Files Technical Report for Updated Mineral Resource Estimate
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Gold Springs Resource Corp.
Files Technical Report for Updated Mineral Resource Estimate
July 15, 2022, Vancouver, BC - Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the
“Company” or “GRC”) announces that further to its press release of June 13, 2022, and in
accordance with National Instrument 43-101, the Company has filed a “Mineral Resource
Estimate NI 43-101 Technical Report - Gold Springs Project Utah-Nevada, USA" (the “Technical
Report”) with an effective date of June 13, 2022 and an issue date of July 11, 2022.
The Technical Report was prepared by Terre Lane, MMSA, SME; Hamid Samari, PhD (GRE),
MMSA; and J. Todd Harvey, PhD (GRE), SME, all of Global Resource Engineering, Ltd and
is available on the Company’s profile on SEDAR and on the Company’s website.
The mineral resource estimate for the Gold Springs Project, as set out in the Technical
Report, is reproduced below and no longer includes gold equivalent figures. The estimate
is not materially different from the mineral resource estimate disclosed in the Company’s
news release of June 13, 2022.
Updated Mineral Resource Estimate – Gold Springs Project *
Category
$1,800 Pit Constrained - 0.25 g/t gold cutoff
Tonnes
(1000s)
Au Ag
Grade
(g/t)
Troy oz
(1000s)
Grade
(g/t)
Troy oz
(1000s)
Measured 26,168 0.52 437 9.26 7,789
Indicated 23,466 0.51 388 6.10 4,600
Measured & indicated 49,634 0.52 825 7.76 12,390
Inferred 8,220 0.46 122 5.17 1,367
* With an effective date of 13 June 2022 and based on the drilling results as of 31.12.2021
The inferred resource is in addition to the measured and indicated resource. Numbers have been rounded,
which may lead to some numbers not adding up exactly. Mineral resources that are not mineral reserves
do not have demonstrated economic viability. The resource estimate reflects gross metal content that is
not adjusted for metallurgical recoveries.
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The updated resource estimate broken down by deposit (pit) is as follows:
Category
Deposit
$1,800 Pit Constrained - 0.25 g/t gold cutoff
Tonnes
(1000s)
Gold Silver
g/t Troy oz
(1000s)
g/t Troy oz
(1000s)
Measured
North Jumbo & Tremor 15,752 0.47 240 10.88 5,510
South Jumbo 6,457 0.55 115 5.99 1,244
Grey Eagle 2,852 0.65 59.4 7.23 663
Charlie Ross 0 0 0
White Point 0 0 0
Thor 1,107 0.65 23.1 10.48 373
Total 26,168 0.52 437 9.26 7,789
Indicated
North Jumbo 5,509 0.39 69.4 6.82 1,209
South Jumbo 5,657 0.55 100 4.67 849
Grey Eagle 4,433 0.59 84.3 7.03 1,002
Charlie Ross 4,943 0.56 88.3 6.23 990
White Point 1,274 0.39 16.1 3.81 156
Thor 1,650 0.56 29.9 7.43 394
Total 23,446 0.51 388 6.10 4,600
Measured
&
Indicated
North Jumbo 21,261 0.45 309 9.83 6,718
South Jumbo 12,115 0.55 215 5.37 2,092
Grey Eagle 7,285 0.61 144 7.11 1,666
Charlie Ross 4,943 0.56 88.3 6.23 990
White Point 1,274 0.39 16.1 3.81 156
Thor 2,757 0.60 52.9 8.65 767
Total 49,634 0.52 825 7.76 12,390
Inferred
North Jumbo 1,725 0.38 20.9 4.51 250
South Jumbo 2,929 0.38 35.5 2.99 282
Grey Eagle 783 0.39 9.8 5.90 148
Charlie Ross 1,122 0.60 21.7 8.68 313
White Point 113 0.31 1.1 2.69 9.8
Thor 1,549 0.66 33.1 7.30 364
Total 8,220 0.46 122 5.17 1,367
The inferred resource is in addition to the measured and indicated resource. Mineral resources that
are not mineral reserves do not have demonstrated economic viability. Numbers have been rounded,
which may lead to some numbers not adding up exactly. The resource estimate reflects gross metal
content that is not adjusted for metallurgical recoveries.
Qualified Person
The Qualified Person on the Gold Springs Project is Randall Moore, Executive Vice
President of Exploration for Gold Springs Resource Corp., and he has reviewed and
approved the content of this press release.
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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 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 include, but are
not limited to, the statements relating to the release of another resource estimate and PEA by the
end of 2022, the goal of completing the mine permitting process within two years, the significant
potential to expand resources at the Gold Springs Project, and the potential to mine the resources by
shallow open pit and a technically simple heap -leach operation, and 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 o perate 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, 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 f orward-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.