North Hill South Prospect Reverse Circulation Identifies Visible Gold

VANCOUVER - Gold Bull Resources Corp. reported that visible gold has been observed in Reverse Circulation (RC) drill chips from two holes (SA-0016 from 105.2 m to 106.7 m (345’ to 350’) and SA-0018 from 53.3 m to 54.9 m (175’ to 180’)) at the North Hill South Prospect, located within its 100% owned Sandman Project, Nevada. The drill holes were a resource extension target conceived through interpretation of 3D IP/resistivity and historic drill data. The initial hole (SA-0007) designed to test the target to the south of SA-0016 intersected shallow gold mineralization. This positive result prompted the Company to drill a wide-spaced pattern of holes to test the target in the area between the current North Hill Mineral Resource Estimate envelope and hole SA-0007. Assays are expected this month.

Highlights: Visible gold mineralization observed in an RC chip sampled from 105.2 m to 106.7 m (345’ to 350’) in hole SA-0016; Visible gold grain observed in an RC chip sampled from 53.3 m to 54.9 m (175’ to 180’) in hole SA-0018; Visible gold holes are located up to approximately 70 m outside of the current Mineral Resource Estimate envelope at North Hill; and Laboratory assay results expected the month.

Cherie Leeden, said, Extending the shallow oxide gold Mineral Resource Estimate (MRE) at North Hill was the target of these recently drilled holes. Observing visible gold in chips from the new target area which is located more than 70 meters outside of the current MRE is very encouraging. We eagerly await assays from SA-0016 and SA-0018, as well as the other holes testing this prospective zone. It is very rare to see visible gold in RC chips. GBR Holes SA-0006 and SA-0007 were drilled on either side of historic hole NSM-00330, which intersected 18.3 m @ 1.78 g/t Au from 4.6 m, outside the current North Hill Mineral Resource Estimate. Hole NSM-00330 is located on a resistive trend defined by 3D IP/resistivity data acquired for Gold Bull by Dias Geophysical in December 2020. This resistor had been interpreted as a possible zone of potassic (adularia) alteration associated with a hydrothermal fluid conduit hosting gold mineralization and is co-linear with a zone of gold mineralization within the current Mineral Resource Estimate. GBR Hole SA-0007 intersected 15.2 m @ 0.37 g/t Au from 10.7 m, extending the mineralized zone intersected by NSM-00330 by approximately 28.5 m to the east. Fences of holes were drilled to the north of the drill section containing SA-0006, NSM-00330 and SA-0007: holes SA-00015, SA-00016 and SA-00017 were drilled on an east-west section approximately 45 m north of SA-0007; holes SA-0018, SA-0019 and SA-0020 were drilled approximately 100 m north of SA-0007, just outside the current Mineral Resource Estimate domain. Assay results are pending for these holes. However, visible gold was observed in one chip contained in a sample from 105.2 m to 106.7 m (345’ to 350’) in hole SA-0016, and in one chip contained in a sample from 53.3 m to 54.9 m (175’ to 180’) in hole SA-0018.”

In December 2020, Gold Bull purchased the Sandman Project from Newmont. Gold mineralization was first discovered at Sandman in 1987 by Kennecott and the project has been intermittently explored since then. There are four known pit constrained gold resources located within the Sandman Project, consisting of 21.8Mt @ 0.7g/t gold for 494,000 ounces of gold; comprising of an Indicated Resource of 18,550kt @ 0.73g/t gold for 433kozs of gold plus an Inferred Resource of 3,246kt @ 0.58g/t gold for 61kozs of gold. Several of the resources remain open in multiple directions and the bulk of the historical drilling has been conducted to a depth of less than 100m. Sandman is conveniently located circa 25-30 km northwest of the mining town of Winnemucca, Nevada.