Gold Springs Resource Receives First Assays from 2022 Drill Program at South Jumbo
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Gold Springs Resource
Receives First Assays from 2022 Drill Program at South Jumbo
June 6, 2022, Vancouver, BC — Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the
“Company” or “GRC”) , has received drill results from the first 6 holes of the 2022 drill ing
program around the South Jumbo resource of 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:
▪ 1.08 g/t gold equivalent over 15.3 meters and
0.74 g/t gold equivalent over 15.3 meters in hole E-22-001
▪ 1.46 g/t gold equivalent over 9.2 meters and
0.95 g/t gold equivalent over 9.2 meters in hole E-22-002
▪ 1.36 g/t gold equivalent over 27.4 meters and
1.38 g/t gold equivalent over 6.1 meters in hole E-22-003
▪ 0.68 g/t gold equivalent over 12.6 meters and
0.74 g/t gold equivalent over 13.7 meters in hole E-22-004
Gold equivalent based on US$1,800/oz gold and US$25/oz silver.
Randall Moore, Executive Vice President of Exploration, stated “We are excited about the
start of our 2022 drill ing program at South Jumbo. These initial results confirm the
extension and the modeling of our South Jumbo resource, as all six holes encountered gold
mineralization. The remaining samples from the first 14 holes are now in the laboratory and
we should see a steady flow of information over the coming weeks. The second RC drill will
be deployed next week at North Jumbo, followed by the Horseshoe Extension, Homestake,
and White Point targets. The diamond core drill will also be deployed in the first week of
June to test deeper portions and collect material for metallurgical test work from the North
and South Jumbo, Grey Eagle, Charlie Ross, and the White Point existing resources”.
GRC has now completed 14 holes for a total of 2,828 meters of the planned 20,100 meters
RC drilling program. Assays have been received for the first 6 holes from the South
Jumbo resource area, which were designed to expand the resource at depth and along
strike. An additional 3 holes will be completed at South Jumbo before the drill moves to
the Snow target for 2 holes , followed by the Charlie Ross target which was a new
discovery in 2021.
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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-22-001 South Jumbo 79.2 94.5 15.3 0.65 6.4 0.74
and 109.7 125.0 15.3 1.05 2.3 1.08
E-22-002 South Jumbo 57.9 74.7 16.8 0.59 23.7 0.92
including 57.9 67.1 9.2 0.91 39.7 1.46
and 100.6 109.8 9.2 0.77 12.6 0.95
and 132.6 143.2 10.6 0.46 4.1 0.52
and 152.4 153.9 1.5 1.40 3.6 1.45
and 193.5 195.0 1.5 2.90 7.8 3.01
E-22-003 South Jumbo 61.0 64.0 3.0 0.48 4.3 0.54
and 91.4 97.5 6.1 1.35 2.5 1.38
and 111.2 120.4 9.2 0.48 3.9 0.53
and 128.0 155.4 27.4 1.05 22.1 1.36
and 192.0 195.1 3.1 1.17 4.5 1.23
and 198.1 199.6 1.5 1.01 1.2 1.03
E-22-004 South Jumbo 22.9 35.5 12.6 0.64 3.2 0.68
and 62.5 65.5 3.0 1.04 60.0 1.87
and 76.2 89.9 13.7 0.69 3.5 0.74
and 100.6 120.4 19.8 0.33 2.7 0.37
E-22-005 South Jumbo 54.9 56.4 1.5 1.37 20.1 1.65
and 123.4 125.0 1.6 2.40 3.4 2.45
and 199.6 201.2 1.6 2.23 1.3 2.25
and 208.8 210.3 1.5 2.32 1.7 2.34
E-22-006 South Jumbo 3.0 19.8 16.8 0.49 3.2 0.53
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. AuEq g/t or gold equivalent g/t is based on $1,800/oz gold and $25/oz silver.
Drill Hole Table
Hole ID Target Easting
UTM NAD 27
Northing
UTM NAD 27
Azimuth Inclination TD (m)
E-22-001 South Jumbo 760657 4196674 270 -55 198.1
E-22-002 South Jumbo 760667 4196722 270 -55 231.6
E-22-003 South Jumbo 760631 4196800 270 -50 237.7
E-22-004 South Jumbo 760680 4196655 270 -55 234.7
E-22-005 South Jumbo 760736 4196572 270 -45 231.6
E-22-006 South Jumbo 760808 4196105 270 -55 176.8
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")
and has reviewed and validated that the information contained in the release is accurate.
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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 als o 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 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 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
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
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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.