Gold Springs Resource Corp. Announces Second Round of Positive Surface-Sample Results at Flagship Project
Gold Springs Resource Corp. Announces Second Round of
Positive Surface-Sample Results at Flagship Project
May 19, 2020, Vancouver, British Columbia— Gold Springs Resource Corp. (TSX:
GRC, OTCQB: GRCAF) (the “Company” or “GRC”), is pleased to announce results for
the second round of rock-chip samples taken at the Declaration, Juniper and Fitch
target areas at the Gold Springs project. Detailed field mapping was completed for these
three targets and described in the press release of April 15, 2020. As part of the mapping
effort, rock chip samples were collected on these targets to support the development of
future drill programs.
All three targets are epithermal gold systems within the Jumbo Trend which is a +5-
kilometer gold belt hosting two of GRC’s mineral resource estimates. The Juniper and
Fitch targets are newly-identified and bring the total number of outcropping gold targets
within the Gold Springs project to twenty-eight.
Matias Herrero, GRC’s President and CEO, stated “We are pleased to not only continue
to advance the quality targets we have identified thus far, but to add new targets to our
list of future drill targets. Our field work is continuing as we complete detailed mapping
and sampling of our numerous targets at Gold Springs with the objective of prioritizing
and developing future drill plans. We are excited with the results we have gotten thus far
and look forward to sharing information on additional targets as our work progresses.”
Juniper
The Juniper target is located just east of the Declaration target and extends east to the
North Jumbo Resource. Gold grades from GRC’s sampling above 0.25 g/t Au, which is
the cutoff grade for the adjoining North Jumbo resource, are seen throughout the entire
Juniper area and are not restricted to vein material. This highlights Juniper as a bulk
target, with an exposed area of 600 metres by 400 metres, and remains open to the
north where the possible extension goes under post-mineral cover. The average grade of
samples above resource cutoff is 1.0 g/t Au and 30.1 g/t silver. High-grade +1 g/t gold
grades are obtained from vein, stockwork and altered host rocks.
Mr. Herrero further commented, “Juniper represents an exciting new target for our
company. It is drill ready, has produced excellent gold values on surface over a broad
area, is in close proximity to our North Jumbo resource, and has all the characteristics
of a large, bulk minable system. Juniper will be a priority for GRC as we move to our
next drill program which will focus on expanding our existing resources and growing
our company.”
A detailed description of Juniper, including maps, photos and video, can be found here:
https://goldspringsresource.com/projects/target-2/
Table 1: Rock Chip Samples Results from Juniper
SAMPLE Sample Type Description Mineralization type Au g/t Ag g/t
87480 Float Brecciated, clay altered with quartz cement
and stockwork quartz veining Breccia 0.44 1.8
103813 Dump Oxidized quartz veins in sericite altered
Andesite Vein 0.27 31.6
103814 Float Quartz vein with hematite oxidation Vein 4.23 167
103848 Grab White-clear quartz vein in silicified andesite
with overprinting clay alteration Vein 0.54 41.9
103852 Grab Drusy quartz vein in silicified, clay altered
andesite Vein 0.50 9.0
103861 Float Massive white quartz vein with vugs of strong
oxidation in silicified andesite Vein 0.99 22.6
103862 Float Massive white quartz vein with clay altered
and silicified andesite margins Vein 0.42 36.9
103845 Float Gossanous andesite Altered host rock 0.29 4.2
103850 Continuous,
1m
Stockwork quartz veining in sericite altered
andesite with pyrite cubes
Altered host
rock/Stockwork 0.94 22.3
103864 Grab Heavily sericitized and moderately silicified
andesite with stockwork quartz veins
Altered host
rock/Stockwork 3.51 28.7
103872 Float Nearly completely silicified andesite Altered host rock 1.05 9.0
103877 Dump Gossanous, quartz-sericite altered andesite
with vugs of euhedral quartz Altered host rock 0.37 32.8
103878 Dump Quartz-sericite altered andesite with coarse
cubic pyrite crystals. Altered host rock 0.41 22.4
103880 Grab Clay/sericite altered andesite with stockwork
quartz veining.
Altered host
rock/Stockwork 0.26 2.3
Declaration
Declaration represents a high-grade target within the Jumbo Trend. The Declaration
target is a vein system with a dominant 0.5 metre wide vein that connects with the
historically mined Independence vein system to the south and is traceable for 800
metres along strike to the north. The Declaration vein consistently returns +1 g/t Au
with variable silver grades from 5 - 55 g/t Ag. The highest-grade sample returned 9.46
g/t Au and 55.5 g/t silver. Andesite adjacent to the vein is strongly altered with cross
cutting stockwork quartz veining and zones of silicified breccias. Alteration, stockwork
and breccia zones also returned significant gold and silver values. Additional work will
include cultural clearances on the northern portion of this system in preparation for
future drilling.
A detailed description of Declaration, including maps, photos and video, can be found
here: https://goldspringsresource.com/projects/target-3/
Table 2: Rock Chip Samples Results from Declaration
SAMPLE Sample Type and width Description Mineralization type Au g/t Ag g/t
87452 Dump
Brecciated andesite with quartz-calcite
stockwork veining. Fault breccia at edges
of veining
Breccia 0.84 10.1
87460 Float Silicified, brecciated andesite Breccia 0.34 8.0
87464 Dump Silicified, brecciated andesite Breccia 2.14 4.6
87466 Dump
Brecciated and clay altered clast of
andesite in white quartz cement with vugs
of drusy quartz
Breccia 0.44 36.2
87472 Dump Brecciated andesite with cross cutting
quartz veins Breccia 0.70 41.1
87473 Dump Hydrothermal breccia with clay altered
andesite clast Breccia 0.91 16.1
103820 Dump Hydrothermal breccia with andesite clast Breccia 0.27 6.1
103822 Continuous, 1m
Silicified hydrothermal breccia with
stockwork drusy quartz veining and clay
altered andesite clast
Breccia 0.55 1.4
103823 Float Silicified hydrothermal breccia in andesite
with microbreccia textures Breccia 0.30 3.3
103829 Grab Hydrothermal breccia with banded silica
cement in andesite Breccia 0.34 28.3
103831 Dump hydrothermal Breccia in quartz-sericite
altered andesite clasts Breccia 1.64 228.0
103836 Dump Hydrothermal Breccia in andesite Breccia 0.41 13.0
87456 Discontinuous, 20cm Massive quartz vein with stockwork white
banded quartz veins at margins Vein 0.21 7.3
87458 Float Banded, vuggy white quartz vein Vein 0.37 7.4
87459 Float Banded, bladed quartz vein Vein 9.22 11.6
103809 Dump Drusy comb quartz veins Vein 1.01 5.0
103816 Float Milky white, bladed quartz vein Vein 0.26 4.5
103817 Grab Oxidized drusy quartz vein in chlorite
altered andesite Vein 0.34 6.0
103818 Float Oxide stained vuggy quartz vein Vein 0.41 13.2
103865 Float White drusy quartz vein Vein 1.42 38.5
103867 Float White sugary quartz vein with perfect
crystals of hematite Vein 9.46 55.5
103869 Float Quartz vein with euhedral hematite
crystals Vein 5.45 53.6
103881 Float Massive quartz vein Vein 0.61 8.8
87465 Grab Weakly silicified porphyritic andesite Altered host rock 1.20 4.3
103815 Grab Stockwork quartz veins in a clay altered
and iron oxidized rhyolite
Altered host
rock/Stockwork 0.92 12.8
103828 Continuous, 1.5m QSP altered andesite with vuggy, drusy
stockwork quartz veining
Altered host
rock/Stockwork 0.30 7.4
103842 Grab Quartz stockwork in quartz-sericite
altered rhyodacite Stockwork 0.58 3.6
Fitch
The Fitch target area is 200 metres due west of the South Jumbo Resource and lies
along a caldera margin identified through ZTEM geophysics. Alteration is traceable for
1.5 kilometres along strike, with veining and breccia textures best exposed in the
northern section which returned the best gold values. All significant gold and silver
grades are obtained from vein and breccia material from historical mine trenches and
float found down slope of them. The highest grades are found in brecciated and altered
andesite from a historical mine dump returning values of 1.47 g/t Au and 43.1 g/t silver.
Fitch appears to be a high-level expression of an epithermal system with similar
characteristics to the North and South Jumbo resource areas. Future work on the Fitch
target includes cultural clearances in preparation for drilling.
A detailed description of Fitch, including maps, photos and video, can be found here:
https://goldspringsresource.com/projects/the-fitch-target/
Table 3: Rock Chip Samples Results from Fitch
Sample Sample Type Description Mineralization Type Au g/t Ag g/t
87427 Dump Brecciated clay altered and oxidized andesite with
stockwork quartz veining Breccia 1.47 43.1
87435 Float Banded and bladed white quartz vein Vein 0.91 4.2
87436 Float Bladed white quartz vein and brecciated andesite Vein 0.67 3.3
224307 Float Brecciated andesite with lattice bladed silica cement Breccia 0.93 29.3
87482 Float Bladed and banded white quartz vein Vein 1.28 6.3
About Gold Springs Resource Corp.
Gold Springs Resource Corp. 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 Company believes Gold Springs has the potential to host
multi-million ounces of gold. The project is situated in the prolific Great Basin of
Western USA, one of the best mining jurisdictions in the world.
Qualified Person
The Qualified Person on the Gold Springs property is Randall Moore, Executive Vice
President of Exploration of Gold Springs Resource Corp. and he has reviewed and
approved the content of this press release. Mr. Moore has more than 30 years of mineral
exploration experience and is a Professional Geologist and Registered Member of the
Society of Mining, Metallurgy, and Exploration. The Qualified Person verified the data
disclosed herein for its geological reasonableness, checked all the inputs, and verified
the analytical data.
Assay Method
Assays were performed in Sparks, Nevada by ALS Geochemistry, 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 10 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. Five percent
of the samples submitted by the Company are standards for QA/QC purposes. In
addition, the laboratory also 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.
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
“plan”, “believe”, “would”, “continue”, “will”, “estimate”, “promising”, 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 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.
Gold Springs Resource Corp. Contact:
Matias Herrero
Chief Executive Officer