VANCOUVER, British Columbia, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to report that lag geochemical sampling of the Windmill target area has defined a strong anomaly at its 100% owned Sandman Project (“Sandman” or the “Project”) located in Humboldt County, Nevada, USA.
HIGHLIGHTS & UPDATE:
- Lag geochemical sampling of the surface, in Windmill area has defined a new gold anomaly with up to 1.58 ppm Au at surface, which has been named the “Silica Valley” target
- The anomaly covers a significant surface area of 1 km (0.6 mile) long by 600 m (0.4 mile) wide, and is centered about 500m (0.3 mile) east of the Silica Ridge Mineral Resource Estimate
- Intersections of structures have been interpreted from geophysical data within the Silica Valley target
- 300 m (984 ft) deep drill hole has been planned to test the target as part of the drill program currently underway
- Drilling is ongoing – first batch of drilling assay results anticipated in March
Gold Bull CEO, Cherie Leeden commented:
Geochemical lag sampling is proving a low-cost effective tool at ‘seeing’ underneath the sand cover at Sandman. Lag sampling is a non-invasive Australian sampling method that is like collecting a soil sample, however it essentially samples rock fragments instead. Our geology team uses layers of data, such as lag sampling generated geochemistry and geophysical results to define robust new drill targets in the pursuit of discoveries undercover. To receive multiple surface samples of over 1g/t gold in the same vicinity of our geophysical anomaly is very encouraging and we consider worthy of a few drill holes.
Background
Assay results have been received from a program of lag geochemical sampling covering the Windmill target area, which extends from the Silica Ridge deposit eastwards for about 4 km (2.5 miles). The lag geochemical data define a gold and pathfinder element anomaly about 1 km (0.6 mile) long and 600 m (0.4 mile) wide, centered about 500m (0.3 mile) east of the Silica Ridge deposit, with up to 1.58 ppm Au (Figure 1). The new target has been named “Silica Valley”.
A NW-trending structure intruded by a mafic dyke underlies the middle of the Silica Valley target. This structure intersects an E-W structure interpreted from CSAMT and airborne magnetic data that influences gold mineralization within the Silica Ridge Mineral Resource Estimate (refer to press release “Gold Bull’s Recent Ground Geophysics Defines New Drill Target (Windmill) at Sandman” dated December 7, 2021). A second NE-trending structure within the Silica Valley target has recently been interpreted from geophysical data. Intersections of faults create enhanced rock porosity and are important controls on the location of gold mineralization at Sandman. A 300 m (984 ft) drill hole testing the southern fault intersection has been planned for the program currently in progress.
A second, more subtle geochemical anomaly was also defined by the Windmill lag sampling program about 1.7 km (1 mile) east of the Silica Valley target. These results are currently being assessed in conjunction with the CSAMT data.
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 material gathered within a 20 m radius of the sample location to remove 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.
Next Steps
- Drilling commenced at Sandman on January 12, 2022 and is expected to continue until late March/early April. Samples are being submitted to the lab in small batches, with initial lab results anticipated in March 2022.
- A small drilling program at the Big Balds project may follow Sandman, depending upon ground access conditions and weather.
- Analysis of the CSAMT results from Windmill and Abel Knoll continues.
- A lag geochemical sampling program has been completed over the northern part of the Midway target area, together with extensions to the Windmill sampling. Assay results are awaited.
About Sandman
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.
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 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.
Cherie Leeden
President and CEO, Gold Bull Resources Corp.
For further information regarding Gold Bull Resources Corp., please visit our website at www.goldbull.ca or email admin@goldbull.ca.
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.
Figures accompanying this announcement are available at:
Figure 1 - https://www.globenewswire.com/NewsRoom/AttachmentNg/6bd803c3-8590-427c-93a5-c63f1a644ebe
Figure 2 - https://www.globenewswire.com/NewsRoom/AttachmentNg/86c0fe90-35b1-4b97-be39-060dd4ca0140
