Gold Springs Resource Demonstrates Extension of Gold Mineralization of its South Jumbo Resource
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Gold Springs Resource
Demonstrates Extension of Gold Mineralization
of its South Jumbo Resource
August 12, 2022, Vancouver, BC — Gold Springs Resource Corp. (TSX: GRC - OTCQB:
GRCAF) (the “Company” or “GRC”), has received assays from the final drill holes at South
Jumbo as part of the 2022 drill campaign on its large Gold Springs project located in
USA, on the border of Nevada and Utah, one of the best mining jurisdictions in the world.
Highlights include:
▪ 0.83 g/t gold equivalent over 18.3 meters including
1.89 g/t gold equivalent over 6.1 meters in hole E-22-015
▪ 0.75 g/t gold equivalent over 6.1 meters in hole E-22-017
▪ 0.53 g/t gold equivalent over 13.8 meters and
0.96 g/t gold equivalent over 6.1 meters in hole E-22-018
▪ 1.05 g/t gold equivalent over 4.6 meters and
0.74 g/t gold equivalent over 26.0 meters in hole E-22-020
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:
“"These results of our 2022 drill program confirm the significant potential for expansion of
our current gold resource at South Jumbo in various directions:
1. To the South - hole E-22-015 .
2. To the North - hole E-22-020 .
3. In the gap zone between the two resource blocks - holes E-22-017 and E-22-018.
GRC has now demonstrated the extension of gold mineralization in three different
directions and also at depth. To the North the extension is significant as the hole E-22-020
with 1.05 g/t AuEq over 4.6 meters and 0.74 g/t AuEq over 26 meters is 80 meters north
from the existing resource.
Once we update our model, follow-up holes will be planned with the objective to continue to
expand gold mineralization in every direction, but especially to the north , towards Central
Jumbo.”
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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
E-22-015 South Jumbo 24.4 42.7 18.3 0.74 13.3 0.83
including 29.0 35.1 6.1 1.69 28.7 1.89
and 79.2 89.9 10.7 0.38 4.5 0.41
E-22-017 South Jumbo 7.6 16.8 9.2 0.40 3.2 0.42
and 48.8 54.9 6.1 0.74 2.0 0.75
and 83.8 96.0 12.2 0.36 4.1 0.39
E-22-018 South Jumbo 24.4 29.0 4.6 0.40 2.2 0.42
and 41.1 54.9 13.8 0.49 5.9 0.53
and 76.2 82.3 6.1 0.90 8.8 0.96
and 158.5 161.5 3.0 0.67 1.0 0.68
and 176.8 185.9 9.1 0.36 1.5 0.37
E-22-019 South Jumbo 70.1 71.6 1.5 1.16 26.4 1.34
E-22-020 South Jumbo 117.3 121.9 4.6 1.04 1.0 1.05
and 126.5 129.5 3.0 1.38 4.5 1.41
and 155.4 181.4 26.0 0.72 2.2 0.74
True thickness is estimated to be 70-100% of reported length. Grams per tonne of gold and silver abbreviated as “Au g/t” and
“Ag g/t” respectively. Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% for silver recovery.
Drill Hole Table
Hole ID Target Easting
UTM NAD 27
Northing Elevation
Meters
Azimuth Inclination TD (m)
E-22-015 South Jumbo 760795 4195872 1958 320 -55 140.2
E-22-016 South Jumbo 760728 4196151 1972 290 -65 198.1
E-22-017 South Jumbo 760721 4196250 1973 270 -60 228.6
E-22-018 South Jumbo 760776 4196396 1963 260 -65 213.4
E-22-019 South Jumbo 760619 4196300 1970 90 -45 195.1
E-22-020 South Jumbo 760596 4196824 1937 320 -50 182.9
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")
and has reviewed and validated that the information contained in the release is accurate.
Quality Assurance and Quality Control
Approximately 7 kg of RC chips were sent to the laboratory for each 1.52 met er drill
intervals. 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.
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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 include the statement relating to the expansion of the gold resource at South Jumbo
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
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 paramete rs, 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 Spri ngs, 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 pre ss 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,
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forward-looking statements in this press release describe the Company’s expectations as of the date
hereof.