VANCOUVER, British Columbia, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) has (details as announced on August 17, 2020) signed a share exchange agreement with a private British Columbia company (Private Co.), pursuant to which Gold Bull will acquire 100% of the Big Balds Gold project (“Big Balds” or the “Project”).
Gold Bull and Private Co. have identified extensional prospective targets that form a continuation of the project and have staked an additional 150 mining claims to secure the target. These additional claims will be held through Private Co. until the share exchange agreement closes, at which point will be wholly-owned by Gold Bull. The Company is ready to close the acquisition and will do so, once it has the requisite TSX Venture Exchange approval.
HIGHLIGHTS
- Gold Bull has indirectly staked an additional 150 mining claims adjacent to its existing 210 mining claims, representing a 70% increase to its land position
- Located on the prolific Carlin and Bida gold trends
- Additional claim staking was based on 3D geophysical modelling of proposed drill targets
- Targets are under cover and have never been previously drilled
- Less than 10km west of Kinross’s Bald Mountain Operating Mine (300mt @ 0.6 g/t for 5.5. M Oz Au – as per Kinross Annual Report 2019)
Cautionary statements
This news release contains information with respect to adjacent mineral properties in Nevada, which the Company has no interest in or rights to explore. Readers are cautioned that information regarding gold mineralization on adjacent or similar properties is not necessarily indicative of the presence of gold mineralization on Big Balds.
Gold Bull Chairman, Craig Parry commented, “This is a really exciting target that we look forward to drill testing in the near future. It’s unbelievable that this highly prospective ground was available for us to stake at the current gold price.”
Big Balds Overview
Big Balds comprises of three Projects for a total of 360 lode mining claims. The project is conveniently located approximately 90 minutes’ drive south of the mining town of Elko and features excellent road access.
The project was identified during a yearlong statewide project generation review, targeting world class exploration potential undercover in Nevada. The project is located within the Carlin Trend and boasts a combination of compelling geophysical anomalies (gravity and magnetics) which appear to host favorable structural conduits to have mobilized enriching fluids. In parallel to the geophysical targets, the project also boasts a significant regional arsenic anomaly. Drilling is required to determine the source of the significant geochemical anomaly. Given its highly desirable location, it is astounding that the project has never been drilled, presumably due to pediment cover. Gold Bull intends to apply cutting edge geoscience to identify and test compelling under cover gold prospects.
Figure 1. General location of Big Balds Project with major Nevadan Gold Trends depicted is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/caff7305-5c41-4627-abb7-1cd87a11edf1
Figure 2. Location of new 150 mining claims in relation to pre-existing 210 Big Balds mining claims is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/95709627-401a-43f3-9baa-0f319466df57
Qualified Person
Cherie Leeden, B.Sc Applied Geology (Honours), MAIG, a “Qualified Person” as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Ms. Leeden will become the Company’s Chief Executive Officer, following the closing of the acquisition of Numberco.
About Gold Bull
Gold Bull is a gold focused exploration and development company with a portfolio of prospective projects located in Nevada, USA. Gold Bull is led by a Board and Management team with a track record of exploration success. Gold Bull’s objective is to generate stakeholder value and superior investment returns through the discovery and responsible development of mineral resources.
Vince Sorace
President and CEO, Gold Bull Resources Corp.
For further information regarding Gold Bull Resources Corp., please visit our website at www.goldbull.ca
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicates”, “opportunity”, “possible” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Gold Bull believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations, future prices of copper and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.