Gold Bull Commences 5000m Exploration and Resource Extension Drill Program at Sandman Following on From Phase 1 Success
VANCOUVER, June 07, 2021 - Gold Bull Resources Corp. (TSX-V: GBRC) ("Gold Bull" or the "Company") is pleased to report that drilling operations will resume this week at its 100% owned Sandman project, located near Winnemucca, Nevada.
HIGHLIGHTS & UPDATE:
- 3779m Phase 1 RC drill program successfully completed: lab re-assays still in process
- Phase 2 5000m RC drill program will commence this week
- The holes in the next program are split approximately 70:30 between exploration and resource extension drilling
Gold Bull CEO, Cherie Leeden commented:
Our exploration team have developed exciting targets at Sandman. We look forward to drilling more exploration during this 5000m program, as we acquire and analyze new geochemical and geophysical data. The compilation of historic multi-element geochemical data from about 25,000 drill hole samples spread across the project area, never before available as a single digital dataset, is expected to result in more robust exploration targets. This is just the beginning in terms of our exploration program at Sandman targeting virgin undercover targets.
Background
Gold Bull drilled a 3679 m program of reverse circulation (RC) holes at the Sandman Project between February 20 and April 10, 2021. That program was designed to both improve and upgrade mineral resource estimate categories and to test new exploration targets. The same approach will continue in the programs planned for the remainder 2021. The initial program of circa 2500 m of drilling commencing this week will be more heavily weighted towards resource extensions, testing concepts that have arisen from the exploration team's analysis of historic data and the holes drilled earlier this year, The subsequent program of circa 2500 m to be drilled in the Fall will test more exploration targets, using ground geophysical data (CSAMT) acquired over the summer and a large multi-element geochemical drill sample database recovered recently by keypunching thousands of assays from scanned paper records. The paper records pre-date Newmont's involvement in the project. Until now, no explorer on this project has consolidated all this data. Multi-element geochemical data is especially useful in low-sulphidation epithermal gold systems like those existing at Sandman because elements such as arsenic, antimony and mercury are more widely dispersed at detectable levels than precious metals like gold and silver, producing a wider footprint for mineralization. Integrating this data with geological and geophysical data will generate more robust exploration targets at Sandman. The Company is also utilizing portable/handled XRF machines to enable preliminary geochemical analysis in the field during the drill program.
Figure 1. Gold Bull drill hole summary (completed holes in yellow and proposed holes in orange):
https://www.globenewswire.com/NewsRoom/AttachmentNg/49766f6e-b973-42d3-9340-a549e625a845
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.
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.