Highlights:

• Recent geophysical survey demonstrated that these four targets: Charlie Ross, Pope, Tin Can, and Red Light are all underlain by a single large CSAMT high resistivity anomaly creating a large, high priority target with significant potential. The very large target is referred to from now on as the Charlie Ross target.

• The geologic setting is similar to the large Round Mountain Gold Mine owned by Kinross Gold in central Nevada.
• High-grade surface samples collected from each of these target areas returned with gold values up to 33.88 g/t Au.
• Numerous historic underground workings scattered across target area including the Charlie Ross and Pope mines and several unnamed mines represented by deep shafts
• Old reports indicated references high-grade gold from the Charlie Ross mine in the range of 100 ounces/ton.
• 5 holes were drilled in 2012 (3 holes at Tin Can and 2 holes at Pope), all intersected gold mineralization, one hole at Pope contained gold 9.2 g/t Au.

Description:

These four targets are clustered together, whereas they were believed to be separate targets. The ground based CSAMT geophysical survey conducted by GRC in 2020 showed that they are underlain by a single extensive high resistivity anomaly that suggests all are part of the same system. This underlying resistivity anomaly extends over 650 meters to the east and west, crosses 750 meters north and south to form a single very large target referred to from now on as Charlie Ross Target. This single target measures  800x800 meters that may extend even further under the cover of young gravels to the north.

These four targets are unique in their geologic setting and have many similarities to Round Mountain Gold Mine owned by Kinross Gold in central Nevada. These systems are characterized by an impermeable cap rock overlying a highly permeable rock formation. Gold bearing fluids move up along structures until they hit the cap rock and then spread laterally through the permeable rocks. In this permeable horizon is where disseminated gold mineralization is then found. Within the cap rocks cracks are formed along which thin gold bearing seams are found in narrow fracture zones.

This is what is seen at the historic Pope mine located in the fracture zones above the Charlie Ross mine located in the permeable portion of the system. The cross section below shows the geologic setting and the relative exposure levels that are seen at these four targets.

Within these different exposure levels, GRC has collected high-grade gold samples:

• at Red Light 33.9 g/t Au and 69.4 g/t Ag
• at Pope 20.2 g/t Au and 83.2 g/t Ag
• at Charlie Ross 17.2 g/t Au and 45.1 g/t Ag
• at Tin Can 5.2 g/t Au and 61.5 g/t Ag

Historical Mining:

The Charlie Ross target includes the Charlie Ross historical shaft. Visible gold has been found in rocks from dumps near the open shaft. Historical reports describe a 53-meter shaft with a 12-meter talc zone containing streaks of gold tellurides and sylvanite with bonanza gold grades.

The Pope shaft is the dominant historic working and is estimated to be 75 meters deep. There are numerous slot cuts which were excavated along the vein structures over a strike length of 400 meters that exploited the high-grade gold and silver of this system.

The Red Light target has two deep shafts, one tunnel, and several pits scatteredacross the target. It is typical to see vein material and strong alteration in the dump materials.

The Tin Can target has numerous pits and one larger adit exploiting the mineralized veins.

Drilling:

By the end of August 2021, the company had drilled 15 new holes at Charlie Ross with the following location:

Drilling Results:

Three reverse circulation drill holes were completed in the Tin Can target and two were drilled at Pope target.

At Tin Can all three holes encountered gold mineralization though one did not reach the target depth due to encountering a void where the hole ended. The bottom portion of the hole was in gold mineralization.

At the Pope target two holes were drilled and both were lost prior to target depth. Hole P-12-001 passed through a historic underground mine working and intersected 1.5 meters @ 9.2 g/t Au.

The 2021 program tested portions of these targets drilling the upper, middle and lower gold bearing horizons as seen in the cross section above.

Summary of 2021 drill intercepts:

*   Gold Equivalent calculated at $1,800 gold and $25 silver
**  True thickness is estimated to be 80-90% of total thickness
*** Hole ended in mineralization

Drill Hole Table:

Resource:

At Charlie Ross:     None at this time

At Pope:                 None at this time

At Red Ligh:           None at this time

At Tin Can:             None at this time

Geology:

The Gold Springs caldera is a prominent feature in the Gold Springs project area.

Rhyolitic flows and intercalated tuffaceous sediments and tuffs occur within the caldera and extend beyond its margins, where they unconformably overlie the surrounding andesite flows in the historical Pope and Charlie Ross mine areas and extend southward towards the historical Jennie Mine.

Mineralization at the Charlie Ross is hosted within a non-welded tuff that is stratigraphically below the welded tuff units of the Pope target. The non-welded tuff is significant in that it is a highly porous unit that would be favorable for migrating gold bearing fluids trapped below the Pope welded tuff. This would create a bulk target which generally does not outcrop. The configuration of the non-welded tuff directly below the welded tuff at Pope is a similar situation as that seen at the multi-million ounces Round Mountain Gold Mine owned by Kinross Gold in central Nevada.

The historical Pope mine is located on the margin of the collapsed Gold Springs caldera and 500 meters northeast of the Charlie Ross target. Mineralization at Pope is hosted in a welded tuff where radial faulting attributed to caldera collapse has structurally prepared the host rock creating pathways for mineralizing fluids. Veins filling these fractures were historically exploited by a shaft, tunnels, and long slot cuts on surface. In general, the welded tuff displays limited alteration with occasional areas of silicification with associated brecciation and stockwork veining. The Pope welded tuff overlies the non-welded tuff of the Charlie Ross which has a high permeability. One of the targets at Pope is this contact zone to test for the possibility for gold mineralization ponded below this contact.

The Red Light target area is located along a northeast trending fault valley (see Map below). The contact between tuff units and the underlying andesite, where the mineralized horizon occurs, is exposed in two of the historical shafts located along this fault. Stockwork and silicified breccias are observed in the andesite in several historical trench cuts and mine dumps. Banded and bladed white quartz veins are found in outcrop within mine workings suggesting a disseminated target in the underlying andesite unit.

The Tin Can target is characterized by a wide area of strong sericitic and silica altered andesite with multiple north striking banded quartz-calcite veins. There are many historical pits and tunnels which exploited the gold barring veins. Outcrops of what appears to be a carbonate sinter signifying a preserved paleosurface and high-level expression of an epithermal gold system are located on the northern end of this target. The area is dominated by a north-south trending structural zone which hosts the veins and is at the projected structural intersection with a northeast trending structural zone. The eastern portion of the target is covered with a post-mineral tuff and the western portion is covered by a post-mineral colluvium. The CSAMT ground geophysical survey shows this target to be underlain by a resistivity anomaly of similar magnitude to that seen at the North Jumbo resource.

System Type:

• Charlie Ross: Epithermal, quartz-calcite veining, and stockwork zones.
• Pope: Narrow fracture zones containing high-grade gold, epithermal, quartz veining and stockwork zones
• Red Light: High-grade, banded, epithermal, quartz veining located at the tuff-andesite contact, and breccia and stockwork zones within the andesite.
• Tin Can: High-grade, banded, epithermal, quartz veining, breccia and stockwork zones.Tin Can displays a carbonate sinter suggesting a very high-level exposure of the gold system.

Strike-Length:

• Charlie Ross: This target is mainly covered with an 800 meter strike length.
• Pope: This target has an exposed strike length of 400 meters and a width of 100 meters consisting of a series of historical cuts, trenches, shafts and adits which exploited the high-grade veins.
• Red Light: Banded and bladed white quartz veins are found in outcrop and within historic mine workings generally striking north-south. Together, mine workings span  a distance of 150 metres over a width of 50 meters before being lost under post-mineral cover in all directions.
• Tin Can: Tin Can has an exposed strike length of 500 metres before going under post mineral cover. CSAMT geophysics suggests a potential strike length of 1 km. The vein and alteration zone has an exposed width of 200 metres before going under cover.

Structural Geology:

The Charlie Ross target is an elongated zone associated with the north trending East Thor fault. The target is located at a flexure in the East Thor fault where it intersects east-west mineralized structures. The reported high-grade gold mineralization mined in the Charlie Ross shaft is hosted near this intersection and is closely associated with the east-west trending structures.

The Pope target consists of a series of parallel structures oriented generally east-west which are interpreted to be radial fracturing related to the Gold Springs caldera. These fracture zones host narrow veins within the welded tuff which can carry very high-grade gold and silver values.

The Red Light target has dominant structure that is a northeast trending feature located in the Fay canyon (see Map below). This fault extends out of the historic Horseshoe mine to the margin of the Gold Springs caldera. There are several small north-south trending structures that mirror the orientation of the geophysical resisitivity anomalies associated with the Red Light target.

The Tin Can target consists of a series of parallel structures oriented generally north-south which are extensions of those controlling mineralization at the historic Little Buck mine. This structural zone can be traced for 500 metres on surface before going under post mineral cover and has an exposed width of 200 metres.

Geophysics:

These targets are coincident with ZTEM (airborne) and CSAMT (ground) resistivity anomalies. They are characterized by a large, shallow CSAMT high resistivity anomaly which suggests that all of the targets are part of the same system stretching over an area of +800x800 meters. While most of the resource and targets are associated with strong north-south resistivity and structural featured, these targets display a very broad CSAMT signature with associated north-south and east-west structural components.

Geochemistry:

At Charlie Ross the gold mineralization is associated with quartz-calcite veins and breccias. Samples collected from areas of historical mining and trenching returned the best results for gold and silver with the highest grades being 2.4 g/t Au and 43.1 g/t silver. Samples within altered tuff units grade as high as 1.27 g/t gold. One sample of a massive quartz vein boulder returned 17.16 g/t gold in an area of mixed tuff float cover. Sample results have revealed promising mineralization within tuff units and high-grade vein targets. A total of 47 rock-chip samples were collected with 6 samples returning values above the resource cut-off grade.

At Pope, the high-grade mineralization is hosted within banded and bladed quartz veins and returned grades as high as 20.2 g/t gold and 233.6 g/t silver. The host rock is a welded tuff containing irregular and discontinuous quartz stringers as well as narrow veins which were historically mined over a strike length of 400 meters. Also, altered, welded tuff host rock displaying brecciation and stockwork veining is also found, characteristic of a lower grade disseminated target with one sample containing 0.53 g/t gold.

At Red Light a total of 15 samples were collected. One sample returned values above the resource cut-off grade and contained 33.1 g/t gold. The sample is a select sample of vein material collected from the edge of one of the shafts exposing the tuff/andesite contact signifying that this contact is a significant pathway for mineralizing fluids. (A cutoff grade of 0.25 g/t Au was used, which is the cutoff grade of Gold Springs’ existing resources).

At Tin Can historic mining in the area was focused on a banded quartz-calcite vein up to 2 metres wide that grade up to 5.20 g/t gold and 61.5 g/t silver. This quartz-calcite vein is margined by zones of silicified breccias and stockwork veining that grade as high as 1.19 g/t gold and 46.2 g/t silver. A total of 49 rock-chip samples were collected from the Tin Can target with 14 samples returning values above the resource cut-off grade.

Table: Rock Chip Sampling Results from Charlie Ross:

A cutoff grade of 0.25 g/t Au was used, which is the cutoff grade of Gold Springs’ existing resources.

Table: Rock Chip Sampling Results from Pope:

A cutoff grade of 0.25 g/t Au was used, which is the cutoff grade of Gold Springs’ existing resources.

Table: Rock Chip Sampling Results from Tin Can:

A cutoff grade of 0.25 g/t Au was used, which is the cutoff grade of Gold Springs’ existing resources.

• * Maps
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  
• * Photos