Files Q2 2022 Financial Statements and MD&A
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Gold Springs Resource Corp.
Files Q2 2022 Financial Statements and MD&A
August 10, 2022, Vancouver, British Columbia— Gold Springs Resource Corp. (TSX: GRC,
OTCQB: GRCAF) (the “Company ”), reports the release of its unaudited consolidated financial
statements for the three and six months ended June 30 , 2022 and the related
management’s discussion and analysis of financial position and results of operations
(“MD&A”). In this press release, all amounts are expressed in U.S. doll ars, unless
otherwise indicated.
As at June 30, 2022, the Company had a working capital of $1.98 million, including $2.05
million in cash. During the six months ended June 30, 202 2, general and administrative
expenses, excluding non -cash share-based payments, decreased to $0.3 6 million
compared with $0. 39 million during the six -month period ended June 30, 202 1. During
the three months ended June 30, 202 2, general and administrative expenses, excluding
non-cash share-based payments, increased to $0.20 million compared with $0.17 million
during the six -month period ended June 30, 202 1. Exploration spending during the six
months ended June 30 , 2022, increased to $1.75 million, from $1.17 million incurred
during the same period of last year, of which $0.27 million was funded by the Series A
Secured Rights consideration. During the six months ended June 30, 2022, the Company
reported a net loss of $0. 67 million ($0.00 loss per share) compared with a net loss of
$0.91 million ($0.00 loss per share) for the six months ended June 30, 2021. During the
three months ended June 30, 202 2, the Company reported a net loss of $0.4 3 million
($0.00 loss per share) compared with a net loss of $0. 45 million ($0.00 loss per share)
for the three months ended June 30, 2021.
Q2 2022 Principal activities conducted at the Gold Springs project
During the second quarter of 2022, the Company announced an updated National
Instrument 43 -101 compliant mineral resource estimate , achieving a significant first
milestone in the advancement of the Company’s multi-year resource expansion plan.
As of July 29, 2022, the Company has completed 44 holes, for a total of 9,317 meters of
its 20,100 meters RC drilling program for 2022: 20 holes at South Jumbo, 2 first holes in
the previously untested Snow target, 13 new holes around the North Jumbo resource and
9 holes looking to expand the Charlie Ross resource. From South Jumbo, assays have
been received for the first 14 holes and samp les for 6 additional holes have been
delivered to the laboratory for assay, All the first 14 holes at South Jumbo have hit veins
and zones of stockwork veins and breccia development which are favorable for gold
mineralization. The core drilling, as part of the 2022 drill program, has started in July to
test deeper portions of the system and to collect material for metallurgical testing. As of
July 29,2022, 1 hole from the diamond core drilling has been completed in the Tremor
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target discovered in 2021 and n ow part of North Jumbo. The ground based CSAMT
geophysical survey covering most of the 33 targets began in July 2022.
Outlook
The Company’s focus is on the exploration and expansion of the mineral resources at its
Gold Springs project in Nevada and Utah, USA, where the Company is currently drilling.
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 large 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 “creating”, “believe”, “would”, “continue”, “will”,
“promising”, “should”, 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 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; avai lability 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 ris ks 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 ad vance the Gold Springs project; execution of the Company’s existing plans and
further exploration and development 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,
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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.