Gold Springs Resource A Significant High-Grade Extension of the North Jumbo Deposit
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Gold Springs Resource
A Significant High-Grade Extension of the North Jumbo Deposit
October 16, 2023, Vancouver, BC - Gold Springs Resource Corp. (the “Company” or “GRC”)
(TSX: GRC - OTCQB: GRCAF) reports new assay results confirming a significant 425 meters
higher-grade southward extension of the North Jumbo deposit at its large Gold Springs
project located in USA, on the border of Nevada and Utah.
Highlights include:
▪ 0.84 g/t gold equivalent over 9.2 meters and
0.89 g/t gold equivalent over 9.2 meters and
0.81 g/t gold equivalent over 9.1 meters and
2.45 g/t gold equivalent over 22.9 meters including
3.98 g/t gold equivalent over 12.2 meters in hole J-22-020
▪ 1.36 g/t gold equivalent over 4.6 meters and
1.03 g/t gold equivalent over 3.0 meters in hole J-22-019
Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% for silver recovery.
Randall Moore, Executive Vice President of Exploration, stated:
“We are very excited by these last drilling results at North Jumbo, as they clearly confirm
the new higher-grade structural block discovered in 2022 , expanding our North Jumbo
deposit 425 meters further south, where it remains open.
In our press release dated 19.09.2022, we reported two holes that discovered a new area of
higher-grade gold mineralization extending 200 meters south of the North Jumbo Resource:
▪ 1.87 g/t AuEq over 29.0 meters including 3.73 g/t AuEq over 9.2 meters in hole J-22-005.
▪ 0.57 g/t AuEq over 41.2 meters and 1.88 g/t AuEq over 6.1 meters in hole J-22-004.
New hole J-22-020, which returned 2.45 g/t AuEq over 22.9 meters including 3.98 g/t AuEq
over 12.2 meters, extends this higher-grade gold system by a further 225 meters for a total
significant extension of our North Jumbo deposit of 425 meters to the south.”
The North Jumbo Resource is the largest of our six existing M&I resources with 309,000
ounces of gold and 6,718,000 ounces of silver , according to our latest resource estimate
based on drilling up to 2021 and without results from 2022-2023 in this high-grade southern
extension (please see detailed table below and GRC’s press release dated June 13, 2022 concerning our last mineral
resource estimate).
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North Jumbo
The North Jumbo Resource is located on the Utah side of the Gold Springs project at the
northern end of the +5-kilometer-long Jumbo Trend which is defined by a very strong
and well-developed CSAMT high resistivity anomaly.
The North Jumbo Resource based on drilling up to 2021 extends over a north-south strike
length of 1,800 meters . The drill holes J -22-004, J -22-005 and J -22-020 extend the
deposit in a higher-grade gold system 425 meters to the south. The North Jumbo deposit
remains open to the north and to the southwest.
Future drilling will focus on continuing to expand the gold mineralization of the North
Jumbo Resource to the south and to the north, where a new gold system the company
considers an Intrusive-Related Gold System (IRGS) was discovered in 2021 with the hole
J-21-015 which intersected 1.0 g/t gold equivalent over 163.1 meters.
Summary of drill intercepts
Hole ID From
(m)
To
(m)
Thickness
(m)
Au
g/t
Ag
g/t
AuEq
g/t
J-22-014 27.4 36.6 9.2 0.39 3.4 0.44
and 51.8 57.9 6.1 0.46 8.9 0.58
J-22-015 13.7 21.3 7.6 0.68 18.6 0.94
J-22-016 114.3 117.3 3.0 0.53 38.7 1.07
and 138.7 147.8 9.1 0.57 8.7 0.69
J-22-017 91.4 99.1 7.7 0.36 8.2 0.47
J-22-018 25.9 29 3.1 0.56 1.1 0.58
and 51.8 53.3 1.5 1.22 1.1 1.24
J-22-19 45.7 50.3 4.6 1.3 4 1.36
and 94.5 97.5 3.0 0.66 26.8 1.03
J-22-020 7.6 16.8 9.2 0.47 26.8 0.84
and 47.2 56.4 9.2 0.62 19.7 0.89
and 108.2 117.3 9.1 0.58 16.8 0.81
and 128 150.9 22.9 2.12 23.4 2.45
inc. 129.5 141.7 12.2 3.52 32.8 3.98
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True thickness is estimated to be 60-100% of reported length. Grams per tonne of gold and silver abbreviated
as “Au g/t” and “Ag g/t” respectively. Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% for
silver recovery.
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Drill Hole Table
Hole ID Target Easting UTM
NAD 27 Z11
Northing Elevation
(m)
Azimuth Inclination TD
(m)
J-22-014 North Jumbo 761398 4199395 2118 270 -55 243.8
J-22-015 North Jumbo 761377 4199475 2120 270 -55 134.1
J-22-016 North Jumbo 761231 4199518 1968 140 -60 310.9
J-22-017 North Jumbo 761257 4199636 1990 90 -70 225.6
J-22-018 North Jumbo 761028 4198087 2051 300 -45 170.7
J-22-019 North Jumbo 760969 4198002 2051 290 -55 137.2
J-22-020 North Jumbo 761004 4198028 2058 240 -50 219.5
North Jumbo Resource based on drilling to 2021 and without results from 2022-2023
Mineral Resource Estimate NI 43-101 Technical Report – Gold Springs Project, Utah-Nevada, USA”
dated July 11, 2022, with an effective date of June 13, 2022
Category
Deposit
$1,800 Pit Constrained - 0.25 g/t gold cutoff
Tonnes
(1000s)
Gold Silver
g/t Troy oz g/t Troy oz
Measured North Jumbo 15,752 0.47 240,037 10.88 5,509,666
Indicated North Jumbo 5,509 0.39 69,433 6.82 1,208,618
Total M&I North Jumbo 21,261 0.45 309,470 9.83 6,718,283
Inferred North Jumbo 1,725 0.38 20,864 4.51 250,229
Qualified Person
Randall Moore, Executive Vice-President Exploration, Gold Springs Resource Corp., is the
Company's designated Qualified Person for this news release within the meaning of National
Instrument 43-101 Standards of Disclosure for Mineral Projects. He has approved the scientific or
technical information in this release and has verified the data disclosed in this release 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 Reno, Nevada by ALS Geochemical, an ISO 9001:2000 certified and
independent laboratory. 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.
Silver is 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 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 effec t of certain events and trends on the business. Forward -looking statements herein
include statements related to the Company’s goal of extending the gold mineralization from the 1.5 km long
North Jumbo Resource towards the 1.3 km long South Jumbo Resource and may also 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; availability of equipment and qualified per sonnel, 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 de scribed in the Company’s Annual Information Form and continuous disclosure
documents, which are available on SEDAR+ at www.sedarplus.ca. 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 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.