Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to announce that initial surface and underground sampling from its 100% owned Ten Mile Prospect in the Sandman Project (“Sandman” or the “Project”) located in Humboldt County, Nevada, USA produced favorable assay results.
HIGHLIGHTS & UPDATE:
- 10 rock chip samples from Ten Mile Project (within Sandman):
- High grade gold of up to 37.6 g/t gold (Au) from just below the surface
- Average grade of 6.22 g/t Au
- Historical drilling in the area has not adequately tested the target
- Historical small scale gold producer that dates to circa 1930’s
- RC Drilling is underway at Sandman
- Initial laboratory results for first drill hole are expected imminently
Gold Bull CEO, Cherie Leeden commented:
Our team investigated the geology beneath the historic mine head frame at Ten Mile and have come up with some sensational high grade gold numbers. I am a big fan of applying new science around circa hundred-year-old head frames because with geophysics it is now possible to explore for gold extensions that the old timers struggled to follow up armed only with a pick and shovel.
Photo 1. Ten Mile historic mine shaft, where Gold Bull took the recent rock samples.
Historical production from Ten Mile was small scale and is thought to have occurred around the1930’s. The historical mining at Ten Mile was restricted to narrow veins as evidenced underground in the stopes that remain open.
The Ten Mile prospect displays an older mesothermal gold vein style that overprints with later quartz-adularia mineralization. Adularia occurs with the main style of mineralization observed across the Miocene age Sandman resource areas. This provides encouragement that the Ten Mile area may represent a larger scale target than the narrow/high grade veins that were historically mined.
The recently collected ten rock chip samples were collected from vein materials in-situ in areas of previous historic mining disturbance. Gold results ranged from 0.132 to 37.6g/t Au grams/ton with 6.22 g/t Au being the average of the ten samples.
Gold Bull is targeting large scale gold systems and believes that Ten Mile warrants additional work. Historical drilling in the Ten Mile area has been inconclusive, partly because veins in underground workings are more complex than earlier mapping and reporting indicates.
Figure 1. Location map of Sandman, including Ten Mile and nearby towns.
|Sample No||Latitude||Longitude||Elevation||Gold Au PPM (g/t)||Silver Ag PPM (g/t)|
Table 1. Laboratory results received for all Ten Mile rock chip samples sent for analysis.
Next Steps at Ten Mile
The Company is acquiring detailed ASTER data to assist with mapping out the alteration minerals. The Geology team is in the process of ranking and prioritising new targets at Sandman, to determine which targets will receive ground geophysics prior to the next round of drilling.
RC drilling is currently ongoing at Sandman, the drill rig is currently active at the Silica Ridge resource.
In December 2020, Gold Bull purchased the Sandman Project from Newmont. 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.
About Gold Bull Resources Corp.
Gold Bull Resources Corp. is a junior mineral exploration company focussed on developing prospective precious metal properties in the USA. Gold Bull’s mission is to grow into a US focussed mid-tier gold development Company. The company’s exploration hub is based in Nevada, USA, a top-tier mineral district that contain 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 objective is to generate stakeholder value and superior investment returns through the discovery and responsible development of mineral resources.
Gold Bull is driven by its core values and purpose which includes a commitment to safety, communication & transparency, environmental responsibility, community, and integrity.
President and CEO, Gold Bull Resources Corp.
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.
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.