22 Drill Holes Completed At Gold Springs Project

VANCOUVER - Gold Springs Resource Corp. reported on its ongoing 10,000-meter drilling program at the Gold Springs project located in the Eastern Great Basin of Nevada and Utah. GRC reports that it has now completed an additional 1,377 meters in 7 drill holes for a total completed thus far in the 2021 program of 3,931 meters in 22 holes. GRC previously reported the completion of the first 15 holes of the program.

Of the 7 holes reported now, 4 were completed in the South Jumbo resource area, bringing the total number of holes drilled during 2021 in this target area to 16, with the 3 other holes having been drilled within the Central Jumbo target area. The holes at South Jumbo were designed to test areas for expansion of the South Jumbo resource, while the holes at Central Jumbo were located to test a buried CSAMT geophysical anomaly in an area of post mineral cover which is centered on one of the major north-south striking structures seen at both the North and South Jumbo resource areas. All holes encountered silicification, sericite-clay alteration and micro-brecciation, which is the typical rock characterization in which mineralization is found at Gold Springs.

Drilling has been primarily focused on extending the South Jumbo resource and is now moving to test the Central Jumbo target which will be followed by holes designed to test for the expansion of the North Jumbo resource.

Matias Herrero, President and CEO, said, "Drilling is advancing as planned, and we have now completed about 40% of our 10,000-meter program. We should start receiving assay results from the laboratory in the upcoming weeks. Drilling is now complete around the South Jumbo resource area, and we have now started drill-testing the targets generated from our 2020 geophysical program in the Central Jumbo target area. The first holes at Central Jumbo penetrated thick sequences of highly altered rocks demonstrating that our concepts are correct. The program will be continuing within the Jumbo trend as we move to the north to drill-test for mineral expansions around the North Jumbo resource."

Hole E-21-013 was located 125 meters east of the known South Jumbo resource to further test for a parallel zone of gold mineralization as well as the depth extension of the resource. Holes E-21-014, E-21-015 and E-21-016 were all positioned to test for the down-dip and depth extension of gold mineralization intersected in previous holes. Holes SS-21-001, SS-21-002 and SS-21-003 were all located within the Central Jumbo target area and are the first holes to test the western margin of this target. All holes were spotted using the ground based CSAMT geophysical survey completed in 2020 which identified areas of high resistivity associated with the known mineralization. The holes all intersected thick zones of intense sericite-clay alteration with intermittent silicification which is characteristic of epithermal gold systems.