GRC.TO · 2022-06-13 12:00:00

Reaches 1 Million Oz Gold Equivalent in a New Mineral Resource Estimate

Resource Estimates

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Gold Springs Resource Corp.

June 13, 2022, Vancouver, BC - Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the

“Company” or “GRC” ) releases a significant updated mineral resource estimate for its Gold Springs

Project, taking into consideration all the 2021 drilling results at North and South Jumbo, Tremor,

Charlie Ross, and White Point.

Highlights include:

Measured Resource 548,071 oz gold equivalent

Indicated Resource 456,932 oz gold equivalent

Total M&I Resource 1,005,003 oz gold equivalent

Inferred Resource 144,379 oz gold equivalent

Gold equivalent based on US$1,800/oz gold and US$25/oz silver.

Antonio Canton, President and CEO, stated:

“Today with a resource estimate of 1 million oz gold equivalent , we have reached the 1 st

important milestone of our Company’s objective to rapidly expand our gold resource.

Our team is now focused on the 2022 drilling program to reach the 2nd milestone, as we have

planned a new resource update and PEA for the end of the year. Our goal is to reach within

the next 2 years the 3rd milestone and complete the mine permitting process”.

Randall Moore, Executive Vice President of Exploration, stated:

“This resource update confirms that Gold Springs has significant potential to expand its

resources, as in 2021 we added two new ones (Charlie Ross and White Point) and

substantially increased the total number of ounces.

Only by visiting the area, one can realize the magnitude of our project, which covers

approximately 8,000 ha and includes not 1 or 2 targets, but 33 high-potential gold targets,

6 of which already host a resource estimate of 1,005,003 M&I oz and 144,379 inferred oz

of gold equivalent open to expansion and covering only 15% of the property . As the

resources are near the surface, they could be mined by shallow open pit and a technically

simple heap-leach operation.

The size of the Gold Springs Project, the important number of gold targets, the technical data

available so far, the water rights, and its location in one of the best mining jurisdictions in

the world, are strong indicators that GRC has a large gold project with a significant growth

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potential. I b elieve Gold Springs will get more and more attention from major mining

companies as the resource continues to grow.”

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Mineral Resource Estimate in oz gold equivalent *

Target Measured Indicated Total M&I Inferred

North Jumbo & Tremor 316,560 86,219 402,779 24,339

South Jumbo 131,832 111,795 243,627 39,389

Grey Eagle 68,601 98,194 166,795 11,876

Thor 31,078 40,391 71,469 41,502

Charlie Ross None 102,049 102,049 26,055

White Point None 18,284 18,283 1,218

TOTAL 548,071 456,932 1,005,003 144,379

* With an effective date of 13 June 2022 and based on the drilling results as of 31.12.2021

and with gold equivalent based on US$1,800/oz gold and US$25/oz silver.

Updated Resource Estimate summarized in the table below *

Category

Deposit

$1,800 Pit Constrained - 0.25 g/t gold cutoff

Tonnes

(1000s)

Gold Silver

g/t Troy oz g/t Troy oz

Measured

North Jumbo & Tremor 15,752 0.47 240,037 10.88 5,509,666

South Jumbo 6,457 0.55 114,558 5.99 1,243,721

Grey Eagle 2,852 0.65 59,388 7.23 663,363

Charlie Ross 0 0 0

White Point 0 0 0

Thor* 1,432 0.55 25,395 8.89 409,193

Total 26,493 0.51 439,378 9.05 7,825,943

Indicated

North Jumbo 5,509 0.39 69,433 6.82 1,208,618

South Jumbo 5,657 0.55 100,007 4.67 848,739

Grey Eagle 4,433 0.59 84,273 7.03 1,002,347

Charlie Ross 4,943 0.56 88,292 6.23 990,498

White Point 1,274 0.39 16,120 3.81 155,799

Thor* 2,245 0.47 34,113 6.26 451,998

Total 24,061 0.50 392,238 5.94 4,657,999

Measured

Indicated

North Jumbo 21,261 0.45 309,470 9.83 6,718,283

South Jumbo 12,115 0.55 214,565 5.37 2,092,461

Grey Eagle 7,285 0.61 143,662 7.11 1,665,711

Charlie Ross 4,943 0.56 88,292 6.23 990,498

White Point 1,274 0.39 16,120 3.81 155,799

Thor* 3,677 0.50 59,507 7.29 861,191

Total 50,555 0.51 831,616 7.68 12,483,943

Inferred

North Jumbo 1,725 0.38 20,864 4.51 250,229

South Jumbo 2,929 0.38 35,474 2.99 281,905

Grey Eagle 783 0.39 9,816 5.90 148,327

Charlie Ross 1,122 0.60 21,706 8.68 313,143

White Point 113 0.31 1,145 2.69 9,798

Thor* 1,963 0.57 36,030 6.24 394,002

Total 8,635 0.45 125,034 5.03 1,397,404

* Thor gold cutoff uses a grade of 0.20 g/t due to higher overall grades

The inferred resource is in addition to the measured and indicated resource. Mineral resources

that are not mineral reserves do not have demonstrated economic viability. Numbers have b een

rounded, which may lead to some numbers not adding up exactly. The resource estimate reflects

gross metal content that is not adjusted for metallurgical recoveries.

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 updated mineral resource estimate has

been prepared by Ms. Terre Lane, Principal Mining Engineer for Global Resource

Engineering and a Qualified Person who is independent of the Company.

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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

mailto:[email protected]

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 include, but are

not limited to, the statements relating to the release of another resource estimate and PEA by the

end of 2022, the goal of completing the mine permitting process within two years, the significant

potential to expand resources at the Gold Springs Project, and the potential to mine the resources by

shallow open pit and a technically simple heap -leach operatio n, and 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 i n 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 Com pany 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.

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