VANCOUVER, British Columbia, Jan. 24, 2022 (GLOBE NEWSWIRE) — Gold Bull Resources Corp. (TSX-V: GBRC) (“golden bull“or the”Society”) is pleased to announce that all CSAMT (ground geophysics) survey data has been received and incorporated into the drilling program which began last week on its wholly owned Sandman project (“Sandman” or the “ Project”) located in Humboldt County, Nevada, USA.
HIGHLIGHTS AND UPDATE:
- The 2022 ‘Phase 1’ drilling program at Sandman is underway
- Phase 1 consists of 18 RC drill holes for approximately 4000m
- A new exploration target model is being tested – exploration for high-grade “bonanza” gold sources
- Recently Acquired Geophysical Data Helps in Borehole Prioritization and Selection
Cherie Leeden, CEO of Gold Bull, said:
“Exploration targets based on multiple lines of evidence – geophysics, geochemistry and geology – have a better chance of yielding successful drilling results. We are using geophysical data to project our interpretations of shallow drilling and surface geochemistry to greater depths, targeting a new gold discovery at Sandman. I’m proud of the new targets our tech team has generated, all of which are based on sound science, and I can’t wait to see the test results come in.
In this video link: https://goldbull.ca/media/#overlay-3271 Gold Bull project geologist Amy Hannink describes the relationships between interpreted structures and geophysical features (resistivity model). CSAMT resistivity models on east-west and north-south trending traverses in the Silica Ridge deposit and adjacent Windmill target area also support new targets derived from shallower drill data.
Two-dimensional resistivity models of CSAMT data from North Hill were received from DIAS Geophysical and the images were imported into Leapfrog for analysis. Hydrothermal feeder structures (faults) interpreted from the draft 3D gold grade model at depth on major breaks in a conductive layer (shaded in red) in the Triassic basement rocks under the mineral resource estimate of North Hill (MRE) (Figure 1). This observation supports our interpretation that faults associated with high-grade zones within the EMR are deeply rooted structures that may have acted as conduits for mineralizing fluids migrating from basement rocks into the Tertiary volcanic and sedimentary sequence. overlying. Our exploration model targets such faults near the drop in lithostatic pressure at the Triassic-Tertiary contact, where the loss of fluid volatiles is likely to cause a rapid reduction in gold solubility, depositing quality mineralization bonanza. Interpreted faults also align with the edges of resistive zones (shaded blue) near surface associated with adularia flooding of Tertiary rocks that accompanies gold mineralization, further supporting our geological interpretation.
The fault targeted by reconnaissance drilling west of North Hill coincides with changes in the dip of the conductive layers within the Tertiary and Triassic sequences. This hole will be the first drilled in our current program. A steeply dipping conductive zone that coincides with the demagnetization of a NNW-trending dyke (possible argillaceous alteration) is defined just west of this interpreted fault on the north CSAMT line. Our team will develop drill targets in this area based on offset geochemical sampling, current and historical drill data and CSAMT/magnetic/gravimetric geophysical data.
Figure 1 CSAMT 2D resistivity model images (red = conductive, blue = resistive) and faults interpreted from geology and 3D gold grade model. The faults project down dip from the Mineral Resource estimate (not written for simplicity) on major breaks in a conductive layer in the Triassic basement rocks. https://www.globenewswire.com/NewsRoom/AttachmentNg/49367ae3-96ea-407d-9264-d71ceccce6e6
Figure 2 Sandman Project location plan, with surface projections and mineral resource estimate target areas. https://www.globenewswire.com/NewsRoom/AttachmentNg/1818e40a-50fc-482d-a8f0-e5bf020dcf7e
- Drilling has begun at Sandman and will continue over the next 2-3 months.
- Laboratory assay results from the offset geochemical samples collected from the Windmill target area are awaited. We plan to add targets to the drill program resulting from the analysis of this data in conjunction with the CSAMT models.
- Analysis and interpretation of CSAMT results from Windmill and Abel Knoll continues.
- A staggered geochemical sampling program is planned for the Midway target area and west of North Hill as weather permits. The soil is currently still too wet for screening samples through classifiers.
President and CEO, Gold Bull Resources Corp.
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 explored intermittently since then. The Sandman Project comprises four known pit-constrained gold resources, consisting of 21.8 Mt at 0.7 g/t gold for 494,000 ounces of gold; comprising an indicated resource of 18,550 kt at 0.73 g/t gold for 433 koz of gold plus an inferred resource of 3,246 kt at 0.58 g/t gold for 61 koz of gold. Many of the resources remain open in multiple directions and the bulk of historic drilling has been done at depths below 100m. Sandman is conveniently located approximately 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 press release. Ms. Leeden is the Chief Executive Officer of the Company. Cherie Leeden relied on resource information contained in the Sandman Gold Project Technical Report, prepared by Steven Olsen, a Qualified Person under NI 43-101, who is a Qualified Person as defined by the National Instrument NI 43-101. Mr. Olsen is an independent consultant and has no affiliation with Gold Bull except that of an independent consultant/client relationship. Mr. Olsen is a Fellow of the Australian Institute of Geoscientists (AIG) and is the Qualified Person under NI 43-101, Disclosure Standards for Mining Projects.
About Gold Bull Resources Corp.
Gold Bull’s mission is to become a US-focused midstream gold development company by quickly discovering and acquiring additional ounces. The Company’s exploration center and team are based in Nevada, USA, a premier mining district that contains significant historical production, existing mining infrastructure and an established mining culture. Gold Bull is led by a board of directors and management team with a proven track record of successful exploration and acquisition.
Gold Bull’s main asset is the Sandman project, located in Nevada, which has a 494,000 ounces gold resource according to the 2021 43-101 Resource Estimate. Sandman is located 23 km south of the Sleeper mine and offers excellent large-scale exploration potential. Drilling at Sandman is currently underway.
Gold Bull is guided by its core values and purpose which includes a commitment to safety, communication and transparency, environmental responsibility, community and integrity.
For more information about Gold Bull Resources Corp., please visit our website at www.goldbull.ca or email [email protected]
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This press 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 to “, “estimates”, “projects”, “potential”, “indicates”, “opportunity”, “possible” and similar expressions, or that events or conditions “will”, “would”, “could”, “might” or “should” occur. Although Gold Bull believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially. of those forward-looking statements. statements. These 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 in the future, to maintain its mining 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 or financial market conditions; inherent risks associated 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, potential for new discoveries , the Company’s ability 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 manner relative to the Company’s plans and business objectives. Company for projects; the Company’s general ability to monetize its mineral resources; and changes in environmental and other laws or regulations that could impact the Company’s business, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the industry mining. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management as of the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.