Gold Springs Resource Announces Continued High-Grade Sample Results from Priority Targets at Flagship Project
Gold Springs Resource Announces Continued High-Grade
Sample Results from Priority Targets at Flagship Project
July 8, 2020, Vancouver, British Columbia— Gold Springs Resource Corp. (TSX:
GRC, OTCQB: GRCAF) (the “Company” or “GRC”), in its continuing effort to refine the
Company’s numerous drill targets, is pleased to report high-grade rock chip sampling results
from the historic Pope, Red Light, Charlie Ross, and Tin Can targets located on the Nevada side
of the Gold Springs Project (See Map in the Appendix). Vein zones returned grades as high as
20.2 g/t Au and 233.6 g/t Ag from Pope, 33.1 g/t Au and 69.4 g/t Ag from Red Light, 17.16 g/t
Au and 45.1 g/t Ag from Charlie Ross, and 5.2 g/t Au and 61.5 g/t Ag from Tin Can.
GRC’s ongoing field activities continue to focus on detailed mapping and sampling of priority
targets within the large Gold Springs project land package and to prepare these targets for future
drill programs. Field work has recently concluded on the Pope, Charlie Ross, Red Light, and Tin
Can targets, all of which returned high-grade gold and silver values and are considered priority
future drill targets.
These targets are clustered together with a close spatial relationship to both the margin and
radial fracturing of the Gold Springs caldera. While the targets are in the same general area, they
represent differing styles of mineralization. The area is significant in that it represents the only
fully preserved stratigraphic sequence of the Gold Springs caldera system. The Pope is located at
the top of this sequence in a welded tuff, followed by the Charlie Ross in a non-welded tuff, then
the Red Light where mineralization is at the contact between the Charlie Ross non-welded tuff
and the underlying andesite. The andesite unit hosts the mineralization seen at the Tin Can and
is also the host of the four current resources in the project. For a conceptual cross section of
these targets visit https://goldspringsresource.com/projects/pope-target/ and look under Maps.
Matias Herrero, President and CEO, stated “GRC’s ongoing field work continued to produce
high-grade gold values from the surface sampling program and to advance the high-priority drill
targets. We are demonstrating the potential for the overall project area to host multiple deposits.
Our work thus far has developed 4 resource areas open to expansion and with our current field
activities we are readying other highly prospective targets for drill programs. The Pope, Charlie
Ross, Red Light, and Tin Can targets are unique at Gold Springs in that they have a similar
geological setting to the deposit of the Round Mountain gold mine in central Nevada. These
targets will be tested by future drilling programs as we work to expand our resource base, and
further enhance the value of the Company.”
Pope Target
The historic Pope mine is located on the margin of the collapsed Gold Springs caldera and 500
meters northeast of the Charlie Ross Target. Mineralization at the Pope Target is hosted in a
welded tuff where radial faulting attributed to caldera collapse has structurally prepared the
host rock creating pathways for mineralizing fluids. Veins filling these fractures were historically
exploited by a shaft, tunnels, and long slot cuts on surface.
High-grade mineralization is hosted within these thin (<0.5-metre-wide) banded and bladed
quartz veins and returned grades as high as 20.2 g/t gold. The host rock is a welded tuff
containing irregular and discontinuous quartz stringers. Altered, welded tuff host rock
displaying brecciation and stockwork veining are characteristic of a lower grade disseminated
target with one sample containing 0.53 g/t gold.
A total of 37 rock chip samples were collected from the Pope Target. Of these samples nine
returned results above the resource cut-off grade of 0.25 g/t Au. Eight of the sample returned
multi-gram gold values.
SAMPLE Sample Type Mineralization type Au (g/t) Ag (g/t)
224324 Float Vein 8.9 88.8
224325 Float Vein 3.2 107.0
224326 Dump Vein 20.2 83.2
224333 Dump Vein 6.2 46.6
224334 Dump Vein 14.5 233.6
224336 Dump Vein 6.3 63.9
224341 Dump Vein 6.6 12.2
224342 Dump Vein 2.6 34.6
224365 Grab Breccia/stockwork in tuff 0.53 13.4
A detailed description of the Pope Target, including maps and photos, can be found here:
https://goldspringsresource.com/projects/pope-target/
Charlie Ross Target
The historical Charlie Ross shaft is located 500 meters southwest of the historical Pope mine.
Mineralization at the Charlie Ross Target is hosted within a non-welded tuff that is
stratigraphically below the welded tuff units of the Pope Target. The non-welded tuff is
significant in that it is a highly porous unit that would be favorable for migrating gold bearing
fluids trapped below the Pope welded tuff. This would create a bulk target which generally does
not outcrop. Samples within altered tuff units grade as high as 1.27 g/t gold. One sample of a
massive quartz vein boulder returned 17.16 g/t gold in an area of mixed tuff float cover. Sample
results have revealed promising mineralization within tuff units and high-grade vein targets. A
total of 47 rock-chip samples were collected from the Charlie Ross Target with 6 samples
returning values above the resource cut-off grade of 0.25 g/t Au.
Sample Sample Type Description Target Gold (g/t) Ag (g/t)
103884 Dump Oxidized, sericitized tuff
from Charlie Ross shaft
dump
Charlie
Ross
0.36 43.3
103890 Float Massive quartz vein boulder Charlie
Ross
17.16 45.1
103894 Outcrop Strongly oxidized lithic tuff
in large outcrop
Charlie
Ross
1.27 5.8
224402 Float Hydrothermal breccia in
andesite
Charlie
Ross
0.55 6.2
224403 Float Silicified lithic tuff Charlie
Ross
0.36 <0.5
224411 Outcrop Quartz vein in silicified
andesite
Charlie
Ross
0.33 7.2
A detailed description of the Charlie Ross Target, including maps and photos, can be found here:
https://goldspringsresource.com/projects/the-charlie-ross-target/
Red Light Target
The historical mine workings of the Red Light Target are located 400 meters to the west of the
Pope mine. The target area is located along a northeast trending fault valley. The contact
between tuff units and the underlying andesite, where the mineralized horizon occurs, is
exposed in two of the historical shafts along this fault. Stockwork and silicified breccias are
observed in the andesite in several trench cuts and mine dumps. Banded and bladed white
quartz veins are found in outcrop within mine trenches and generally strike north-south.
Together, mine workings span a distance of 150 meters over a width of 50 meters before being
lost under post mineral cover.
A total of 15 samples were collected from the Red Light Target. One sample returned values
above the resource cut-off grade of 0.25 g/t Au and contained 33.1 g/t gold. The sample is a
select sample of vein material collected from the edge of one of the shafts exposing the
tuff/andesite contact signifying that this contact is a significant pathway for mineralizing fluids.
A detailed description of the Red Light Target, including maps and photos, can be found here:
https://goldspringsresource.com/projects/the-red-light-target/
Tin Can Target
The Tin Can Target is hosted within andesite flows similar to the current Gold Springs
resources. The gold mineralization at Tin Can is associated with a strong north-south structural
zone which also controls the mineralization at the historic Little Buck Mine and is highlighted by
both ZTEM and CSAMT geophysical resistivity anomalies. Historic mining in the area was
focused on a banded quartz-calcite vein up to 2 meters wide that grade up to 5.20 g/t gold and
61.5 g/t silver. This quartz-calcite vein is margined by zones of silicified breccias and stockwork
veining that grade as high as 1.19 g/t gold and 46.2 g/t silver. Numerous pits, shafts and
trenches follow the vein north until it disappears under post mineral cover. Tin Can is unique at
Gold Springs in that calcite-dominate sinter terraces are found which are remnants of a paleo
surface hot spring environment. A fully preserved epithermal system should be found below
these hot spring deposits.
A total of 49 rock-chip samples were collected from the Tin Can Target with 14 samples
returning values above the resource cut-off grade of 0.25 g/t Au.
Sample Sample Type Description Target Au (g/t) Ag (g/t)
224382 Float Brecciated silicified lithic
crystal tuff with stockwork
veining
Tin Can 0.28 4.7
224386 Outcrop Brecciated, silicified
andesite with
drewsy/chalcedony quartz
cement
Tin Can 1.19 46.2
224387 Outcrop Banded/bladed quartz-
calcite vein with green
chalcedony quartz bands
Tin Can 5.20 61.5
224388 Dump Banded/bladed quartz-
calcite vein
Tin Can 4.10 35.3
224389 Float Banded/bladed, vuggy
white quartz vein
Tin Can 0.27 <0.5
224390 Outcrop Banded, vuggy white quartz
vein
Tin Can 0.42 26.2
224391 Dump Quartz-calcite vein Tin Can 0.38 16.6
224393 Float Banded/bladed white
quartz vein
Tin Can 0.69 <0.5
224437 Outcrop Sericite altered andesite
with quartz stockwork
veining
Tin Can 0.31 <0.5
224439 Dump Quartz-calcite vein Tin Can 0.60 7.2
224441 Dump Quartz-calcite vein Tin Can 2.74 37.8
224442 Outcrop Bladed quartz-calcite vein Tin Can 0.76 18.4
224448 Dump Hydrothermal Breccia Tin Can 0.46 26.2
224449 Dump Quartz-calcite vein Tin Can 3.27 60.7
A detailed description of the Tin Can Target, including maps and photos, can be found here:
https://goldspringsresource.com/projects/the-tin-can-target/
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. The Qualified Person verified the data disclosed herein for its geological
reasonableness, checked all the inputs, reviewed standard and blank lab results, and verified the
analytical data.
Assay Method
Assays were performed by Paragon Geochemical, an ISO 9001:2015 & ISO/IEC 17025:2017
Certified and independent laboratory in Sparks, Nevada. 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.
Quality Assurance and Quality Control
Approximately 2-3 kg for each rock chip sample was sent to the laboratory. The laboratory
includes duplicates of samples, standards and blanks for QA/QC purposes. The results of these
check assays are reviewed prior to the release of data. All assays are also reviewed for their
geological context and checked against field descriptions.
About Gold Springs Resource Corp. (Formerly TriMetals Mining Inc.)
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:
Matias Herrero
Chief Executive Officer
+1 (778) 801-1667
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; 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 acc uracy 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, 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.
APPENDIX
Geochemistry Map of Red Light, Pope, Tin Can and Charlie Ross Targets