Mr. Antonio Canton reports

GOLD SPRINGS RESOURCE CONTINUES TO EXPAND THE CHARLIE ROSS DEPOSIT

Gold Springs Resource Corp. continues to release positive drilling results from the Charlie Ross resource area of its large Gold Springs project located in the United States, on the border of Nevada and Utah.

Highlights include:

• 0.85 gram per tonne gold equivalent over 4.5 metres;
  • 1.85 g/t gold equivalent over 10.7 metres including:
  • 3.61 g/t gold equivalent over 4.6 metres in hole CR-22-019.

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

Antonio Canton, president and chief executive officer, stated: "These latest positive results from Charlie Ross confirm the existence of higher-grade zones and the excellent results reported in our recent press release of Oct. 6, 2023.

"We believe that these multiple drill intercepts of over two g/t and over one g/t gold equivalent will enable us to extend our Charlie Ross deposit in all its three parallel zones (West, Central and East), both up dip and to the north where it remains open:

• "3.10 g/t gold equivalent over 12.2 metres, including:
  • 7.74 g/t gold equivalent over 4.6 metres;
  • 1.08 g/t gold equivalent over three metres;
  • 0.84 g/t gold equivalent over 6.1 metres in hole CR-22-014;
• "2.64 g/t gold equivalent over 12.2 metres, including:
  • 9.49 g/t gold equivalent over three metres;
  • 0.72 g/t gold equivalent over 6.1 metres in hole CR-22-010;
• "2.33 g/t gold equivalent over 6.1 metres;
  • 1.02 g/t gold equivalent over three metres in hole CR-22-008;
• "1.60 g/t gold equivalent over 3.1 metres in hole CR-22-015;
• "1.31 g/t gold equivalent over 10.6 metres;
  • 0.61 g/t gold equivalent over 6.1 metres in hole CR-22-009.

"Our future drilling programs will aim to further extend this high-grade gold mineralization in the three parallel resource zones located in a very large 1,100-by-600-metre CSAMT geophysical anomaly area, which offers exciting expansion opportunities."

Charlie Ross

The discovery hole at Charlie Ross was drilled in 2021, and after only 22 holes, Gold Springs was able to identify a new resource which was reported in its latest resource estimate (see Gold Springs' press release of June 13, 2022, concerning its last mineral resource estimate based on drilling to 2021 and detailed table herein).

The positive drill results from 19 additional holes reported in 2022 to 2023 demonstrate Gold Springs' ability to expand gold mineralization in all three zones of the Charlie Ross resource and to provide higher-grade intercepts than previously seen (see Gold Springs' press releases of Sept. 28, 2022, Oct. 6, 2023, and today).

The Charlie Ross target is highlighted by a significant CSAMT (controlled-source audio-frequency magnetotelluric) geophysical anomaly that extends over a 1,100-metre-by-600-metre area on the edge of the Gold Springs caldera complex.

Gold is controlled by north-south-trending structural corridors with three parallel zones: Western, Central and Eastern, each hosting a portion of the current resource, and each expanded by these significant gold mineralization results.

Charlie Ross historic mine

These three structural zones host the historic Charlie Ross mine that was a producer at the beginning of the 20th century, with one shaft, 400 metres of drifts and several stopes. Several other tunnels and shafts exploited the Western resource area which is an extension of the historic Little Buck mine.

Reports described the historic Charlie Ross mine as a 53-metre inclined shaft with a 12-metre talc zone containing very high-grade gold telluride and sylvanite streaks with bonanza gold grades. Visible gold was found in rocks from the dump of the historic mine.

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 and 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 QA/QC 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 atomic absorption spectroscopy 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 inductively coupled plasma 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, U.S. The project is situated in the prolific Great basin of Western U.S., one of the best mining jurisdictions in the world.

We seek Safe Harbor.