Gold Springs Resource Drilled in New Zone of Gold Mineralization at North Jumbo

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VANCOUVER, BC / ACCESSWIRE / September 19, 2022 / Gold Springs Resource Corp. (TSX: GRC) (OTCQB: GRCAF) (the “Company” or “GRC”), has received assays from the first drill holes of 2022 at North Jumbo confirming the possibility of a significant southward extension of the North Jumbo in the Gold Springs project located in the USA, on the border of Nevada and Utah.

Highlights include:

  • 1.20 g/t gold equivalent over 9.1 meters and
    0.67 g/t gold equivalent over 36.6 meters and
    1.18 g/t gold equivalent over 6.1 meters in hole J-22-001
  • 0.57 g/t gold equivalent over 41.2 meters and
    1.88 g/t gold equivalent over 6.1 meters in hole J-22-004
  • 1.87 g/t gold equivalent over 29.0 meters of which
    3.73 g/t gold equivalent over 9.2 meters in hole J-22-005
  • 0.94 g/t gold equivalent over 9.2 meters in hole J-22-006
  • 0.56 g/t gold equivalent over 7.7 meters and
    1.14 g/t gold equivalent over 3.1 meters in hole J-22-007
  • 0.52 g/t gold equivalent over 19.8 meters and
    1.31 g/t gold equivalent over 7.6 meters in hole J-22-008

Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% silver recovery.

Randall Moore, Executive Vice President of Exploration, declared: “We are very pleased with the results of the first holes completed in 2022 at North Jumbo as they confirm:

  1. The discovery of a new zone of gold mineralization lying 200 meters south of our North Jumbo resource (holes J-22-004 and J-22-005) in a new structural block that has never been drilled before.
  2. The extension of the North Jumbo Resource in a west parallel mineral block (J-22-001, J-22-006 and J-22-007).
  3. Extension of gold mineralization in the southern part of the North Jumbo resource as our model predicted (hole J-22-008).

All of these holes have thick sections of gold mineralization and higher grade intervals than our existing resources.

The 2022 drilling program is progressing as expected, and our resource models are confirmed and refined by all of these positive drill results:

  • To Southern JumboWe have identified a significant expansion of this system 50 meters to the north with hole E-22-020 returning 0.74 g/t gold equivalent more 26.0 meters(see our press release of August 12, 2022). We have now completed two more holes and a third is underway with the goal of expanding the resource 200 meters to the north.
  • At North Jumbowe pierced a new structural block extension of gold mineralization 200 meters south of the North Jumbo resource with hole J-22-005 returning 1.87 g/t gold equivalent more 29 meters including 3.73 g/t more 9.2 metersand with hole J-22-004 returning 0.57 g/t gold equivalent more 41.2 meters and 1.88 g/t more 6.1 meters.

In the 5 km Jumbo trend, we are currently constructing new drill pads to follow up on these positive results, with the ambition to continue to extend the gold mineralization of the North Jumbo resource (1.8 km long) towards south and the South Jumbo resource (1.3 km long) to the north.”

2022 drilling program

The Company has now completed 56 holes totaling 11,990 meters of the planned 21,000 meter program. Drilling targeted the North and South Jumbo resources, the Charlie Ross target and the Snow target, which saw its first ever drilling. Drills will soon move to the Red Light target followed by the Horseshoe Extension.

Drilling Interception Summary

Hole
Number

Target

Of
Meters

To
Meters

Thickness
Meters

Gold
g/t

Silver
g/t

AuEq
g/t

J-22-0001

North Jumbo

4.6

13.7

9.1

1.17

4.52

1.20

and

41.1

77.7

36.6

0.61

8.7

0.67

and

99.1

103.6

4.5

0.31

4.8

0.34

and

115.8

121.4

6.1

1.10

11.8

1.18

J-22-002

North Jumbo

39.6

42.7

3.1

0.52

6.0

0.56

J-22-004

North Jumbo

73.2

76.2

3.0

0.89

25.7

1.07

and

211.8

253.0

41.2

0.53

5.5

0.57

including

222.5

228.6

6.1

1.80

11.5

1.88

J-22-005

North Jumbo

77.7

106.7

29.0

1.74

19.22

1.87

including

77.7

86.9

9.2

3.41

46.2

3.73

and

172.2

175.3

3.1

0.67

5.7

0.71

J-22-006

North Jumbo

53.3

62.5

9.2

0.93

1.93

0.93

J-22-007

North Jumbo

103.6

111.3

7.7

0.53

4.4

0.56

and

198.1

201.2

3.1

0.96

26.3

1.14

J-22-008

North Jumbo

22.9

42.7

19.8

0.45

10.6

0.52

and

140.2

147.8

7.6

1.25

8.2

1.31

J-22-010

North Jumbo

97.5

100.6

3.1

0.52

44.3

0.83

Actual thickness is estimated at 60-100% of reported length. Grams per tonne of gold and silver abbreviated as “Au g/t” and “Ag g/t” respectively.

Drill Hole Chart

Hole ID

Target

Abscissa
UTM NAD 27

Ordered

meters above sea level

Azimuth

Inclination

TD (m)

J-22-001

North Jumbo

761034

4198261

2051

325

-65

219.5

J-22-002

North Jumbo

760988

4198261

2053

310

-65

170.7

J-22-003

North Jumbo

760972

4198380

2086

320

-50

146.3

J-22-004

North Jumbo

760976

4198167

2030

190

-45

274.3

J-22-005

North Jumbo

761012

4198219

2038

190

-45

198.1

J-22-006

North Jumbo

761036

4198303

2064

325

-55

158.5

J-22-007

North Jumbo

760979

4198368

2048

120

-45

219.5

J-22-008

North Jumbo

761185

4198322

1996

330

-60

225.6

J-22-009

North Jumbo

761193

4198673

2058

270

-60

115.8

J-22-010

North Jumbo

761186

4198701

2070

310

-60

176.8

Qualified person

Randall Moore, Executive Vice President, Exploration, Gold Springs Resource Corp., is the Company’s designated qualified person for this press release within the meaning of National Instrument 43-101 Disclosure Standards for Mining Projects (“NI 43-101”). It has approved the scientific or technical information contained in this press release and has verified the geological plausibility of the data disclosed in this press release, verified all entries and verified the analytical data by analysis of the blanks and standards submitted with the drill chip samples. .

Quality assurance and quality control

Approximately 7 kg of RC chips were sent to the lab for each 1.52 meter drill interval. Standards and blanks are run through the sample stream at 15% for QA/QC purposes. Additionally, the lab also includes duplicate samples, standards, and blanks. The results of these control analyzes are reviewed prior to the publication of the data. All RC sample assays are also reviewed for their geological context and checked against drill logs.

Dosing method

Analyzes were performed in Reno, Nevada by ALS Geochemical, an independent ISO 9001:2000 certified laboratory. Gold was assayed by fire assaying a 30 gram sample with an AAS finish with samples grading greater than 5 g/t reassayed using a 30 gram sample and a gravity finish. Silver is analyzed by an ICP four-acid leaching method.

About Gold Springs Resource Corp.

Gold Springs Resource Corp. (TSX: GRC and OTCQB: GRCAF) is focused on exploring and expanding the gold and silver resources of its Gold Springs project located on the border of Nevada and Utah, USA. The project is located in the prolific Great Basin of the western United States, one of the best mining jurisdictions in the world.

Contact of Gold Springs Resource Corp. :

Antonio Canton, President and CEO
[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 company. Forward-looking statements included herein include statements relating to the Company’s objective to expand gold mineralization from the 1.8 km long North Jumbo Resource to the 1.3 km long South Jumbo Resource and may also include words such as “create”, “believe”, “would”, “continue”, “will”, “promise”, “should” and similar expressions. These forward-looking statements are based on current expectations and involve various risks and uncertainties. Actual results may differ materially from expectations if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove to be inaccurate. Factors that could cause results or events to differ materially from expectations Current facts expressed or implied by forward-looking statements include, but are not limited to, risks in the mineral exploration industry that could affect the advancement of the Gold Springs Project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs and application of taxes; the availability of sufficient financing to finance the work planned or required in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as planned, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry described in more detail in the Company’s Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com. Assumptions made in making forward-looking statements include: the accuracy of current resource estimates and the interpretation of drilling, metallurgical testing and other exploration results; continued support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs Project; the execution of the company’s existing plans and additional exploration and development programs for Gold Springs, which may change due to changes in the company’s opinion or if new information arises, which makes it prudent to modify these plans or programs. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Unless otherwise indicated, the forward-looking statements contained in this press release describe the Company’s expectations as of the date hereof.

THE SOURCE: Gold Springs Resource Company

See the source version on accesswire.com:
https://www.accesswire.com/716404/Gold-Springs-Resource-Drilled-into-a-New-Gold-Mineralization-Area-at-North-Jumbo

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