Gold Bull Resources Corp. (TSX-V: GBRC) (“
Gold
Bull” or the “
Company”) is pleased to
report that drilling intercepts at the North Hill deposit have
confirmed the continuity of an internal high-grade zone and
extended the known shallow mineralization to the east, and hole
SA-0049 at Abel Knoll has confirmed continuity of an eastern
extension to the Mineral Resource Estimate.
Highlights & Update:
- North Hill
SA-0037: 32 m at 1.31 g/t gold (Au) from 42.7 m,
including 1.5 m at 9.34 g/t Au
- North Hill
SA-0039: resource extended by about 80m to the
east
- All
mineralization at North Hill is oxidized, and the resource remains
open at depth
- Abel Knoll
mineralization intersected outside of Mineral Resource and remains
open
- 3450 m (11315
ft) for 17 holes completed during current program with 1550 m (5090
ft) remaining for 5 holes
- More
assay results expected soon, and drilling continues onsite at
Sandman
Gold Bull CEO, Cherie Leeden commented:
The more we drill, the more ounces we
are defining outside the known resource at Sandman. In addition to
adding ounces, the consistent grades returned from within the North
Hill deposit including 32m of near-surface oxidized mineralization
grading 1.31g/t Au (including a high-grade zone going 9.34 g/t gold
over 1.5m) make for a compelling case to investigate the economics
of a start-up operation. We have circa half a million ounces of
gold sitting at or near the surface and intend to commence a
Scoping Study after receiving the lab results from this drill
program.
Background
North Hill
Recent Hole SA-0037 returned 32 m (105 ft) at
1.31 g/t Au from 42.7 m (140 ft), including 1.5 m (5 ft) at 9.34
g/t Au from 59.4 m (195 ft), confirming the continuity of a
high-grade zone defined within the Mineral Resource Estimate by
earlier drilling (refer to press release “Gold Bull drills several
shallow high-grade intercepts including 13.7m @ 10.95 g/t Au from
41.1m; Extends North Hill high-grade gold mineralization at
Sandman” dated March 29, 2021). Hole SA-0037 also intersected 1.5 m
(5 ft) at 0.26 g/t Au from 77.7 m (255 ft) and 1.5 m (5 ft) at 0.2
g/t Au from 160 m (525 ft).
Hole SA-0039 was collared 80 m east of the
nearest edge of the current Mineral Resource Estimate to test for
down-dip extensions to the North Hill shallow strata-bound
mineralization. Hole SA-0027, drilled in 2021 beneath the eastern
edge of the Mineral Resource Estimate, had returned three
mineralized intervals: 19.8 m (65 ft) @ 0.6 g/t Au from 4.6 m (15
ft), (including: 6.1 m (20 ft) @ 1.18 g/t Au from 9.1 m (30 ft)),
15.2 m (50 ft) @ 0.39 g/t Au from 30.5 m (100 ft), and 21.3 m (70
ft) @ 0.44 g/t Au from 51.8 m (170 ft), all of which lie within 65
m (213 ft) vertical depth below surface, which is within range of a
possible open pit design. (Refer to press release “Gold Bull
Reports Sandman Drill Holes at North Hill and Silica Ridge
Intersect Gold Mineralization Outside of Current Resource” dated
July 21, 2021.) These intersections, located near the Mineral
Resource Estimate boundary, indicated that the mineralization
remained open to the east and SA-0039 was planned as a significant
step-out. Hole SA-0039 returned 4.6 m (15 ft) at 0.94 g/t Au from
39.6 m (130 ft), confirming that opportunities to discover further
shallow (potential open-pit) extensions to the Mineral Resource
Estimate exist in this sparsely drilled area to the east of North
Hill.
https://www.globenewswire.com/NewsRoom/AttachmentNg/ffcd05db-aaea-4ca5-8beb-454fe099bbd5Figure
1. Sandman location map showing 2021 mineral resources and targets.
Drill holes returned at North Hill for SA-0035 to SA-0039 are
labelled.
https://www.globenewswire.com/NewsRoom/AttachmentNg/ca108363-c2e2-4583-941a-acf5b9ecd6dfFigure
2. Location map of North Hill drill holes showing A-A’ cross
section. Drill hole collars SA-0035 to SA-0039 are shown. Note:
Holes SA-0035 and SA-0036 were included in prior announcement dated
April 19, 2022. Holes SA-0037 to SA-0039 are new results.
https://www.globenewswire.com/NewsRoom/AttachmentNg/7535dc93-4dd1-4555-b06f-2bb5d7000cd6Figure
3. Cross-section of North Hill drill results SA-0035 through to
SA-0039. Gold intersections >0.1 g/t gold are shown in blue and
intersections >0.2g/t gold are shown in red. The results shown
in red are Included In the significant Intersections table below.
Note: Holes SA-0035 and SA-0036 were included in prior announcement
dated April 19, 2022. Holes SA-0037 to SA-0039 are new results.
Abel Knoll
Hole SA-0049 was drilled to test the continuity
of mineralization intersected in resource extension holes SA-0031
(refer to 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) and SA-0050 (refer to press
release “Gold Bull drilling intersects high-grade gold
mineralization at Sandman, up to 13g/t gold (over 1.5m) at Silica
Ridge” dated April 19, 2022). These two holes, located to the east
of the current Mineral Resource Estimate, had intersected several
intervals returning average gold grades above the 0.2 g/t Au
resource cut-off, with SA-0031 returning 89.9 m (295 ft) averaging
0.6 g/t Au from 76.2 m (250 ft) to 166.1 m (545 ft), including
small intervals of internal waste at an average grade of 0.13 g/t
Au. The recent hole SA-0049 returned 56.4 m (185 ft) at 0.2 g/t Au
from 103.6 m (340 ft). The result confirms the continuity of the
mineralized zone east of the Mineral Resource Estimate, which
remains open to the north and south.
Drill Summary Table
The table below provides summary of results for this
announcement with SA-0037 to SA-0039 drilled at North Hill and
SA-0049 drilled at Abel Knoll.
Hole ID |
From (m) |
To (m) |
Width (m) |
From (ft) |
To (ft) |
Width (ft) |
Avg. grade (g/t Au) |
SA-0037 |
42.7 |
74.7 |
32 |
140 |
245 |
105 |
1.31 |
including |
42.7 |
62.5 |
19.8 |
140 |
205 |
65 |
1.56 |
including |
59.4 |
60.9 |
1.5 |
195 |
200 |
5 |
9.34 |
and |
67.1 |
74.7 |
7.6 |
220 |
245 |
25 |
1.4 |
SA-0037 |
77.7 |
79.2 |
1.5 |
255 |
260 |
5 |
0.26 |
SA-0037 |
160 |
161.5 |
1.5 |
525 |
530 |
5 |
0.2 |
SA-0038 |
4.6 |
6.1 |
1.5 |
15 |
20 |
5 |
0.32 |
SA-0038 |
36.6 |
39.6 |
3 |
120 |
130 |
10 |
0.72 |
SA-0038 |
83.8 |
91.4 |
7.6 |
275 |
300 |
25 |
2.35 |
including |
88.4 |
91.4 |
3 |
290 |
300 |
10 |
5.7 |
including |
88.4 |
89.9 |
1.5 |
290 |
295 |
5 |
9.3 |
SA-0039 |
39.6 |
44.2 |
4.6 |
130 |
145 |
15 |
0.94 |
including |
39.6 |
41.1 |
1.5 |
130 |
135 |
5 |
2.24 |
SA-0049 |
76.2 |
77.7 |
1.5 |
250 |
255 |
5 |
0.41 |
SA-0049 |
103.6 |
160 |
56.4 |
340 |
525 |
185 |
0.2 |
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 at 0.7g/t gold for 494,000 ounces of gold;
comprising of an Indicated Resource of 18,550kt at 0.73g/t gold for
433kozs of gold plus an Inferred Resource of 3,246kt at 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.
Quality Assurance – Quality Control
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 250 g aliquots, which are fine
pulverized with 90% 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 were also analyzed using a 36 multi-element
geochemical package by 5-acid digestion, followed by Inductively
Coupled Plasma Optical Emission Spectroscopy (ICP-OES) for the 36
elements.
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 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 the 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 include 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.
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