Coarse Gold Samples At Sandman

VANCOUVER - Gold Bull Resources Corp. reported re-assay results of RC drill samples from the high-grade gold intersections at North Hill and Abel Knoll using the metallic screen fire assay method (with ICP or gravimetric finish as appropriate). This variation, caused by the presence of coarse gold, highlights the need for a change in the Company’s assay protocols to ensure that samples likely to contain coarse gold will return repeatable assay results suitable for inclusion in a mineral resource estimate and, that all mineralization with gold above the cut-off grade is identified.

Highlights: Intersection in SA-0004 with assays determined by metallic screen fire averages 19.76 g/t Au from 41.1 m to 54.9 m, versus 10.95 g/t Au previously reported from conventional 30 g fire assay; Substantial variation in gold values between metallic screen fire and conventional fire assay observed in other samples from high grade zone in SA-0001 raises strong possibility of under-reporting gold values; and Changes to sample preparation and assay method protocols currently being implemented, along with re-assaying to identify zones where gold grade may be under-estimated and under-reported.

CEO, Cherie Leeden, said, “After observing visible gold in RC chips, and reviewing the repeatability of some field duplicate samples, it became apparent that the Company needed to investigate our laboratory technique.   By improving the quality of our laboratory technique to suit our coarse gold geology at Sandman, we have an opportunity to include mineralization in the mineral resource estimate that might otherwise have be excluded, while also improving the accuracy of data used in the mineral resource estimate. The re-analysis with this different lab technique is indicating a significant increase in gold values in most samples which leads me to believe, some of the coarse-grained gold may have been getting missed in our original laboratory technique. Additional re-assaying is currently underway to rectify this, and we will report the new results to the market as we receive them.”

Drilling conducted since February 2021 at Sandman has returned several high-grade gold intercepts that have been reported. Hole SA-0001 at Abel Knoll intersected high-grade gold mineralization from 143.25 m to 149.35 m down-hole (refer to press release dated March 21, 2021). The average grade of this interval, based on conventional fire assay (30 g charge), with ICP-OES and gravimetric finish as appropriate, was reported as 10.75 g/t Au, using a 5 g/t cut-off. High grade gold mineralization was also drilled at North Hill, including an interval from 41.1 m to 54.9 m with average grade 10.95 g/t Au, based on conventional 30 g fire assay and 5 g/t cut-off grade.