Gold Springs Resource Reports on Two Additional Targets at its Flagship Project
Gold Springs Resource Reports on Two Additional Targets
at its Flagship Project
October 8, 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 generated on the Snow and Gem targets on the Utah portion of the Gold Springs
project. Fieldwork continues to define the geologic and structural settings, generating high-grade
gold and silver values as the targets are readied for future drilling.
The two targets are located on major structural corridors identified at surface as well as by the
company’s recently reported CSAMT geophysical survey (press release September 2, 2020). The
CSAMT survey greatly expanded the Snow target extending it over a 2 ,000-metre strike length
following a major structural corridor similar to that seen at the North and South Jumbo resource
areas. The Gem target is located on the large Gold Springs Wash structural corridor, in an area
dominantly covered by post-mineral material.
Matias Herrero, President and CEO, stated “ We are nearing the completion of our target
investigations as we continue to demonstrate large, high -quality targets with multi -gram gold
values from surface sampling. In particular, the Snow target has been elevated by this recent work
when coupled with the new CSAMT survey results. These targets are located in areas of extensive
post-mineral cover, but our field crews continue to prod uce exciting gold values and have
identified the controls for the gold mineralization”.
Snow
The Snow target is located 500 metres west of the Fitch target and consists of several historical
slot cuts and one historic mine shaft. Much of the area outside of the historic workings is
covered with colluvium and post-mineral volcanic flows. Historic workings focused on the east
side of a throughgoing north-south Snow Fault defined by a deep valley and exposed in the old
workings. The Snow Fault is a major structural corridor that extends for 3.5 kilometers and is
highlighted as an extensive geophysical anomaly in the CSAMT data (see press release
September 2, 2020).
Historic workings expose intensely clay-altered andesite host rock with stockwork quartz
veining within fault and fracture zones. Vein and breccia material are also found in dump piles
around historic mine sites. Vein zones exposed at surface are found west of the workings and are
haloed by strong clay alterations. Upslope of the vein exposures much of the area is covered with
colluvium and weakly-altered andesite float. However, mineralized float in the form of banded
and bladed calcite-quartz veins, hydrothermal breccias and stockwork veining is found mixed in
with the colluvium cover. This suggest that the epithermal gold system continues under this thin
layer of colluvium cover.
Significant surface-sample results greater than the resource cut-off grade of 0.25 g/t Au are
listed below:
Table: Recent Rock Chip Sampling Results from Snow
Sample Sample Type Mineralization type Au
(g/t)
Ag
(g/t)
225417 Dump Silicified breccia with crystalline quartz cement 1.06 5.4
225418 Grab, 10 cm Strongly clay altered fault zone 6.96 6.6
225420 Continuous, 2m Argillic altered fault zone 7-8 m wide 0.33 13.5
225421 Select Banded and bladed white to grey quartz vein 1.03 17.2
225422 Dump Banded and bladed white chalcedony and crystalline
quartz vein
1.47 11.4
225423 Dump Banded and bladed white quartz vein 0.99 66.9
225424 Dump Clay altered andesite host rock 0.41 4.9
225426 Dump Sericite and clay altered andesite with stockwork
quartz veins
2.14 16.7
225429 Grab, 10cm Sericite altered andesite with stockwork quartz
veining
0.29 1.9
225430 Continuous,
30cm
Brecciated quartz vein 0.42 0.8
225433 Continuous, 1m Sericite altered andesite with patchy silicification 1.1 1.6
225435 Discontinuous,
3m
Clay altered and weathered andesite with massive
quartz vein
8.98 12.2
225437 Select quartz vein 4.28 19.4
225439 Float, 1x1m area Cobble sized float of banded and bladed quartz-
calcite vein and hydrothermal breccia
0.37 1.5
225440 Float, 1x1m area Silicified float chips of andesite containing stockwork
veins
1.47 3
225441 Float, 1x1m area Banded and bladed white quartz-calcite vein 1.0 3.3
225442 Dump Banded and bladed white quartz vein. 1.92 11.7
225444 Float, 1x1m area Fine-grained sugary white quartz vein 0.41 3.8
A detailed description of the Snow Target, including maps and photos, can be found
here: https://goldspringsresource.com/projects/the-snow-target/
Gem
The Gem target is located near the northern extension of the Snow target along the Gold Springs
Wash. The Gold Springs Wash is a major structural corridor that trends to the northeast and is a
significant controller of mineralization found at the Juniper target (press release April 15,
2020). The Gem target is located at the confluence of the Snow Fault with the Gold Springs
Wash Fault. At this intersection, a shallow geophysical anomaly occurs in the CSAMT survey
and represents a highly prospective target as both structures are known to host mineralization
(press release September 2, 2020). Numerous historic workings are located on both the north
and south sides of the Gold Springs Wash. The workings expose heavily-altered andesite with
stockwork quartz veining.
Surface sampling from the limited exposures within this target area produced the following
significant results greater than the resource cut-off grade of 0.25 g/t Au:
Table: Recent Rock Chip Sampling Results from Gem
Sample Sample Type Mineralization type Au
(g/t)
Ag
(g/t)
225337 Dump grab Quarts sericite altered andesite 5.92 4.8
225339 1m chip Breccia and stockwork quartz sericite
altered andesite
0.33 7.4
225340 Float grab Sugary quartz vein 0.46 19.4
225341 Float grab Quartz vein 0.26 2.7
225343 Float 1m by 1m area Silicified andesite and vein material 1.54 11.4
A detailed description of the Gem Target, including maps and photos, can be found here:
https://goldspringsresource.com/projects/the-gem-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.
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”). 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 acc uracy 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 ad vance 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.