Gold Bull Resources Corp. (TSX-V: GBRC)
(“Gold Bull” or the “Company”) is
pleased to report an update on its ongoing mine economic studies
and exploration program at its 100% owned Sandman Project
(“Sandman” or the “Sandman
Project”) located in Humboldt County, Nevada, USA.
- Optimized Sandman Preliminary
Economic Assessment (PEA) underway targeting
>35,000 ounces of gold per annum operation
over 10 year mine life.
- Exploration work program revealed
at Sandman focused on new Sleeper style discoveries via low-cost
exploration.
- Merger and Acquisition
(M&A) discussions and due diligence
ongoing.
Further Optimized Scoping Study –
Focused on the Existing Gold Resources
Engineering work is underway via an optimized
PEA also referred to as a Scoping Study (“Study").
The new Study is focused on extracting the entire gold resource at
Sandman. On October 27th 2022, the Company released details of a
PEA which focused on an accelerated mine scenario via only
extracting the gold resources located above the water table over
five years. This prior PEA excluded approximately half of the known
gold ounces, which are located below the water table. The updated
PEA in progress will analyze the economics of the entire resource
and is focused on a ten year mine life to produce circa 35,000
ounces of gold per annum. The optimized PEA is expected to be
received in early Q2 2023.
Gold Bull CEO, Cherie Leeden commented:
Our Phase 1 PEA illustrated
that Sandman represents a low-cost near term mine scenario in the
tier 1 mining jurisdiction of Nevada. Our Phase 1 PEA only examined
the oxide gold located above the water table, to investigate what
an accelerated small-scale development scenario could deliver. Now
we are analyzing the life of mine study, including the other half
of the gold resource lying below the water table. I expect this
will positively change the proposed initial operation economics,
taking it from an initial 5 year mine life to a 10 year mine life,
based on our existing gold resources, several of which remain
open.
In addition to our current
gold resource, is the immense exploration potential of this world
class gold district which remains severely under explored
especially given the prolific gold endowment located along the
Sandman-Sleeper trend. Our team is working up some very exciting
new exploration targets for testing.
2023 Exploration Program – Targeting New
Multi-Million-Ounce Gold Discoveries
The exploration field program for 2023 will
include low-cost technical field studies used by major gold mining
companies (such as Newmont, Barrick, Newcrest) to test for a new
gold discovery at the Sandman Project.
In 2022, the Gold Bull geology team were focused
on “Brownfields” drilling within and close to previously identified
gold resources. In 2023, the geology team will focus its
exploration program in search of a new “Greenfields” gold discovery
within the large Sandman land package, which is already fully
permitted under the existing Plan of Operation (refer to Figure 1).
Gold Bull will apply cost effective spectral mineralogy analysis to
search for a mineral called “buddingtonite”, which is considered a
close proximity indicator of the Sleeper high grade gold vein and
other high grade Nevada gold deposits. This approach has not
previously been applied at Sandman however comes recommended via,
Technical Advisor, John Wood who discovered the Sleeper deposit.
Figures 1 and 3 shows the target areas along the Sandman Northwest
and North Trend in search of a new deposit discovery.
Figure 1. Sandman gold bearing
Northwest and North Trends depicted over a processed gravity image
defining these trends. Existing gold resources are shown in
red, and fully permitted Plan of Operations boundary in
black.https://www.globenewswire.com/NewsRoom/AttachmentNg/7ff4d152-a35c-434b-b718-257316606add
Figure 1 is a processed gravity image indicating
the basin boundaries relative to Sandman deposits and the Northwest
and North structural trends to be tested for a new deposit
discovery. Understanding the basin morphology is important as
they indicate areas of sag basin tectonism and potential gold
bearing structures in which the basins have formed. The Northwest
and North Trends are both gold bearing corridors on the Sandman
property hosting the North Hill and Silica Ridge deposits and
Southeast pediment and Abel Knoll deposits. Very little exploration
has been conducted historically along these trends.
Field studies shall include evaluation of the
prior reverse circulation drill chips and drill core as well as
outcrops on the Sandman Project. Of particular focus shall be the
identification of buddingtonite and other mineralogy using the
spectral technology. Buddingtonite has been identified in
outcropping altered basaltic andesite at the Abel Knoll deposit
however evades detection using multi element chemistry conducted on
routine gold analysis. The methodology is proposed to find
buddingtonite spectral signatures as a ‘near-to’ indicator of gold
on the Sandman Project.
Figure 2. Regional location map of the Sandman
Property, Nevada, USA relative to nearby town Winnemucca and other
surrounding significant gold projects, active and
historical.https://www.globenewswire.com/NewsRoom/AttachmentNg/993cc368-59c4-42b5-871d-cfcd0111e8d1
The former Sleeper gold mine is located 25km
north of Sandman’s northern claim boundary.
Another exploration tool which proved successful
at Silica Ridge is lag sampling (refer to announcement February 28,
2022 titled Gold Bull surface sampling defines new drill target at
Sandman), this method will now be targeted in search of another
Abel Knoll high grade diatreme breccia deposit which returned a
drill intersection of 144.8m @ 1.67g/t Au from 65.5m (refer to
announcement March 21, 2021 titled Gold Bull intersects 144.8m @
1.67 g/t gold, including 6.1m @ 10.75g/t gold in maiden drill hole
at Sandman). This technique shall be applied around the Abel Knoll
breccia area which has had no prior exploration outside the drilled
breccia i.e., no prior step out scout drilling. A prior CSAMT
geophysical survey did not penetrate surrounding lithologies
sufficiently to delineate additional drill targets and the area
remains undrilled. Nearology (proximity to other known fertile
breccias) is also a consideration to find another nearby gold
mineralized breccia. No systematic exploration has previously been
conducted around the Abel Knoll deposit which is one of the
highest-grade gold deposits at the Sandman property and the Company
believes an opportunity exists to discover more mineralized breccia
given other similar deposits exist within the region.
Figure 3. Northwest exploration
target trend (white broken lines) depicted over processed gravity
data, illustrating the significant extent of the under explored
(barely drilled) structural corridor away from the defined
deposits.https://www.globenewswire.com/NewsRoom/AttachmentNg/e8dd3fd1-c1dc-4038-9912-df8bfa1e0df2
Figure 3 depicts a processed gravity image
(residual bouguer gravity total horizontal distance processing)
which highlights the Northwest Trend in which the North Hill and
Silica Ridge deposits are located, the target polygon to the west
in which Adularia Hill is located, may form a western basin graben
along a tectonic trend, which is largely untested by drilling, and
not previously targeted. Further detailed assessments are required
for this part of the Northwest Trend at the Sandman property to
discover another gold deposit at Sandman.
There is limited drilling along the North-West
and North Trends at Sandman (referred to as the Northwest
Exploration Target Trend). These trends are mineralized with
existing deposits and align to the regional Nevada trend which
aligns Sandman with the Sleeper Deposit to the north. This area
boasts geophysical and geochemical anomalies that require more
detailed assessment and follow up field exploration testing and
drilling.
Further evaluation of the historical Sandman
surface hyperspectral data will also be conducted and compared to
the surface spectral technology field results in search of an
additional deposit targeting volcanic hosted structural deposits
similar to North Hill and Silica Ridge as well as the Abel Knoll
diatreme breccia.
The Sleeper-Sandman corridor is a highly endowed
and underexplored terrain given the Sleeper Mine mined <2
million ounces of gold (plus 2.3 million ounces of silver) and had
an approximate Measured and Indicated Mineral Resource of 3 million
gold equivalent ounces. The mine is located 25 kilometers north of
Sandman’s North Hill deposit along the same Nevada gold trend. The
Sleeper deposit measures 500m by 2km in strike length and was one
of the highest-grade gold deposits mined in Nevada at 0.48opt
(15g/t) gold and more lower grade ore remains unmined at depth. The
deposit was obscure to discover as it was partially covered by
alluvium to the west and was not all outcropping. This highly
prospective corridor has been massively underexplored and under
drilled given the prolific known gold mineralization at or near
surface in the district.
It should be noted, it took Sleeper thirty-four
(34) step out drill holes to discover the high grade gold vein
system with the discovery hole returning 102m of silicified breccia
that averaged 28 g/t gold and 62 g/t silver. A very persistent
exploration methodology was applied by our, Technical Advisor, John
Wood to discover the high-grade deposit which was surrounded by
lower grade disseminated gold. The Sleeper anomaly had an initial
surface geochemical expression 50-300m wide and 1,000m long,
surface samples ran 0.2g/t gold and mineralization remains below
the historical pit. A similar narrow surface expression also exists
at the Sandman Southeast Pediment deposit and therefore it is
considered possible to discovery an additional deposit outside the
existing Sandman orebodies.
There remains further opportunity to discover
more high-grade ounces along the same north-south trend within the
Sandman property.
M&A Activity update
The Company has executed numerous active
Confidentiality Agreements concerning potential win-win mergers
and/or acquisitions. The current focus is on undervalued gold
properties located in Nevada, USA.
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 Sandman 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
The technical information in this news release
has been reviewed and approved by Mr. Jerod Eastman, a Qualified
Person under National Instrument 43-101. Mr. Eastman is a
Registered Member (#00885850) of the Society for Mining, Metallurgy
and Exploration, Inc. and is completely independent of Gold Bull
Resources Corp. The information in this news release that relates
to mining and cost estimation is based on, and fairly reflects,
information compiled by Mr. Eastman.
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 2022 43-101 Resource Estimate. Sandman is located
circa 25 km south of the Sleeper Mine and boasts excellent
large-scale exploration potential.
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 or phone 778.401.8545.
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
planned activities at the Sandman Project; the timing and costs of
future activities on the Company’s properties; maintaining 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)
過去 株価チャート
から 12 2024 まで 1 2025
Gold Bull Resources (TSXV:GBRC)
過去 株価チャート
から 1 2024 まで 1 2025
