VANCOUVER, BC / ACCESSWIRE / October 30, 2023 / Gold Springs Resource Corp. (the "Company" or "GRC") (TSX:GRC)(OTCQB:GRCAF) continues to report positive drilling results from the Charlie Ross Resource area of its large Gold Springs project located in USA, on the border of Nevada and Utah.
Highlights include:
0.85 g/t gold equivalent over 4.5 meters and 1.85 g/t gold equivalent over 10.7 meters including 3.61 g/t gold equivalent over 4.6 meters in hole CR-22-019
Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% for silver recovery.
Antonio Canton, President and CEO, stated: "These latest positive results from Charlie Ross confirm the existence ofhigher-grade zones and the excellent results reported in our recent press release of October 6, 2023.
We believe that these multiple drill intercepts of +2 g/t and +1 g/tgold 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 meters including 7.74 g/t gold equivalent over 4.6 meters and 1.08 g/t gold equivalent over 3.0 meters and 0.84 g/t gold equivalent over 6.1 meters in hole CR-22-014
2.64 g/t gold equivalent over 12.2 meters including. 9.49 g/t gold equivalent over 3.0 meters and 0.72 g/t gold equivalent over 6.1 meters in hole CR-22-010
2.33 g/t gold equivalent over 6.1 meters and 1.02 g/t gold equivalent over 3.0 meters in hole CR-22-008
1.60 g/t gold equivalent over 3.1 meters in hole CR-22-015
1.31 g/t gold equivalent over 10.6 meters and 0.61 g/t gold equivalent over 6.1 meters 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 1100x600 meters 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, GRC was able to identify a new resource which was reported in its latest resource estimate (see GRC's press release of June 13, 2022, concerning our last mineral resource estimate based on drilling to 2021 and detailed table below).
The positive drill results from 19 additional holes reported in 2022-2023 demonstrate GRC's ability to expand gold mineralization in all three zones of the Charlie Ross resource and to provide higher-grade intercepts than previously seen (see GRC's press releases of September 28, 2022, October 6, 2023, and today).
The Charlie Ross target is highlighted by a significant CSAMT geophysical anomaly that extends over an 1100x600 metersarea 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 meters 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 meter inclined shaft with a 12 meter 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.
Summary of drill intercepts
Hole ID
From (m)
To (m)
Thickness (m)
Au g/t
Ag g/t
AuEq g/t
CR-22-001
132.6
143.3
10.7
1.05
20.9
1.20
and
190.5
204.2
13.7
0.68
2.8
0.70
CR-22-002
47.2
51.8
4.6
0.47
27.5
0.66
and
59.4
64.0
4.6
0.70
10.6
0.77
and
100.6
103.6
3.0
0.53
35.5
0.78
and
170.7
173.7
3.0
0.63
1.65
0.64
CR-22-003
42.7
45.7
3.0
1.20
128.45
2.09
and
61.0
67.1
6.1
0.48
11.08
0.56
and
83.8
93.0
9.2
0.88
12.02
0.96
and
118.9
126.5
7.6
0.38
15.88
0.49
CR-22-006
56.4
64.0
7.6
0.55
1.94
0.56
CR-22-008
3.0
6.0
3.0
2.31
2.9
2.33
and
228.6
231.6
3.0
0.84
25.7
1.02
CR-22-009
105.2
115.8
10.6
1.10
29.8
1.31
and
195.1
201.2
6.1
0.59
2.9
0.61
CR-22-010
160.0
172.2
12.2
2.53
16.4
2.64
inc.
164.6
167.6
3.0
9.19
43.0
9.49
and
192.0
198.1
6.1
0.66
8.3
0.72
and
210.3
216.4
6.1
0.39
7.25
0.44
CR-22-011
53.3
59.4
6.1
0.35
2.7
0.37
CR-22-012
150.9
158.5
7.6
0.71
15
0.81
211.8
219.5
7.7
0.37
5.4
0.41
CR-22-014
106.7
118.9
12.2
2.83
39.6
3.10
inc.
106.7
111.3
4.6
7.16
83.8
7.74
and
125.0
128.0
3.0
0.85
32.7
1.08
and
147.8
153.9
6.1
0.75
12.9
0.84
CR-22-015
36.6
39.6
3.0
0.84
3.1
0.86
and
47.2
50.3
3.1
1.47
18.9
1.60
CR-22-016
1.5
3.0
1.5
2.69
7.0
2.74
and
131.1
134.1
3.0
1.14
1.8
1.15
CR-22-019
73.2
77.7
4.5
0.54
22.6
0.85
and
88.4
99.1
10.7
1.57
19.8
1.85
including
91.4
96.0
4.6
3.23
27.2
3.61
True thickness is estimated to be 60-100% of reported length. Gold equivalent based on US$1,800/oz gold, US$25/oz silver, and 50% for silver recovery.
Drill Hole Table
Hole ID
Easting UTM NAD 27 Z11
Northing
Elevation (m)
Azimuth
Inclination
TD (m)
CR-22-001
758628
4199326
2117
270
-70
231.6
CR-22-002
758609
4199318
2119
270
-50
173.7
CR-22-003
758596
4199348
2107
270
-70
213.4
CR-22-004
758549
4199696
2176
270
-70
231.6
CR-22-005
758603
4199776
2092
270
-70
292.6
CR-22-006
758730
4199695
2188
340
-45
274.3
CR-22-007
758672
4199698
2169
270
-65
268.2
CR-22-008
758673
4199611
2168
90
-70
259.1
CR-22-009
758954
4199517
2122
270
-70
243.8
CR-22-010
758666
4199609
2181
270
-60
259.1
CR-22-011
758596
4199343
2121
90
-45
259.1
CR-22-012
758761
4199545
2154
270
-45
289.6
CR-22-013
758821
4199481
2158
270
-50
213.4
CR-22-014
758713
4199490
2139
270
-50
298.7
CR-22-015
758908
4199241
2116
270
-45
213.4
CR-22-016
758944
4199261
2115
270
-65
231.6
CR-21-017
758608
4199459
2134
270
-55
207.3
CR-21-018
758567
4199566
2138
270
-55
201.2
CR-21-019
758594
4199600
2154
270
-65
219.4
Charlie Ross Resource based on drilling to 2021 and without results from 2022-2023
"Mineral Resource Estimate NI 43-101 Technical Report - Gold Springs Project, Utah-Nevada, USA" dated July 11, 2022, with an effective date of June 13, 2022
Category
Deposit
$1,800 Pit Constrained - 0.25 g/t gold cutoff
Indicated
Charlie Ross
4,943
0.56
88,300
6.23
990,000
Inferred
Charlie Ross
1,122
0.60
21,700
8.68
313,000
Qualified Person Randall Moore, VP of Gold Springs Resource Corp., 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 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 Reno, Nevada 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 5 g/t re-assayed 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 Resource Corp. (TSX: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, USA. The project is situated in the prolific Great Basin of Western USA, one of the best mining jurisdictions in the world.
Gold Springs Resource Corp. Contact: Antonio Canton, President and CEO [email protected]
Forward-Looking Statements Certain statements contained herein constitute "forward-looking information" under applicable Canadian securities laws ("forward-looking statements"). Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements herein may include words such as "creating", "believe", "would", "continue", "will", "promising", "should", and similar expressions and includes the statement relating to the significant potential of the Charlie Ross deposit. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company's Annual Information Form and continuous disclosure documents, which are available on SEDAR+ at www.sedarplus.ca. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company's existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company's expectations as of the date hereof.