Gold Springs Resource Continues to Expand the South Jumbo Deposit
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Gold Springs Resource
Continues to Expand the South Jumbo Deposit
October 23, 2023, Vancouver, BC. - Gold Springs Resource Corp. (the “Company” or “GRC”)
(TSX: GRC - OTCQB: GRCAF) reports positive assay results from the South Jumbo Resource
area of its Gold Springs project located in the USA, on the border of Nevada and Utah.
Highlights include:
▪ 1.93 g/t gold equivalent over 1.5 meters and
0.58 g/t gold equivalent over 7.6 meters and
1.24 g/t gold equivalent over 1.6 meters in hole E-22-023
▪ 1.10 g/t gold equivalent over 6.1 meters and.
0.96 g/t gold equivalent over 3.0 meters and
0.57 g/t gold equivalent over 6.1 meters in hole E-22-022
▪ 1.30 g/t gold equivalent over 1.5 meters in hole E-22-024
Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% for silver recovery.
Antonio Canton, President, and CEO, stated:
“We are pleased by these new positive results, which extend the gold mineralization
encountered in hole E -22-020 (1.05 g/t AuEq over 4.6 meters and 0.74 g/t AuEq over
26 meters) and thus expand our South Jumbo deposit 200 meters further north where it
remains open (see GRC’s press release dated August 12, 2022).
Add this 200 meters northward expansion of the Jumbo South deposit to the 425 meters
southward expansion of the Jumbo North deposit in a higher-grade structural block, and
we are convinced of the significant potential of the 5-kilometer-long Jumbo Trend to host a
large gold deposit (see GRC press release dated October 16, 2023).
The South Jumbo and the North Jumbo resources , with 524,000 ounces of gold and
8,811,000 ounces of silver , already are the two largest of our six existing M&I resources
according to our latest resource estimate based on drilling up to 2021 and without results
from 2022-2023 (see detailed table below and GRC’s press release dated June 13, 2022, concerning our last mineral
resource estimate).
It's also worth bearing in mind, when analyzing Gold Springs' true potential, that the 5+ km
Jumbo Trend covers less than 5% of our nearly 8000 ha large gold project."
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South Jumbo
The South Jumbo resource extends over 1,000 meters along strike based on drilling up
to 2021 and is located at the southern end of the +5 kilometer-long Jumbo Trend which
is defined by a very strong and well-developed CSAMT high resistivity anomaly.
The drill holes E-22-020 through E-22-024 extend this gold-bearing system 200 meters
to the north and include the higher-grade material of 1.05 g/t gold equivalent over
4.6 meters and 0.74 g/t gold equivalent over 26 meters in hole E-22-020 and 1.1 g/t gold
equivalent over 6.1 meters found in hole E-22-022.
Future drilling will focus on continuing to expand the gold mineralization to the north.
Summary of drill intercepts
Hole ID From
(m)
To
(m)
Thickness
(m)
Au
g/t
Ag
g/t
AuEq
g/t
E-22-021 137.2 141.7 4.5 0.44 6.2 0.48
and 169.2 173.7 4.5 0.51 4.5 0.54
and 181.4 189 7.6 0.34 6.2 0.38
and 211.8 214.9 3.1 0.71 1.6 0.72
E-22-022 134.1 140.2 6.1 1.07 3.9 1.10
and 202.7 205.7 3 0.93 4.4 0.96
and 213.4 219.5 6.1 0.55 3 0.57
E-22-023 166.1 167.6 1.5 1.92 1.8 1.93
and 196.6 204.2 7.6 0.57 1.5 0.58
and 256 257.6 1.6 1.22 2.2 1.24
E-22-024 163.1 164.6 1.5 1.29 2 1.30
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 Target Easting UTM
NAD 27 Z11
Northing Elevation
(m)
Azimuth Inclination TD
(m)
E-22-021 South Jumbo 760629 4196881 1923 320 -45 225.6
E-22-022 South Jumbo 760598 4196925 1977 320 -45 259.1
E-22-023 South Jumbo 760594 4196967 1983 320 -45 272.8
E-22-024 South Jumbo 760495 4196900 1983 90 -45 213.4
South and North Jumbo Resources
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 South Jumbo 6,457 0.55 114,558 5.99 1,243,721
Indicated South Jumbo 5,657 0.55 100,007 4.67 848,739
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 Measured & Indicated 524,035 8,810,744
Inferred South Jumbo 2,929 0.38 35,474 2.99 281,905
Inferred North Jumbo 1,725 0.38 20,864 4.51 250,229
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.
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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 include s the statement relating to the significant potential of the Jumbo Trend . 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 wate r
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.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
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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 rel ease
describe the Company’s expectations as of the date hereof.