News

Gold Springs Resource Corp. Discovers a New Gold System on the New “Tremor” Target

December 3, 2021

Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the “Company” or “GRC”) is excited to announce the assay results from hole J-21-015 with an average of 1.0 g/t gold equivalent over more that 163 meters located 180 meters south of the discovery hole J-21-006. These results confirm the existence of a new gold mineralizing system called “Intrusive-Related Gold System (IRGS)” on a new target which the Company has named “Tremor”. This new gold system is situated along the northern extension of the Jumbo Trend of the large Gold Springs project of 8000 ha located on the border of Nevada and Utah.

J-21-015 Highlights include 1.0 g/t gold equivalent over 163.1 meters:

    • 1.42 g/t gold equivalent over 33.5 meters within the vein, which includes,
    • 3.26 g/t gold equivalent over 10.7 meters within the vein, and
    • 0.94 g/t gold equivalent over 123.5 meters within the intrusive and contact zone.

Randall Moore, Executive Vice President of Exploration, stated: “We have been anxiously awaiting these results which now confirm what we believe to be a major new discovery. The existence of an IRGS at Gold Springs opens a potentially large area to develop a new gold resource. Hole J-21-015 extended both the high-grade vein system and the gold mineralization associated with the intrusive first seen in hole J-21-006. We would also like to highlight that both holes ended in gold mineralization. We are now awaiting assays from another 15 holes at “Tremor” that are currently in the laboratory for testing. Drilling has extended this northern vein for over 200 meters and the “Tremor” intrusive zone for 600 meters along strike as seen in the drill cuttings. The thickest intercept within the intrusive thus far has been 280 meters.”

GRC is waiting to receive assays from 24 holes on 2 targets - 15 from “Tremor” and 9 from “White Point” - in the coming weeks.

Intrusive-Related Gold System (IRGS) at Tremor

GRC is confident of the presence of an Intrusive-Related Gold System within the “Tremor” target situated along the north extension of the Jumbo Trend in Utah where a strong CSAMT high resistivity anomaly extends for 1,200 meters.

GRC has been focused on defining gold resources related to epithermal gold systems where 4 resource areas have been identified thus far, all remaining open to expansion. Epithermal systems are generally emplaced at shallow depths, typically related to volcanic activity, and have a strong structural control of the gold mineralization.

Intrusive-Related Gold Systems (IRGS) form at deeper levels with the gold controlled by thin stockwork veins, breccias, or disseminated within the intrusion. IRGS are known to form large gold deposits. The new “Tremor” target has magnetite as a dominant component deeper within the intrusive and the alteration is characterized by secondary biotite and potassium feldspar. It is possible that the two systems, epithermal and IRGS, are of different ages and only related spatially. From the results received thus far both stockwork veining and disseminated gold appear to be components of this new discovery. The gold-bearing intrusive was emplaced along a strong north-south structural corridor and has been traced in drill holes for nearly 600 meters. Intercepts of the intrusive range from 3 to 280 meters with the thickest intercepts bottoming in the intrusive. Holes in the “Tremor” target area also intersected rhyolites and mafic dikes which have been shown to contain gold mineralization within the contact zone of the “Tremor” intrusive.

2021 ongoing drilling program:

The Company has completed 18 holes at “Tremor” designed to test the extent of the intrusive hosted gold system. These holes demonstrate the intrusive extends for 600 meters and is open to the north, south and at depth. In addition, the vein system in hole J-21-006 has been traced for 200 meters (for details on hole J-21-006 which returned 6.87 g/t gold equivalent over 24.4 meters, including grades of 30.9 g/t gold equivalent over 4.6 meters, please refer to the Company’s press release dated September 7, 2021).

The drill has moved to “Charlie Ross” where 8 additional holes are planned to follow-up that new discovery (please refer to the Company’s press release dated October 19, 2021), while GRC waits for assays on the remaining 15 holes at “Tremor”. Once those assays are received, the Company plans to drill additional holes at “Tremor”.

Drilling highlights include

Hole

Host Rock

From (m)

To (m)

Thickness** (m)

Gold (g/t)

Silver (g/t)

Gold Equivalent*
 (g/t)

J-21-015

Mixed

108.2

271.3***

163.1

0.93

  5.1

1.00

including

Vein

108.2

141.7

   33.5

1.32

  7.4

1.42

including

Vein

109.7

120.4

   10.7

3.07

13.5

3.26

Including

Vein

109.7

114.3

     4.6

5.89

20.5

6.17

including

Intrusive and contact zone

147.8

271.3***

123.5

0.87

  4.7

0.94

J-21-016

Vein

  93.0

102.1

     9.1

1.76

44.0

2.36

including

Vein

  94.5

  99.1

     4.6

3.08

83.0

4.23

And

Rhyolite

132.6

147.8

   15.2

0.41

18.6

0.67

*     Gold Equivalent calculated at $1,800 gold and $25 silver

**  True thickness is estimated to be 70-90% of total thickness

*** Hole ended in gold mineralization

Drill Hole Table

Hole ID

Easting - UTM NAD 27

Northing

Elevation Meters

Azimuth

Inclination

TD (m)

J-21-010

761324

4199760

2131

270

-70

329.2

J-21-011

761328

4199693

2135

245

-70

329.2

J-21-012

761254

4199690

2130

270

-80

329.2

J-21-013

761335

4199763

2129

90

-65

329.2

J-21-014

761389

4199615

2111

270

-60

274.3

J-21-015

761334

4199566

2123

270

-75

271.3

J-21-016

761337

4199514

2111

290

-75

259.1

J-21-017

761285

4199799

2140

270

-80

274.3

J-21-018

761300

4199902

2141

0

-90

326.1

J-21-019

761308

4200011

2155

270

-70

326.1

J-21-020

761345

4200307

2189

270

-60

326.1

J-21-021

761336

4199837

2126

270

-70

326.1

J-21-022

761366

4199659

2154

0

-90

243.8

J-21-023

761349

4199466

2120

290

-70

326.1

J-21-024

761361

4199537

2113

270

-75

259.1

J-21-025

761343

4200043

2177

270

-75

274.3

J-21-026

761281

4199523

2105

290

-65

243.8

Summary of Vein and Intrusive Intercepts

GRC geologists have completed detailed logging of the drill cuttings demonstrating the continuity of the “Tremor” intrusive both along strike and at depth, as well as highlighting the strike extension of the vein zone for over 200 meters. The intrusive and the vein remain open to expansion along strike and at depth.

Hole ID

Intrusive Intercept

Vein Intercept

Hole ends in Intrusive

J-21-006*

Yes

Yes

Yes

J-21-010

Yes

No

Yes

J-21-011

Yes

Yes

Yes

J-21-012

Yes

No

No

J-21-013

Yes

No

No

J-21-014

Yes

No

No

J-21-015*

Yes

Yes

Yes

J-21-016*

Yes

Yes

No

J-21-017

No

No

No

J-21-018

Yes

No

Yes

J-21-019

Yes

No

No

J-21-020

No

No

No

J-21-021

Yes

No

Yes

J-21-022

Yes

No

No

J-21-023

Yes

No

Yes

J-21-024

Yes

No

Yes

J-21-025

Yes

No

No

J-21-026

Yes

No

No

*Assays received

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 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.

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 PEA-stage 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
acanton@goldspringsresource.com

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 may include words such as “potential”, “plan”, “next”, “continue”, “will”, and similar expressions. 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.sedar.com. 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.

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