Nine Additional Holes At Gold Springs

VANCOUVER - Gold Springs Resource Corp. (GRC) reported on the planned and continuing 10,000-meter drilling program underway at the Gold Springs project located in the Eastern Great Basin of Nevada and Utah, USA. GRC has drilled an additional 9 more holes totaling 1,269 meters for the current drill shift for a cumulative 2,522 meters in 15 holes so far in the 2021 program. GRC previously reported the completion of 6 holes. The 9 holes were all located around the South Jumbo resource area and were designed to continue to expand that resource. Of the 9 holes, 3 could not reach the target depth due to poor drilling conditions, but all 9 holes encountered strong silicification, sericite alteration and micro-brecciation, which is the typical rock characterization in which mineralization is found at Gold Springs and similar to that seen within the South Jumbo resource. The Company will look to follow up the 3 holes with new holes intended to test the target depths in the future.

Drilling is focused on extending the South Jumbo resource to the south, east and north, at depth, and filling the gap zone (an open area with a 250-meter gap in the resource-definition drilling where visible gold has been seen). Plans are to continue to test for the expansion of the South Jumbo resource prior to moving to the North Jumbo resource area. Matias Herrero, President and CEO, said, "Our planned 10,000-meter drill program continues to move forward with the goal of adding ounces to the existing gold resources that we have already defined. Our focus is currently on the South Jumbo resource area and we are encouraged by the progress thus far. Holes are designed to test the southern extension of that resource, the depth extension, the northern extension, and the possible existence of a parallel zone to the east which was encountered in hole E-16-001 bottoming in 15.2 meters @ 0.67 g/t Au. We have now completed 25% of the planned program and are looking forward to continuing the drilling at South Jumbo followed by North Jumbo and to receiving the first assays of the season next month".

Holes E-21-004, E-21-005 and E-21-007 were all positioned to test the gap zone that exists in previous GRC drilling on the South Jumbo resource. This gap extends for approximately 250 meters where only 1 previous hole was located. This gap was because of the need to finalize permitting in this area which has now been completed. Hole E-21-007 is located on the southern edge of the gap zone and tests the depth extension of gold mineralization intersected in previous holes. In the coming month additional holes will be located in this area to cover the entire block of this untested section.

Holes E-21-006, E-21-008, E-21-009 and E-21-010 were all designed to extend the resource to the south, across the 200-meter-wide zone. All holes intersected strong alteration and brecciation indicating that the system is still open to the south.

Holes E-21-011 and E-21-012 (currently in progress) are drilled from east to west and are intended to test the down-dip extension of the system and to intersect the major Etna fault along the western margin of the South Jumbo resource. This structure has not been crossed at depth by any previous drilling. In addition, hole E-21-012 will penetrate a deeper, and stronger, portion of the high-resistivity profile which was identified by GRC's CSAMT survey in 2020.