Gold Bull Resources Corp. (TSX-V: GBRC) (“
Gold
Bull” or the “
Company”) is pleased to
report excellent reverse circulation (RC) drill results from its
100% owned Sandman Project, located in Humboldt County, Nevada USA.
Two drill holes were completed at Silica Ridge (Figure 1), and both
holes successfully hit high-grade gold intersections. The recent
drill results returned 83.8m (275 ft) @ 1.50 g/t gold (Au) from
0m/surface in hole SA-0052 and 47.2m (155 ft) @ 1.54 g/t Au from
1.5m (5 ft) in hole SA-0044. Of note, a high-grade intersection of
3m @ 14.67 g/t Au from only 1.5m below the surface was successfully
hit. These results demonstrate the significant extent of gold
mineralization from surface at the Sandman gold project and provide
confidence for the Company to initiate a Scoping Study that will
investigate the economic viability of various near-term production
scenarios at Sandman upon completion of the current drill program.
Highlights & Update:
- Targeted structures returned significant drill intersections of
83.8m of gold mineralization grading 1.50g/t Au
from surface (0m) including very high-grade interval of 3m
@ 14.67 g/t Au from 1.5m in hole SA-0052
- Hole SA-0044 returned 47.2m of gold mineralization
grading 1.54g/t Au from 1.5m including 6.1m @
8.01g/t Au from 3m
- Gold-bearing fault structures were targeted, and further
drilling is warranted to further define the geometry of these
mineralized faults
- The depths and grades for a potential open-pit extraction
method remain encouraging with mineralization from surface and this
will be investigated via a Scoping Study in Q3, 2022
- Drilling is ongoing and the Company remains fully funded
Gold Bull CEO, Cherie Leeden commented:
The
consistency of high-grade oxide mineralization over tens of meters
at Silica Ridge is very encouraging and is reason to investigate
near-term production scenarios at Sandman. The high-grade intervals
in these two holes, such as 3m at 14.67 g/t Au in one hole and 6.1m
@ 8.01 g/t Au in the other hole - both within the top 10m from the
surface indicates sweet spots that will be investigated in a
Scoping Study for potential mine start-ups. Both holes hit zones
grading 8 g/t gold over 6-meter widths! I feel that Gold Bull is
significantly undervalued given the quality of the Sandman gold
project which continues to deliver via our ongoing drill
program.
Background
Drill hole SA-0052 was planned with a twofold
objective of testing interpreted mineralizing fluid conduits at
depth near the Tertiary unconformity for high-grade veins and
providing improved definition of a high-grade zone within the
current Mineral Resource Estimate. The high-grade zone had been
intersected by SA-0044, which returned 47.2 m (155 ft) @ 1.54 g/t
Au from 1.5 m (5 ft), including 6.1m (20 ft) @ 8.01 g/t Au from 3m
(10 ft) and 1.5 m (5 ft) @ 1.15 g/t from 24.4m (80 ft), as well as
1.5 m (5 ft) @ 0.21 g/t Au from 114.3 m (375 ft). Drill hole
SA-0052 extended this zone, returning 83.8 m (275 ft) @ 1.50 g/t Au
from 0 m (0 ft), including 13.7 m (45 ft) @ 4.52 g/t Au from 0 m (0
ft), which includes 3 m (10 ft) @ 14.67 g/t Au from 1.5 m (5 ft),
and 1.5m (5ft) @ 15.53 g/t Au from 1.5m (5 ft), as well as 3 m (10
ft) @ 2.75 g/t Au from 36.6 m (120 ft), 16.8 m (55 ft) @ 3.05 g/t
Au from 65.5 m (215 ft), and 6.1 m (20 ft) @ 8.24 g/t Au from 71.6
m (235 ft).
Below these high-grade intersections in hole
SA-0052 are numerous narrow, low-grade mineralized intersections
within a zone extending over most of the lower part of the drill
hole, into the Triassic basement rocks (refer to the cross-section
in Figure 2). This broad zone of gold mineralization supports our
belief that high-grade feeder structures exist below the current
Mineral Resource estimate close to this drill hole. Further
drilling is needed to define these structures, particularly below
the current Mineral Resource Estimate.
Figure 1. Silica Ridge drill hole collar location plan for
SA-0044 and SA-0052 as well as 2021 Resource Outline surface
projection, interpreted faults and drill
collars.https://www.globenewswire.com/NewsRoom/AttachmentNg/410e8a4a-1e0c-4e69-ae19-e06c890a7a68
Figure 2. Cross-section showing drill hole SA-0044 and
SA-0052 gold intercepts. Mineralization in hole SA-0052 extends
beneath the existing resource outline to the basement contact at
192m hole
depth.https://www.globenewswire.com/NewsRoom/AttachmentNg/ebb9ef7c-099e-4a29-93d6-c0518c579c34
Table 1 Significant intercepts from SA-0044 and SA-0052
Hole ID |
From(m) |
To(m) |
Width(m) |
From(ft) |
To(ft) |
Width(ft) |
Gold gradeg/t |
SA-0052 |
0 |
83.8 |
83.8 |
0 |
275 |
275 |
1.5 |
including |
0 |
13.7 |
13.7 |
0 |
45 |
45 |
4.52 |
Including |
1.5 |
4.5 |
3 |
5 |
15 |
10 |
14.67 |
and |
36.6 |
39.6 |
3 |
120 |
130 |
10 |
2.75 |
and |
65.5 |
82.3 |
16.8 |
215 |
270 |
55 |
3.05 |
and |
71.6 |
77.7 |
6.1 |
235 |
255 |
20 |
8.24 |
SA-0052 |
112.8 |
115.8 |
3 |
370 |
380 |
10 |
0.27 |
SA-0052 |
134.1 |
135.6 |
1.5 |
440 |
445 |
5 |
0.53 |
SA-0052 |
140.2 |
141.7 |
1.5 |
460 |
465 |
5 |
0.23 |
SA-0052 |
160 |
161.5 |
1.5 |
525 |
530 |
5 |
0.22 |
SA-0052 |
166.1 |
169.2 |
3 |
545 |
555 |
10 |
0.30 |
SA-0052 |
170.7 |
172.2 |
1.5 |
560 |
565 |
5 |
0.32 |
SA-0052 |
189 |
190.5 |
1.5 |
620 |
625 |
5 |
0.21 |
SA-0044 |
1.5 |
48.7 |
47.2 |
5 |
160 |
155 |
1.54 |
including |
3 |
9.1 |
6.1 |
10 |
30 |
20 |
8.01 |
and |
24.4 |
25.9 |
1.5 |
80 |
85 |
5 |
1.15 |
SA-0044 |
114.3 |
115.8 |
115.8 |
375 |
380 |
5 |
0.21 |
Figure 3. Sandman project location map showing location of
Silica Ridge deposit and results from recently drilled holes
SA-0044 and
SA-0052.https://www.globenewswire.com/NewsRoom/AttachmentNg/acaa6c49-2f63-423a-a603-f904bad3c47a
Next steps
- The current
5,000 m drilling program at Sandman is ongoing. Assays will be
received over the next several months and the deposits will be
re-evaluated for additional ounces.
- Upon receipt of
all
- the assay
results, the Company intends to commence a Scoping/Concept Study
that will investigate the economic viability of various near term
production scenarios, with the aim of providing a focussed approach
for a PEA and/or PFS.
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 at 0.7g/t gold for 494,000 ounces of gold;
comprising of an Indicated Resource of 18,550kt at 0.73g/t gold for
433kozs of gold plus an Inferred Resource of 3,246kt at 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 (Honors),
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.
Quality Assurance – Quality Control
Samples are submitted to American Assay
Laboratories’ analytical facility in Sparks, Nevada for preparation
and analysis. The AAL facility is ISO-17025 accredited by IAS. The
entire sample is dried, weighed and crushed, with 70% passing -10
mesh, then riffle split to 250 g aliquots, which are fine
pulverized with 90% passing -150mesh. Analysis for gold is by 30 g
fire assay lead collection with Inductively Coupled Plasma Optical
Emission Spectroscopy (ICP-OES) finish with a lower limit of 0.003
ppm. Samples were also analyzed using a 36 multi-element
geochemical package by 5-acid digestion, followed by Inductively
Coupled Plasma Optical Emission Spectroscopy (ICP-OES) for the 36
elements.
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 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 the 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 include 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 adminatgoldbull.ca.
Phone: 778.899.3050
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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