Gold Springs Resource Expands Gold Mineralization at South Jumbo Resource
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Gold Springs Resource
Expands Gold Mineralization at South Jumbo Resource
July 29, 2022, VANCOUVER, BC — Gold Springs Resource Corp. (TSX: GRC - OTCQB: GRCAF)
(the “Company” or “GRC”), has received drill results from 8 additional holes of its 2022 drilling
program around the South Jumbo Resource at its large Gold Springs project located in
USA, on the border of Nevada and Utah.
Highlights include:
▪ 0.59 g/t gold equivalent over 18.3 meters and
0.61 g/t gold equivalent over 9.1 meters in hole E-22-007
▪ 1.37 g/t gold equivalent over 4.6 meters in hole E-22-009
▪ 0.72 g/t gold equivalent over 27.4 meters including
2.47 g/t gold equivalent over 4.6 meters and
0.66 g/t gold equivalent over 6.1 meters and
0.59 g/t gold equivalent over 18.3 meters in hole E-22-012
▪ 0.79 g/t gold equivalent over 19.9 meters in hole E-22-014.
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 new results continue to demonstrate extensions of the South Jumbo gold
mineralization as these holes were drilled with the objectives to:
1. Extend gold values at depth within the northern resource block (E-22-012).
2. Extend gold values in the gap zone between the two resource blocks
(E-22-007, E-22-008, E-22-009, E-22-0013).
3. Test for shallow gold extensions to the south (E-22-014).
The results from the first 14 holes at South Jumbo clearly support our GRC resource model
as we are demonstrating that gold mineralization does expand into areas predicted by our
2021 updated model. Once we receive the gold assays for the 6 remaining holes at South
Jumbo, we will update our resource model to define where we will plan our drill holes to
continue expanding our South Jumbo resource”
News from GRC 2022 ongoing drilling program:
The 2022 drilling program is progressing well as the Company completed 2 first holes in
the untested Snow target, 13 new holes around the North Jumbo resource and 9 holes
looking to expand the Charlie Ross resource discovered by the 2021 drilling program.
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The diamond Core Drill is now onsite, and the Company has just completed the first hole
on the Tremor target discovered in 2021 and now part of the North Jumbo resource.
The CSAMT ground based geophysical survey is well underway to cover most of the 33
identified targets and will help direct future drilling and identify potential new areas of
gold mineralization under shallow post-mineral materials.
GRC has now completed 44 holes for a total of 9,317 meters of the planned 20,100
meters RC drilling program. Assays have been received for the first 14 holes, all from the
South Jumbo resource area.
The Gold Springs project encompasses nearly 8,000 ha within the Great Basin of Nevada
and Utah . Thus far 6 resources have been developed on outcropping low sulfidation
epithermal gold systems which are mostly oxidized, and 33 targets have been already
identified on approximately 40% of the property.
The 2022 drilling program was designed to expand the 6 existing resources and to test
several new targets including the Snow, Midnight, and the Horseshoe Extension. During
the 2021 drill campaign GRC made 3 new discoveries, all of which became new resources
or merged with existing ones as reported in the last resource update issued July 11, 2022
(please see the Company’s news release dated July 15, 2022).
Summary of drill intercepts:
Hole
Number
Target From
Meters
To
Meters
Thickness
Meters
Gold
g/t
Silver
g/t
AuEq
g/t
E-22-007 South Jumbo 44.2 62.5 18.3 0.55 5.4 0.59
and 172.2 181.3 9.1 0.58 4.9 0.61
E-22-008 South Jumbo 44.2 64.0 19.8 0.42 2.5 0.44
E-22-009 South Jumbo 50.3 54.9 4.6 1.28 13.5 1.37
E-22-010 South Jumbo 16.8 19.8 3.0 0.60 3.0 0.62
E-22-012 South Jumbo 10.7 38.1 27.4 0.67 7.0 0.72
including 33.5 38.1 4.6 2.32 21.6 2.47
and 67.1 73.2 6.1 0.63 3.8 0.66
and 103.6 121.9 18.3 0.48 16.5 0.59
E-22-013 South Jumbo 83.8 89.9 6.1 0.32 1.4 0.33
E-22-014 South Jumbo 9.1 29.0 19.9 0.60 27.0 0.79
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.
Drill Hole Table
Hole ID Target Easting
UTM NAD 27
Northing Azimuth Inclination TD (ft) TD (m)
E-22-007 South Jumbo 760660 4196090 110 -45 660 201.2
E-22-008 South Jumbo 760648 4196207 90 -65 600 182.9
E-22-009 South Jumbo 760616 4196301 90 -65 580 176.8
E-22-010 South Jumbo 760590 4196434 90 -55 600 182.9
E-22-011 South Jumbo 760505 4196726 60 -65 650 198.1
E-22-012 South Jumbo 760573 4196714 0 -90 780 237.7
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E-22-013 South Jumbo 760671 4196348 90 -50 720 219.5
E-22-014 South Jumbo 760783 4195887 270 -65 378 115.2
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 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.
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 statem ents”). 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 Company’s plan to update its resource model upon receiving the assay
results of the remaining 6 drill holes at South Jumbo and may also include words such as “creating”,
“believe”, “would”, “continue”, “will”, “promising”, “should”, an d 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
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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 requi rements 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 l ocal 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 re quired 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.