Gold Springs Resource Continues to Expand the Charlie Ross Deposit
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Gold Springs Resource
Continues to Expand the Charlie Ross Deposit
October 30, 2023, Vancouver, BC. - Gold Springs Resource Corp. (the “Company” or “GRC”)
(TSX: GRC - OTCQB: GRCAF) continues to report positive drilling results from the Charlie
Ross Resource area of its large Gold Springs project located in USA, on the border of
Nevada and Utah.
Highlights include:
▪ 0.85 g/t gold equivalent over 4.5 meters and
1.85 g/t gold equivalent over 10.7 meters including
3.61 g/t gold equivalent over 4.6 meters in hole CR-22-019
Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% for silver recovery.
Antonio Canton, President and CEO, stated:
“These latest positive results from Charlie Ross confirm the existence of higher-grade
zones and the excellent results reported in our recent press release of October 6, 2023.
We believe that these multiple drill intercepts of +2 g/t and +1 g/t gold equivalent will enable
us to extend our Charlie Ross deposit in all its three parallel zones (West, Central and East),
both up dip and to the north where it remains open:
▪ 3.10 g/t gold equivalent over 12.2 meters including
7.74 g/t gold equivalent over 4.6 meters and
1.08 g/t gold equivalent over 3.0 meters and
0.84 g/t gold equivalent over 6.1 meters in hole CR-22-014
▪ 2.64 g/t gold equivalent over 12.2 meters including.
9.49 g/t gold equivalent over 3.0 meters and
0.72 g/t gold equivalent over 6.1 meters in hole CR-22-010
▪ 2.33 g/t gold equivalent over 6.1 meters and
1.02 g/t gold equivalent over 3.0 meters in hole CR-22-008
▪ 1.60 g/t gold equivalent over 3.1 meters in hole CR-22-015
▪ 1.31 g/t gold equivalent over 10.6 meters and
0.61 g/t gold equivalent over 6.1 meters in hole CR-22-009
Our future drilling programs will aim to further extend this high-grade gold mineralization in
the three paralle l resource zones located in a very large 1100x600 meters CSAMT
geophysical anomaly area, which offers exciting expansion opportunities“.
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Charlie Ross
The discovery hole at Charlie Ross was drilled in 2021, and after only 22 holes, GRC was
able to identify a new resource which was r eported in its latest resource estimate (see
GRC’s press release of June 13, 2022, concerning our last mineral resource estimate based on drilling to
2021 and detailed table below).
The positive drill results from 19 additional holes reported in 2022 -2023 demonstrate
GRC’s ability to expand gold mineralization in all three zones of the Charlie Ross resource
and to provide higher-grade intercepts than previously seen (see GRC’s press release s of
September 28, 2022, October 6, 2023, and today).
The Charlie Ross target is highlighted by a significant CSAMT geophysical anomaly that
extends over an 1100x600 meters area on the edge of the Gold Springs caldera complex.
Gold is controlled by north -south trending structural corridors with three parallel zones :
Western, Central and Eastern, each hosting a portion of the current resource, and each
expanded by these significant gold mineralization results.
Charlie Ross Historic Mine
These three structural zones host the historic Charlie Ross mine that was a producer at
the beginning of the 20th century, with one shaft, 400 meters of drifts, and several stopes.
Several other tunnels and shafts exploited the Western resource area which is an
extension of the historic Little Buck Mine.
Reports described the historic Charlie Ross mine as a 53 meter inclined shaft with a 12
meter talc zone containing very high -grade gold telluride and sylvanite streaks with
bonanza gold grades. Visible gold was found in rocks from the dump of the historic mine.
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Summary of drill intercepts
Hole ID From
(m)
To
(m)
Thickness
(m)
Au
g/t
Ag
g/t
AuEq
g/t
CR-22-001 132.6 143.3 10.7 1.05 20.9 1.20
and 190.5 204.2 13.7 0.68 2.8 0.70
CR-22-002 47.2 51.8 4.6 0.47 27.5 0.66
and 59.4 64.0 4.6 0.70 10.6 0.77
and 100.6 103.6 3.0 0.53 35.5 0.78
and 170.7 173.7 3.0 0.63 1.65 0.64
CR-22-003 42.7 45.7 3.0 1.20 128.45 2.09
and 61.0 67.1 6.1 0.48 11.08 0.56
and 83.8 93.0 9.2 0.88 12.02 0.96
and 118.9 126.5 7.6 0.38 15.88 0.49
CR-22-006 56.4 64.0 7.6 0.55 1.94 0.56
CR-22-008 3.0 6.0 3.0 2.31 2.9 2.33
and 228.6 231.6 3.0 0.84 25.7 1.02
CR-22-009 105.2 115.8 10.6 1.10 29.8 1.31
and 195.1 201.2 6.1 0.59 2.9 0.61
CR-22-010 160.0 172.2 12.2 2.53 16.4 2.64
inc. 164.6 167.6 3.0 9.19 43.0 9.49
and 192.0 198.1 6.1 0.66 8.3 0.72
and 210.3 216.4 6.1 0.39 7.25 0.44
CR-22-011 53.3 59.4 6.1 0.35 2.7 0.37
CR-22-012 150.9 158.5 7.6 0.71 15 0.81
211.8 219.5 7.7 0.37 5.4 0.41
CR-22-014 106.7 118.9 12.2 2.83 39.6 3.10
inc. 106.7 111.3 4.6 7.16 83.8 7.74
and 125.0 128.0 3.0 0.85 32.7 1.08
and 147.8 153.9 6.1 0.75 12.9 0.84
CR-22-015 36.6 39.6 3.0 0.84 3.1 0.86
and 47.2 50.3 3.1 1.47 18.9 1.60
CR-22-016 1.5 3.0 1.5 2.69 7.0 2.74
and 131.1 134.1 3.0 1.14 1.8 1.15
CR-22-019 73.2 77.7 4.5 0.54 22.6 0.85
and 88.4 99.1 10.7 1.57 19.8 1.85
including 91.4 96.0 4.6 3.23 27.2 3.61
True thickness is estimated to be 60-100% of reported length. 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 Easting
UTM NAD
27 Z11
Northing Elevation
(m)
Azimuth Inclination TD
(m)
CR-22-001 758628 4199326 2117 270 -70 231.6
CR-22-002 758609 4199318 2119 270 -50 173.7
CR-22-003 758596 4199348 2107 270 -70 213.4
CR-22-004 758549 4199696 2176 270 -70 231.6
CR-22-005 758603 4199776 2092 270 -70 292.6
CR-22-006 758730 4199695 2188 340 -45 274.3
CR-22-007 758672 4199698 2169 270 -65 268.2
CR-22-008 758673 4199611 2168 90 -70 259.1
CR-22-009 758954 4199517 2122 270 -70 243.8
CR-22-010 758666 4199609 2181 270 -60 259.1
CR-22-011 758596 4199343 2121 90 -45 259.1
CR-22-012 758761 4199545 2154 270 -45 289.6
CR-22-013 758821 4199481 2158 270 -50 213.4
CR-22-014 758713 4199490 2139 270 -50 298.7
CR-22-015 758908 4199241 2116 270 -45 213.4
CR-22-016 758944 4199261 2115 270 -65 231.6
CR-21-017 758608 4199459 2134 270 -55 207.3
CR-21-018 758567 4199566 2138 270 -55 201.2
CR-21-019 758594 4199600 2154 270 -65 219.4
Charlie Ross 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
Indicated Charlie Ross 4,943 0.56 88,300 6.23 990,000
Inferred Charlie Ross 1,122 0.60 21,700 8.68 313,000
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Qualified Person
Randall Moore, VP of 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.
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 effect of certain events and trends on the business. Forward -looking statements herein
may include words such as “creating”, “believe”, “would”, “continue”, “will”, “promising”, “should”, and similar
expressions and includes the statement relating to the significant potential of the Charlie Ross deposit. 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 a ssumptions 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
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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; regu latory, 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.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 governmen ts 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 i n 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.