Gold Bull Resources Corp. (TSX-V: GBRC) (“
Gold
Bull” or the “
Company”) is pleased to
report commencement of its 2024 field program with the addition of
new gold (Au) targets warranting follow-up work. Due to the
excellent quality of geochemical and geophysical data which Gold
Bull purchased from Newmont in 2020, there is significant value in
the existing database. The cost to replicate the Sandman database
including drilling would be in excess of USD$20,000,000. Gold
Bull's geology team has conducted a thorough investigation of the
database which has revealed several incomplete and untested
gold-silver targets within the Sandman Project. These new targets
will be the focus of the upcoming fieldwork. Areas of field focus
within the Northwest Trend include the K8 prospect, the North Hill
Extension prospect, Adularia Hill and prospective areas within the
North-South Trend.
Gold Bull’s CEO, Cherie Leeden said:
"Sandman's PEA NPV has more than doubled in the
past year based on the appreciating gold price to >USD$250M
(refer to next page). This gold price driven value increase has not
been adequately reflected in our share price; however it is
attracting significant inbound interest.
In parallel, our team is making use of its
high-quality data to further evaluate additional areas in which new
gold deposits may be discovered. The 2024 field season is designed
to be cost conservative but is expected to deliver new priority
drill targets within our very fertile and extensive landholding.
Field work will continue using Gold Bull’s proprietary gas test
work where preliminary results in 2023 deemed the testing was
effective. Further coarse fraction lag sampling will also be
conducted with the aim of generating high priority targets capable
of adding more ounces to our existing 494,000 oz gold
resource. Our Company continues to receive strong inbound
M&A interest and we are actively pursuing multiple pathways to
value creation."
Sandman Preliminary Economic Assessment Gold Price
Sensitivity
Gold Bull announced a (“PEA” or
“Scoping”) on July 31, 2023, titled Gold Bull's
Sandman Project revised PEA Phase 2.
Based on the existing gold resource (which
remains open), the 2023 Sandman PEA identified a stand-alone, low
pre-production capital (USD31.5M), conventional heap leach gold
project capable of producing circa 35,000 to 40,000 ounces (average
38,000) of gold per year for 9 years. The 2023 PEA boasts an
excellent post-tax Internal Rate of Return (IRR) of 81% and NPV of
USD$121M, with rapid payback period of 1.3 years, using a gold
price of US$1800.
Changing only the gold price from $1800 to $2400
results in the 2023 PEA NPV jumping from USD$121M to
USD$272.6M, with an IRR increase from 81% to
150%. Sandman's economics are most sensitive to the gold
price.
More Information, including the 2023 NI43-101
PEA document can be found via our website:
https://goldbull.ca/sandman/Table 1. Impact of the
gold price on the Sandman PEA (taken from press release dated July
31, 2023 that can be viewed here).
Figure 1. Sandman Project gold anomalism showing
existing deposits and 2024 field areas including. Adularia Hill,
North Hill Extension, Silica Valley and K8.
Along the 11.5km North-West Trend at the K8
prospect, additional lag sampling will be conducted along with
preliminary gas test work. The success of this field work will
decide if additional ground geophysical survey work is needed in
which to adequately target drill holes seeking a new deposit
discovery. In the North Hill Extension area adjacent the North Hill
Mineral Resource Estimate (“MRE”) area, further
gas testing and geological modelling work is required to design new
drill targets using the existing geophysical surveys. Gas testing
was successful during the 2023 orientation gas survey1 in the North
Hill Extension area as the sand cover is not deep (5-10m) but
conceals the underlying rocks so gas testing a larger area may
prove further positive results. At Adularia Hill, assessment of
prior drill holes and geochemistry on the Outer Basin boundary
(figure 1) is needed to consider if further geophysical work is
warranted prior to designing further drill holes targeting a new
deposit discovery in an area with significant adularia alteration
including rare adularia crystals. In the North-South Trend,
additional geochemical coarse lag and soil gas sampling will be
conducted on the western side of the Abel Knoll breccia which has
no prior geochemical surface sampling adjacent the defined
resource, nor has it had any step-out drilling conducted away from
the existing MRE and high-grade diatreme breccia. The surface
sampling at Abel Knoll will therefore potentially provide a window
of geochemical dispersed signatures of the rocks underlying the
surficial sands within the highly prospective Sandman gold project.
In addition, further assessment of the 10km strike North-South
Trend will be completed particularly along the range front fault
away from the Abel Knoll and Southeast Pediment deposits where
quartz-adularia veining and iron oxidation is observed.
North Hill Extension – North-West Trend
Gold Bull conducted its Preliminary Economic
Assessment (“PEA”) mine studies2 prior to closing
off its mineral resources in order to illustrate the economics of
the current MRE and to present a near term development mine
scenario focused on organically growing the mine. No sterilization
drilling surrounding Sandman's MRE has been completed either. The
North Hill MRE is not closed off immediately south of the deposit
and this target area is referred North Hill Extension. Anomalism
was first identified during the 2022 orientation lag sample test
work where a lag sample returned 2.36ppm gold and 1ppm silver
(sample ID SBL-0095) in a coarse sample fraction from surface3. The
gas orientation test work in 2023 also identified this area as
being anomalous and prior historical auger rock chip samples
returned 0.51ppm gold and 1ppm silver (sample ID ASA1330) and
1.36ppm gold and 2.7ppm Ag (sample ID ASA1317). Given the location
of the anomalism being immediately south of the defined resource,
further gas test work is being planned in this location to see how
far the anomalism extends. Lag samples may also be taken to extend
the grid southeast of the MRE. Further drilling is warranted in
this area of the North Hill deposit to test the anomalism and also
to adequately close off the North Hill MRE envelope.
Figure 2 provides a summary of the North-West
Trend basin area depicting the anomalous gold (>0.01ppm) envelop
relative to the North Hill and Silica Ridge deposits. The anomalous
gold is broad and is defined by rock chip, soil and drill hole
laboratory analysis. The Outer Basin boundary is defined by the
residual gravity processed image shown in figure 1 where the basin
is well defined. The North Hill deposit is located between the
interpreted Inner and Outer Basin margin and Adularia Hill is also
located in a similar position within the basin. The imagery in
Figure 2 depicts the 2022 lag sampling North Hill Extension south
of the North Hill deposit and the Silica Valley prospect which is
much broader and also adjacent and potentially an extension of the
Silica Ridge deposit. Wind Mill is an area further east that
requires further surface sampling and drill holes testing.
Figure 2. North-West Trend basin showing the
North Hill Extension and Silica Valley prospects compared to
contoured lag sampling showing gold anomalism (>0.01ppm)
relative to the targeted Inner and Outer basin boundary defined by
processed residual gravity image. Deposits with declared MRE's are
North Hill and Silica Ridge. Significant historical rock chip
sample at Adularia Hill is shown.
Figure 3. North Hill Extension area south of the
North Hill MRE boundary, anomalous gold >0.01ppm in soil and
auger rock chip is shown. The colour contouring is the lag sampling
same as shown in figure 2 but with a more detailed perspective
highlighting the lack of drill holes in the North Hill Extension
area. Location of lag sample returning 2.36ppm Au is
highlighted.
Silica Valley – North-West Trend
Given the preliminary success of the gas
orientation test work over the Silica Ridge deposit1, further gas
test work is planned over the adjacent Silica Valley deposit which
was previously identified during the 2022 lag sample test work and
adjacent to the Silica Ridge MRE. If the Silica Valley soil/sand
gas test work shows encouraging results, an extension of the
existing geophysical ground survey will be required to effectively
target drill holes for testing. Silica Valley being an extension of
the Silica Ridge deposit and as stated previously, the PEA mine
studies were conducted by Gold Bull prior to closing off all of the
existing deposits including Silica Ridge. Further drill testing is
required at Silica Valley however due to the large anomalous target
area depicted by the 2022 lag sample program; drill targets need to
be refined in order to adequately and accurately test the large
target area in search of a gold feeder structure as is the case at
the Silica Ridge deposit. The soil/sand gas testing will also give
indication if the target is hill side creep from the Silica Ridge
deposit which sits above the Silica Valley prospect
topographically.
Figure 4. Lag geochemical sampling conducted in
2022 showing contoured gold and the Silica Valley anomalism
adjacent to the Silica Ridge MRE boundary. The figure also shows
the North Hill Extension anomalism south of the North Hill MRE
boundary where a lag sample of 2.36ppm gold was returned. The
underlying geophysical image is a processed airborne magnetic image
(TMI TRP 1VD).
K8 Prospect to Abel Knoll, Part of the North-West
Trend
As with many Nevada gold deposits, the deposits
at Sandman occur at the intersection of north-eastern and
north-western striking structures where the structures create space
for mineralizing fluids to pierce through the underlying Triassic
Raspberry Formation and flood the overlying Tertiary basalt, tuff
and sedimentary successions. Gold Bull is keen to further test
surface geochemistry along the North-West Trend at the K8 prospect
as it is located at the intersection of these important
north-eastern and north-western structures. Surface lag samples
will be taken (the sieved coarse fraction of sample material) this
field season. Historical soil sampling identified an anomalous
strike length of 1.5 kilometers within the North-West Trend defined
with >0.01g/t Au (soil and auger samples) in which four (4)
drill holes were drilled within a radius of 217m and intersected
Cretaceous granodiorite hole K804-0001 averaged 0.15ppm gold for
the entire hole for 103.6m, hole K804-0002 averaged 0.21ppm gold
over the entire hole 121.9m, hole K804-0003 averaged 0.11ppm gold
over the entire hole 120.4m and hole NSM-00379 averaged 0.15ppm
gold over the entire hole 146.3m. Best historical gold
intersections include NSM-00379 48.7m @ 0.32ppm Au from 28.9m
including 7.62m @ 0.80ppm Au from 33.5m, from hole K804-0001 18.3m
@ 0.45ppm Au from 85.3m (to end of hole) including 4.5m @ 1.12ppm
Au from 94m, from hole K804-0003 15.2m @ 0.33ppm gold from 12.2m.
Only gold analysis was conducted on the Cretaceous granodiorite
samples and no copper or other base metals (in search of porphyry
gold-copper style of mineralization) or gold indicator elements
were analyzed. The lag sampling is designed to confirm if further
gold anomalism can be found within the coarse fraction of alluvium
over a larger area potentially representative of further
mineralization targets underlying the surficial cover. If the lag
sampling is successful, a geophysical ground survey is recommended
to assist with designing drill hole targets.
The K8 prospect has previously been overlooked
due to the cluster of drilling intersecting low grade gold in
granodiorite within a 217m radius, however the soil geochemical
strike length is 1.5km and lies within the North-West Trend which
extends to the Abel Knoll deposit in the southwest and all the way
to the North Hill deposit to the northwest, the total strike length
of the Northwest Trend at the Sandman project is 11.5km. These
results are sufficiently prospective to conduct further lag test
work and/or potentially gas test work as these methods are low cost
and will assist to decide if and where ground surveys are warranted
to further refine drill targets.
Figure 5. The North-West Trend and North-Trend
is shown with the K8 prospect and Abel Knoll Deposit shown relative
to the contoured gold anomalism >0.1ppm. Location of the
historical auger rock chip sample results in the North Trend are
depicted. The underlying geophysical image is a processed residual
gravity image which depicts the Sandman Tertiary aged basin
boundaries.
Adularia Hill – North-West Trend Basin
Prospect
The Adularia Hill prospect comprises an elevated
hilltop with remarkable outcropping adularia crystals and adularia
alteration where a historical surface rock chip sample returned
1.11ppm gold and 0.4ppm silver (samples ID AH110) (figure 2 and
photo 1). The encouraging adularia and silica alteration make this
target worthy of further follow-up work as adularia is commonly
associated at the top of the mineralization within the Tertiary
basins where gold mineralizing fluids pierced through the
underlying Triassic Raspberry Formation rocks. Adularia Hill is
also located on the western margin of the Tertiary basin in a
similar location as North Hill which is on the northeastern margin,
the interpreted basin boundary margins are shown in figures 1 and 2
and have not been focused in prior exploration programs.
Geochemical sampling surrounding Adularia Hill is also very
limited. Prior drilling was clustered around the hilltop and
further geological modelling and drill testing is required to
better test this target in search of a new deposit discovery.
Photo 1. Example of adularia crystals in the
outcrop present which forms the Adularia Hill prospect.
North-South Trend
The North-South Trend area between Abel Knoll
and Southeast Pediment deposits is prospective as if forms a range
front basin boundary fault where gold mineralisation exists in a
variety of rocks including Tertiary basalt, diatreme breccias, tuff
and cyclic sedimentary successions. The trend also exhibits quartz
veining and encouraging adularia, iron, alunite (argillic)
alteration in small rock float observed in alluvium at surface.
Attractive Liesegang banding (generally after sulphide minerals)
has also been observed associated with diatreme breccias in this
trend area. Historical auger rock chip samples in this area have
returned 2.54ppm gold and 1.5ppm silver (sample ID ASA0235) and
0.51ppm gold (sample ID ASA0213) refer figure 4. The area also has
mineralised oxidized breccia which is the same rock as the
mineralized Abel Knoll diatreme phreatic breccia which is part of
the highest-grade gold rock within the Abel Knoll MRE. Surface gas
and lag sample test work is planned for this area this field
season.
Figure 6. Sandman Project location map of
Northern Nevada relative to the surrounding operating gold mines
and mineral resources. Reference to the nearby projects is for
information purposes only and there are no assurances the Company
will achieve the same results.
NEXT STEPS
Field work is planned to commence in June with
further gas test work ± lag sampling (coarse fraction) at the North
Hill Extension area and the Silica Ridge Extension area previously
referred Silica Valley. Preliminary lag sample test work will
commence at K8 and further sampling will also be conducted west of
the Abel Knoll diatreme breccia where no prior surface sampling has
been conducted and no step-out or deposit sterilisation drilling
has been undertaken. Further evaluation of the North-South Trend
will also be conducted between Southeast Pediment and the Abel
Knoll deposit.
The Company is currently engaged in active and
advanced merger and acquisition (“M&A”) due
diligence, with respect to both inbound and outbound expressions of
interest. The focus remains on undervalued gold assets within the
USA, with a primary focus on Nevada, where our management team
reside.
ABOUT SLEEPER
The Sleeper-Sandman corridor is a highly endowed
and underexplored terrain. Gold Bull Is exploring Sandman for
"Sleeper Style" new discoveries because the Sleeper Mine mined
circa 2 million ounces of gold (plus 2.3 million ounces of silver)
and had an approximate Measured and Indicated Mineral Resource of 3
million gold equivalent ounces at the time of mining. The mine is
located circa 23 kilometers north of Sandman’s North Hill deposit
along the same Nevada gold trend. The Sleeper deposit measures 500m
wide by 2km in strike length and was one of the highest-grade gold
deposits mined in Nevada at 0.48opt (15g/t) gold. Sleeper had a
reportable resource of 2.27 million ounces of gold in 1997 at the
time of mine closure. The deposit was obscured by cover because it
was partially covered by alluvium to the west and was not all
outcropping. This highly prospective corridor has been massively
underexplored and under drilled given the prolific known gold
mineralization at or near surface in the district.
It should be noted, it took Sleeper thirty-four
(34) step-out drill holes to discover the high-grade gold vein
system with the discovery hole returning 102m of silicified breccia
that averaged 28 g/t gold and 62 g/t silver. A very persistent
exploration methodology was applied by Gold Bull’s current
Technical Advisor, John Wood, who is credited to discovering the
high-grade Sleeper deposit (Wood pit named after him) which was
surrounded by lower grade disseminated gold. The Sleeper anomaly
had an initial surface geochemical expression 50-300m wide and
1,000m long, surface samples ran 0.2g/t gold and mineralization
remain below the historical pit. A similar narrow surface
expression also exists at the Sandman Southeast Pediment deposit
and therefore it is considered possible to discover an additional
deposit outside the existing Sandman orebodies.
ABOUT SANDMAN
In December 2020, Gold Bull purchased the
Sandman Project from Newmont. Gold mineralization was first
discovered at Sandman in 1987 by Kennecott and the project has been
intermittently explored since then. There are four known pit
constrained gold resources located within the Sandman Project,
consisting of 21.8Mt at 0.7g/t gold for 494,000 ounces of gold;
comprising of an Indicated Resource of 18,550kt at 0.73g/t gold for
433kozs of gold plus an Inferred Resource of 3,246kt at 0.58g/t
gold for 61kozs of gold. Several of the resources remain open in
multiple directions and the bulk of the historical drilling has
been conducted to a depth of less than 100m. Sandman is
conveniently located circa 25-30 km northwest of the mining town of
Winnemucca, Nevada.
QUALIFIED PERSON
Cherie Leeden, B.Sc Applied Geology (Honours),
MAIG, a “Qualified Person” as defined by National Instrument
43-101, has read and approved all technical and scientific
information contained in this news release. Ms. Leeden is the
Company’s Chief Executive Officer.
ABOUT GOLD BULL RESOURCES CORP.
Gold Bull’s mission is to grow into a US-focused
mid-tier gold development Company via rapidly discovering and
acquiring additional ounces. The Company’s exploration hub is based
in Nevada, USA, a top-tier mineral district that contains
significant historical production, existing mining infrastructure
and an established mining culture. Gold Bull is led by a Board and
Management team with a track record of exploration and acquisition
success.
Gold Bull’s core asset is the Sandman Project,
located in Nevada which has a 494,000 oz gold
resource as per 2022 43-101 Resource Estimate. Sandman is located
23 km south of the Sleeper Mine and boasts excellent large-scale
exploration potential.
Gold Bull is driven by its core values and
purpose which includes a commitment to safety, communication &
transparency, environmental responsibility, community, and
integrity.
Cherie LeedenPresident and CEO, Gold Bull
Resources Corp.
For further information regarding Gold Bull
Resources Corp., please visit our website at www.goldbull.ca or
email admin@goldbull.ca or phone 778.401.8545.
Cautionary Note Regarding Forward-Looking
StatementsNeither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This news release contains certain statements
that may be deemed “forward-looking statements” with respect to the
Company within the meaning of applicable securities laws.
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
“expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential”, “indicates”, “opportunity”,
“possible” and similar expressions, or that events or conditions
“will”, “would”, “may”, “could” or “should” occur. Although Gold
Bull believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, are subject to risks and
uncertainties, and actual results or realities may differ
materially from those in the forward-looking statements. Such
material risks and uncertainties include, but are not limited to,
the Company’s ability to raise sufficient capital to fund its
planned activities at the Sandman Project; the timing and costs of
future activities on the Company’s properties; maintaining its
mineral tenures and concessions in good standing, to explore and
develop its projects, to repay its debt and for general working
capital purposes; changes in economic conditions or financial
markets; the inherent hazards associates with mineral exploration
and mining operations, future prices of copper and other metals,
changes in general economic conditions, accuracy of mineral
resource and reserve estimates, the potential for new discoveries,
the ability of the Company to obtain the necessary permits and
consents required to explore, drill and develop the projects and if
obtained, to obtain such permits and consents in a timely fashion
relative to the Company’s plans and business objectives for the
projects; the general ability of the Company to monetize its
mineral resources; and changes in environmental and other laws or
regulations that could have an impact on the Company’s operations,
compliance with environmental laws and regulations, dependence on
key management personnel and general competition in the mining
industry. Forward-looking statements are based on the reasonable
beliefs, estimates and opinions of the Company’s management on the
date the statements are made. Except as required by law, the
Company undertakes no obligation to update these forward-looking
statements in the event that management’s beliefs, estimates or
opinions, or other factors, should change.
1 Gold Bull confirms successful surface soil gas survey at
Sandman and announces share consolidation, published September 7
2023.2 Gold Bull's Sandman Project Revised PEA Phase 2, Confirms
near term production potential in Nevada, Post-Tax IRR 81%, NPV
$121M, 1.3yr pay-back, 9-yr mine life at 38,000 oz gold pa.
Published July 31 2023.3 Gold Bull surface sampling defines new
drill target at Sandman. Published February 28 2022.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f92e0081-cad1-4605-ad02-ef0d28f5fe33
https://www.globenewswire.com/NewsRoom/AttachmentNg/031cc8be-7d14-4af3-91b5-2981cc83e8c5
https://www.globenewswire.com/NewsRoom/AttachmentNg/21618222-3462-484a-ab34-a66596ccab2a
https://www.globenewswire.com/NewsRoom/AttachmentNg/0c9ac5a8-33e6-47d1-b1b7-5632cc39aa62
https://www.globenewswire.com/NewsRoom/AttachmentNg/92e7d584-4e49-4b67-9d69-adc1e8450c97
https://www.globenewswire.com/NewsRoom/AttachmentNg/6a7c8dba-30fc-4ddf-b23b-0c25f8c5a712
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