Gold Bull Resources Corp. [TSX-V: GBRC] (“Gold Bull” or the “Company”) is pleased to report assay results from resource drill holes at the North Hill Prospect within its 100% owned Sandman Project (“Sandman” or the “Project”) located in Humboldt County, Nevada, USA. The Company has commenced a Phase 1 Reverse Circulation (RC) drill program consisting of 3000m for 17 drill holes. Holes SA-0002, SA-0003, SA-0004 and SA-0005 were designed to increase confidence in the resource estimate at the North Hill deposit by confirming the grade, width and continuity of high-grade gold zones intersected by historic drilling. The drilling program achieved these objectives.
HIGHLIGHTS & UPDATE:
- Drill hole SA-0004 intersected 10.7m @ 3.28 g/t Au from 19.8m and 13.7m @ 10.95 g/t Au from 41.1m, including:
- 3.0m @ 31.57 g/t Au from 44.2m
- Drill hole SA-0005 intersected 9.1m @ 4.94 g/t Au from 50.3m and 6.1m @ 0.55 g/t Au from 22.9m including:
- 4.6m @ 9.53 g/t Au from 53.3m
- Drill hole SA-0002 intersected 25.9m@ 4.48 g/t Au from the surface (0.0m)
- Including 1.5m @ 55.33 g/t Au from 22.86m and 12.2m @ 0.95 g/t Au from 32.0m
- These results extend gold mineralization to the west
- Mineralization remains open in several directions
- Drilling at Sandman is ongoing – more assay results expected soon
Gold Bull CEO, Cherie Leeden commented:
“North Hill is a particularly important oxide zone within our Sandman Mineral Resource. The recent drill holes have confirmed several sweet spots (such as these recent shallow drill hits of 1.5m@55g/t Au and 4.6m @ 9.53g/t Au). These recent drill holes have also confirmed the extent and continuity of the high-grade positions that are relatively shallow dipping and parallel to the stratigraphy. These results increase our confidence in high grade zones that will form a focus in a future economic study of the project.”
Gold mineralization at North Hill occurs in shallow dipping, bedding parallel domains. The higher concentrations and more extensively defined mineralized zones are associated with either the upper or lower contact position of a basalt unit, within the broader Tertiary felsic volcanic rocks. Holes SA-0002, SA-0003, SA-0004 and SA-0005 were designed to either test the extents or confirm the existence of high-grade zones on these basalt contacts.
Figure 1: Cross section showing results from recent holes SA-0003 and SA-0004 at North Hill
All drill holes at North Hill have confirmed the interpretation and continuity of several shallow and high-grade positions within the Mineral Resource estimate. Of note, historic drill hole NSM-00189, which intersected 14.1m @ 6.76g/t from 19.1m and 11.4m @ 40.3g/t from 37m, was confirmed by drill hole SA-0004, which intersected the relatively flat lying extensions of both intersections for 10.28m @ 3.28g/t from 19.8m and 13.7m @ 10.95g/t from 41.1m respectively. (see cross section Figure 1and plan view Figure 2). Adjacent historic hole NH06-0082 had intersected lower grade mineralization in the same domains, so the result from SA-0004 provides important confirmation of the high-grade intersections in NSM-00189.
Figure 2: North Hill Mineral Resource domains with locations of recent drill holes and line of section shown in Figure 1 above.
All gold mineralization at North Hill discovered to date is strata-bound in nature. The structure that formed a conduit for mineralizing fluids, which often contains bonanza grades in this deposit style, has not yet been located. Future drilling will focus on locating this target and lateral extensions to the North Hill deposit, which remains open in several directions.
Figure 3: Drill hole location for holes SA-0002, SA-0003, SA-0004 and SA-0005
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.
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.
Quality Assurance – Quality Control
Drilling was completed using Reverse Circulation (RC) drilling utilizing double wall drill pipe, interchange hammer and 4¾ inch hammer bits to drill and sample the rock formation. Samples were taken over 5 foot intervals (1.52m) and were collected after separation of the sample using a rotary splitter situated at the base of the cyclone. A small portion of the rock chips for each 5 foot interval was placed into chip trays for record keeping and geological logging. The samples bagged at the rig were taken to American Assay Laboratories in Sparks NV by a Company employee. The Company inserts quality control (QC) samples at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The QAQC program is overseen by the Company’s Qualified Person, Cherie Leeden, Chief Executive Officer.
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 250g aliquots, which are fine pulverized with 85% 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 with gold assays above 10 ppm are re-analyzed using a 30 g fire assay fusion with gravimetric finish, which has a lower detection limit of 0.1029 ppm. Ten foot composite samples were also analyzed using a 48 multi-element geochemical package by 5-acid digestion, followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass Spectroscopy (ICP-MS).
About Gold Bull Resources Corp.
Gold Bull Resources Corp. is a junior mineral exploration company focussed on developing prospective precious metal properties in the USA. Gold Bull’s mission is to grow into a US focussed mid-tier gold development Company. The company’s exploration hub is based in Nevada, USA, a top-tier mineral district that contain 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 objective is to generate stakeholder value and superior investment returns through the discovery and responsible development of mineral resources.
Gold Bull is driven by its core values and purpose which includes a commitment to safety, communication & transparency, environmental responsibility, community, and integrity.
President and CEO, Gold Bull Resources Corp.
Cautionary Note Regarding Forward-Looking Statements
Neither 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.