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Dear Shareholders, Ladies and Gentlemen,
We are focused on the rapid development of our large gold property as we believe it has the potential to become a multimillion ounce project. Gold Springs is a large property of 8000 ha with 4 historic gold mining districts, 32 targets including 4 targets with existing resources and 28 targets with significant potential as this new discovery at Charlie Ross proves.
Antonio Canton - President and CEO
Vancouver, 19 October 2021 Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the “Company” or “GRC”) announces a new discovery of important gold mineralization within the previously undrilled Charlie Ross target, located on the Nevada portion of its USA flagship Gold Springs project. Highlights include:
- 1.17 g/t gold equivalent over 45.7 meters, which includes, 2.56 g/t gold equivalent over 15.2 meters (hole CR-21-005)
- 1.26 g/t gold equivalent over 15.3 meters, which includes, 2.24 g/t gold equivalent over 9.2 meters (hole CR-21-008). Randall Moore, Executive Vice President of Exploration, stated: “We are pleased to report this new discovery on one of our previously undrilled targets out of the 32 so far identified. Two holes targeted the western margin of Charlie Ross with exciting results and higher gold grades than our current resources. Our crew has done a great job putting together a comprehensive drill plan to test both the CSAMT high resistivity anomalies and the numerous structural zones known for hosting gold mineralization. We have already spotted additional drill pads to follow-up these results which will look to extend the mineralization.” Charlie Ross Target
Charlie Ross is located in Nevada, 2,000 meters west of the North Jumbo resource area, on a north-south structural trend similar to the Jumbo Trend.
Holes CR-21-005 and CR-21-008 both targeted the western structural zone which has proven to be a primary controlling feature for gold mineralization. The holes are 210 meters apart and the gold bearing structure is open to the north and up and down dip. There is still a large portion of the target that has not yet been tested as GRC is awaiting final cultural clearance prior to road and drill pad construction
In 2020, the Company completed a CSAMT ground-based geophysical survey on Charlie Ross and the results show a single large CSAMT high resistivity anomaly covering an area measuring 650 meters east-west and 750 meters north-south. There is a close correlation between high resistivity and gold mineralization as seen at existing resources currently defined at Gold Springs (see press release September 2, 2020).
2021 ongoing drilling program:
The Company is currently drilling in the North Jumbo area offsetting hole J-21-006 which contained 5.95 g/t gold with 66.5 g/t silver over 24.4 meters, including bonanza grades of 27.30 g/t gold with 259.4 g/t silver over 4.6 meters. Deeper in the hole a second gold zone contained 0.52 g/t gold with 4.7 g/t silver over 82.3 meters. GRC has now completed an additional 7 holes in this area with another 6 planned.
Once the drilling is completed at North Jumbo, the drill will move to Charlie Ross as 8 additional holes are planned to follow-up on the new discovery before proceeding to the Midnight target. Summary of drill intercepts: Drill Hole Table
Qualified Person
The Qualified Person on the Gold Springs property is Randall Moore, Executive Vice President of Exploration of Gold Springs Resource Corp. and he has reviewed and approved the content of this press release. The Qualified Person verified the data disclosed herein 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 7 kg of RC chips were sent to the laboratory for each 1.52 meters drill interval. Standards and blanks are submitted into the sample stream at the rate of 15% 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 Sparks, Nevada by Paragon Geochemical and ALS Geochemistry, ISO 9001:2000 Certified and independent laboratories. Gold was analyzed by fire assay of a 30-gram sample with an AAS finish with samples assaying greater than 5 g/t re-assayed using a 30-gram sample and a gravity finish. All other elements were analyzed by a four-acid leach ICP method. GLTA - https://twitter.com/EarthsRare
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