Gold Springs Resource Corp. Intercepts High-Grade at the Homestake Target, Drilling 6.1 Metres at 21.88 g/t Au and 69.25 g/t Ag; Announces Exploration Plan for 2020
Gold Springs Resource Corp. Intercepts High-Grade
at the Homestake Target,
Drilling 6.1 Metres at 21.88 g/t Au and 69.25 g/t Ag;
Announces Exploration Plan for 2020
Vancouver, British Columbia – January 7, 2020
Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the “Company” or “GRC”
and formerly TriMetals Mining Inc.) announces drill results from the 2019 Homestake drill
program including 6.1 metres @ 21.88 g/t Au and 69.25 g/t Ag and 71.6 metres @ 0.712 g/t Au
and 1.91 g/t Ag from hole HS-19-007. The Homestake target is located within the Nevada
portion of the Gold Springs project.
True thickness is estimated between 80-90% of reported length. Grams per tonne of
gold and silver abbreviated as “Au g/t” and “Ag g/t” respectively.
Hole HS-19-007 was drilled in the area of historic mining and is believed to have intersected one
of the productive mineralized shoots within the Homestake system. In addition to the high-
grade results from hole HS-19-007, hole HS-19-012 intersected three stacked vein systems
returning values of 4.23 g/t Au and 2.5 g/t Ag over 3 metres in the upper vein and 1.12 g/t Au
and 4.0 g/t Ag over 3 metres in the middle vein and 1.31 g/t Au and 8.5 g/t Ag in the lower vein.
The mineralized interval across the three veins totaled 38.1 metres @ 0.63 g/t Au and 2.6 g/t Ag.
Hole HS-19-012 is located 380 metres south of HS-19-007.
True thickness is estimated between 80-90% of reported length. Grams per tonne of
gold and silver abbreviated as “Au ppm” and “Ag ppm” respectively.
In total, GRC drilled 1,856 meters in 14 holes covering 600 metres of strike length at
Homestake. Other holes returned spotty, lower-grade intercepts or failed to intersect significant
mineralization. A complete summary of the mineralized intercepts is listed below.
Hole ID From (m) To (m) Interval (m) Au g/t Ag g/t
HS-19-007 18.3 24.4 6.1 21.88 69.25
inc. 19.8 22.9 3.0 39.3 114.5
71.6 143.3 71.6 0.712 1.91
inc. 132.6 143.3 10.7 1.24 4.88
Hole # From (m) To (m) Interval (m) Au ppm Ag ppm
HS-19-012 12.2 15.2 3.0 4.23 2.5
27.4 30.5 3.0 1.12 4
47.2 50.3 3.0 1.31 8.5
12.2 50.3 38.1 0.63 2.6
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True thickness is estimated between 80-90% of reported length. Grams per tonne of
gold and silver abbreviated as “Au ppm” and “Ag ppm” respectively.
Matias Herrero, President and CEO, states “Drill hole HS-19-007 demonstrates the type of gold
intercept we hoped to find within the Homestake target. Hole HS-19-012, located 380 metres to
the south, indicates that the system has potential over a significant strike length. While other
holes, which intersected similar looking material, failed to produce significant gold values, the
Company remains positive about the Homestake target. Of the 14 holes drilled, 11 hit vein and
breccia zones as predicted, and the holes intersected the veins at very shallow depths. With only
14 holes we are still just beginning to understand the Homestake system and the most
productive portions of the veins may be deeper than our initial drilling. GRC will look to test the
depth extension of Homestake, both in areas down-dip from the significant gold intercepts and
in the intervening areas. In addition to the possible depth extension of the system there are
additional strike extensions to be tested to the north and south with future drilling. Prior to
making any final decisions on the continued testing of the Homestake target we will review all
existing data to determine the best way to follow up the promising 6.1 metres at 21.88 g/t gold
and 69.25 g/t silver intercept”.
Summary of hole locations:
Hole # From (m) To (m) Interval (m) Au ppm Ag ppm
HS-19-001 15.2 18.3 3.0 0.46 15
HS-19-007 18.3 24.4 6.1 21.88 69.25
71.6 143.3 71.6 0.712 1.91
132.6 143.3 10.7 1.24 4.88
HS-19-012 12.2 15.2 3.0 4.23 2.5
27.4 30.5 3.0 1.12 4
47.2 50.3 3.0 1.31 8.5
12.2 50.3 38.1 0.63 2.6
HS-19-013 13.7 21.3 7.6 0.47 3.2
Hole ID Target Easting - UTM NAD 27 Northing Elevation (m) Azimuth Inclination TD (m)
HS-19-001 Homestake 757409 4201292 2152 90 -50 164.6
HS-19-002 Homestake 757409 4201292 2152 90 -85 91.4
HS-19-003 Homestake 757318 4201461 2136 70 -50 182.9
HS-19-004 Homestake 757405 4201389 2142 -90 109.7
HS-19-005 Homestake 757405 4201389 2142 90 -50 61.0
HS-19-006 Homestake 757405 4201389 2142 125 -65 103.6
HS-19-007 Homestake 757407 4201451 2140 120 -85 158.5
HS-19-008 Homestake 757407 4201451 2140 120 -50 61.0
HS-19-009 Homestake 757393 4201162 2132 70 -50 109.7
HS-19-010 Homestake 757384 4201158 2188 90 -75 286.5
HS-19-011 Homestake 757380 4201156 2179 90 -50 198.1
HS-19-012 Homestake 757425 4201080 2178 90 -45 109.7
HS-19-013 Homestake 757435 4201011 2186 90 -45 109.7
HS-19-014 Homestake 757443 4200940 2168 90 -45 109.7
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Exploration Plan for 2020
The Company’s vision is to identify a multimillion-ounce gold resource at its Gold Springs
project. Aligned with the Company’s vision, the Company’s plan for 2020 is to continue to add
to the existing gold resources at Gold Springs. The Company will start the plan in Q1 2020 with
a ground geophysical survey (CSAMT) intended to fill gaps in the existing CSAMT survey of
Gold Springs, followed by detailed structural mapping of certain target-areas, to prepare these
areas for future drilling. In Q2, 2020, the Company plans to start its 2020 drill program. The
drill program currently contemplates approximately 8,700 meters of drilling, by stepping out
and testing the extensions of the existing South Jumbo and North Jumbo resources, with the
view of adding more gold and silver ounces to these resources which are open in multiple
directions. The plan includes environmental and archeological baseline studies, to ready drill
targets that are next in the pipeline for future drilling, and to advance work required for an
Environmental Impact Statement. The plan also includes metallurgical test work, and GRC will
conclude 2020 with the publishing of a new resource estimate that would include the results of
the 2017, 2019 and 2020 drill programs. The total cost of the current exploration plan for 2020
is estimated to be US$2.4 million.
About Gold Springs Resource Corp. (Formerly TriMetals Mining Inc.)
Gold Springs Resource Corp. (TSX: GRC and OTCQB: GRCAF) is a growth-focused gold
exploration company creating value through the exploration and development of the Gold
Springs project in Nevada and Utah, U.S.A. Management has extensive experience in global
exploration and the mining industry.
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. The Qualified Person verified the data disclosed herein 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 metre drill interval.
Fifteen percent of the samples submitted by the Company are blanks and standards 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
TMI Assays were performed in Sparks, Nevada by Bureau Veritas Mineral Laboratories, 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
coded MA300.
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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”,
“view of”, “intended”, “plan”, “believe”, “vision”, “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