Gold Bull Resources drilling intersects high grade gold mineralization at Sandman, up to 13g/t gold (over 1.5m) at Silica Ridge

HIGHLIGHTS & UPDATE:

• Results from Silica Ridge SA-0045 include
  
  
  • 51.8m (170 ft) at 1.12 g/t Au from 22.9m (75 ft) including
    • 18.3m (60 ft) at 1.98 g/t Au from 38.1m (125 ft) including
      • 1.5m (5 ft) at 13.13 g/t Au from 41.1m (135 ft)
        
• Follow-up deeper drill hole to test the depth extent of the above high grade gold structure/feeder is underway

• 2022 Phase 1 drill program is progressing well with 15.5 holes completed for 3,038m (10,189 ft) and 5.5 holes remaining for 1,962m (6,211 ft)
• Two different gold deposit styles occur at Sandman, the Company is targeting both:
  
  
  • Broad near surface low grade oxide gold (circa 0.5-1g/t Au)
  • Narrow high-grade gold "feeder" mineralization (circa 5-15 g/t Au)
• Final drill results will feed into a Scoping Study to investigate economics of known gold resources

Gold Bull CEO, Cherie Leeden commented:

The significant drill intersection of 52m of 1.12 g/t oxidized ore from 23m below the surface further enhances our confidence in the open pit resource potential at Silica Ridge. The down dip structures being targeted, including the spectacular high-grade interval of 13 grams per ton of gold, over a 1.5 meter mineralized structure, provides confidence in our geological understanding to progress additional targets. The rig is currently drilling a hole testing the depth extent of the high-grade intersection of 13g/t Au.

Background

The 2022 Phase 1 drill program is targeting structures exploring for high-grade gold, beneath existing resources close the basement contact, which has not previously been explored. Preliminary targets have been tested at North Hill, Silica Ridge and Abel Knoll with additional scout holes planned to test new discoveries west of North Hill, at Windmill and between South East Pediment and Abel Knoll.

https://www.globenewswire.com/NewsRoom/AttachmentNg/9e69cc51-0384-4a77-ae4c-f4f4acc5d1e5
Figure 1. Location map showing 2022 Phase 1 drill holes and Sandman deposits North Hill, Silica Ridge, South East Pediment and Abel Knoll and exploration targets Sandbowl, Midway, Windmill, Silica Valley and Ten Mile. Map insert refers location of figure 2 plan.

Silica Ridge drill hole SA-0045

Drill holes at Silica Ridge are targeting structures striking east-west and north south and have been modelled using higher grade ore shoots within the existing grade model and projected to depth towards basement rocks. The east-west fault is further defined by a dyke which extends eastward to the Windmill target area.

Figure 2 is a surface map corresponding to the cross section provided in Figure 3.

https://www.globenewswire.com/NewsRoom/AttachmentNg/46c50a33-37a0-4437-94e6-af6679c4e9e6
Figure 2. Silica Ridge map showing Mineral Resource outline, surface geology and Phase 1 drill holes SA-0043 and SA-0045 and SA-0052 currently in progress.

Drill hole SA-0045 returned the most consistent mineralized intersection, with 51.8m (170 ft) at 1.12 g/t Au from 22.9m (75 ft) including a high-grade intersection of 1.5m (5 ft) at 13.13 g/t Au from 41.1m (135 ft). The hole intersected silicified tuff and quartz-adularia altered iron oxidized sandstone, conglomerate, and tuff. The gold mineralization is associated with the targeted structures.

• 51.8m (170 ft) at 1.12 g/t Au from 22.9m (75 ft) (5 of 34 samples <0.2 g/t included) including
  • 6.1m (20 ft) at 1.41 g/t Au from 22.9m (75 ft) including
    • 3m (10 ft) at 2.28 g/t Au from 25.9m (85 ft)
• 18.3m (60 ft) at 1.98 g/t Au from 38.1m (125 ft) including
  • 1.5m (5 ft) at 13.13 g/t Au from 41.1m (135 ft)

• 1.5m (5 ft) at 1.78 g/t Au from 57.9m (190 ft)
• 13.7m (45 ft) at 0.86 g/t Au from 61m (200 ft) including
  • 7.6m (25 ft) at 1.25 g/t Au from 65.5m (73.2 ft)

https://www.globenewswire.com/NewsRoom/AttachmentNg/4f811652-4b7a-455b-a332-498f4b408617
Figure 3. Silica Ridge cross section showing holes SA-0043, SA-0045 and SA-0052 currently in progress.

Hole SA-0043 targeted the same structure as SA-0045, however the hole encountered difficult drilling conditions and drooped beneath its planned trajectory. Hole SA-0045 tested the structure, but the intersection point was well above the Tertiary unconformity targeted. The presence of gold mineralization within the target structure at higher elevations is encouraging. Hole SA-0052 will continue with a new drill rig in the next few days, which we intend to push to the planned target depth of 250m (820 ft). Despite appearing very close together in Figure 2, the current hole is located approximately 60-70m from hole SA-0045.

North Hill

Preliminary results have been received for some of the North Hill holes drilled recently and further analysis is underway. Intervals of pervasive mineralization have been intersected and will be modeled in 3D to be used as vectors in additional drilling.

Drill hole SA-0035 at North Hill was planned to intersect an interpreted mineralizing fluid feeder structure close to the Tertiary unconformity. The presence of such a structure was predicted from the Mineral Resource Estimate 3D gold grade model, which contains several linear high-grade zones interpreted to arise from intersections of high-angle faults carrying mineralizing fluids with favorable host units. The interpreted structure was projected down to the Tertiary unconformity using an assumed angle of dip. Drill hole SA-0035 intersected a zone returning 32 m (105 ft) at 0.16 g/t Au from 129.5 m (425 ft) (using 0.1 g/t Au external cut-off and no internal cut-off), spanning the unconformity between the basal Tertiary fluvial sequence and the underlying Triassic phyllite. Although this zone is not the bonanza grade vein originally targeted, it possibly represents lateral migration of mineralizing fluids within the porous Tertiary conglomerate from a nearby feeder structure cutting the unconformity - i.e., a near-miss of the target. The mineralized zone is unusual; the basal conglomerate is mineralized in only a few instances at Sandman.

Drill hole SA-0035 also intersected 13.7 m (45 ft) at 0.98 g/t Au from 42.7 m (140 ft) (with 10 ft of internal waste <0.2 g/t Au), including 1.5 m (5 ft) at 5.1 g/t Au from 50.3 m (165 ft) within the North Hill Mineral Resource estimate. Several narrow (1.5 to 3 m wide) zones of mineralization were also intersected.

Abel Knoll

Step out drilling at Abel Knoll intersected mineralization in SA-0050 along the targeted northeastern structure giving indication the resource extends eastward, broad anomalous gold was returned. Mineralization remains open to the east, north and below the existing mineral resource at Abel Knoll and further studies are required to understand the potential total tonnage and grade that could be yielded from this deposit.

Drill Summary Tables

Tables 1 to 4, provided in the Appendix are summaries of the drilling completed in 2022. Table 1 provides summary of the drill holes planned, drilled and those remaining. Table 2 provides tracking summary of those holes drilled, their depth and assay tracking. Table 3 provides summary of the drill hole collar information for those holes drilled. Table 4 provides summary of mineralized intersections for analyses received to date for the drill program.

Next Steps

Drilling is ongoing with 5.5 holes left in the current drill program. Upon completion of drilling and receipt of outstanding laboratory analysis, further interpretations and evaluation will be conducted for the 2022 Phase 1 program.

The Company will consider commissioning a revised resource estimation post the drill program which would feed into a scoping study to investigate the economics of developing the project.

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 at 0.7g/t gold for 494,000 ounces of gold; comprising of an Indicated Resource of 18,550kt at 0.73g/t gold for 433kozs of gold plus an Inferred Resource of 3,246kt at 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 adminatgoldbull.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.

APPENDIX - Drill hole summary 2022 Phase 1

The table below provides a summary of drill hole progress for the 2022 Phase 1 program with holes planned, drilled, and remaining with their corresponding meters and feet.

Table 1. Summary table of 2022 Phase 1 drill program with holes planned, drilled, and remaining.

The below table is a summary of progress for holes that have been drilled using reverse circulation drilling technique. The table provides summary of drilled holes per Prospect, hole type, hole depths, total assays submitted to laboratory with those assays which have been received and those which are pending. The summary does not include the 5.5 holes which are yet to be drilled.

Table 2. Reverse circulation drill holes drilled as part of 2022 Phase 1 drill program. Table includes prospect, hole type/ID/depth and assays submitted, received and those which remain pending.

Drill holes completed for 2022 Phase 1 are summarised in the table below including depth, co-ordinates, elevation and collar dip and azimuth. Co-ordinate system NAD83 UTM Zone 11N.

Table 3. Drill hole summary table for 2022 Phase 1 drilling. Co-ordinate system NAD83 UTM Zone 11N.

Mineralized intersections for the 2022 Phase 1 drill program are provided in Table 4. These drill intersections have been applied using the same cut-off grade as the 2021 Mineral Resource classification of >0.2g/t.

Table 4. Mineralized drill hole intersections for 2022 Phase 1 drill holes. Drill intersection cut off grade of >0.2g/t Au has been applied. SA-0045 * interception includes 5 of 34 samples <0.2 g/t gold.