Highlights include:
1.98 g/t gold equivalent over 3.0 meters and
0.70 g/t gold equivalent over 27.4 meters in hole SN-22-002
Gold equivalent based on
'With this new gold discovery on the Snow target, we continue to demonstrate in 2022 the quality of our 33 targets defined to date on only 40% of the Gold Springs project. In 2021, the drill program already highlighted two new discoveries at Charlie Ross and
This new discovery at Snow was primarily defined by a large CSAMT geophysical anomaly that extends north-south for 3 km and parallels the 5 km long Jumbo Trend located 900 meters to the west. This target is mostly covered by post mineral material, with the exception of the very southern portion where historical workings have produced surface samples up to 3.7 g/t gold. Hole SN-22-001 deviated during downhole drilling and did not intersect the primary CSAMT target. The following hole SN-22-002 intersected the geophysical anomaly and once again validates our working models for identifying gold mineralization.
We are excited to conduct follow up drilling in the coming months on this large geophysical anomaly over 1,000 meters wide in the discovery hole area. We are currently locating new drill pads on the 3 km long Snow target, which will offset the discovery hole and target the boundary structures that are expected to control the gold mineralization.'
2022 Drilling Program
The Company has now completed 65 holes totaling 13,810 meters of the planned 21,000-meter program. Drilling has targeted the North and South Jumbo resources, the Charlie Ross resource, the Red Light and the Snow targets.
GRC is now starting to drill the first-ever holes on the Horseshoe Extension target located between two of the three largest historic producing mines in the district (the Horseshoe and the Homestake mines).
The Snow Target
The Snow target is located on the
About
Contact:
President and CEO
E: 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 herein include statements related to the Snow target having the structural preparation needed to develop areas of gold mineralization and may also include words such as 'creating', 'believe', 'would', 'continue', 'will', 'promising', 'should', 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
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