Gold Bull 3D modeling of ground geophysics at Sandman confirms robust new drill targets at North Hill and Silica Ridge
VANCOUVER, Jan. 24, 2022 - Gold Bull Resources Corp. (TSX-V: GBRC) ("Gold Bull" or the "Company") is pleased to report that all CSAMT (ground geophysics) survey data has been received and incorporated into the drilling program that commenced last week at its 100% owned Sandman Project ("Sandman" or the "Project") located in Humboldt County, Nevada, USA.
HIGHLIGHTS & UPDATE:
- 2022 'Phase 1' drill program at Sandman is underway
- Phase 1 consists of 18 RC drill holes for circa 4000m
- New exploration target model is being tested - exploring for high grade 'bonanza' gold feeders
- Recently acquired geophysical data is assisting with drill hole prioritization and selection
Gold Bull CEO, Cherie Leeden commented:
"Exploration targets based on multiple lines of evidence - geophysics, geochemistry and geology - have a better chance of yielding successful drilling results. We are using the geophysical data to project our interpretations of shallow drilling and surface geochemistry to greater depths, targeting a new gold discovery at Sandman. I am proud of the new targets that our technical team has generated which are all based on robust science, and I look forward to seeing the assay results come in."
In this video link: https://goldbull.ca/media/#overlay-3271 Gold Bull's Project Geologist, Amy Hannink, describes the relationships between the interpreted structures and geophysical (resistivity model) features. The CSAMT resistivity models on east-west and north-south oriented traverses in the Silica Ridge deposit and adjoining Windmill target area also support the new targets derived from shallower drilling data.
Background
Two-dimensional resistivity models from the North Hill CSAMT data have been received from DIAS Geophysical and images have been imported into Leapfrog for analysis. The hydrothermal feeder structures (faults) interpreted from the 3D gold grade model project at depth onto major breaks in a conductive (red shaded) layer within the Triassic basement rocks beneath the North Hill Mineral Resource Estimate (MRE) (Figure 1). This observation supports our interpretation that the faults associated with high grade zones within the MRE are deep-rooted structures that may have acted as conduits for mineralizing fluids migrating out of the basement rocks into the overlying Tertiary volcanic and sedimentary sequence. Our exploration model targets such faults close to the drop in lithostatic pressure at the Triassic-Tertiary contact, where loss of volatiles from the fluids is likely to cause a rapid reduction in gold solubility, depositing bonanza grade mineralization. The interpreted faults also align with the edges of resistive (blue shaded) zones in the near-surface associated with adularia flooding of the Tertiary rocks that accompanies gold mineralization, further supporting our geological interpretation.
The fault targeted by a reconnaissance drill hole west of North Hill coincides with changes in the dip of the conductive layers within the Tertiary and Triassic sequences. This hole will be the first drilled in our current program. A steeply dipping conductive zone that coincides with the demagnetization of a NNW-trending dyke (possible argillic alteration) is defined just to the west of this interpreted fault on the northern CSAMT line. Our team will be developing drill targets in this area based on lag geochemical sampling, current and historic drill data, and the CSAMT/magnetic/gravity geophysical data.
Figure 1 2D CSAMT resistivity model images (red = conductive, blue = resistive) and faults interpreted from geology and the 3D gold grade model. The faults project down-dip from the Mineral Resource Estimate (not drafted for simplicity) onto major breaks in a conductive layer within the Triassic basement rocks. https://www.globenewswire.com/NewsRoom/AttachmentNg/49367ae3-96ea-407d-9264-d71ceccce6e6
Figure 2 Sandman project location plan, with Mineral Resource Estimate surface projections and target areas. https://www.globenewswire.com/NewsRoom/AttachmentNg/1818e40a-50fc-482d-a8f0-e5bf020dcf7e
Next Steps
- Drilling has commenced at Sandman and will continue over the next 2 to 3 months.
- Laboratory assay results from lag geochemical samples collected in the Windmill target area are awaited. We expect to add targets to the drilling program arising from analysis of these data in conjunction with the CSAMT models.
- Analysis and interpretation of the CSAMT results from Windmill and Abel Knoll continues.
- A lag geochemical sampling program is planned for Midway target area and to the west of North Hill when weather permits. The ground is currently still too damp for screening of the samples through classifiers.
Cherie Leeden
President and CEO, Gold Bull Resources Corp.
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 @ 0.7g/t gold for 494,000 ounces of gold; comprising of an Indicated Resource of 18,550kt @ 0.73g/t gold for 433kozs of gold plus an Inferred Resource of 3,246kt @ 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. Cherie Leeden relied on resource information contained within the Technical Report on the Sandman Gold Project, prepared by Steven Olsen, a Qualified Person under NI 43-101, who is a Qualified Persons as defined by the National Instrument NI 43-101. Mr. Olsen is an independent consultant and has no affiliations with Gold Bull except that of an independent consultant/client relationship. Mr. Olsen is a member of the Australian Institute of Geoscientists (AIG) and is the Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects.
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 and team are 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 2021 43-101 Resource Estimate. Sandman is located 23 km south of the Sleeper Mine and boasts excellent large-scale exploration potential. Drilling at Sandman is currently underway.
Gold Bull is driven by its core values and purpose which includes a commitment to safety, communication & transparency, environmental responsibility, community, and integrity.
For further information regarding Gold Bull Resources Corp., please visit our website at www.goldbull.ca or email admin@goldbull.ca.
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