basement rocks into the overlying Tertiary volcanic and sedimentary sequence. Our exploration model targets such faults close to the drop in lithostatic pressure at the Triassic-Tertiary contact, where loss of volatiles from the fluids is likely to cause a rapid reduction in gold solubility, depositing bonanza grade mineralization. The interpreted faults also align with the edges of resistive (blue shaded) zones in the near-surface associated with adularia flooding of the Tertiary rocks that accompanies gold mineralization, further supporting our geological interpretation.

The fault targeted by a reconnaissance drill hole west of North Hill coincides with changes in the dip of the conductive layers within the Tertiary and Triassic sequences. This hole will be the first drilled in our current program. A steeply dipping conductive zone that coincides with the demagnetization of a NNW-trending dyke (possible argillic alteration) is defined just to the west of this interpreted fault on the northern CSAMT line. Our team will be developing drill targets in this area based on lag geochemical sampling, current and historic drill data, and the CSAMT/magnetic/gravity geophysical data.

Figure 1 2D CSAMT resistivity model images (red = conductive, blue = resistive) and faults interpreted from geology and the 3D gold grade model. The faults project down-dip from the Mineral Resource Estimate (not drafted for simplicity) onto major breaks in a conductive layer within the Triassic basement rocks. https://www.globenewswire.com/NewsRoom/AttachmentNg/49367ae3-96ea-407d-9264-d71ceccce6e6

Figure 2 Sandman project location plan, with Mineral Resource Estimate surface projections and target areas. https://www.globenewswire.com/NewsRoom/AttachmentNg/1818e40a-50fc-482d-a8f0-e5bf020dcf7e

Next Steps

• Drilling has commenced at Sandman and will continue over the next 2 to 3 months.
• Laboratory assay results from lag geochemical samples collected in the Windmill target area are awaited. We expect to add targets to the drilling program arising from analysis of these data in conjunction with the CSAMT models.
• Analysis and interpretation of the CSAMT results from Windmill and Abel Knoll continues.
• A lag geochemical sampling program is planned for Midway target area and to the west of North Hill when weather permits. The ground is currently still too damp for screening of the samples through classifiers.

Cherie LeedenPresident and CEO, Gold Bull Resources Corp.

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 and team are 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.

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.