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Gold Springs Resource Corp
Symbol GRC
Shares Issued 256,349,943
Close 2022-09-22 C$ 0.155
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Gold Springs identifies new target at Gold Springs

2022-09-22 20:03 ET - News Release

Mr. Antonio Canton reports


Gold Springs Resource Corp. has made a new 2022 discovery on the Snow target of its large Gold Springs project located in the United States on the border of Nevada and Utah.

Highlights include:

  • 1.98 grams per tonne gold equivalent over 3.0 metres;
  • 0.70 g/t gold equivalent over 27.4 metres in hole SN-22-002;
  • Gold equivalent based on $1,800 (U.S.) per ounce gold, $25 (U.S.) per ounce silver and 50 per cent for silver recovery.

Randall Moore, executive vice-president of exploration, stated: "With this new gold discovery on the Snow target, we continue to demonstrate in 2022 the quality of our 33 targets defined to date on only 40 per cent of the Gold Springs project. In 2021, the drill program already highlighted two new discoveries at Charlie Ross and White Point, and both targets now host a resource.

"This new discovery at Snow was primarily defined by a large CSAMT geophysical anomaly that extends north-south for three kilometres and parallels the five-kilometre-long Jumbo trend located 900 metres to the west. This target is mostly covered by postmineral material, with the exception of the very southern portion where historical workings have produced surface samples up to 3.7 g/t gold. Hole SN-22-001 deviated during downhole drilling and did not intersect the primary CSAMT target. The following hole SN-22-002 intersected the geophysical anomaly and, once again, validates our working models for identifying gold mineralization.

"We are excited to conduct follow-up drilling in the coming months on this large geophysical anomaly over 1,000 metres wide in the discovery hole area. We are currently locating new drill pads on the three-kilometre-long Snow target, which will offset the discovery hole and target the boundary structures that are expected to control the gold mineralization."

2022 drilling program

The company has now completed 65 holes totalling 13,810 metres of the planned 21,000-metre program. Drilling has targeted the North and South Jumbo resources, the Charlie Ross resource, the Red Light, and the Snow targets.

Gold Springs is now starting to drill the first ever holes on the Horseshoe extension target located between two of the three largest historic producing mines in the district (the Horseshoe and the Homestake mines).

The Snow target

The Snow target is located on the Utah side of the nearly 8,000-hectare Gold Springs project and is controlled by a parallel structural zone to the Jumbo trend. Historical workings are located on the southern end of the three-kilometre-long north-south Snow fault. They consist of one mine shaft and several slot cuts that focused on the structural zone, quartz-calcite veins, breccias and stockwork veining, and have produced sample results from vein exposures as high as 3.7 g/t gold. The Snow target is very similar to the Jumbo trend in that two parallel structures, the Snow to the east and the Fitch to the west, create the structural preparation needed to develop areas of gold mineralization.

Qualified person

Randall Moore, executive vice-president, exploration, Gold Springs, 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 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 (TSX Venture Exchange: GRC and OTCQB: GRCAF) 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 western U.S., one of the best mining jurisdictions in the world.

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