Gold Springs Resource Prepares Five Additional Targets for Drilling at Flagship Project
Gold Springs Resource Prepares Five Additional Targets for
Drilling at Flagship Project
August 4, 2020, Vancouver, British Columbia— Gold Springs Resource Corp. (TSX:
GRC, OTCQB: GRCAF) (the “Company” or “GRC”), is pleased to announce mapping and surface-
sample results from Midnight, Lost World, White Point, Horseshoe Extension and the new
Horsetail drill targets on the Nevada portion of the Gold Springs project, all of which returned
high-grade gold and silver values, and are now ready for drilling.
High-grade rock chip results up to 3.94 g/t gold with 6.7 g/t silver are reported from Midnight,
up to 4.43 g/t gold with 18.1 g/t silver from Lost world, up to 13.9 g/t gold with 3.7 g/t silver from
White Point, up to 7.85 g/t gold with 2.4 g/t silver from Horseshoe Extension, and up to 14.2 g/t
gold with 52 g/t silver from the new Horsetail target.
Matias Herrero, President and CEO, stated “As with our recent press releases, GRC continues to
produce excellent gold results from our surface sampling at Gold Springs and to demonstrate that
the geologic setting of these drill-target areas is favorable for hosting resources similar to those
recently reported in our Updated NI 43-101 Technical Report (PR June 19, 2020). We feel that it
is important for investors to understand the quality and significance of the 29 drill-targets at Gold
Springs which we believe have the potential to host multiple deposits”.
GRC’s efforts thus far in the 2020 field season are focused on detailed mapping and sampling of
priority targets within the large Gold Springs project’s land package, and to prepare these targets
for future drill programs designed to expand and add to our mineral resources. With the new
addition of the Horsetail target, there are now 29 drill-target areas at Gold Springs, and resources
in 4 of them.
The five targets in this press release are all associated with large throughgoing geologic structures
generally displaying wide zones of gold mineralization. For more information on these targets,
follow the links provided for each target below in this press release.
Midnight Target
The Midnight target is located 2,700 metres west of the South Jumbo resource. The gold vein sets
at the Midnight target can be traced for 650 metres along strike expanding over a width of 150
metres before being obscured by post mineral gravels in all directions. Several historic workings
are centered on its vein sets and represent some of the deepest historical mine workings found on
the project, though no historic al information is available . The structural setting, dimensions of
the exposed system, extensive historic mining and exploitation of high-grade veins all combine to
make Midnight a high priority target. GRC has conducted extensive sampling of Midnight in the
past, producing values up to 57.32 g/t gold with 59.4 g/t silver. Results from this year’s sampling
produced gold values up to 3.94 g/t. Values greater than the resource cut-off grade of 0.25 g/t Au
are listed below. Previous sampl ing results can be found on our website following the link
provided below.
Table: Recent Rock Chip Sampling Results from Midnight
Sample
ID
Sample Type Description Au
(g/t)
Ag
(g/t)
87268 Discontinuous chip,
1m
Banded quartz-calcite vein in
altered andesite
0.56 5.1
87270 Float Banded/bladed calcite-quartz
vein boulder
0.43 2.9
87272 Discontinuous chip,
0.5m
Banded/bladed quartz-calcite
vein in altered host andesite.
1.31 12.3
87273 Grab, 20 cm Silicification and stockwork
veining
0.56 4.6
87274 Grab, 15cm Stockwork quartz veining in
strongly altered andesite.
1.42 10.1
87277 Discontinuous chip,
2m
Quartz-sericite altered andesite 0.42 3.9
87283 Discontinuous chip,
1m
Banded and bladed quartz-
calcite vein
0.81 7.7
87285 Grab, 10cm Banded and bladed quartz-
calcite vein in altered andesite
2.21 3.3
87286 Dump Calcite-quartz vein, fault hosted
with clay altered margins
containing andesite clast
3.94 6.7
87287 Discontinuous chip,
0.5m
Stockwork quartz veining in
pervasively silicified andesite
0.36 3.2
225206 Dump Banded calcite-quartz vein and
stockwork veining
0.37 <0.5
225208 Dump Quartz-calcite vein 0.69 2.9
A detailed description of the Midnight Target, including maps , photos, and past surface -sample
results, can be found here: https://goldspringsresource.com/projects/the-midnight-target/
Lost World Target
The Lost World target is located 400 metres east of the Midnight target encompassing the hillsides
and side drainages along the Gold Springs Wash which is a major geologic structure. Many high-
grade samples have been collected by the Company from float and rare outcroppings consisting
of veins, breccia and stockwork . These gold barring samples range up to 21.38 g/t gold with 64
g/t silver and extend over an area of 850 x 180 metres. Shallow prospecting pits are found at the
Lost World target returning gold values up to 0.95 g/t . The m ineralized float, the structural
setting, and the target dimensions make Lost World a priority target. Recent sampling which
returned values above the resource cut -off grade of 0.25 g/t Au are listed below. Past sampling
results can be found on our website following the link provided below.
Table: Recent Rock Chip Sampling Results from Lost World
SAMPLE
ID
Sample
Type
Description Au
(g/t)
Ag
(g/t)
225214 Float,
3x2m
area
Hydrothermal breccia with silicified andesite clast
and banded quartz vein fragments
4.43 18.1
225219 Float
boulder
Hydrothermal breccia 0.53 2.6
225221 Float
boulder
hydrothermal breccia with white quartz cement 0.3 1.3
225226 Float
cobble
Banded and bladed quartz vein 0.45 7.5
225229 Float
boulder
Quartz vein 0.49 17
225230 Float
boulder
Banded and bladed quartz vein 2.51 34
A detailed description of the Lost World Target, including maps, photos and past surface-sample
results, can be found here: https://goldspringsresource.com/projects/the-lost-world-target/
White Point Target
White Point is located 400 metres west of the Grey Eagle resource. Historical mining activities at
the White Point target focused on a 200-metre-wide zone of sheeted veins within an andesite host
rock which can be traced for 400 metres on surface prior to being obscured by post-mineral cover.
This cover occurs to the south and east , where it is believed that the potential extension of the
sheeted vein zone is separated from the Grey Eagle resource by a tuff-filled, down-dropped fault
block.
Several historical mines exploited the veins of White Point. GRC sampling has generated grades
of up to 8.4 g/t gold from these historic working s. The potential for significant bulk gold
mineralization is highlighted by some of GRC’s past surface channel-sampling results which can
be found on our website following the link provided below.
The strength of the gold mineralization seen in GRC sampling, along with the exposed size of the
system creates a high priority target for GRC.
Table: Recent Rock Chip Sampling Results from White Point
Sample ID Sample Type Description Au
(g/t)
Ag
(g/t)
87220 Dump Stockwork veining 13.9 3.7
87250 Float Banded/bladed quartz vein 0.29 3.4
87251 Discontinuous
chip, 0.5m
Banded quartz-calcite vein 1.32 7.9
87254 Discontinuous
chip, 2m
Quartz vein 1.04 4.1
87262 Grab banded/bladed sheeted quartz vein
zone
0.29 12.3
A detailed description of the White Point Target, including maps, photos, past surface and
channel sampling results, and past drill results, can be found here:
https://goldspringsresource.com/projects/the-white-point-target/
Horseshoe Extension Target
The Horseshoe Extension target is located just north of the historical Horseshoe mine, which was
the largest producer in the district, and continues to the southern edge of the Homestake target.
The Horseshoe mine, the Homestake and the Horseshoe Extension targets are all located along
the same major north -south trending fault zone . This structural corridor extends over 7
kilometers in length and host two of the three largest historical mine sites within the project
boundaries. This geologic structure is well exposed on surface at the southern end, where the
Horseshoe mine is locate d, and on the northern end , where the historical Homestake mine is
situated. In between lies the Horseshoe extension where much of the area is covered by post -
mineral gravels. There are numerous historical workings scattered along the 750 metre Horseshoe
Extension strike length with several shafts and tunnels showing mineralized material on the
dumps.
Large underground mines were historically developed north and south of this target along the
same controlling structure which emphasizes the importance of th is target. Recent sampling by
GRC produced the following results with gold values greater than the resource cut -off grade of
0.25 g/t Au:
Table: Recent Rock Chip Sampling Results from Horseshoe Extension
Sample
ID
Sample Type Description Au (g/t) Ag (g/t)
224467 Dump grab Silicified andesite 1.67 3.1
224472 Dump grab Silicified andesite with minor
veins
1.52 3.5
224473 Outcrop grab Silicified andesite with
stockwork veins
0.4 1.8
224475 Dump 0.5m by 0.5m
area
Silicified andesite with
stockwork veins
7.85 2.4
224476 Outcrop grab Old mine pit. Massive quartz-
calcite vein
0.41 1.8
224477 Dump 0.5m by 0.5m
area
Breccia 1.01 2
224487 Dump 0.5m by 0.5m
area
Massive white quartz-calcite
vein from 10m deep shaft
1.31 4.3
224489 Dump 0.25m by 0.25m Silicified andesite with
stockwork veining and crystals
of green fluorite.
0.28 8.2
224494 Dump grab Massive quartz vein. 0.33 1.8
224495 Outcrop grab Fault gouge with hematite and
quartz vein
1.38 2.6
A detailed description of the Horseshoe Extension Target, including maps and photos can be
found here: https://goldspringsresource.com/projects/the-horseshoe-extension-target/
Horsetail Target
The new Horsetail target is located immediately west of the historical Horseshoe Mine. A large
silicified andesite ridge outcrop, approximately 30 meters by 10 meters, with zones of stockwork
follows a N-S trending fault zone suggesting the potential for widespread mineralization. Much of
the Horsetail target area is covered by post-mineral gravels but in the area of outcrop exposure, a
historical adit and shaft exploited the vein beneath . Sampling of vein material at the Horsetail
target produced values as high as 14.2 g/t gold with 52 g/t silver. Horsetail represents a significant
new target with the high -grade vein structure and the surrounding silicified, brecciated and
stockwork veined host rock. GRC sample results with values greater than 0.25 g/t gold are lis ted
below.
Table: Recent Rock Chip Sampling Results from Horsetail
Sample
ID
Sample Type Description Au
(g/t)
Ag
(g/t)
224520 Outcrop grab Silicified breccia zone 0.49 11.6
224521 Outcrop grab Banded quartz vein. 0.32 9.4
224523 Dump 0.25m by
0.25m
Banded quartz vein. 3.94 40.2
224525 Outcrop grab 0.5m wide banded quartz vein in altered
andesite.
1.24 9.2
224527 Dump grab Massive banded quartz vein 5.01 23.9
224534 Dump 0.5m by
0.5m area
Banded quartz vein. 14.2 52
224541 Float 1m by 1m
area
Banded quartz vein. 2.18 14
A detailed description of the Horsetail Target, including maps and photos, can be found here:
https://www.trimetalsmining.com/projects/the-horsetail-target/
Qualified Person
The Qualified Person on the Gold Springs Project is Randall Moore, Executive Vice President of
Exploration for 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, reviewed standard and blank lab results, and verified the
analytical data.
Assay Method
Assays were performed by ALS Geochemistry, an ISO/IEC 17025:2005 Certified and independent
laboratory in Sparks, Nevada. Gold was analyzed by fire assay of a 30 -gram sample with an AAS
finish. All other elements were analyzed by a four-acid leach ICP method.
Quality Assurance and Quality Control
Approximately 2 -3 kg for each rock chip sample was sent to the laboratory. The laboratory
includes duplicates of samples, standards and blanks for QA /QC purposes. The results of these
check assays are reviewed prior to the release of data. All assays are also reviewed for their
geological context and checked against field descriptions.
About Gold Springs Resource Corp. (Formerly TriMetals Mining Inc.)
Gold Springs Resource Corp. (TSX: GRC and OTCQB: GRCAF) is focused on the exploration and
expansion of the gold and silver resources of its PEA -stage 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:
Matias Herrero
Chief Executive Officer
+1 (778) 801-1667
Forward Looking Statements
Certain statements contained herein constitute “forward-looking information” under applicable
Canadian securities laws (“forward -looking statements”). Forwa rd-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”, “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 parameters, including water r equirements 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.