VANCOUVER, British Columbia, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to announce that surface drilling has commenced at its 100% owned Sandman Project (“Sandman” or the “Project”) located in Humboldt County, Nevada, USA. The Company has defined 42 drill hole targets for approximately 8000 meters. The Company has commenced with a Phase 1 RC drill program consisting of 3000m for 17 drill holes.
- Phase 1 RC drill program will comprise of 17 high priority drill holes for 3000m:
- 1500m of resource development drilling aimed at extending known resources
- 1500m of exploration drilling, testing undrilled targets
Gold Bull CEO, Cherie Leeden commented:
Our team is excited to drill test numerous high priority gold targets in our maiden drill program. We look forward to reporting our first lab results in about 4 weeks from now for the 1st hole which is designed to test the depth extension of gold mineralization that remains open at depth at our Abel Knol resource.
New Frontier Drilling has been awarded the contract to safely complete the Phase 1 drill program. The purpose of the proposed drill campaign will be twofold, to verify and possibly extend known mineralisation and to test areas immediately along trend from existing resources via exploration step-out holes. The initial program will comprise a roughly 3,000m rotary circulation (RC) program. A second phase of drilling for 5000m will commence after laboratory results have been received from the first phase.
The program will consist of 17 angled drill holes that range from 70 to 250m depth with an average depth of ~175m (Figure 1). Roughly half of the total meters (10 of 17 proposed holes) are intended to explore and potentially expand known mineral resource areas including some historical high-grade intercepts. This group of holes will target all four resource areas, including North Hill, Silica Ridge, SE Pediment, as well as Abel Knoll. At Abel Knoll, a proposed hole (AK21-001) will extend to at least 250m depth and is designed to test a historical drill hole (AK06-0023) that ended in mineralization (~9 m of 6.32 g/t Au at 189m, including ~1.5m of 9.61 g/t Au at 197m (end of hole); Figure 3).
The remaining half of the total meters (7 of the 17 proposed holes) will serve as exploration drill holes positioned along prospective gold trends. These holes will explore untested structures/faults around North Hill, Silica Ridge and Abel Knoll and have been guided by ground geophysics and geochemistry.
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.
About Gold Bull Resources Corp.
Gold Bull Resources Corp. is a junior mineral exploration company focussed on developing prospective precious metal properties in the USA. Gold Bull’s mission is to grow into a US focussed mid-tier gold development Company. The company’s exploration hub is based in Nevada, USA, a top-tier mineral district that contain 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 objective is to generate stakeholder value and superior investment returns through the discovery and responsible development of mineral resources.
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
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.