Gold Bull Resources Corp. [GBRC-TSXV; GBRCF-OTCQB] released excellent reverse circulation (RC) drill results from its 100%-owned Sandman project, located in Humboldt county, Nevada. Two drill holes were completed at Silica Ridge, and both holes successfully hit high-grade gold intersections.
The recent drill results returned 83.8 metres (275 feet) of 1.50 g/t gold from zero metres/surface in hole SA-0052 and 47.2 metres (155 feet) of 1.54 g/t gold from 1.5 metres (5 feet) in hole SA-0044. Of note, a high-grade intersection of three metres of 14.67 g/t gold from only 1.5 metres 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.
Targeted structures returned significant drill intersections of 83.8 metres of gold mineralization grading 1.50 g/t gold from surface (zero metres), including very high-grade interval of 3 metres of 14.67 g/t gold from 1.5 metres in hole SA-0052.
Hole SA-0044 returned 47.2 metres of gold mineralization grading 1.54 g/t gold from 1.5 metres, including 6.1 metres of 8.01 g/t gold from three metres. 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 through a scoping study in Q3 2022. Drilling is continuing and the company remains fully financed.
Cherie Leeden, CEO, commented: â€œThe consistency of high-grade oxide mineralization over tens of metres 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 three metres at 14.67 g/t gold in one hole and 6.1 metres of 8.01 g/t gold in the other hole â€“ both within the top 10 metres from the surface â€“ indicates sweet spots that will be investigated in a scoping study for potential mine start-ups. Both holes hit zones grading eight grams per tonne gold gold over 6metre 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.â€
The current 5,000-metre 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.
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 0.7 g/t gold for 494,000 oz gold comprising of an Indicated Resource of 18,550kt at 0.73 g/t gold for 433kozs of gold plus an Inferred Resource of 3,246kt at 0.58 g/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 100 metres. Sandman is conveniently located circa 25-30 km northwest of the mining town of Winnemucca, Nevada.