VANCOUVER, British Columbia, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to announce that preliminary results have been received for part of the recent ground geophysical survey, Controlled Source Audio Magnetotellurics survey (CSAMT) covering the new Windmill target area within its 100% owned Sandman Project (“Sandman” or the “Project”) located in Humboldt County, Nevada, USA.
HIGHLIGHTS & UPDATE:
- New high priority drill target defined at the Windmill Prospect
- CSAMT survey results and existing airborne magnetic and ground gravity data define an east-west structural corridor where hydrothermally altered and mineralized rocks have been observed in surface rock float and outcrop on the surface
- The western end of the interpreted structure corresponds to a mineralized dyke which transects and extends from the Silica Ridge Mineral Resource Estimate
- Geochemical lag sampling within this area is underway and assays received from reconnaissance samples define precious metal and pathfinder element anomalies
- Drill program planned to commence January 2022, including holes at the new Windmill target
Gold Bull Vice President - Exploration, David Johnson commented:
These results appear highly encouraging given the surface mineralization and alteration that we are seeing, which coincides with this significant geophysical anomaly. This target will be one to watch in our upcoming drill program that is anticipated to commence in mid-January.
Background
Preliminary two-dimensional resistivity models have been received from DIAS Geophysical for part of the Controlled Source Audio Magnetotelluric (CSAMT) survey read over the Windmill target (Figure 1) east of the Silica Ridge deposit. Further results from surveys read in the North Hill and Abel Knoll areas, together with models for the east-west lines at Windmill, are pending. The CSAMT method exploits scattering of EM waves by electrical contrasts in the Earth to image geologic structures and mineralogical variations in rocks in the subsurface, including those caused by hydrothermal alteration.
The Windmill target is a 2.8km east-west trending zone on the margin of a Tertiary basin that is intruded by mafic dykes evident in airborne magnetic data (Figure 2). One of the east-west striking dykes within the Silica Ridge deposit at the western end of the target zone is strongly mineralized (Figure 2). The Windmill zone contains hydrothermally altered and mineralized float and outcrop. A major structure is evident in the new CSAMT models (Figure 3 and Figure 4), as a set of east-west aligned resistive zones (interpreted hydrothermal alteration and igneous intrusions) and disruptions to the generally shallowly dipping Tertiary volcanic and sedimentary layers. Two drill holes have been designed to test steeply dipping electrically resistive zones that lie on this structure that are interpreted to be caused by adularia alteration in breccia zones that may host gold mineralization. The western hole, closest to the Silica Ridge deposit, is located near a reconnaissance lag geochemical sample that returned anomalous precious metal and pathfinder element assays. This geochemical survey is being extended and infilled, with further results expected in January.
Figure 1 Location of CSAMT survey lines covering the Windmill target to the east of the Silica Ridge deposit. --
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Next steps
Two-dimensional resistivity models recovered form the east-west CSAMT lines at Windmill, results from the North Hill and Abel Knoll surveys remain pending.
The east-west CSAMT lines at Windmill traverse several NNW striking dykes, parallel to the northerly trend of the Silica Ridge mineralized structure, Gold Bull will be targeting intersections of the structures intruded by these dykes with the east-west Windmill structure. The lag geochemical sampling program is currently being extended and infilled to support the analysis of the geophysical data. The first batch of samples has been submitted for assay.
The CSAMT lines at North Hill cover an area where historic drilling and one hole (SA-0029) drilled by Gold Bull in 2021 intersected anomalous gold in a conglomerate near the base of the Tertiary sequence. The CSAMT survey was read to identify a structure likely to form the conduit for hydrothermal fluids that deposited this strata-bound mineralization.
The CSAMT lines at Abel Knoll are designed to identify structures associated with the strata-bound mineralization intersected by hole SA-0031, which returned 90 m (295 ft) at 0.6 g/t Au from 76.2 m (refer to press release “Gold Bull Reports Significant New Gold Mineralization Outside of Current Resource at Sandman Including: 90m at 0.6 g/t Au” dated July 28, 2021). This survey will also provide useful orientation of the CSAMT method over the mineralized diatreme breccia pipe at Abel Knoll to use for high grade diatreme targeting.
High priority targets arising from this work will be tested by the drilling program planned for Q1 2022. More details of the upcoming drill program will be announced prior to its commencement in January 2022.
Figure 2 Plan view of helicopter magnetic reduced to pole image showing the location of the east-west mineral bearing fault along strike of mineralised dyke at the Silica Ridge deposit. Northwesterly striking dyke structures also highlighted intersecting the east-west mineral bearing structure. --
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Figure 3 Oblique 3D view (looking toward SW) of 2D resistivity models recovered from the CSAMT data, with the location of the interpreted east-west striking structure and the Silica Ridge deposit. Initial planned drill holes designed to test interpreted zones of alteration are shown. --
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Figure 4 Westward view of 2D resistivity models recovered from the CSAMT data looking along the E-W structure from Silica Ridge deposit towards the newly identified Windmill target. --
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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.
Private Placement –Further Details
Further to the Company’s news release of November 22, 2021 and the closing of its private placement for gross proceeds of $6,140,500, the Company wishes to confirm the insider participation in such financing. Two directors of the Company subscribed in the aggregate for 600,000 units of the Company for gross proceeds to the Company of $120,000. The participation of such directors is considered a related party transaction under MI 61-101. The participation is exempt from formal valuation requirements under subsection 5.5(b) of MI 61-101 because the Company’s shares trade on the TSXV. Further, the participation is exempt from the minority shareholder approval requirements under subsection 5.7(1)(b) of MI 61-101 because the participation of each of the directors is under the $2.5M threshold for the exemption.
The Company also confirms that of the 688,800 finder warrants issued and $140,760 cash commissions paid as compensation in connection with the private placement, such fees were paid to dealer firms as follows: Haywood Securities Inc. (489,000 finder warrants and $97,800); PI Financial Corp. (36,000 finder warrants and $7,200); Canaccord Genuity Corp. (118,800 finder warrants and $23,160); Red Cloud Securities Inc. (39,000 finder warrants and $11,400) and Richardson Wealth Limited (6,000 finder warrants and $1,200).
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.
