Gold Springs Resource Announces New Gold Discovery at the Snow Target
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Gold Springs Resource
Announces New Gold Discovery at the Snow Target
September 22, 2022, Vancouver, BC — Gold Springs Resource Corp. (TSX: GRC - OTCQB:
GRCAF) (the “Company” or “GRC”) , is excited to announce a new 2022 discovery on the Snow
target of its large Gold Springs project located in USA, on the border of Nevada and Utah.
Highlights include:
▪ 1.98 g/t gold equivalent over 3.0 meters and
▪ 0.70 g/t gold equivalent over 27.4 meters in hole SN-22-002
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:
“With this new gold discovery on the Snow target, we continue to demonstrate in 2022 the
quality of our 33 targets defined to date on only 40% of the Gold Springs project . In 2021,
the drill program already highlighted two new discoveries at Charlie Ross and White Point
and both targets now host a resource.
This new discovery at Snow was primarily defined by a large CSAMT geophysical anomaly
that extends north-south for 3 km and parallels the 5 km long Jumbo Trend located 900
meters to the west. This target is mostly covered by post mineral material , with the
exception of the very southern portion where historic al workings have produced surface
samples up to 3.7 g/t gold. Hole SN-22-001 deviated during downhole drilling and did not
intersect the primary CSAMT target. The following hole SN -22-002 intersected the
geophysical anomaly and once again validates our working models for identifying gold
mineralization.
We are excited to conduct follow up drilling in the coming months on this large geophysical
anomaly over 1,000 meters wide in the discovery hole area. We are currently locating new
drill pads on the 3 km long Snow target, which will offset the discovery hole and target the
boundary structures that are expected to control the gold mineralization.”
2022 Drilling Program
The Company has now completed 65 holes totaling 13,810 meters of the planned 21,000-
meter program. Drilling has targeted the North and South Jumbo resources, the Charlie
Ross resource, the Red Light and the Snow targets.
GRC is now starting to drill the first-ever holes on the Horseshoe Extension target located
between two of the three largest historic producing mines in the district ( the Horseshoe
and the Homestake mines).
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The Snow Target
The Snow target is located on the Utah side of the nearly 8000 ha Gold Springs project
and is controlled by a parallel structural zone to the Jumbo Trend. Historical workings are
located on the southern end of the 3 km long north-south Snow fault. They consist of one
mine shaft and several slot cuts that focused on the structural zone, quartz-calcite veins,
breccias and stockwork veining and have produced sample results from vein exposures
as high as 3.7 g/t gold . The Snow target is very similar to the Jumbo Tr end in that two
parallel structures, the Snow to the east and the Fitch to the we st, create the structural
preparation needed to develop areas of gold mineralization.
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Summary of drill intercepts:
Hole
Number
Target From
Meters
To
Meters
Thickness
Meters
Gold
g/t
Silver
g/t
AuEq
g/t
SN-22-002 Snow 143.3 146.3 3.0 1.93 7.1 1.98
and 176.8 204.2 27.4 0.62 12.44 0.70
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.
Drill Hole Table
Hole ID Target Easting
UTM NAD 27
Northing Elevation
Meters
Azimuth Inclination TD (m)
SN-22-001 Snow 760393 4197860 2088 270 -45 335
SN-22-002 Snow 760224 4197793 2107 0 -90 335
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 ("NI 43 -101").
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.
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Quality Assurance and Quality Control
Approximately 7 kg of RC chips were s ent 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 Reno, Nevada by ALS Geochemical, an ISO 9001:2000 certified
and independent laboratory. Gol d 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 effect of certain events and trends on the business. Forward -looking
statements herein include statements related to the Snow target having the structural preparation
needed to develop areas of gold mineralization 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 impl ied 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, meta l
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
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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 p lace 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.