Gold Springs Resource Drilled into a New Gold Mineralization Area at North Jumbo
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Gold Springs Resource
Drilled into a New Gold Mineralization Area at North Jumbo
September 19, 2022, Vancouver, BC — Gold Springs Resource Corp. (TSX: GRC - OTCQB:
GRCAF) (the “Company” or “GRC”), has received assays from the first 2022 drill holes at North
Jumbo confirming the possibility for a significant southward extension of the North
Jumbo Resource within the Gold Springs project located in USA, on the border of Nevada
and Utah.
Highlights include:
▪ 1.20 g/t gold equivalent over 9.1 meters and
0.67 g/t gold equivalent over 36.6 meters and
1.18 g/t gold equivalent over 6.1 meters in hole J-22-001
▪ 0.57 g/t gold equivalent over 41.2 meters and
1.88 g/t gold equivalent over 6.1 meters in hole J-22-004
▪ 1.87 g/t gold equivalent over 29.0 meters including
3.73 g/t gold equivalent over 9.2 meters in hole J-22-005
▪ 0.94 g/t gold equivalent over 9.2 meters in hole J-22-006
▪ 0.56 g/t gold equivalent over 7.7 meters and
1.14 g/t gold equivalent over 3.1 meters in hole J-22-007
▪ 0.52 g/t gold equivalent over 19.8 meters and
1.31 g/t gold equivalent over 7.6 meters in hole J-22-008
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: “We are very excited about
the results of the first holes completed in 2022 at North Jumbo as they confirm:
1. The discovery of a new gold mineralization area extending 200 meters south of our
North Jumbo Resource (holes J-22-004 & J-22-005) in a new structural block that was
never drilled before.
2. The extension of the North Jumbo Resource in a parallel western mineral block (J-22-
001, J-22-006, and J-22-007).
3. The extension of gold mineralization in the southern portion of the North Jumbo
Resource as our model predicted (Hole J-22-008).
All these holes have thick sections of gold mineralization and higher-grade intervals than our
existing resource.
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The 2022 drill program is advancing as we hoped, and our resource models are being
confirmed and refined by all these positive drill results:
▪ At South Jumbo, we have identified a significant extension of that system 50 meters to
the north with hole E-22-020 returning 0.74 g/t gold equivalent over 26.0 meters (see our
press release August 12, 2022). We have now completed two more holes and a third one is
in progress with the objective of extending the resource 200 meters to the north.
▪ At North Jumbo, we drilled into a new structural block extending gold mineralization
200 meters south of the North Jumbo Resource with hole J -22-005 returning 1.87 g/t
gold equivalent over 29 meters including 3.73 g/t over 9.2 meters, and with hole J-22-
004 returning 0.57 g/t gold equivalent over 41.2 meters and 1.88 g/t over 6.1 meters.
Within the 5 km Jumbo Trend , we are currently constructing new drill pads to follow up
these positive results, with the ambition of continuing to extend the gold mineralization from
the North Jumbo Resource (1.8 km long) to the south and the South Jumbo Resource
(1.3 km long) to the north.”
North Jumbo
2021 Resource
New Southern Extension
South Jumbo
2021 Resource
New Northern Extension
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2022 Drilling Program
The Company has now completed 56 holes totaling 11,990 meters of the planned 21,000-
meter program. Drilling has targeted the North and South Jumbo resources, the Charlie
Ross target and the Snow target, which saw its first ever drilling. Drills will soon be moving
to the Red Light target followed by the Horseshoe Extension.
Summary of drill intercepts
Hole
Number
Target From
Meters
To
Meters
Thickness
Meters
Gold
g/t
Silver
g/t
AuEq
g/t
J-22-0001 North Jumbo 4.6 13.7 9.1 1.17 4.52 1.20
and 41.1 77.7 36.6 0.61 8.7 0.67
and 99.1 103.6 4.5 0.31 4.8 0.34
and 115.8 121.4 6.1 1.10 11.8 1.18
J-22-002 North Jumbo 39.6 42.7 3.1 0.52 6.0 0.56
J-22-004 North Jumbo 73.2 76.2 3.0 0.89 25.7 1.07
and 211.8 253.0 41.2 0.53 5.5 0.57
including 222.5 228.6 6.1 1.80 11.5 1.88
J-22-005 North Jumbo 77.7 106.7 29.0 1.74 19.22 1.87
including 77.7 86.9 9.2 3.41 46.2 3.73
and 172.2 175.3 3.1 0.67 5.7 0.71
J-22-006 North Jumbo 53.3 62.5 9.2 0.93 1.93 0.93
J-22-007 North Jumbo 103.6 111.3 7.7 0.53 4.4 0.56
and 198.1 201.2 3.1 0.96 26.3 1.14
J-22-008 North Jumbo 22.9 42.7 19.8 0.45 10.6 0.52
and 140.2 147.8 7.6 1.25 8.2 1.31
J-22-010 North Jumbo 97.5 100.6 3.1 0.52 44.3 0.83
True thickness is estimated to be 60-100% of reported length. Grams per tonne of gold and silver abbreviated as “Au g/t” and “Ag g/t”
respectively.
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Drill Hole Table
Hole ID Target Easting
UTM NAD 27
Northing Elevation
Meters
Azimuth Inclination TD (m)
J-22-001 North Jumbo 761034 4198261 2051 325 -65 219.5
J-22-002 North Jumbo 760988 4198261 2053 310 -65 170.7
J-22-003 North Jumbo 760972 4198380 2086 320 -50 146.3
J-22-004 North Jumbo 760976 4198167 2030 190 -45 274.3
J-22-005 North Jumbo 761012 4198219 2038 190 -45 198.1
J-22-006 North Jumbo 761036 4198303 2064 325 -55 158.5
J-22-007 North Jumbo 760979 4198368 2048 120 -45 219.5
J-22-008 North Jumbo 761185 4198322 1996 330 -60 225.6
J-22-009 North Jumbo 761193 4198673 2058 270 -60 115.8
J-22-010 North Jumbo 761186 4198701 2070 310 -60 176.8
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").
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 R C 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.
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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 statements related to the Company’s goal of extending the gold mineralization
from the 1.8 km long North Jumbo Resource towards the 1.3 km long South Jumbo Resource 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 mate rially 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.