Gold Bull aims for resource expansion in Nevada
Gold Bull Resources Corp. [GBRC-TSXV] is continuing to drill for higher grade bonanza gold targets that it hopes could add significant ounces at its 100% owned Sandman Project, which is located in Humboldt County, Nevada.
Gold Bull purchased the Sandman project from Newmont Corp., [NGT-TSX, NEM-NYSE], in December, 2020. 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 21.8 million tonnes at 0.7 gram per tonne gold or 494,000 ounces, consisting of an indicated resource of 18.55 million tonnes at 0.73 g/t gold or 433,000 ounces.
On top of that is an inferred resource of 3.24 million tonnes at 0.58 g/t gold or 61,000 ounces.
The company said several of the resources remain open in multiple directions and the bulk of the historical drilling has been conducted at depths of less than 100 metres.
In early January, 2022, Gold Bull said it planned to launch a phase one drill program consisting of 18 holes or 4,100 metres.
Drill crews are aiming for higher-grade targets located close to the Tertiary and Pre-Tertiary base contact where high-grade ore shoots are believed to be the source of the near surface gold mineralization. These deeply dipping structures project down to deeper untested levels.
On Friday the company said the current drilling program continues according to plan. It said a total of nine holes have been completed or 1,722 metres.
“The Sandman drilling program is progressing very well on the ground,” said Gold Bull CEO Cherie Leeden. “In the meantime, the exploration team is working through surface geochemical and geophysical results from the Windmill target area, as well as newly recovered paper records from historic drilling at the Ten Mile prospect,” she said. “It is nice to see US$1,900 gold in the middle of our program.”
On Friday, Gold Bull shares eased 2.4% or $0.005 to 20 cents. The shares are currently trading in a 52-week range of 61 cents and 17.5 cents.
The Sandman property lies 23 kilometres south of the successful Sleeper gold mine, which historically produced 1.7 million ounces of gold. The property now consists of 833 mineral claims within the 117 square kilometre land package.
Significant gold mineralization at Sandman has been identified at the Southeast Pediment, Silica Ridge, North Hill and Abel Knoll deposits. The company believes the project offers the potential for near-term production from one or more of the known deposits.
“There is also excellent potential for the discovery of new precious-metal mineralization beyond the limits of the deposits, as demonstrated by the discovery of the Abel Knoll deposit in 2006,” the company said.