Gold Springs Resource Expands Gold Mineralization at the Charlie Ross Resource
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Gold Springs Resource
Expands Gold Mineralization at the Charlie Ross Resource
October 6, 2023, Vancouver, BC — Gold Springs Resource Corp. (TSX: GRC - OTCQB: GRCAF)
(the “Company” or “GRC”) reports assay results from the Charlie Ross Resource area of its
Gold Springs project located in USA, on the border of Nevada and Utah.
Highlights include:
▪ 3.10 g/t gold equivalent over 12.2 meters including
7.74 g/t gold equivalent over 4.6 meters and
1.08 g/t gold equivalent over 3.0 meters and
0.84 g/t gold equivalent over 6.1 meters in hole CR-22-014
▪ 2.64 g/t gold equivalent over 12.2 meters including.
9.49 g/t gold equivalent over 3.0 meters and
0.72 g/t gold equivalent over 6.1 meters in hole CR-22-010
▪ 2.33 g/t gold equivalent over 6.1 meters and
1.02 g/t gold equivalent over 3.0 meters in hole CR-22-008
▪ 1.60 g/t gold equivalent over 3.1 meters in hole CR-22-015
▪ 1.31 g/t gold equivalent over 10.6 meters and
0.61 g/t gold equivalent over 6.1 meters in hole CR-22-009
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 exciting results at Charlie Ross continue to demonstrate GRC’s model and our ability
to expand gold mineralization along strike within the three parallel resource zones (Western,
Central and Eastern), and with higher grades than our existing Charlie Ross resource (please
refer to the Technical Report as defined below).
In the Eastern zone, hole CR-22-009 returning 1.31 g/t AuEq over 10.6 meters is of particular
importance as it is the first to test the northern extension of the historic Charlie Ross mine
and indicates that significant grades exist in this area which remains wide open to the north.
In the Western zone, holes CR-22-014 and CR-22-010 returned significant grades of 3.10 g/t
AuEq over 12.2 meters and 2.64 g/t AuEq over 12.2 meters, respectively.
In the Central zone, hole CR-22-008 returned 2.33 g/t AuEq over 6.1 meters and 1.02 g/t
AuEq over 3 meters.”
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Charlie Ross
The discovery hole at Charlie Ross was drilled in 2021 and after only 22 holes, GRC was
able to identify a new resource that was reported in the Mineral Resource Estimate NI
43-101 Technical Report – Gold Springs Project, Utah -Nevada, USA dated July 11, 2022
with an effective date of June 13, 2022 (the “Technical Report”) (please see GRC’s press release
dated June 13, 2022).
Since the resource calculation , nineteen additional holes were drilled. Results for seven
holes were reported in GRC’s press release dated September 28, 2022. Assays results
reported today demonstrate GRC’s ability to expand gold mineralization in all three zones
of the Charlie Ross resource and to provide higher-grade intercepts than previously seen.
The Charlie Ross target is highlighted by a significant CSAMT geophysical anomaly that
extends over an area 1100x600 meters on the edge of the Gold Springs caldera complex.
Gold is controlled by north-south trending structural corridors with three parallel zones ,
Western, Central and Eastern, each hosting a portion of the current resource, and each
expanded by these significant gold mineralization results.
These three structural zones host the historic Charlie Ross mine that was a producer at
the beginning of the 20th century, with one shaft, 400 meters of drifts, and several stopes.
Several other tunnels and shafts exploited the Western resource area which is an
extension of the historic Little Buck Mine. Historical reports describe Charlie Ross as a
53 meters inclined shaft with a 12 meters talc zone containing very high-grade gold
telluride and sylvanite streaks with bonanza gold grades. Visible gold was found in rocks
from the dump of this historic mine.
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Summary of drill intercepts:
Hole From
(m)
To
(m)
Thickness
(m)
Au
ppm
Ag
ppm
AuEq
ppm
CR-22-008 3.0 6.0 3.0 2.31 2.9 2.33
and 228.6 231.6 3.0 0.84 25.7 1.02
CR-22-009 105.2 115.8 10.6 1.10 29.8 1.31
and 195.1 201.2 6.1 0.59 2.9 0.61
CR-22-010 160.0 172.2 12.2 2.53 16.4 2.64
inc. 164.6 167.6 3.0 9.19 43.0 9.49
and 192.0 198.1 6.1 0.66 8.3 0.72
and 210.3 216.4 6.1 0.39 7.25 0.44
CR-22-011 53.3 59.4 6.1 0.35 2.7 0.37
CR-22-012 150.9 158.5 7.6 0.71 15 0.81
211.8 219.5 7.7 0.37 5.4 0.41
CR-22-013 Not Significant
CR-22-014 106.7 118.9 12.2 2.83 39.6 3.10
inc. 106.7 111.3 4.6 7.16 83.8 7.74
and 125.0 128.0 3.0 0.85 32.7 1.08
and 147.8 153.9 6.1 0.75 12.9 0.84
CR-22-015 36.6 39.6 3.0 0.84 3.1 0.86
and 47.2 50.3 3.1 1.47 18.9 1.60
CR-22-016 1.5 3.0 1.5 2.69 7.0 2.74
and 131.1 134.1 3.0 1.14 1.8 1.15
True thickness is estimated to be 60-100% of reported length. Gold equivalent based on US$1,800/oz gold,
US$25/oz silver and 50% for silver recovery.
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Drill Hole Table
Hole ID Target Easting UTM
NAD 27
Northing Elevation
Meters
Azimuth Inclination TD (m)
CR-22-008 Charlie Ross 758673 4199611 2168 90 -70 259.1
CR-22-009 Charlie Ross 758954 4199517 2122 270 -70 243.8
CR-22-010 Charlie Ross 758666 4199609 2181 270 -60 259.1
CR-22-011 Charlie Ross 758596 4199343 2121 90 -45 259.1
CR-22-012 Charlie Ross 758761 4199545 2154 270 -45 289.6
CR-22-013 Charlie Ross 758821 4199481 2158 270 -50 213.4
CR-22-014 Charlie Ross 758713 4199490 2139 270 -50 298.7
CR-22-015 Charlie Ross 758908 4199241 2116 270 -45 213.4
CR-22-016 Charlie Ross 758944 4199261 2115 270 -65 231.6
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. Gol d 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 may 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 re sults 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.sedarplus.ca. 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 qu alified 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.