Gold Springs Resource’s CSAMT Survey Highlights Drill Targets and Areas for Resource Expansion
Gold Springs Resource’s CSAMT Survey Highlights Drill Targets
and Areas for Resource Expansion
September 2 , 2020, Vancouver, British Columbia — Gold Springs Resource Corp.
(TSX: GRC, OTCQB: GRCAF) (the “Company” or “GRC”) , has received results from the recently
completed controlled -source audio -magnetotelluric (“ CSAMT ”) ground -based geophysical
survey covering portions of the Gold Springs Project located in Nevada and Utah . (CSAMT
plan map and selected cross-sections are att ached) .
The CSAMT survey :
• Shows a high correlation between resistivity highs (“anomalies”) and gold-bearing
drill intercepts at the North and South Jumbo resources, the Thor resource and
numerous other targets .
• Extends the North Jumbo resistivity high 1,500 metres north and 1,000 metres south
into the Central Jumbo Target .
• Highlights the Juniper Target outlining a large 2,000-metre-long anomaly open to the
north.
• Defines a large 2,000-metre-long anomaly at the North Jennie Target .
• Identifies a large 2,000-metre-long, open anomaly at the Snow Target .
• Indicates the Tin Can, Charlie Ross, Pope, and Red Light Targets may all be related to
the same large system .
Matias Herrero, President and CEO, stated “The results received from the CSAMT survey show
the close association between resistivity and gold mineralization demonstrating the significant
size potential of the Gold Springs Project. The high resistivity anomalies observed over the North
Jumbo resource and its extension, and over the Juniper target, North Jennie, Tin Can, and the
Snow target were beyond our expectations. Particularly exciting is the size and strength of the
Juniper anomaly which now extends for 2,000 meters along strike and is still open for expansion
to the north.”
CSAMT measures conductivity in the subsurface rocks. Volcanic hosted epithermal gold
systems , like those found on the Gold Springs project , are associated with zones of low
conductivity, or conversely, areas of high resistivity. The survey results have not only
demonstrated the close association of the known resources with high resistivity, but the
potential extension of those resources. In a ddition, other GRC drill-target areas are
highlighted by similar anomalies providing support for the size and quality of the targets .
The survey was designed to cover the Central Jumbo target, filling a gap in a previous survey.
It also expanded the previous survey west from the South Jumbo resource to cover the Fitch
and Snow targets and extend coverage north from the North Jumbo resour ce testing for its
extension and covering the Juniper and Declaration targets and possible extensions.
The CSAMT survey now covers 5,800 metres along the Jumbo trend and is open to the north. It
mapped a high resistivity zone the length of the Jumbo tren d extending it another 1,000 metres
to the north where it remains open (see CSAMT plan map attached). The survey also identified
high resistivity extensions into the northern portion of the Central Jumbo target and mapped the
major structures through this area which control gold mineralization to the north and south. This
new information will help guide the next drill program targeting Central Jumbo.
GRC has looked at the gold distribution within the resource areas and t he relationship to the
resistivity. This comparison demonstrates a strong correlation between gold values and resistivity
highs. It also demonstrates the extensive areas yet to be drill -tested (see CSAMT cross -sections
attached). GRC has now mapped a resis tivity anomaly extending 1,500 metres north , merging
with the Juniper Target and 1,000 metres south of the current 1,500 -metre-long North Jumbo
resource. The Juniper, Snow, and North Jennie anomalies are all 2,000 metres in length with
Juniper and Snow sti ll open to expansion along strike. Width of the anomalies for these targets
vary from 500-1,000 metres at Juniper, 400-700 metres at Snow, and 500-1,000 metres at North
Jennie.
Comparing the relationship between the targets and the resistivity signature as seen in the cross
sections, it is clear there is a close correlation between the targets GRC has outlined in the recent
press releases and the resistive material as defined in the CSAMT survey. Many of these targets
have limit ed surface exposure due post -mineral cover and yet they have large scale resistivity
anomalies associated with them beneath that cover . These are highlighted on the plan map and
cross sections through the Juniper, North Jennie, Snow, Red Light-Pope, and the Tin Can targets
(see CSAMT cross sections with targets attached).
Qualified Person
Randall Moore, P.Geo., Vice -President Exploration for GRC , 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 approved the
scientific and technical information contained in this news release.
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 p roject 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. Forward-looking
statements in this news release include statements relating to the significant size potential of the
Gold Springs Project. 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 personn el, 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 descri bed 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 o f 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.
Figure 1 – CSAMT Plan Map
Figure 2 – CSAMT Cross-Section – L4200200
Figure 3 – CSAMT Cross-Section – L4199400
Figure 4 – CSAMT Cross-Section – L4199000
Figure 5 – CSAMT Cross-Section – L4198600
Figure 6 – CSAMT Cross-Section – L4197800
Figure 7 – CSAMT Cross-Section – L4197400
Figure 8 – CSAMT Cross-Section – L4196600