Coincidence or simply timing ???2 news update within a matter of couple of hours for Gowganda silver projects.....
Gold Bullion Development Corp. (TSXV:GBB) (OTCPINK:GBBFF) (the "Company"
or "Gold Bullion") announces that it has completed a 43-101 Technical
Report on its Castle Silver Mine property, which has been filed on
SEDAR and can also be viewed on the Company's website at
https://www.GoldBullionDevelopmentCorp.com. Gold Bullion is nearing completion of its 6000m first-phase drill
program with a total of 4861 metres, as of May 31st, having been completed in 10 holes. A strong new vein structure was
identified at the location of the first IP target tested.
The Company's Castle Silver Mine property, located 85 kilometres
northwest of the historic silver camp in Cobalt, Ontario consists of 34
leased mining claims and two licenses of occupation located in Haultain
and Nicol Townships, covering approximately 564.4 hectares. The mine
has been in operation at various times from 1917 to 1989 and produced a
total of 763,127,010 grams of silver from the No. 3 shaft. This
included Agnico-Eagle Mines Ltd.'s production from 1979 to 1989 which
came to 101,024 tonnes milled; 91,421,294 grams silver; 34,597
kilograms cobalt and 10,180 kilograms copper. Operations shut down in
1989 due to low silver prices.
Mine workings were originally accessed by an adit level entrance on the
21.3 metre (70-foot) level as well as a vertical shaft. Water level
measurements have ascertained that this uppermost level is above the
mine's water level. Based on this determination, the Company has
submitted a preliminary closure plan to allow the re-opening of the
adit to map and re-sample this upper level. This can be done without
having to dewater the mine. Once this initial re-evaluation has been
completed, the Company will determine whether to proceed with the
complete dewatering of the workings.
The mandate of this first phase of drilling is to identify the geometry
and stratigraphy of the mafic diabase intrusive sill to which the
silver-cobalt quartz-carbonate veins are spatially related. Of
particular importance are fault structures sub-parallel to the contacts
of this intrusive body. The drilling is attempting, at the same time,
to define the strength of known vein structures from historic workings
as well as testing specific IP targets identified by a recent
geophysical survey.
To date, several significant vein structures have been intersected. The
potential extensions to two strong historical structures have been
tested but need further work before they can be confirmed. No sample
analyses have been received to date. In keeping with the aim of mapping
the stratigraphy of the 300m-thick intrusive sill, four holes have
traversed the entire thickness enabling a detailed analysis of subtle
differences in mineralogy and alteration and the identification of the
location the low-angle faults which are important mineralization
indicators.
Historically, exploration in the Gowganda - Elk Lake area has focused on
the upper one-third of the Nipissing diabase sill and most of the
resulting historic production from the Gowganda area has been mined
from this horizon. However, an estimated 75 percent or more of the
silver mined from all the silver mines between Gowganda and Silver
Centre in South Lorrain south of Cobalt, Ontario - has been mined from
outside this horizon.