Sandman Drill Holes At North Hill And Silica Ridge Intersect Gold Mineralization Outside Of Current Resource

VANCOUVER - Gold Bull Resources Corp. reported assay results from resource extension drill holes at the North Hill and Silica Ridge Prospects within its 100% owned Sandman Project located in Humboldt County, Nevada. Holes SA-0024 and SA-0027 drilled at the edges of the Silica Ridge and North Hill deposits have intersected gold mineralization that is currently open in several directions. These drill results indicate potential to expand the deposits and follow-up holes are planned for later in 2021. The Company recently commenced a Phase 2 5000m Reverse Circulation (RC) drill program of which 2126 m (6975 ft) for 12 holes has been completed.

The gold intersection in SA-0024 appears to represent a mineralized block of the same rocks that host gold at Silica Ridge that has been downthrown to the west by faulting and consequently has not been tested by previous drilling. The rocks in this area are tilted to the east so we expect to intersect the same receptive rocks – hopefully also mineralized - closer to surface west of the location of this hole. This result opens a new prospective area for exploration close to the Silica Ridge deposit and informs our planned drill program to the north in the Midway, an underexplored area between North Hill & Silica ridge. The SA-0027 intersection at North Hill confirms that the flat-lying gold mineralization remains open to the east and is close to surface, well within range of a possible open pit. The area east of North Hill has received little historic drilling and we have two holes planned to test for extensions to the deposit later this year when the RC rig returns.

The recently complete Phase 2 drill program at Sandman comprised both exploration and resource extension holes. Results from SA-0024 at Silica Ridge and SA-0027 at North Hill indicate that both deposits remain open.

The gold mineralization at Silica Ridge is mostly influenced by a large north-north-west striking fault dipping to the west associated with antithetic steep easterly dipping faults in the hanging wall of the Silica Ridge fault. Lithology also plays an important role in localizing gold mineralization. The primary host units at Silica Ridge are fluvial siltstone, sandstone, conglomerate, and epiclastic tuff of the Comforter Basin. High gold values are usually located in fault breccias, especially where coincident with conglomerate beds.

Hole SA-0024, drilled on the western margin of the Silica Ridge Mineral Resource Estimate, intersected the favorable conglomerate unit, with evidence of faulting (rapid transition to fractured, oxidized rock), from 109.7 m to 131.1 m (360 to 430 feet), returning 19.8 m (65 ft) @ 0.67 g/t Au from 111.3 m (365 ft), including 9.1 m @ 1.13 g/t Au from 114.3 m (375 ft) and drill status plan. The closest intersection of the conglomerate in historic drilling was from 39.6 m to 45.9 m (130 to 180 feet) down-hole in SR06-0122, indicating a vertical displacement of around 75 m.

If this downthrown block of prospective host rocks has continuity to the north and south, this would represent a significant untested area for future resource extension drilling. The overall dip direction in the Silica Ridge – North Hill area is toward the east, so the downthrown conglomerate host rocks are expected to project up-dip to the west of Silica Ridge into an area with little historic drilling that is covered by sand dunes.

Gold mineralization at North Hill occurs in shallow dipping, bedding parallel domains. The higher concentrations and more extensively defined mineralized zones are associated with either the upper or lower contact position of a basalt unit. Hole SA-0027 was drilled at the eastern edge of the current Mineral Resource Estimate in an area where historic drilling was too shallow to intersect the prospective basalt contacts. The purpose of the hole was to define a new eastern limit to the extent of low-grade gold mineralization.

Hole SA-0027 returned three mineralized intervals: 19.8 m (65 ft) @ 0.6 g/t Au from 4.6 m (15 ft), (including: 6.1 m (20 ft) @ 1.18 g/t Au from 9.1 m (30 ft)), 15.2 m (50 ft) @ 0.39 g/t Au from 30.5 m (100 ft), and 21.3 m (70 ft) @ 0.44 g/t Au from 51.8 m (170 ft). The dip of the mineralized contacts appears to flatten in this area. The bottom of the deepest interval of gold mineralization in SA-0027 is 65 m (213 ft) vertical depth below surface, which is within range of a possible open pit design. The mineralization remains open to the east, with few historic holes having been drilled east of North Hill. This area will be a focus of drilling during the Phase 3 program planned for the fourth quarter of 2021.