VANCOUVER, British Columbia, Feb. 18, 2022 (GLOBE NEWSWIRE) -- Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to report that the drilling program is progressing as planned at its 100% owned Sandman Project (“Sandman” or the “Project”) located in Humboldt County, Nevada, USA. Assays from the initial batch of samples submitted to the laboratory are anticipated to be received in March.
HIGHLIGHTS & UPDATE:
- Sandman drilling program progressing to plan and is ongoing
- Nine holes completed for 1,722 m (5,648 ft) of a total planned 4,035 m (13,238 ft)
- First batch of assay results expected soon, in March
Gold Bull CEO, Cherie Leeden commented:
The Sandman drilling program is progressing very well on the ground. We eagerly await assay results. In the meantime, the exploration team is working through surface geochemical and geophysical results from the Windmill target area, as well as newly recovered paper records from historic drilling at the Ten Mile prospect. It is nice to see gold hit $1900 in the middle of our drill program.
Background
The current drilling program at Sandman commenced on January 12th and continues according to plan. A total of nine holes have been completed for 1,722 m (5,648 ft) of a total planned 4,035 m (13,238 ft), with one additional hole in progress at the time of writing. Holes have been completed at North Hill, including a scout hole west of the Mineral Resource Estimate, the Midway target area, and at Silica Ridge (Figure 1). The rig will move to Abel Knoll after the next break.
No assay results have been received from the current drilling program. Assays from the first batch of samples submitted to the laboratory are expected around the second week of March, based on prior lab performance.
Figure 1 Sandman project location plan, with Mineral Resource Estimate surface projections and target areas: https://www.globenewswire.com/NewsRoom/AttachmentNg/cfc4fc03-d761-4baf-97a5-dc0eabf65e53
Next Steps
- Drilling commenced at Sandman on January 12, 2022 and is expected to continue until the end of March. Samples are being submitted to the lab in small batches, which will result in assays being provided to us over several weeks.
- A small drilling program at the Big Balds project may follow Sandman, depending upon ground conditions and weather
- Laboratory assay results from lag geochemical samples collected in the Windmill target area have been received and are being integrated with the CSAMT results to generate new drill targets
- 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.
- Paper records from historic drilling at the Ten Mile deposit have been recovered and are being digitized to enable modeling of the mineralized intercepts, which is expected to lead to planning of a follow-up/confirmation drilling program. The Ten Mile underground workings contain high grade gold mineralization (refer to press release “High grade gold (up to 37g/t) assayed from Sandman rock chip samples” dated March 16, 2021)
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.
Appointment of Corporate Secretary
The Company also announces that Ms. Jennifer Hanson has been appointed to the role of Corporate Secretary. Mr. Gavin Cooper will step down as Corporate Secretary but will remain as Chief Financial Officer.
Ms. Hanson has over 20 years of corporate finance, accounting and regulatory experience in several industries. She currently is Corporate Secretary for several Canadian-listed public companies.
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.
