Vancouver, B.C., March 21, 2022
Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to report continued good progress for the RC drilling program ongoing at Sandman Project, located near Winnemucca, Nevada USA. Thirteen (13) holes have been completed for 2,700m in the current program and numerous holes show encouraging signs of mineralization. Geologists have observed intense alteration (quartz-adularia) and sulphides over several intersections, in numerous holes, which is known to often be associated with mineralization at Sandman.
HIGHLIGHTS & UPDATE:
- 13 drill holes completed for 2,700m, RC drilling is ongoing.
- Indications of quartz-adularia alteration with pyrite geologically logged in several holes – often associated with mineralization
- Targeting two styles of gold mineralization: narrow high-grade feeders and broad low-grade oxide
- Laboratory assay results pending – with initial drill program assay results expected in the coming weeks
The on-going drill program is intended to grow the existing resource and to find new discoveries within the Sandman concession.
Gold Bull CEO, Cherie Leeden commented:
We are very excited about the potential we are seeing in the RC drill chips and are looking forward to receiving assays back imminently. Unfortunately, due to lab delays in Nevada, assays have been slightly delayed. Despite the delays, drilling and exploration continues, and the technical team is encouraged by Sandman’s progress. We are looking forward to the lab results.
Analytical results have unfortunately been delayed due to significant back logs at the laboratory in Reno. Lab results are now taking 10-12 weeks, up from the previously announced 6-8 weeks which was previously advised by the laboratory.
Assay results for a single hole is anticipated within a week however the bulk of the assays will likely be received commencing next month in April, May and June. The laboratory back log is due to labor shortages in Reno, Nevada. This labor shortage is also reflected in other competing Reno laboratories which currently have similar to longer turnaround times.
The Company is investigating other laboratory partners and rushed services to ensure timely turn-around of drill data.
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.
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.
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.