Announces the last Drill Results from the 2021 Drill Program
Page 1
Gold Springs Resource Corp.
Announces the last Drill Results from the 2021 Drill Program
VANCOUVER, 16th February 2022
Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the "Company" or "GRC") is
pleased to announce the last assay results from its 2021 drill program and that they
confirm the expansion of the gold mineralization at “Charlie Ross”, located on the Nevada
portion of its USA flagship Gold Springs project.
Highlights include:
- 2.10 g/t gold equivalent over 16.7 meters and
1.68 g/t gold equivalent over 13.7 meters and
2.32 g/t gold equivalent over 10.7 meters within hole CR-21-017,
- 2.03 g/t gold equivalent over 9.2 meters within hole CR-21-019,
- 1.75 g/t gold equivalent over 15.2 meters and
2.56 g/t gold equivalent over 10.6 meters within hole CR-21-022.
Randall Moore, Executive Vice President of Exploration, stated: “These results extend the
gold system seen in our initial drilling at Charlie Ross for 400 meters. The system remains
open to the north and up and down dip, which we will explore in our 2022 drill campaign.
The grades at Charlie Ross are quite significant with most of them well above our current
resource average and could have a positive impact on future resource updates. We are
expecting to start the 2022 drilling in March and we hope to continue to extend the
mineralization at this exciting new discovery.”
Charlie Ross Target
“Charlie Ross ” is located 2.6 kilom eters we st of the North Jumbo resource . Gold
mineralization is controlled by several major north -south trending veins which are
surrounded by zones of brecciation and stockwork vein development , all of which can
host gold mineralization . The southern half of the system is exposed on surface with
several historical workings having exploited high-grade portions of the veins. To the north,
the system is obscured by younger post mineral rocks. GRC has now followed the system
under that post mineral cover where it remains open to extension. One hundred meters
to the north , the Charlie Ross system intersects the high -grade veins and structures of
the Pope target. This intersection will be drill tested in the upcoming program.
Page 2
Drilling highlights include
Hole From (m) To (m) Thickness**
(m)
Gold
(g/t)
Silver
(g/t)
Gold
Equivalent* (g/t)
CR-21-016 86.9 102.1 15.2 0.70 11.1 0.85
including 97.5 100.6 3.1 2.47 31.3 2.90
CR-21-017 103.6 108.2 4.6 0.56 19.0 0.82
and 131.1 147.8 16.7 1.82 19.8 2.10
including 143.2 147.8 4.6 4.53 49.9 5.22
and 166.1 179.8 13.7 1.55 9.2 1.68
and 196.6 207.3*** 10.7 2.19 9.4 2.32
including 196.6 201.2 4.6 4.69 19.7 4.96
CR-21-018 91.4 99.1 7.7 0.65 3.6 0.70
and 146.3 1676 21.3 0.48 5.4 0.56
and 172.2 185.9 13.7 0.38 2.8 0.42
CR-21-019 134.1 138.7 4.6 0.68 3.4 0.73
and 205.7 214.9 9.2 2.0 1.8 2.03
including 207.3 210.3 3.0 5.01 2.1 5.04
CR-21-020 143.2 149.3 6.1 0.34 2.4 0.37
and 198.1 208.8 10.7 0.70 21.7 1.00
including 201.2 204.2 3.0 1.63 34.5 2.11
CR-21-021 125.0 135.6 10.6 0.90 6.3 0.99
CR-21-022 68.6 83.8 15.2 1.56 13.8 1.75
and 93.0 96.0 3.0 2.0 19.5 2.27
and 132.6 143.2 10.6 2.43 9.6 2.56
J-21-024 21.3 29.0 7.7 2.72 12.9 2.90
including 21.3 25.9 4.6 4.27 20.1 4.55
* Gold Equivalent calculated at US$1,800/oz gold and US$25/oz silver
** True thickness is estimated to be 70-90% of total thickness
*** Hole ended in mineralization
Formatted Table
Page 3
Tremor Target
GRC has received the results from the remaining holes on the Tremor target which
represents the intrusive hosted portion of the northern extension of the North Jumbo
resource. These holes did not intersect significant gold values within the intrusive. Hole
J-21-024 did intersect the vein system above the intrusive , returning 2.9 g/t gold
equivalent over 7.7 meters. The Company has started to model the Tremor portion of the
North Jumbo system and believes the strong gold intercepts of 6.87 g/t gold equivalent
over 24.4 meters from hole J-21-006 (press release September 7, 2021) and 1.0 g/t gold
equivalent over 163.1 meters in hole J-21-015 (press release December 3, 2021) were
drilled along the margins of the intrusive in areas where faults bisect the intrusive body .
Drilling in 2022 will test and trace this system to the south under the current North Jumbo
resource.
2022 Drilling Program:
The 2022 drill program is expected to start in March and will include 20,100 meters of RC
drilling and 2,000 meters of core drilling. The focus and goal of the program will be to
extend the current resources along the Jumbo trend and to follow up on the four new
discoveries at Tremor, Charlie Ross, White Point, and Homestake. Five new targets will
also be tested at Midnight, the Horseshoe Extension, Pope, Snow, and Red Light.
Core drilling will test deeper portions of the system and be used to collect mater ial for
metallurgical testing.
In addition, an expanded ground based CSAMT geophysical survey will cover most of the
targets not covered in previous surveys to help with drill hole targeting . Baseline studies
will be completed to advance the mine permitting process.
Drill Hole Table
Hole ID Easting UTM
NAD 27
Northing UTM
NAD 27
Elevation (m) Azimuth Inclination TD (m)
J-21-017 761285 4199799 2140 270 -80 274.3
J-21-018 761300 4199902 2141 0 -90 326.1
J-21-019 761308 4200011 2155 270 -70 326.1
J-21-020 761345 4200307 2189 270 -60 326.1
J-21-021 761336 4199837 2126 270 -70 326.1
J-21-022 761366 4199659 2154 0 -90 243.8
J-21-023 761349 4199466 2120 290 -70 326.1
Formatted Table
Page 4
J-21-024 761361 4199537 2113 270 -75 259.1
J-21-025 761343 4200043 2177 270 -75 274.3
J-21-026 761281 4199523 2104 290 -65 243.8
CR-21-016 758623 4199369 2122 270 -45 195.1
CR-21-017 758608 4199459 2134 270 -55 207.3
CR-21-018 758567 4199566 2138 270 -55 201.2
CR-21-019 758594 4199600 2154 270 -65 219.4
CR-21-020 758625 4199662 2108 270 -60 237.7
CR-21-021 758557 4199440 2045 270 -65 182.9
CR-21-022 758572 4199397 2035 270 -75 182.9
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.
Assay Method
Assays were performed in Sparks, Nevada by ALS Geochemistry, an ISO 9001:2000
Certified and independent laborator y. Gold was analyzed by fire assay of a 30 -gram
sample with an AAS finish with samples assaying greater than 10 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.
Page 5
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 statements related to the Company’s
proposed 2022 drill program and the results the Company hopes to achieve from such program.
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 affect 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 of
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; availability of sufficient financing to fund
planned or further required work in a timely manner and on acceptable terms; availability of
equipment and qualified 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 availab le 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, wh ich 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 release. 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
Field Code Changed
Formatted: English (United States)
Page 6
or any other reason. Unless otherwise indicated, forward -looking statements in this press
release describe the Company’s expectations as of the date hereof.