Gold Bull Reports Significant New Gold Mineralization Outside of Current Resource at Sandman Including: 90m at 0.6 g/t Au
VANCOUVER, British Columbia, July 28, 2021 (GLOBE NEWSWIRE) — Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to report new assay results from a resource extension drill hole at the Abel Knoll Prospect within its 100% owned Sandman Project (“Sandman” or the “Project”) located in Humboldt County, Nevada, USA. Hole SA-0031, drilled outside the Abel Knoll resource has intersected gold (Au) mineralization that is currently open in multiple directions. These drill results indicate potential to expand the resource and follow-up holes are planned for later in 2021. The Company recently commenced a Phase 2 5000m Reverse Circulation (RC) drill program of which 2126 m (6975 ft) for 12 holes has been completed.
HIGHLIGHTS & UPDATE:
- SA-0031 intersected 90 m (295 ft) at 0.6 g/t Au mineralized interval from 76.2 m which included
- 53.3 m @ 0.81 g/t Au from 111.3 m including:
- 3 m @ 1.59 g/t Au from 118.9 m and
- 4.6 m @ 4.80 g/t Au from 150.9 m, which included 1.5 m @ 12.4 g/t Au from 150.9 m
- 6.1 m @ 0.98 g/t Au from 76.2 m
- 4.6m @ 1.97 g/t Au from 99.1 m
- 53.3 m @ 0.81 g/t Au from 111.3 m including:
- The gold mineralization remains open in multiple directions
- Previously (March 21, 2021) announced 2021 results at Abel Knoll (SA-0001) included 144.8m at 1.67g/t Au from 65.5m including 6.1m at 10.75 g/t Au from 143.25 m
- More laboratory assay results expected in the coming weeks
Gold Bull CEO, Cherie Leeden commented:
Abel Knoll comprises both diatreme breccia hosted mineralization, which we drilled earlier this year with hole SA-0001, and strata-bound mineralization within the Tertiary and basement Triassic rocks. The results from SA-0031 are exciting because they demonstrate that the strata-bound mineralization is open to the south and occurs over significant widths, with potential for more high-grade gold. We drilled two additional holes closer to the existing Mineral Resource Estimate and eagerly await assay results. Results such as this hole, located outside the known resource provide confidence that our Sandman Resource has room to grow!
The recently complete Phase 2 drill program at Sandman comprised both exploration and resource extension holes. Results from SA-0031 indicate that the Abel Knoll deposit remains open to the south east. Assays from holes SA-0032 and SA-0033 in the same area are pending.
There are two styles of gold mineralization at Abel Knoll: (a) western area is hosted in and around a small diatreme breccia body, possibly related to mafic magmatism; and (b) an area to the east-northeast of the diatreme where mineralization appears to be related to altered basalt, and generally extends parallel to the strike of Tertiary rocks. The Company drilled hole SA-0001 in March 2021 (refer to press release “Gold Bull intersects 144.8m at 1.67g/t gold, including 6.1m at 10.75g/t gold in maiden drill hole at Sandman” dated March 21, 2021) to provide improved definition of the mineralization hosted by the diatreme breccia. Hole SA-0031 was designed to test the second, strata-bound type of mineralization at the southern margin of the Mineral Resource Estimate.
Hole SA-0031 intersected 12.2 m (40 ft) @ 0.25 g/t Au from 42.7 m (140 ft) to 54.9 m (180 ft) hosted in quartz-adularia and argillic altered Tertiary basalt, 6.1 m (20 ft) @ 0.98 g/t Au from 76.2 m (250 ft) to 82.3 m (270 ft) hosted in quartz-adularia altered Tertiary felsic tuff, 6.1 m (20 ft) @ 0.32 g/t Au from 99.1 m (325 ft) to 105.2 m (345 ft) at the contact between Tertiary felsic tuff and Triassic quartzite, and 53.3 m (175 ft) @ 0.81 g/t Au from 111.3 m (365) to 164.6 m (540 ft) hosted by a Triassic metasedimentary sequence mainly comprising quartzite and phyllite (Figure 1 and Figure 2). This lower intersection included 3 m (10 ft) @ 1.59 g/t Au from 118.9 m (390) to 121.9 m (400 ft) and 4.6 m (15 ft) @ 4.8 g/t Au from 150.9 m (495 ft) to 155.4 m (510 ft) within a transition between quartzite, phyllite and limestone. This latter interval included a single 1.5 m (5 ft) sample returning 12.4 g/t Au from 150.9 m (495 ft).
The entire 89.9 m (295 ft) down-hole interval from 76.2 m (250 ft) to 166.1 m (545 ft) is mineralized, averaging 0.6 g/t Au, with sub-grade intervals between the significant intercepts quoted above returning an average grade of 0.13 g/t Au. This is evidence of a strong, consistent mineralizing system, depositing gold in non-receptive lithologies such as phyllite, and provides encouragement that significant extensions of the Abel Knoll deposit may be located by further drilling to the south.
Figure 1 Abel Knoll cross section showing hole SA-0031, as well as SA-0033, for which assays are pending
Figure 2 Abel Knoll drill status plan, showing line of section from Figure 1
|Gold ppm (Au g/t)|
|SA-0031||42.7||54.9||12.2||140||180||40||0.25 (using 0.2 g/t Au cut-off)|
|SA-0031||76.2||82.3||6.1||250||270||20||0.98 (using 0.2 g/t Au cut-off)|
|SA-0031||99.1||105.2||6.1||325||345||20||0.32 (using 0.2 g/t Au cut-off)|
|SA-0031||111.3||164.6||53.3||365||540||175||0.81 (using 0.2 g/t cut-off and including up to 4.6 m or 15 ft of internal dilution)|
|including||118.9||121.9||3.0||390||400||10||1.59 (using 0.8 g/t cut-off)|
|and||150.9||155.4||4.6||495||510||15||4.80 (using 0.75 g/t cut-off)|
Table 1 Significant intersections in hole SA-0031
|SA-0031||179.8||420,572||4,537,648||1370.4||NAD83 UTM Zone 11N||354.1||-70.5|
Table 2 Drill hole collar surveys
Figure 3 Project location plan
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.
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
Drilling was completed using Reverse Circulation (RC) drilling utilizing double wall drill pipe, interchange hammer and 4¾ inch hammer bits to drill and sample the rock formation. Samples were taken over 5 foot intervals (1.52m) and were collected after separation of the sample using a rotary splitter situated at the base of the cyclone. A small portion of the rock chips for each 5 foot interval was placed into chip trays for record keeping and geological logging. The samples bagged at the rig were taken to American Assay Laboratories in Sparks NV by a Company employee. The Company inserts quality control (QC) samples at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The QAQC program is overseen by the Company’s Qualified Person, Cherie Leeden, Chief Executive Officer.
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 85% passing -10 mesh, then riffle split to 1 kg aliquots, which are fine pulverized with 90% passing -150mesh. Analysis for gold is by 50 g fire assay lead collection with Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES) finish with a lower limit of 0.003 ppm. Samples with gold assays above 10 ppm are re-analyzed using a 50 g fire assay fusion with gravimetric finish, which has a lower detection limit of 0.1029 ppm. Ten foot composite samples were also analyzed using a 35 multi-element (plus Se and Hg) geochemical package by 5-acid digestion, followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass Spectroscopy (ICP-MS).
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.
President and CEO, Gold Bull Resources Corp.
Cautionary Note Regarding Forward-Looking Statements
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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.