Gold Bull Resources provides update on Sandman project
2020-10-26 17:22 ET - News Release
Mr. Vince Sorace reports
GOLD BULL PROVIDES UPDATE ON SANDMAN PROJECT IN NEVADA
Gold Bull Resources Corp. has provided an update of the Sandman Gold Acquisition project. As announced on October 12, 2020, the Company has executed a Purchase and Sales Agreement to acquire 100% of the asset ("Sandman" or the "Project") for USD $4 million in cash.
HIGHLIGHTS:
- Updated NI43-101 resource estimate has been commissioned and commenced
- Sandman is considered prospective for two styles of gold mineralisation:
- o High grade sulphide mineralisation "feeder zones"
- o Low grade oxide mineralisation (near surface)
- Numerous high grade gold exploration targets have been identified from historical data
- Drill program planned to commence in Q1 2021 - already permitted for drilling
The Company has initiated a revised NI43-101 report for Sandman which will include an updated resource estimate. The current 43-101 Resource Estimate was drafted in 2007 and contains a 309,900 oz Au total resource (comprised of a Measured & Indicated Resource of 271,900 oz Au plus an Inferred Resource of 38,000 oz Au, refer to Table 4 for details). Subsequent to the 2007 resource estimate being completed, additional drilling has occurred that will be included in the updated resource estimate.
Incoming CEO Cherie Leeden stated, "I am very excited for Gold Bull to review and release a new 43-101 report for Sandman that will incorporate additional drilling completed since 2007. When the previous 43-101 report was done in 2007, the gold price was less than half of what it is today. The project has not been systematically explored at depth and the majority of the historical drilling to date has been to a depth of less than 100m. Our team is looking forward to focussing on the exploration opportunity, targeting higher grade feeder zones >100m deep."
Gold Bull is in the planning phase of a staged drill campaign at Sandman that is scheduled to commence in January 2021. The purpose of the drill campaign will be twofold; to verify and possibly extend known mineralisation and to test new undercover exploration targets, never before drilled. The initial program is expected to comprise an initial 3,000 meter reverse circulation (RC) program. A second phase of drilling will commence after laboratory results have been received for the first phase.
Gold Bull will provide a more detailed exploration and drilling update upon completion of the Sandman acquisition. The Company's technical team is in the process of reviewing the extensive historical database in order to rank and prioritise targets and proposed drill holes. The Company provides some additional information on three of the known targets; Silica Ridge, SE Pediment and North Hill (Figure 1).
Silica Ridge Target
The primary host units at Silica Ridge are fluvial siltstone, sandstone, conglomerate, and epiclastic tuff. Mineralization is primarily focused along the main NNE and NW fault sets over a known strike length of 850 meters. Gold values are elevated in fault breccias, especially where coincident with conglomerate beds. The mineralization at Silica Ridge occurs over a 700 by 250m area. Previous drilling at Silica Ridge has intersected high grade oxide gold mineralisation including:
Selection of Silica Ridge historical drilling intersections Drill Hole NoFrom-mTo-m g/t Aug/t Aginterval NSM-0424 37.58 40.78 8.40 3.2m NSM-0441 37.06 38.8929.17 1.83m NSM-1101 17.86 20.4832.14 2.62m NSM-1101 78.97 97.69 1.07 18.71m NSM-1232 49.10 52.5822.37 3.47m NSM-1262 3.47 6.46 20.03 2.99m NSM-1411 47.15 48.3486.91 1.19m NSM-1412 37.34 44.5 13.15 7.16m NSM-1421 57.79 61.2690.28 126.54 3.47m NSM-1433 6.55 8.41 5.95 1.86m NSM-1433 0 8.41 2.92 8.41m
1DRILLING RETURNS 1.23 OUNCES PER TON GOLD OVER 24.8 FEET AT SANDMAN, NEVADA, MARCH 5, 2010; FRONTEER GOLD, NEWS RELEASE 10-10. 2SANDMAN DELIVERS MORE HIGH-GRADE GOLD TO FRONTEER'S NEVADA PLATFORM WITH 90.28 G/T AU OVER 3.47 METRES, JANUARY 25, 2010; FRONTEER GOLD, NEWS RELEASE 10-05. 3SANDMAN GOLD PROJECT ON TRACK TO POTENTIAL PRODUCTION DECISION BY JUNE 11, JANUARY 11, 2010; FRONTEER GOLD, NEWS RELEASE 10-03. 4HIGH-GRADE GOLD INTERSECTED IN FOOTWALL ZONE OF SANDMAN GOLD DEPOSIT, AUGUST 5, 2009; FRONTEER GOLD, NEWS RELEASE 09-24
SE Pediment Target
Southeast Pediment is an outcropping, moderately dipping, high-grade vein system hosting a predominantly oxide gold resource at the intersection of two prominent structures. Approximate dimensions Southeast Pediment are 305 meters in length by 30 to 60 meters in width. Drilling has intersected a wide zone of high-grade sulfide mineralization (hole NSM-051) below the oxide gold vein, illustrating the high-grade nature and strong continuity of mineralisation at SE Pediment, and suggesting the presence of multiple mineralised vein structures in the deposit. Highlights from historic drilling at SE Pediment include:
Selection of SE Pediment historical drilling intersections Drill Hole NoFrom-m To-m g/t Aug/t Aginterval NSM-0514 31.73 32.31 8.05 0.58m NSM-0514 22.86 32.31 1.28 9.45m NSM-0514 118.57120.6428.90 2.07m NSM-0514 114.67146.7 3.16 32.03m NSM-1453 35.20 39.96 5.70 4.75m NSM-1453 35.20 37.52 9.65 2.32m NSM-1462 32.61 33.83 9.23 1.22m NSM-1471 12.92 13.93 52.45 1.01m NSM-1481 31.76 32.77 50.55 2067 1.01m
1DRILLING RETURNS 1.23 OUNCES PER TON GOLD OVER 24.8 FEET AT SANDMAN, NEVADA, MARCH 5, 2010; FRONTEER GOLD, NEWS RELEASE 10-10. 2SANDMAN DELIVERS MORE HIGH-GRADE GOLD TO FRONTEER'S NEVADA PLATFORM WITH 90.28 G/T AU OVER 3.47 METRES, JANUARY 25, 2010; FRONTEER GOLD, NEWS RELEASE 10-05. 3SANDMAN GOLD PROJECT ON TRACK TO POTENTIAL PRODUCTION DECISION BY JUNE 11, JANUARY 11, 2010; FRONTEER GOLD, NEWS RELEASE 10-03. 4HIGH-GRADE GOLD INTERSECTED IN FOOTWALL ZONE OF SANDMAN GOLD DEPOSIT, AUGUST 5, 2009; FRONTEER GOLD, NEWS RELEASE 09-24
North Hill Target
The North Hill target has been characterized as an oxidized, low-sulfidation, epithermal gold occurrence that extends 550m long, 430m wide. Mineralization at North Hill is controlled by a combination of low-angle contacts between the various basalt flows and the interbedded fluvial conglomerates and tuffaceous rocks. Previous drilling intersected oxide gold mineralization stating at a depth of less than 25m and high-grade intercepts at North Hill include:
Selection of North Hill historical drilling intersections Drill Hole NoFrom-mTo-m g/t Auinterval NSM-1821 56.40 93.90 1.54 37.49m NSM-1821 56.40 58.40 8.83 1.98m NSM-1841 7.00 11.00 7.75 3.96m NSM-1851 12.70 39.80 1.27 27.10m NSM-1851 31.60 38.50 3.11 6.83m
1NEW DRILL PROGRAM TARGETING SANDMAN/S FOURTH GOLD DEPOSIT RETURNS MULTIPLE INTERVALS OF NEAR-SURFACE GOLD, OCTOBER 13, 2010; FRONTEER GOLD, NEWS RELEASE 10-33
Technical Appointment
Gold Bull recently welcomed Mr. Robbie Anderson to its Geology Team. Mr. Anderson has over a decade of experience working as a geologist in exploration, production and mineral development, with the last ten years focused across the Great Basin, with a portion of that time spent with Newmont, working on Sandman. Mr. Anderson received his B.Sc. in Geology from the University of Georgia in 2006 and earned his M.Sc. in Economic Geology at the University of Nevada, Reno in 2013. This research focused on the stratigraphy, structure and mineralization of the Sandman epithermal deposit, a core focus of the Company. Mr. Anderson's thesis on Sandman is available at: https://data.nbmg.unr.edu/Public/CREG/StudentTheses/Anderson_Sandman_UNRMS2013.pdf
Next Steps
The Company's Geology and Geophysics team is focused on Sandman and are interpreting and processing the available Sandman data. More information and details of the proposed drill program will be provided upon closing of the Sandman Acquisition.
The updated 43-101 report is anticipated to take several months to complete. The Company looks forward to announcing the updated resource estimate when it is received.
Closing of the Sandman acquisition is subject to Gold Bull's routine filing requirements with the TSX Venture Exchange and subject to financing.
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 will become the Company's Chief Executive Officer, following the closing of the acquisition of the Big Balds gold project, previously announced on August 17, 2020.
Cherie Leeden relied on information contained within the Technical Report on the Sandman Gold Project, prepared by Mine Development Associates for NewWest Gold Corporation, dated May 31, 2007, authored by Michael M Gustin, R.P. Geo. and James Ashton, both Qualified Persons as qualified by the National Instrument NI 43-101.
About Gold Bull Resources Corp.
Gold Bull Resources is a new US gold focused, exploration and development company targeting tier 1 gold assets. Gold Bull is led by Craig Parry and Cherie Leeden, proposed CEO, along with their team of experienced industry professionals with expertise in exploration, corporate finance, and mine development.
The Company's exploration hub is located in Nevada, USA and is focused on precious metal projects located in top-tier mineral districts that contain 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 success. Gold Bull's objective is to generate stakeholder value and superior investment returns through the discovery and responsible development of mineral resources.
We seek Safe Harbor.
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