Gold Springs Resources Corp. [GRC-TSX, GRCAF-OTCQB] has released the first assay results from the 2022 drill program around the Charlie Ross resource at its flagship Gold Springs project, which is located on the border of Nevada and Utah.
Drilling highlights include 3.0 metres of 2.09 g/t AuEq and 9.2 metres of 0.96 AuEq. Gold equivalent assays are based on US$1,800/oz gold and US$25 per oz silver and 50% for silver recovery.
The company has said it believes Gold Springs has the potential to become a multi-million-ounce gold project and is therefore focused on rapid advancement towards a pre-feasibility study.
The project covers approximately 8,000 hectares and contains 33 high-potential gold targets, according to the company. It said six of those targets are estimated to host a measured and indicated gold resource of over 1.0 million ounces of gold equivalent (AuEq). On top of that is an inferred resource of 144,379 ounces of AuEq.
The company has said the latest estimate takes into account all of the 2021 drilling results from the North and South Jumbo, Tremour, Charlie Ross and White Point deposits.
As these resources are near the surface, they could be mined by shallow open pit and technically simple heap-leach operation, Gold Springs said.
“With these first 2022 holes around the Charlie Ross resource, we have successfully extended the gold mineralization into the western zone of the system,’’ said Gold Springs Executive Vice-President of Exploration Randall Moore.
“We have already drilled 12 additional holes to continue to test this western zone and to look for extensions on the central and eastern zones of this 2022 discovery,’’ he said.”
“These results continue to demonstrate the company’s ability to expand gold mineralization from the existing resources at Charlie Ross, South Jumbo and North Jumbo as well as to discover new gold mineralization in undrilled targets, such as Snow in 2022 and Charlie Ross and White Point in 2021.
The company said it has now completed 69 holes totaling 14,942 metres of the planned 21,000-metre program. It said drilling has targeted the North and South Jumbo resources, the Charlie Ross resource as well as the Red Light, Snow and Horseshoe Extension targets. More results are expected to be announced in October.
The Charlie Ross resource is part of a structural zone of the historical Charlie Ross mine that was a producer at the beginning of the 20th Century, with one shaft and 400 metres of drifts and stopes. Visible gold was found in rocks from the dump in this historic mine.
On September 28, 2022, Gold Springs shares jumped 6.90% or $0.01 to 15.5 cents and currently trade in a 52-wee range of 26.5 cents and 14 cents.