GBRC Gold Bull Resources Corp

Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to report definition of new high priority multimillion ounce gold targets using an expanded exploration model and recently digitized historic drill hole geochemical data within its 100% owned Sandman Project (“Sandman” or the “Project”) located in Humboldt County, Nevada, USA.

HIGHLIGHTS & UPDATE:

• Exploration Model Expanded to target gold bearing hydrothermal fluid feeder structures below known deposits at the Tertiary-Triassic unconformity. Hydrothermal breccias formed at this contact at the nearby Sleeper deposit hosting bonanza gold ore (Figure 1).
• John Wood, the geologist who discovered the nearby Sleeper deposit in the 80’s, has been engaged to advise, challenge and mentor Gold Bull’s geology team.
• Multi-element geochemical data has defined new (undrilled) target areas adjacent to known gold deposits
• Historic drill hole geochemical data have defined new broad haloes of pathfinder elements and gold that are being used to define new regional exploration targets.
• High priority drilling scheduled to re-commence in Q4 2021

John Wood, discoverer of the circa 5-million-ounce Sleeper gold deposit commented: “The size of the Sandman surface gold anomaly, at least, 15 km in length, and the apparent elevation control of the gold deposits and adularia “cap” rocks are direct indications that a very large gold-bearing hydrothermal system was active at Sandman. At the Sleeper deposit and regionally at other deposits, bonanza grade gold often occurs at the pre-Tertiary contact where gold-bearing fluids depressurize quickly and deposit high-grade gold. This horizon is not well tested at Sandman and offers an opportunity to target bonanza grade structures, essentially feeder zones to the known deposits. The target here is for relatively small but very high-grade structures like the Sleeper vein and at this stage, could reflect multi-million-ounce potential”

CEO Cherie Leeden commented: “To have globally renowned Advisors, locally available to us here in Nevada, such as John Wood, combined with a Sandman database worth circa $25 million dollars to replicate, is such a gift to Gold Bull. This new target horizon at the geological contact is super exciting. If there is another Sleeper deposit laying just beneath the surface at Sandman, after this next round of drilling, we should know about it.”

Background: Expanded Sandman exploration model

Exploration at Sandman since 1987 has focused on shallow gold mineralization. Only 9% of holes drilled to date had end-of-hole depths greater than 200 m and only a minority of holes have intersected the basement rocks underlying the Tertiary sequence. The bulk of these holes testing basement were drilled in two gold occurrences. Bonanza-grade gold deposits like Sleeper (which produced 1.66 million ounces of gold and 2.3 million ounces of silver from 1986 to 1996 at an average cash cost of $158/oz Au) occur close to the contact between the relatively unconsolidated Tertiary volcanic/volcaniclastic rocks and the underlying tight, metamorphosed Triassic basement rocks of the Auld Lang Syne Group (Figure 1) consisting of the Raspberry Formation phyllite and O’Neill Formation quartzite. Due to the emphasis on shallow mineralization in previous exploration programs, this contact is largely un-tested at Sandman. The shallow mineralization in the district hosted within adularia caps is recognized as being formed by hydrothermal fluids migrating upward from the bonanza grade deeper zone into the last available trap sites before flowing out onto the land surface.

Figure 1 Expanded exploration model for the Sandman project. Currently known deposits comprise strata-bound and structurally controlled mineralization formed at shallow depths near the paleo-water table. Bonanza grade gold deposits are expected to have formed at greater depth, near the contact between the Tertiary volcanic-volcaniclastic sequence and the Triassic basement rocks not previously targeted.

The Tertiary-Triassic contact at Sleeper and other epithermal gold deposits in Northern Nevada is a locus for the formation of hydrothermal breccias, which are zones of fractured rock that result when the pressure of hydrothermal fluids exceeds the sum of the lithostatic load and the tensile strength of the rocks. The sharp lithostatic pressure gradient around this contact makes it a favored horizon for hydrothermal breccia formation, which results in a rapid decrease in fluid pressure and temperature, leading to exsolution of volatile components (CO2 and H2S), which causes a decrease in pH and consequent precipitation of precious metals. (Refer to USGS publication “Descriptive Models for Epithermal Gold-Silver Deposits”, Scientific Investigations Report 2010–5070–Q)

Gold Bull is developing drill targets at Sandman based on the projection of interpreted hydrothermal feeder structures below known gold deposits to the Tertiary-Triassic unconformity. This work incorporates historic drilling and geophysical data such as the 3D IP/resistivity survey read at North Hill in late 2020.

Historic multi-element drill-hole geochemical data define new targets

Another direction for target generation at Sandman centers on analysis of historic multi-element geochemical data compiled from scanned paper records. Statistical analysis of these data indicates a strong association of elements such as arsenic and antimony with mineralizing systems at Sandman.

Gold mineralization at Silica Ridge and North Hill is fundamentally controlled by a west-dipping normal fault that is evident in geophysical data, as well as several smaller antithetic structures. 3D contouring of recently digitized historic multi-element drill-hole geochemical data define broad halos of anomalous gold and potential pathfinder elements (principally arsenic and antimony) along this prospective structural corridor (Figure 2). The Midway target area extending west of the normal fault has very sparse historic drilling. Dipole-dipole IP/resistivity surveying completed in this area in early 2021 defined resistive anomalies consistent with adularia-quartz alteration, which hosts most of the known gold mineralization in the project area. Drilling west of Silica Ridge intersected anomalous gold and arsenic deposited by the hydrothermal system that likely extends several kilometers northward into Midway towards the North Hill deposit.

Figure 2 3D perspective view (looking downward toward 349°) of the Silica Ridge – North Hill area, where broad halos of anomalous gold (>50 ppb Au contour shown) and arsenic (>25 ppm As) are defined by drilling adjacent to the main normal fault (blue surface) influencing mineralization.

Drill hole SA-0024 (results reported in press release “Sandman drill holes at North Hill and Silica Ridge intersect gold mineralization outside of current resource” dated July 19, 2021) intersected gold mineralization (19.8 m (65 ft) @ 0.67 g/t Au from 111.3 m (365 ft), including 9.1 m @ 1.13 g/t Au from 114.3 m (375 ft)) west of the Silica Ridge deposit, in rocks that are interpreted to be downthrown on the west side of a normal fault (Figure 3) below the level of previous drilling. The regional dip of the Tertiary sequence in the North Hill – Silica Ridge area is towards the east, so the mineralized receptive units intersected in SA-0024 can be projected up-dip to the west if mineralisation is stratiform. 3D contouring of the historic drill hole geochemical data indicates the presence of a hydrothermal system in this western target area depositing gold and associated pathfinder elements such as arsenic in a halo extending over 300 m from the Silica Ridge deposit (Figure 4). These results further highlight the prospectivity of this newly identified target zone adjacent a previously defined Mineral Resource Estimate (MRE) which is largely untested with drilling.

Figure 3 Cross-section of the Silica Ridge deposit, including hole SA-0024. Contours of gold (Au>50 ppb) and arsenic (As>25 ppm) derived from drill hole geochemical assays are shown. The geochemical anomaly extends west from SA-0024 and the host units are interpreted to extend up-dip into this western target area.

Figure 4 Plan view of the Silica Ridge deposit area. A zone of anomalous gold, arsenic and other potential pathfinder elements is defined by historic drilling west of the Silica Ridge Mineral Resource Estimate. Gold mineralization intersected in hole SA-0024 is hosted in receptive rocks that extend up-dip into this zone and the zone also continues northward into the Midway target area.

The Gold Bull exploration team is currently defining similar target areas to the north of the Abel Knoll deposit and east of Silica Ridge, where a CSAMT survey is planned for late August.

Figure 5. General Location map of the Sandman Project, in proximity to major nearby gold deposits.

Figure 6 General Location map of the Sandman Project, located near Winnemucca, Nevada.

Next steps

The Sandman Project is fully permitted for exploration under a comprehensive Plan of Operation. The next round of drilling will include deeper (up to 400m) targets below the current Mineral Resource Estimate (MRE), as well as some extensional targets based on recent drilling results (for example, the thick strata-bound mineralization intersected at the SE edge of the Abel Knoll MRE – see press release “Gold Bull Reports Significant New Gold Mineralization Outside of Current Resource at Sandman Including: 90m at 0.6 g/t Au” dated July 28, 2021). A CSAMT survey is scheduled to commence in about 2 weeks over a regional target east of Silica Ridge, where surface geochemical sampling using a portable XRF instrument has defined broad zones of pathfinder element anomalism. Targets arising from this program will form part of the next drilling campaign in the fourth quarter of 2021.

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 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.

Qualified Person

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.

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 2021 43-101 Resource Estimate. Sandman is located 23 km south of the Sleeper Mine and boasts excellent large-scale exploration potential. Drilling at Sandman is currently underway.

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.

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 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.