New Gold Discovery at Charlie Ross
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Gold Springs Resource Corp.
New Gold Discovery at Charlie Ross
Vancouver, 19 October 2021
Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the “Company” or “GRC”)
announces a new discovery of important gold mineralization within the previously
undrilled Charlie Ross target , located on t he Nevada portion of its USA flagship Gold
Springs project.
Highlights include:
- 1.17 g/t gold equivalent over 45.7 meters, which includes,
2.56 g/t gold equivalent over 15.2 meters (hole CR-21-005)
- 1.26 g/t gold equivalent over 15.3 meters, which includes,
2.24 g/t gold equivalent over 9.2 meters (hole CR-21-008).
Randall Moore, Executive Vice President of Exploration, stated: “We are pleased to report
this new discovery on one of our previously undrilled targets out of the 32 so far identified.
Two holes targeted the western margin of Charlie Ross with exciting results and higher gold
grades than our current resources . Our crew has done a great job putting together a
comprehensive drill plan to test both the CSAMT high resistivity anomalies and the
numerous structural zones known for hosting gold mineralization. We have already spotted
additional drill pads to follow-up these results which will look to extend the mineralization.”
Charlie Ross Target
Charlie Ross is located in Nevada, 2,000 meters west of the North Jumbo resource area,
on a north-south structural trend similar to the Jumbo Trend.
Holes CR -21-005 and CR -21-008 both targeted the western structural zone which has
proven to be a primary controlling feature for gold mineralization. The holes are 210
meters apart and the gold bearing structure is open to the north an d up and down dip.
There is still a large portion of the target that has not yet been tested as GRC is awaiting
final cultural clearance prior to road and drill pad construction
In 2020, the Company completed a CSAMT ground-based geophysical survey on Charlie
Ross and the results show a single large CSAMT high resistivity anomaly covering an area
measuring 650 meters east-west and 750 meters north-south. There is a close correlation
between high resistivity and gold m ineralization as seen at existing resources currently
defined at Gold Springs (see press release September 2, 2020).
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For more information on Charlie Ross, please visit:
https://goldspringsresource.com/projects/target-with-drilling/charlie-ross-pope-red-light-tin-can/
2021 ongoing drilling program:
The Company is currently drilling in the North Jumbo area offsetting hole J-21-006 which
contained 5.95 g/t gold with 66.5 g/t silver over 24.4 meters, including bonanza grades
of 27.30 g/t gold with 259.4 g/t silver over 4.6 meters. Deeper in the hole a second gold
zone contained 0.52 g/t gold with 4.7 g/t silver over 82.3 meters. GRC has now completed
an additional 7 holes in this area with another 6 planned.
Once the drilling is completed at North Jumbo , the drill will move to Charlie Ross as 8
additional holes are planned to follow-up on the new discovery before proceeding to the
Midnight target.
Summary of drill intercepts:
Hole From (m) To (m) Thickness**
(m)
Gold (g/t) Silver (g/t) Gold Equivalent*
(g/t)
CR-21-005 93.0 138.7 45.7 0.98 13.4 1.17
including 114.3 129.5 15.2 2.14 30.0 2.56
CR-21-008 150.9 172.2 15.3 1.16 7.4 1.26
including 160.0 169.2 9.2 2.15 6.6 2.24
and 70.1 74.7 4.6 1.09 62.9 1.96
CR-21-006 153.9 158.5 4.6 0.68 14.5 0.88
including 161.5 164.6 3.1 0.63 8.2 0.74
and 158.5 161.5 Void
CR-21-010 109.7 121.9 12.2 0.50 4.3 0.56
* Gold Equivalent calculated at $1,800 gold and $25 silver
** True thickness is estimated to be 80-90% of total thickness
Drill Hole Table
Hole ID Target Easting -
UTM NAD 27
Northing Azimuth Inclination TD (m)
CR-21-001 Charlie Ross 758968 4199359 270 -60 250
CR-21-002 Charlie Ross 758795 4199312 90 -65 205
CR-21-003 Charlie Ross 758831 4199381 80 -60 243.8
CR-21-004 Charlie Ross 758815 4199520 270 -50 256
CR-21-005 Charlie Ross 758648 4199295 270 -45 219.4
CR-21-006 Charlie Ross 758630 4199373 90 -45 219.4
CR-21-007 Charlie Ross 758475 4199261 90 -60 189
CR-21-008 Charlie Ross 758600 4199500 270 -50 213.3
CR-21-009 Charlie Ross 758469 4199334 90 -75 182.9
CR-21-010 Charlie Ross 758791 4199305 270 -50 213.3
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CR-21-011 Charlie Ross 758888 4199525 160 -45 213.3
CR-21-012 Charlie Ross 758718 4199424 270 -45 164.6
CR-21-013 Charlie Ross 758710 4199424 270 -60 213.3
Qualified Person
The Qualified Person on the Gold Springs property is Randall Moore, Executive Vice
President of Exploration of 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 and verified the
analytical data through an analysis of the blanks and standards submitted with the drill -
chip samples.
Quality Assurance and Quality Control
Approximately 7 kg of RC chips we re 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 also 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 Sparks, Nevada by Paragon Geochemical and ALS
Geochemistry, ISO 9001:2000 Certified and independent laboratories. 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. All other elements were
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 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
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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 “potential”,
“plan”, “next”, “continue”, “will”, 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 re sources, 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 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 o f 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.