Vancouver, B.C., April 13, 2022
Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to report that extensions to the lag geochemical sampling program in the Windmill target area and west of the North Hill deposit has defined additional strong anomalies at its 100% owned Sandman Project (“Sandman” or the “Project”) located in Humboldt County, Nevada, USA. The Company intends to increase the current drill program from 4000m to 5000m to test these new targets while the drill rig is onsite. The Company is fully funded to complete this additional drilling.
Highlights & Updates
- Drill program extended from 4000m to 5000m to test new targets
- Strong gold anomaly at surface (up to 2.36 ppm Au) defined south of North Hill in the Midway target area = new drill target
- Lag geochemical sampling program extended from the Silica Valley target area northeast of Silica Ridge deposit
- Broad gold lag geochemical anomaly extends west of North Hill in the Sandbowl target area, where 2021 hole SA-0029 returned 10.7m (35 ft) @ 0.51 g/t Au from 131m (430 ft) in rocks that are not usually mineralized at Sandman
- Gold and pathfinder antimony anomalism on parallel structures intersecting the Windmill Target area indicate that these are possible conduits for mineralizing fluids along a trend
- Drill holes are planned to test Sand Bowl and Windmill Targets in May with results anticipated in June 2022
- Drilling continues onsite – first batch of assay results for announcing due imminently
Gold Bull CEO, Cherie Leeden commented:
Lag geochemical sampling is proving to be an excellent low cost tool for detecting new concealed gold areas which have previously not been explored due to a thin veneer of sand cover obscuring the rocks below. We have several target areas at Sandman which require this lag test work to identify new high priority drill targets with the aim of making new gold discoveries. >1g/t gold at surface is very encouraging and is worthy of drill testing.
The lag geochemical sampling program that defined a strong anomaly at the Silica Valley target (refer to press release “Gold Bull surface sampling defines new drill target at Sandman” dated February 28, 2022) has been extended, resulting in identification of new exploration targets at Sandbowl and Windmill as well as further definition of the Windmill Trend target.
Figure 1. Location map showing new exploration target area Sandbowl and Midway near North Hill as well as Silica Valley and Windmill. Blue Map insert shows location of maps in figure 2 and 3 below.
Sandbowl is a target extending from the western edge of the North Hill deposit into an area covered by sand dunes with limited to no prior drill testing. Hole SA-0029, drilled in June 2021 within the southern edge of this target area, returned 12.2 m (40 ft) @ 0.47 g/t Au from 131.1 m (430 ft) down-hole in the lower fluvial sequence. Gold mineralization in this part of the Tertiary stratigraphy at Sandman is unusual and may indicate proximity to a fluid conduit and potential unknown deposit.
The lag sampling program defined a broad zone of gold (up to 0.108 ppm Au) and pathfinder element anomalism extending west of the North Hill deposit into the area north of hole SA-0029. A hole designed to test an interpreted structure intruded by a mafic dyke is planned and will be drill tested within the next few weeks.
Midway (North) Target
The lag sampling program covered the northern end of the Midway target area, which extends between the North Hill and Silica Ridge deposits. Previous explorers had regarded the southern end of the North Hill deposit as being closed off by sparse historic drilling in this area. However, the lag sampling program defined an anomaly with up to 2.36 ppm Au (sample described as bleached, quartz-adularia altered basalt/andesite). This result demands a review of the historic drilling in this area to determine whether the favorable host units have been adequately tested close to the already defined North Hill Mineral Resource.
The Windmill Target was identified using gravity, helicopter magnetics and CSAMT, which defined intersecting E-W and NNW structures to the south of the historic drilled Windmill drill target. The lag sampling program has defined gold and pathfinder anomalies on two sub-parallel interpreted NNW striking structures that form part of the Windmill Trend Target. A hole has been planned to test one of these structures in the current drill program.
Figure 2. Insert map showing gold anomalism from lag geochemical program with Targets defined at Sandbowl, Midway and Windmill. Best returned lag sample was 2.36ppm gold from Midway area. Previously reported target Silica Valley was further refined with new results.
Figure 3. Insert map showing pathfinder antimony anomalism which defines the Silica Valley, Midway and Windmill target and trend well. Elevated antimony is a common pathfinder element for gold in Nevada.
About lag geochemical sampling
Lag sampling is a technique pioneered by Western Mining Corporation in Australia and has demonstrated effectiveness in arid terrain (refer to Carver, R.N., Chenoweth, L.M., Mazzucchelli, R.H., Oates, C.J., and Robbins, T.W., 1987, “Lag” – a geochemical sampling medium for arid regions: Journal of Geochemical Exploration, v. 28, 1-3, p 183-199). The geochemical sample is collected by screening surficial rock material gathered within a 20-30 m radius of the sample location by removing the fine fraction (mainly aeolian sand), leaving the coarse residual rock fragments. Orientation sampling over the northern end of the Silica Ridge deposit in July 2021 confirmed the effectiveness of this technique for detecting geochemical expressions of covered gold deposits in the Sandman terrain.
- The strong gold anomaly in lag sampling south of North Hill indicates that the mineralizing system may extend beyond the current Mineral Resource Estimate. A review of historic drilling is planned.
- The current drill program will extend into May and will include additional drill holes testing the new Sandbowl and Windmill targets.
- Additional low cost lag sampling is required at Sandbowl to further define the gold anomalism.
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
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 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.