Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to report an update on its ongoing mine economic studies and exploration program at its 100% owned Sandman Project (“Sandman” or the “Sandman Project”) located in Humboldt County, Nevada, USA.

  • Optimized Sandman Preliminary Economic Assessment (PEA) underway targeting >35,000 ounces of gold per annum operation over 10 year mine life.
  • Exploration work program revealed at Sandman focused on new Sleeper style discoveries via low-cost exploration.
  • Merger and Acquisition (M&A) discussions and due diligence ongoing.

Further Optimized Scoping Study – Focused on the Existing Gold Resources

Engineering work is underway via an optimized PEA also referred to as a Scoping Study (“Study“). The new Study is focused on extracting the entire gold resource at Sandman. On October 27th 2022, the Company released details of a PEA which focused on an accelerated mine scenario via only extracting the gold resources located above the water table over five years. This prior PEA excluded approximately half of the known gold ounces, which are located below the water table. The updated PEA in progress will analyze the economics of the entire resource and is focused on a ten year mine life to produce circa 35,000 ounces of gold per annum. The optimized PEA is expected to be received in early Q2 2023.

Gold Bull CEO, Cherie Leeden commented:

Our Phase 1 PEA illustrated that Sandman represents a low-cost near term mine scenario in the tier 1 mining jurisdiction of Nevada. Our Phase 1 PEA only examined the oxide gold located above the water table, to investigate what an accelerated small-scale development scenario could deliver. Now we are analyzing the life of mine study, including the other half of the gold resource lying below the water table. I expect this will positively change the proposed initial operation economics, taking it from an initial 5 year mine life to a 10 year mine life, based on our existing gold resources, several of which remain open.

In addition to our current gold resource, is the immense exploration potential of this world class gold district which remains severely under explored especially given the prolific gold endowment located along the Sandman-Sleeper trend. Our team is working up some very exciting new exploration targets for testing.

2023 Exploration Program – Targeting New Multi-Million-Ounce Gold Discoveries

The exploration field program for 2023 will include low-cost technical field studies used by major gold mining companies (such as Newmont, Barrick, Newcrest) to test for a new gold discovery at the Sandman Project. 

In 2022, the Gold Bull geology team were focused on “Brownfields” drilling within and close to previously identified gold resources.  In 2023, the geology team will focus its exploration program in search of a new “Greenfields” gold discovery within the large Sandman land package, which is already fully permitted under the existing Plan of Operation (refer to Figure 1).  Gold Bull will apply cost effective spectral mineralogy analysis to search for a mineral called “buddingtonite”, which is considered a close proximity indicator of the Sleeper high grade gold vein and other high grade Nevada gold deposits.  This approach has not previously been applied at Sandman however comes recommended via, Technical Advisor, John Wood who discovered the Sleeper deposit.  Figures 1 and 3 shows the target areas along the Sandman Northwest and North Trend in search of a new deposit discovery. 

Figure 1.
Sandman gold bearing Northwest and North Trends depicted over a processed gravity image defining these trends. Existing gold resources are shown in red, and fully permitted Plan of Operations boundary in black.

Figure 1 is a processed gravity image indicating the basin boundaries relative to Sandman deposits and the Northwest and North structural trends to be tested for a new deposit discovery.   Understanding the basin morphology is important as they indicate areas of sag basin tectonism and potential gold bearing structures in which the basins have formed.  The Northwest and North Trends are both gold bearing corridors on the Sandman property hosting the North Hill and Silica Ridge deposits and Southeast pediment and Abel Knoll deposits.  Very little exploration has been conducted historically along these trends.

Field studies shall include evaluation of the prior reverse circulation drill chips and drill core as well as outcrops on the Sandman Project. Of particular focus shall be the identification of buddingtonite and other mineralogy using the spectral technology. Buddingtonite has been identified in outcropping altered basaltic andesite at the Abel Knoll deposit however evades detection using multi element chemistry conducted on routine gold analysis.  The methodology is proposed to find buddingtonite spectral signatures as a ‘near-to’ indicator of gold on the Sandman Project.

Figure 2. Regional location map of the Sandman Property, Nevada, USA relative to nearby town Winnemucca and other surrounding significant gold projects, active and historical.

The former Sleeper gold mine is located 25km north of Sandman’s northern claim boundary.

Another exploration tool which proved successful at Silica Ridge is lag sampling (refer to announcement February 28, 2022 titled Gold Bull surface sampling defines new drill target at Sandman), this method will now be targeted in search of another Abel Knoll high grade diatreme breccia deposit which returned a drill intersection of 144.8m @ 1.67g/t Au from 65.5m (refer to announcement March 21, 2021 titled Gold Bull intersects 144.8m @ 1.67 g/t gold, including 6.1m @ 10.75g/t gold in maiden drill hole at Sandman).  This technique shall be applied around the Abel Knoll breccia area which has had no prior exploration outside the drilled breccia i.e., no prior step out scout drilling.  A prior CSAMT geophysical survey did not penetrate surrounding lithologies sufficiently to delineate additional drill targets and the area remains undrilled.  Nearology (proximity to other known fertile breccias) is also a consideration to find another nearby gold mineralized breccia.  No systematic exploration has previously been conducted around the Abel Knoll deposit which is one of the highest-grade gold deposits at the Sandman property and the Company believes an opportunity exists to discover more mineralized breccia given other similar deposits exist within the region.

Figure 3. Northwest exploration target trend (white broken lines) depicted over processed gravity data, illustrating the significant extent of the under explored (barely drilled) structural corridor away from the defined deposits.

Figure 3 depicts a processed gravity image (residual bouguer gravity total horizontal distance processing) which highlights the Northwest Trend in which the North Hill and Silica Ridge deposits are located, the target polygon to the west in which Adularia Hill is located, may form a western basin graben along a tectonic trend, which is largely untested by drilling, and not previously targeted.  Further detailed assessments are required for this part of the Northwest Trend at the Sandman property to discover another gold deposit at Sandman.

There is limited drilling along the North-West and North Trends at Sandman (referred to as the Northwest Exploration Target Trend). These trends are mineralized with existing deposits and align to the regional Nevada trend which aligns Sandman with the Sleeper Deposit to the north. This area boasts geophysical and geochemical anomalies that require more detailed assessment and follow up field exploration testing and drilling.

Further evaluation of the historical Sandman surface hyperspectral data will also be conducted and compared to the surface spectral technology field results in search of an additional deposit targeting volcanic hosted structural deposits similar to North Hill and Silica Ridge as well as the Abel Knoll diatreme breccia.

The Sleeper-Sandman corridor is a highly endowed and underexplored terrain given the Sleeper Mine mined <2 million ounces of gold (plus 2.3 million ounces of silver) and had an approximate Measured and Indicated Mineral Resource of 3 million gold equivalent ounces. The mine is located 25 kilometers north of Sandman’s North Hill deposit along the same Nevada gold trend.  The Sleeper deposit measures 500m by 2km in strike length and was one of the highest-grade gold deposits mined in Nevada at 0.48opt (15g/t) gold and more lower grade ore remains unmined at depth.  The deposit was obscure to discover as it was partially covered by alluvium to the west and was not all outcropping.  This highly prospective corridor has been massively underexplored and under drilled given the prolific known gold mineralization at or near surface in the district.

It should be noted, it took Sleeper thirty-four (34) step out drill holes to discover the high grade gold vein system with the discovery hole returning 102m of silicified breccia that averaged 28 g/t gold and 62 g/t silver. A very persistent exploration methodology was applied by our, Technical Advisor, John Wood to discover the high-grade deposit which was surrounded by lower grade disseminated gold.  The Sleeper anomaly had an initial surface geochemical expression 50-300m wide and 1,000m long, surface samples ran 0.2g/t gold and mineralization remains below the historical pit.  A similar narrow surface expression also exists at the Sandman Southeast Pediment deposit and therefore it is considered possible to discovery an additional deposit outside the existing Sandman orebodies.

There remains further opportunity to discover more high-grade ounces along the same north-south trend within the Sandman property. 

M&A Activity update

The Company has executed numerous active Confidentiality Agreements concerning potential win-win mergers and/or acquisitions. The current focus is on undervalued gold properties located in Nevada, USA.   


In December 2020, Gold Bull purchased the Sandman Project from Newmont. Gold mineralization was first discovered at Sandman in 1987 by Kennecott and the Sandman 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.


The technical information in this news release has been reviewed and approved by Mr. Jerod Eastman, a Qualified Person under National Instrument 43-101. Mr. Eastman is a Registered Member (#00885850) of the Society for Mining, Metallurgy and Exploration, Inc. and is completely independent of Gold Bull Resources Corp. The information in this news release that relates to mining and cost estimation is based on, and fairly reflects, information compiled by Mr. Eastman.


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 2022 43-101 Resource Estimate. Sandman is located circa 25 km south of the Sleeper Mine and boasts excellent large-scale exploration potential.

Gold Bull is driven by its core values and purpose which includes a commitment to safety, communication & transparency, environmental responsibility, community, and integrity.

Cherie Leeden
President and CEO, Gold Bull Resources Corp.

For further information regarding Gold Bull Resources Corp., please visit our website at or email or phone 778.899.3050.

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 planned activities at the Sandman Project; the timing and costs of future activities on the Company’s properties; maintaining 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.