Discovers a New Gold System on the New “Tremor” Target
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Gold Springs Resource Corp.
Discovers a New Gold System on the New “Tremor” Target
Vancouver, December 3, 2021
Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the “Company” or “GRC”) is
excited to announce the assay results from hole J-21-015 with an average of 1.0 g/t gold
equivalent over more that 163 meters located 180 meters south of the discovery hole J-
21-006. These results confirm the existence of a new gold mineralizing system called
“Intrusive-Related Gold System (IRGS )” on a new target which the Company has named
“Tremor”. This new gold system is situated along the northern extension of the Jumbo
Trend of the large Gold Springs project of 8000 ha located on the border of Nevada and
Utah.
J-21-015 Highlights include 1.0 g/t gold equivalent over 163.1 meters:
- 1.42 g/t gold equivalent over 33.5 meters within the vein, which includes,
- 3.26 g/t gold equivalent over 10.7 meters within the vein, and
- 0.94 g/t gold equivalent over 123.5 meters within the intrusive and contact zone.
Randall Moore, Executive Vice President of Exploration, stated: “We have been anxiously
awaiting these results which now confirm what we believe to be a major new discovery. The
existence of an IRGS at Gold Springs opens a potentially large area to develop a new gold
resource. Hole J-21-015 extended both the high -grade vein system and the gold
mineralization associated with the intrusive first seen in hole J-21-006. We would also like
to highlight that both holes ended in gold mineralization. We are now awaiting assays from
another 15 holes at “Tremor” that are currently in the laboratory for testing . Drilling has
extended this northern vein for over 200 meters and the “Tremor” intrusive zone for 600
meters along strike as seen in the drill cuttings . The thickest intercept within the intrusive
thus far has been 280 meters.”
GRC is waiting to receive assays from 24 holes on 2 targets - 15 from “Tremor” and 9
from “White Point” - in the coming weeks.
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Intrusive-Related Gold System (IRGS) at Tremor
GRC is confident of the presence of an Intrusive-Related Gold System within the “Tremor”
target situat ed along the north extension of the Jumbo Trend in Utah where a strong
CSAMT high resistivity anomaly extends for 1,200 meters.
GRC has been focused on defining gold resources related to epithermal gold systems
where 4 resource areas have been identified thus far, all remain ing open to expansion .
Epithermal systems are generally emplaced at shallow depths , typically related to
volcanic activity, and have a strong structural control of the gold mineralization.
Intrusive-Related Gold Systems (IRGS) form at deeper levels with the gold controlled by
thin stockwork veins, breccias, or disseminated within the intrusion. IRGS are known to
form large gold deposits. The ne w “Tremor” target has ma gnetite as a dominant
component deeper within the intrusive and the alteration is characterized by secondary
biotite and potassium feldspar. It is possible that the two systems, epithermal and IRGS,
are of different ages and only related spatially. From the results received thus far both
stockwork veining and disseminated gold a ppear to be components of this new
discovery. The gold-bearing intrusive was emplaced along a strong north-south structural
corridor and has been traced in drill holes for nearly 600 meters. Intercepts of the intrusive
range from 3 to 280 meters with the thickest intercepts bottoming in the intrusive. Holes
in the “Tremor” target area also intersected rhyolites and mafic dikes which have been
shown to contain gold mineralization within the contact zone of the “Tremor” intrusive.
2021 ongoing drilling program:
The Company has completed 18 holes at “Tremor” designed to test the extent of the
intrusive hosted gold system . These holes demonstrate the intrusive extends for 600
meters and is open to the north, south and at depth. In addition, the vein system in hole
J-21-006 has been traced for 200 meters (for details on hole J-21-006 which returned 6.87 g/t
gold equivalent ov er 24.4 meters, including grades of 30.9 g/t gold equivalent over 4.6 meters,
please refer to the Company’s press release dated September 7, 2021).
The drill has moved to “Charlie Ross” where 8 additional holes are planned to follow -up
that new discovery (please refer to the Company’s press release dated October 19, 2021), while
GRC waits for assays on the remaining 15 holes at “Tremor”. Once those assays are
received, the Company plans to drill additional holes at “Tremor”.
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Drilling highlights include
Hole Host Rock From (m) To (m) Thickness**
(m)
Gold (g/t) Silver (g/t) Gold Equivalent*
(g/t)
J-21-015 Mixed 108.2 271.3*** 163.1 0.93 5.1 1.00
including Vein 108.2 141.7 33.5 1.32 7.4 1.42
including Vein 109.7 120.4 10.7 3.07 13.5 3.26
Including Vein 109.7 114.3 4.6 5.89 20.5 6.17
including Intrusive and
contact zone
147.8 271.3*** 123.5 0.87 4.7 0.94
J-21-016 Vein 93.0 102.1 9.1 1.76 44.0 2.36
including Vein 94.5 99.1 4.6 3.08 83.0 4.23
And Rhyolite 132.6 147.8 15.2 0.41 18.6 0.67
* Gold Equivalent calculated at $1,800 gold and $25 silver
** True thickness is estimated to be 70-90% of total thickness
*** Hole ended in gold mineralization
Drill Hole Table
Hole ID Easting - UTM
NAD 27
Northing Elevation
Meters
Azimuth Inclination TD (m)
J-21-010 761324 4199760 2131 270 -70 329.2
J-21-011 761328 4199693 2135 245 -70 329.2
J-21-012 761254 4199690 2130 270 -80 329.2
J-21-013 761335 4199763 2129 90 -65 329.2
J-21-014 761389 4199615 2111 270 -60 274.3
J-21-015 761334 4199566 2123 270 -75 271.3
J-21-016 761337 4199514 2111 290 -75 259.1
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
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 2105 290 -65 243.8
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Summary of Vein and Intrusive Intercepts
GRC geologists have completed detailed logging of the drill cuttings demonstrating the
continuity of the “Tremor” intrusive both along strike and at depth, as well as highlighting
the strike extension of the vein zone for over 200 meters . The intrusive and the vein
remain open to expansion along strike and at depth.
Hole ID Intrusive Intercept Vein Intercept Hole ends in Intrusive
J-21-006* Yes Yes Yes
J-21-010 Yes No Yes
J-21-011 Yes Yes Yes
J-21-012 Yes No No
J-21-013 Yes No No
J-21-014 Yes No No
J-21-015* Yes Yes Yes
J-21-016* Yes Yes No
J-21-017 No No No
J-21-018 Yes No Yes
J-21-019 Yes No No
J-21-020 No No No
J-21-021 Yes No Yes
J-21-022 Yes No No
J-21-023 Yes No Yes
J-21-024 Yes No Yes
J-21-025 Yes No No
J-21-026 Yes No No
*Assays received
Qualified Person
The Qualified Person on the Gold Springs property is Randall Moore, Executive Vice
President of Exploration of Gold Springs Resource Corp. and he has reviewed and
approved the content of this press release. The Qualified Person verified th e 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.
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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, 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.
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. 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
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costs, and the application of taxes; availabil ity 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 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 ex ploration 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 d evelopment programs for Gold
Springs, which 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 or any other reason. Unless otherwise indicated, forward-looking
statements in this press release describe the Company’s expectations as of the date hereof.