Announces Drill Results from the “White Point” Target
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Gold Springs Resource Corp.
Announces Drill Results from the “White Point” Target
Vancouver, 17 December 2021
Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the "Company" or "GRC") is
pleased to announce assay results that confirm the existence of a gold system at the
"White Point" target, located on t he Nevada portion of its USA flagship Gold Springs
project.
Highlights include:
- 0.82 g/t gold equivalent over 36.6 meters within hole WP-21-005,
- 1.40 g/t gold equivalent over 15.3 meters within hole WP-21-006,
- 0.70 g/t gold equivalent over 13.7 meters within hole WP-21-002,
- 0.56 g/t gold equivalent over 19.9 meters within hole WP-21-003.
Randall Moore, Executive Vice President of Exploration, stated: “These results confirm a
significant gold system at “White Point”.
Our 2021 drilling program has produced 3 significant discoveries:
- at “Tremor” highlighted by 1.00 g/t gold equivalent over 163.1 meters
- at “Charlie Ross” highlighted by 1.17 g/t gold equivalent over 45.7 meters
- at “White Point” highlighted by 0.82 g/t gold equivalent over 36.6 meters.
The Gold Springs project is developing as we hoped with 4 resources at “North Jumbo”,
“South Jumbo”, “Grey Eagle”, and “Thor” open to expansion and with new gold discoveries
on 3 additional targets, where we believe we can add new resources in 2022.
We are still waiting for results in the coming weeks on 15 additional holes at “Tremor” and
on 7 holes at “Charlie Ross”.”
(For additional information about the “Charlie Ross” and “Tremor” drill results, please refer to GRC’s press
releases dated October 19 and December 3, 2021)
2021 ongoing drilling program:
The Company’s 2021 drilling program has now ended as the first major snowstorm has
closed access to the site. The Company will now focus on completing the detailed
logging of the 2021 drill holes, updating current models and developing new ones for the
new discovery areas.
Plans for 2022 include updating the resource in the first quarter and restarting the drilling
program as soon as weather conditions permit, which is expected to be in late March
2022.
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White Point Target
“White Point ” is located 400 meters west of the “Grey Eagle ” resource area and is
characterized by gold-bearing sheeted veins and breccias. The holes completed at “White
Point” this year are expanding the knowledge of the controls for the gold mineralization
in this structurally complex area. “White Point ” is situated in an area along a caldera
margin that has been impacted by radial and circular fracture systems associated with
the caldera. These drill results , which trace gold mineralization for over 200 meters at
“White Point”, will assist in the development of a mod el to aid in the planning of future
drill programs.
Drilling highlights include
Hole From (m) To (m) Thickness** (m) Gold
(g/t)
Silver
(g/t)
Gold Equivalent*
(g/t)
WP-21-002 61.0 74.7 13.7 0.62 6.0 0.70
WP-21-003 79.2 99.1 19.9 0.50 4.3 0.56
and 121.9 129.5 7.6 0.56 3.9 0.61
WP-21-004 54.9 106.7 51.8 0.32 3.65 0.37
WP-21-005 27.4 64.0 36.6 0.74 5.8 0.82
including 27.4 36.6 9.2 1.36 11.8 1.52
including 50.3 59.5 9.2 1.15 6.9 1.25
and 132.6 147.8 15.2 0.41 18.6 0.67
WP-21-006 3.0 6.1 3.1 1.28 6.8 1.37
and 15.2 18.3 3.1 0.77 13.2 0.95
and 33.5 48.8 15.3 1.31 6.5 1.40
including 33.5 44.2 10.7 1.75 8.4 1.87
* Gold Equivalent calculated at $1,800/oz gold and $25/oz silver
** True thickness is estimated to be 70-90% of total thickness
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Drill Hole Table
Hole ID Easting UTM
NAD 27
Northing Elevation
Meters
Azimuth Inclination TD (m)
WP-21-001 756410 4201030 2132 300 -45 274.3
WP-21-002 756418 4201000 2153 270 -45 207.3
WP-21-003 756451 4200913 2124 210 -45 152.4
WP-21-004 756452 4200916 2099 270 -45 146.3
WP-21-005 756380 4200944 2112 90 -50 158.5
WP-21-006 756333 4201006 2112 90 -45 182.9
WP-21-007 756372 4201110 2104 250 -60 195.1
WP-21-008 756317 4201023 2017 300 -45 167.6
WP-21-009 756333 4200956 2094 120 -70 128.0
Qualified Person
The Qualified Person on the Gold Springs property is Randall Moore, Executive Vice
President of Exploration of G RC, and he has reviewed and approved the content of this
press release. The Qualified Person verified the data disclosed herein for its geological
reasonableness, checked all the inputs and verified the analytical data through an
analysis of the blanks and standards submitted with the drill-chip samples.
Quality Assurance and Quality Control
Approximately 7 kg of RC chips were sent to the laboratory for each 1.52 met ers drill
interval. Standards and blanks are submitted into the sample stream at the rate of 15%
for QA/QC purposes. In addition, the laboratory also includes duplicates of samples,
standards and blanks. The results of these check assays are reviewed prior to the release
of data. All RC sample assays are also reviewed for their geological context and checked
against the drill logs.
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Assay Method
Assays were performed in Sparks, Nevada by ALS Geochemistry, ISO 9001:2000 Certified
and independent laboratories. Gold was analyzed by fire assay of a 30-gram sample with
an AAS finish with samples assaying greater than 5 g/t re -assayed using a 30 -gram
sample and a gravity finish. All other elements were analyzed by a four -acid leach ICP
method.
Director Resignation
The Company also announces that Robert van Doorn has tendered his resignation as a
director of the Company. The Company thanks Robert for his contributions and wishes
him well on his future endeavours.
About Gold Springs Resource Corp.
Gold Springs Resource Corp. (TSX: GRC and OTCQB: GRCAF) is focused on the
exploration and expansion of the gold and silver resources of its PEA-stage Gold Springs
project located on the border of Nevada and Utah, USA. The project is situated in the
prolific Great Basin of Western USA, one of the best mining jurisdictions in the world.
Gold Springs Resource Corp. Contact:
Antonio Canton, President and CEO
Forward Looking Statements
Certain statements contained herein constitute “forward -looking information” under
applicable Canadian securities laws (“forward -looking statements”). Forward -looking
statements look into the future and provide an opinion as to the effect of certain events and
trends on the business. Forward-looking statements may include words such as “potential”,
“plan”, “next”, “continue”, “will”, and similar expressions, and include the Company’s belief
that it will be able to complete an updated mineral resource estim ate for the Gold Springs
project in 2022. These forward-looking statements are based on current expectations and
entail various risks and uncertainties. Actual results may materially differ from expectations
if known and unknown risks or uncertainties affe ct our business or if our estimates or
assumptions prove inaccurate. Factors that could cause results or events to differ
materially from current expectations expressed or implied by the forward -looking
statements, include, but are not limited to, risks o f the mineral exploration industry which
may affect the advancement of the Gold Springs project, including possible variations in
mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the
application of taxes; availabilit y of sufficient financing to fund planned or further required
work in a timely manner and on acceptable terms; availability of equipment and qualified
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personnel, failure of equipment or processes to operate as anticipated, changes in project
parameters, including water requirements for operations, as plans continue to be refined;
regulatory, environmental and other risks of the mining industry more fully described in the
Company’s Annual Information Form and continuous disclosure documents, which are
available on SEDAR at www.sedar.com. The assumptions made in developing the forward-
looking statements include: the accuracy of current resource estimates and the
interpretation of drill, metallurgical testing and other exploration results; the continuing
support for mining by local governments in Nevada and Utah; the availability of equipment
and qualified personnel to advance the Gold Springs project; execution of the Company’s
existing plans and further exploration and development programs for Gold Springs, w hich
may change due to changes in the views of the Company or if new information arises which
makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward -looking statements
contained in this press rel ease. Except as required by law, the Company assumes no
obligation to update or revise any forward -looking statement, whether as a result of new
information, future events or any other reason. Unless otherwise indicated, forward-looking
statements in this press release describe the Company’s expectations as of the date hereof.