Looks in 2022 to Expand the South Jumbo Resource Area
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Gold Springs Resource Corp.
Looks in 2022 to Expand the South Jumbo Resource Area
March 11, 2022, Vancouver, British Columbia — Gold Springs Resource Corp. (TSX: GRC,
OTCQB: GRCAF) (the “Company” or “GRC” ) is pleased to present the 2022 drilling plans for the
“South Jumbo” resource located on the Utah portion of the large 8000 ha Gold Springs
Project located in the western Great Basin, USA.
Antonio Canton, President, and CEO stated, “After updating the model of the South Jumbo
resource with the 2021 drill results, our team has identified new areas for our 2022 drilling
program. We are ex cited to drill in April at “ South Jumbo”, on the southern end of the 8
kilometer long Jumbo Trend, as it is an important target for our Company’s 2022 objective
to expand our gold resource to a level where we think our company will be attractive to major
gold mining companies.”
In 2021, GRC completed 16 holes at “South Jumbo” which focused on fill ing in a 400
meter gap in drilling between two resource bodies and expanding the gold mineralization
to the south and at depth. Results of this drilling include:
• 7.6 meters @ 1.70 g/t gold equivalent
13.6 meters @ 1.01 g/t gold equivalent in hole E-21-004
• 4.6 meters @ 0.57 g/t gold equivalent and
7.6 meters @ 0.73 g/t gold equivalent in hole E-21-005
• 9.1 meters @ 0.67 g/t gold equivalent in hole E-21-007
• 20.9 meters @ 0.73 g/t gold equivalent in hole E-21-011
• 56.4 meters @ 0.75 g/t gold equivalent and
19.8 meters @ 5.37 g/t gold equivalent in hole E-21-012
• 16.8 meters @ 0.56 g/t gold equivalent in hole E-21-016
Gold equivalent based on US$1,800/oz gold and US$25/oz silver. For further information about these
results, please refer to the Company’s news releases dated July 5, 2021 and September 7, 2021.
The 2021 drilling was able to demonstrate the extension of gold mineralization to the
south, at depth , and within the gap zone between the two resource pods. The system
remains open to the south, where it extends into a large area of post -mineral cover. The
southernmost hole E-21-009 intercepted 0.57 g/t Au and 8.0 g/t Ag over 13.7 meters.
Due to poor drilling conditions, many of the holes designed to extend the system to depth
were lost before they reached the target. Nevertheless, the hole E-21-012 did enter the
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target but was lost in a zone that ran 5.2 g/t Au and 12.4 g/t Ag over 19.8 meters at the
bottom of the hole.
GRC was successful in demonstrating the presence of good gold values within the gap
zone of the two lobes of the South Jumbo resource. This area was not drilled in the past
as it awaited cultural clearance which was obtained in 2020. Hole E-21-004 targeted this
gap area returning 1.58 g/t Au and 8.3 g/t Ag over 7.6 meters and @ 0.97 g/t Au and 2.6
g/t Ag over 13.6 meters. Additional holes will be drilled in 2022 to finish connecting the
two lobes of the South Jumbo resource , which could have a significant impact on the
resource update.
A total of 12 -15 holes are planned for a first phase of the resource expansion effort at
South Jumbo. Once these holes are completed and assays are received, a second phase
of drilling will be designed to further expand the resource. During the first two months of
the drill ing season, GRC will be focused on “South Jumbo ” and the new discovery at
“Charlie Ross ”, where an additional 15 -20 holes are planned for phase one of tha t
program.
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Plan Map of South Jumbo Drilling with 2022 Target Areas
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2021 drilling in the Gap Zone
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2021 drilling extended the South Jumbo resource at depth
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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.
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:
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”, “beli eve”, “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 know n 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 continuo us 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.