Sandman Scoping Study points to near-term production potential

Exceptional IRR & NPV

from Scoping Study project economics

494,000 oz gold resource

that remains open in multiple directions

  • Indicated Resource of 18,550 kt @ 0.73 g/t gold for 433k ounces Au
  • Inferred Resource of 3,246 kt @ 0.58 g/t gold for 61k ounces Au

Significant exploration upside potential

with extensive (117km² / 45 mi²) consolidated land package

Located on renowned gold trend in #1 mining jurisdiction in the world

~23km from Sleeper Mine that produced 1.7M oz Au @ 7 g/t average head grade (1986-1996)

Fully permited under a comprehensive Plan of Operation

(500 acres) of surface disturbance under a comprehensive Plan of Operation (Exploration)

Sandman Momentum


Resource Expansion


Grew resource by 60% to 494,000 oz Au



33 holes for 5,805 m



24 holes for 4,954 m


Determine economic parameters of near
term production scenario


Phase 1 PEA / Scoping Study (focused only on 50% of the current gold resource, above the water table only)


Enhance economic parameters of near term production scenario


Phase 2 PEA / Scoping Study


New ‘Sleeper Style’ target generation regionally


Commence Sandman Feasibility Study

Scoping Study Near-term Product Potential

81% IRR


1.3 yr payback

period (post-tax)*

$121M USD

NPV@6% (post-tax)*

PEA used 75% metallurgical recovery

9 year mine life

35k-40k oz gold per annum

produced from conventional heap leach

2.2 Mtpa production rate

for an initial 9-year operation

0.73 g/t gold average grade

(majority oxide)

2.2:1 low strip ratio

* At USD1,800/oz gold price
** Phase 1 initial pre-production capital US$31.5M and Phase 2 capital US$20M paid by Phase 1 mining revenues. Working capital included at US$4.5M.


Property Details

Sandman is located in Townships 36 and 37 North, Ranges 35 and 36 East, Mount Diablo Meridian, Humboldt County, Nevada, USA. The property is situated south of the Slumbering Hills and west of the Tenmile Hills, circa 24 km northwest of the town of Winnemucca, Nevada. The property lies 23 km south of the successful Sleeper gold mine¹ which historically produced 1.7M oz Au with M&I Resources in excess of ~3M oz Au² (Figure 1). Sandman is accessed by driving west from the town of Winnemucca on Jungo Road for 15 km, and then an additional eight km to the north on dirt roads that lie largely within the property boundaries.

Figure 1. General Location map

Figure 2. Sandman Plan of Operations permit boundary showing resource locations.

The Sandman property is located on a checkerboard mix of public and private lands. Gold Bull Resources Corp has extended their land package via a recent staking program completed end of 2020. The property now consists of 833 mineral claims within the 117 km² total land package. Gold Bull Resources has an active Plan of Operations in hand, allowing 500 acres of surface disturbance (Figure 2). The net smelter return production royalty obligations are being transferred from Newmont to Gold Bull to be completed in February 2021.

Significant gold mineralization at Sandman has been identified at Southeast Pediment, Silica Ridge, North Hill, and Abel Knoll deposits (Figures 2 and 3), for which an updated 2021 NI43-101 mineral resources estimate has been completed (see section on Mineral Resource Estimate).

¹ Reference to a nearby property is for information purposes only and there are no assurances that the Sandman property will achieve similar results.

² Paramount Gold, Corporate Presentation September 2020

Gold Bull Drill Program Highlights*

51.8m at 1.12 g/t Au

from 22.9m (Silica Ridge)

90m at 0.60 g/t Au

from 76.2m (Abel Knoll)

144.8m at 1.67g/t Au

from 65.5m (Abel Knoll)
 6.1m at 10.75 g/t Au from 143.3m
 97.5m at 2.23 g/t Au from 96m

13.7m at 19.76 g/t Au

from 41.1m (North Hill)

83.8m at 1.50 g/t Au

from surface (Silica Ridge)
 Incl. 3m @ 14.67 g/t from 1.5m

47.2m at 1.54 g/t Au

from 1.5m (Silica Ridge)
 Incl. 6.1m @ 8.01 g/t from 3m

32m at 1.31 g/t Au

from 42.7m (North Hill)
 Incl. 1.5m @ 9.34g/t Au

*Please see News Release dated August 30, 2022 for more information regarding these intersections



No significant historic mining activities have taken place within the Sandman project limits. Modern exploration of the Sandman project began in 1987 when Kennecott Exploration Company (“Kennecott”) discovered gold in outcrop at North Hill. Kennecott and Santa Fe Pacific Gold Corporation (“Santa Fe”) formed a joint venture and conducted geologic mapping, surface sampling, geophysical surveying, trenching, drilling, and metallurgical testing through 1994. The joint venture drilled 275 reverse-circulation (“RC”) holes and three diamond-drill core (“core”) holes in this period, as well as 4,000 shallow auger holes to sample bedrock beneath the extensive sand cover. A block of claims staked by U.S. Borax was acquired by the joint venture in 1989. U.S. Borax had drilled 37 RC holes within these claims. The work of these companies led to the discoveries and partial definitions of the Southeast Pediment, Silica Ridge, and North Hill gold deposits, as well as the identification of the Adularia Hill, Basalt Hills, Basalt Fields, and Abel Flat exploration target areas (Figure 3).


Kennecott and Santa Fe terminated their joint venture and conveyed their individual holdings at Sandman to Western States Mining (“WSMC”) in 1997. WSMC and NewWest Gold Corporation subsequently conducted extensive exploration of the property, including rock chip and soil sampling, geophysical surveying, trenching, drilling, and metallurgical testing. WSMC also excavated a test pit at Southeast Pediment measuring roughly 60m long by 15m wide by 5m deep. A 1,067-ton bulk sample of relatively high-grade mineralization was mined and shipped to the Twin Creeks mine of Newmont for milling and leaching.


In 2005 NewWest acquired the property from WSMC and employed Mine Development Associates to prepare a 43-101 report. In 2007 Fronteer acquired the Sandman property from NewWest Gold and then in 2008, formed a joint venture with Newmont. In 2011, Newmont acquired Fronteer and initiated Stage 2 studies and reporting, including drilling 364 holes within the Sandman AOI. In addition, Newmont began Stage 3 initial permitting, including waste characterization, aquifer testing, water rights acquisition, and metallurgical studies. The project was put largely on hold by Newmont between 2012 and 2016 due primarily to low gold prices.

Post 2007 Resource Estimate

The property boasts an extensive geological, geochemical and geophysical database with significant drilling and geological advancement post the 2007 resource estimate. The historical databases, in addition to 974 drill holes, includes 4,293 soil samples from 6 surveys, 3,519 rock chip samples from 23 surveys and an abundance of geophysical datasets including one airborne EM survey, three airborne magnetic surveys, one airborne radiometric survey, two CSMAT surveys at Silica Ridge and Southeast Pediment (2011, 2012), one IPRES survey, 576 gravity stations from one survey, and a basin model¹.

¹ Newmont Management Presentation, March 2019

Geology & Mineralization

Sandman lies along the north-northwest-trending eastern margin of the Sleeper or Kings River Rift, which is regionally part of the Central Northern Nevada Rift (NNR). The Sleeper Rift consists of a regional aeromagnetic and gravity linear high that extends from the Idaho border to the Sleeper gold mine (located 23 km N-NW of Sandman; Figure 3), through Sandman, and through the Goldbanks gold deposit (located 48 km S-SE of Sandman). Much of the property area is covered by windblown sand deposits and Late Tertiary to Quaternary basalt. Mapping, exploration drilling, and extensive shallow auger drilling through the sand indicate that most of the sand and basalt in the project area are underlain by a section of Tertiary tuffaceous rocks and andesite, which in turn overlie Late Triassic to early Jurassic metasedimentary clastic and subordinate carbonate rocks.

The Southeast Pediment, Silica Ridge, North Hill, and Abel Knoll Au+Ag mineralization at Sandman are classified as low-sulfidation, quartz-adularia, epithermal deposits. The mineralization is hosted by Tertiary volcanic rocks, primarily in tuffaceous units, andesite porphyry, tuffaceous sedimentary units, and basalt. Northwestern Nevada contains a number of similar middle Miocene Au-Ag deposits that occur in silicic volcanic or subvolcanic rocks, including the Sleeper, Tenmile, National, and Hog Ranch deposits (Conrad et al., 1993). The abundance of adularia and relative paucity of silicification associated with much of the Sandman mineralization compares more closely to the mineralization type at the Round Mountain mine located to the south in Nye County, Nevada.

In general, higher-grade gold mineralization at Sandman can be stratigraphically controlled along contacts between basalt flows, interbedded fluvial conglomerates and tuffaceous rocks (e.g., North Hill Deposit), or structurally controlled as lens-shaped pods, with high-continuity, lower-grade disseminated gold in sediments and volcanics (e.g., Silica Ridge and SE Pediments Deposits). Quartz-adularia alteration dominates the ore zones, whereas propylitic, argillic, and sericitic alteration are associated with the known resource areas more distally.

Figure 3. Sandman project area with underlying geology and main prospects


An updated 2021 mineral resource report for the Sandman project was modeled and estimated in accordance with Canadian Institute of Mining, Metallurgy, and Petroleum (“CIM”) definitions. Gold resources as Southeast Pediment, Silica Ridge, North Hill, and Abel Knoll are summarized in Table 1.


Table 1. Sandman Updated Gold Resource Estimate¹

The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects.

¹ The Mineral Resource Estimate (MRE) was completed by Steven Olsen, an Independent Consultant and qualified person under NI 43-101. MRE was derived from 249 historical surface diamond drill holes and 650 RC drill holes totaling 20,201 m of diamond drilling and 75,573.3 of RC drilling.

An Indicated Resource of 433,000 oz Au plus an Inferred Resource of 60,800 oz Au result in a total Resource of 494,000 oz Au at Sandman from four of the known five deposits. Metallurgical information completed to date from Sandman indicates that different processing methods and operating costs will be required for the oxidized rock compared with the unoxidized rock, or fresh rock. A cut-off grade of 0.15 g/t gold has been applied to the oxide rock which compares with the cut-off grade for unoxidized (fresh) rock of 0.30 g/t gold.



average extracted (recovered) gold

from oxide material with a maximum of 97% extracted gold via Abel Knoll Bottle Roll Leach Test

Upside in extracted silver value identified and not included in current resource estimate

Encouraging for gold oxide recovery with oxide ore extends down to 201m

Results are consistent with prior historical tests completed by Newmont at Silica Ridge and South East Pediment and Kennecott’s test work at North Hill, Silica Ridge and Southeast Pediment

Southeast Pediment yielded 92.5% extracted gold with gravity concentration and 85.8% extracted gold without gravity concentration (historically)


Significant upside given Sandman’s considerable underexplored nature

Gravity image shows significant gold bearing in the Northwest and North-South Trends

Soil gas and spectrometry technology currently being evaluated to explore for new Sleeper style discoveries

Exploration work completed at Sandman to date has resulted in the discovery of four gold deposits and the identification of other target areas that remain to be explored. Sandman provides the potential for near-term production from one or more of the known deposits. There is also excellent potential for the discovery of new precious-metal mineralization beyond the limits of the deposits, as demonstrated by the discovery of the Abel Knoll deposit in 2006.

Gold Bull believes that Sandman is a property of merit that warrants significant additional expenditures. Programs aimed at increasing the size of the Sandman mineral resources and defining new areas of mineralization are justified in a Phase I work program. Drilling at the four deposit areas in 2006 and 2007 concluded with open-ended mineralization in a number of drill holes, and step-out RC drilling in these areas should continue.

Sandman is a large property that is extensively covered by alluvial gravels and wind-blown sand. Four discrete gold deposits have been discovered at Sandman, which proves the existence of multiple hydrothermal systems and suggests that the potential for the discovery of additional deposits is excellent. Geophysical, geochemical, and geological data have led to the identification of a number of quality exploration targets that are not fully explored. The Phase I program recommends first-pass or follow-up drill testing of these targets. Further work aimed at developing new exploration targets is also warranted. Geophysical and geochemical surveys should be completed with the goal of defining new targets. Additionally, scoping-level economic studies should be completed as deposit resources continue to be refined.

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 on this page. Ms. Leeden is the Company’s Chief Executive Officer.

The Mineral Resource Estimate (MRE) for the Sandman Project was completed by Steven Olsen, who is an Independent Consultant and is a qualified person under NI 43-101.

The technical information relating to the Scoping Study was 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 relating to the Scoping Study on this website that relates to mining and cost estimation is based on, and fairly reflects, information compiled by Mr. Eastman.

43-101 Documents

43-101 Technical Report

June 9, 2023

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