Mr. Antonio Canton reports

GOLD SPRINGS RESOURCE CONTINUES TO EXPAND THE SOUTH JUMBO DEPOSIT

Gold Springs Resource Corp. has released positive assay results from the South Jumbo resource area of its Gold Springs project, located in the United States, on the border of Nevada and Utah.

Highlights include:

• 1.93 grams per tonne gold equivalent over 1.5 metres, 0.58 g/t gold equivalent over 7.6 metres and 1.24 g/t gold equivalent over 1.6 metres in hole E-22-023;
• 1.10 g/t gold equivalent over 6.1 metres, 0.96 g/t gold equivalent over 3.0 metres and 0.57 g/t gold equivalent over 6.1 metres in hole E-22-022;
• 1.30 g/t gold equivalent over 1.5 metres in hole E-22-024.

Gold equivalent is based on $1,800 (U.S.) per ounce gold, $25 (U.S.) per ounce silver and 50 per cent for silver recovery.

Antonio Canton, president and chief executive officer, stated: "We are pleased by these new positive results, which extend the gold mineralization encountered in hole E-22-020 (1.05 g/t AuEq over 4.6 metres and 0.74 g/t AuEq over 26 metres) and thus expand our South Jumbo deposit 200 metres further north, where it remains open (see Gold Springs Resource's press release dated Aug. 12, 2022).

"Add this 200 metres northward expansion of the Jumbo South deposit to the 425-metre southward expansion of the Jumbo North deposit in a higher-grade structural block, and we are convinced of the significant potential of the five-kilometre-long Jumbo trend to host a large gold deposit (see Gold Springs Resource press release dated Oct. 16, 2023).

"The South Jumbo and the North Jumbo resources, with 524,000 ounces of gold and 8,811,000 ounces of silver, already are the two largest of our six existing M&I [measured and indicated] resources, according to our latest resource estimate based on drilling up to 2021 and without results from 2022/2023 (see attached table and Gold Springs Resource's press release dated June 13, 2022, concerning the company's last mineral resource estimate).

"It's also worth bearing in mind, when analyzing Gold Springs' true potential, that the greater-than-five-kilometre Jumbo trend covers less than 5 per cent of our nearly 8,000-hectare, large gold project."

South Jumbo

The South Jumbo resource extends over 1,000 metres along strike, based on drilling up to 2021, and is located at the southern end of the greater-than-five-kilometre-long Jumbo trend, which is defined by a very strong and well-developed CSAMT (controlled-source audio-frequency magnetotelluric) high-resistivity anomaly.

The drill holes E-22-020 through E-22-024 extend this gold-bearing system 200 metres to the north and include the higher-grade material of 1.05 g/t gold equivalent over 4.6 metres and 0.74 g/t gold equivalent over 26 metres in hole E-22-020, and 1.1 g/t gold equivalent over 6.1 metres found in hole E-22-022.

Future drilling will focus on continuing to expand the gold mineralization to the north.

Qualified person

Randall Moore, vice-president of Gold Springs Resource, is the company's designated qualified person for this news release within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. He has approved the scientific or technical information in this release and has verified the data disclosed in this release 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/quality control

Approximately seven kilograms of reverse circulation chips were sent to the laboratory for each 1.52-metre drill interval. Standards and blanks are submitted into the sample stream at the rate of 15 per cent for quality assurance/quality control 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 Reno, Nev., by ALS Geochemical, an ISO 9001:2000-certified and independent laboratory. Gold was analyzed by fire assay of a 30-gram sample with an AAS finish, with samples assaying greater than five g/t reassayed using a 30-gram sample and a gravity finish. Silver is analyzed by a four-acid leach ICP method.

About Gold Springs Resource Corp.

Gold Springs Resource 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, United States. The project is situated in the prolific Great basin of the Western United States, one of the best mining jurisdictions in the world.

We seek Safe Harbor.