June 19, 2020, Vancouver, British Columbia— Gold Springs Resource Corp. (TSX: GRC, OTCQB: GRCAF) (the “Company” or “GRC”), is pleased to announce that it has completed a NI-43-101 resource estimate update and a preliminary economic assessment update (the “2020 PEA”) for the Gold Springs project located along the Nevada-Utah border in the United States of America. All dollar amounts in this press release are stated in U.S. currency.
Updated Resource Estimate
The updated resource estimate, with an effective date of May 1, 2020, is summarized in the table below:
Pit Constrained - 0.25 g/t gold cutoff
Tonnes (1000s) Au Ag AuEq
Grade (g/t) Troy oz(1000s) Grade(g/t) Troy oz (1000s) Grade (g/t) Troy oz (1000s)
Measured 17,120 0.56 306 10.2 5,594 0.67 368
Indicated 18,537 0.51 304 8.7 5,188 0.61 361
Measured & Indicated 35,657 0.53 610 9.4 10,782 0.63 729
Inferred 5,634 0.49 90 7.0 1,267 0.57 104
The inferred resource is in addition to the measured and indicated resource. Numbers have been rounded, which may lead to some numbers not adding up exactly. Gold Equivalent calculation uses a gold/silver price ratio of 90.63 ($1450/$16). Mineral resources that are not mineral reserves do not have demonstrated economic viability. The resource estimate reflects gross metal content that is not adjusted for metallurgical recoveries.
Matias Herrero, President and CEO of Gold Springs Resource Corp., stated “With the new addition to the resource, Gold Springs is closer to the 1-million-ounce mark, which is an important milestone for any gold deposit, particularly for those in mining-friendly and politically-stable jurisdictions like Nevada and Utah. Also, more ounces were added to the Measured and Indicated categories (“M&I”) than to the Inferred category, which enhances further the level of confidence in the Gold Springs’ resource estimate. The gold and silver grades at Gold Springs compare very well with other known gold deposits in the prolific great basin of western USA. The four deposits included in the 2020 Resource remain open to expansion in multiple directions, and they represent just 4 of the 28 outcropping gold targets identified on the property to date, highlighting the significant growth potential of the resource”.
The new mineral resource estimate (the “2020 Resource”) is an update from the 2017 mineral resource estimate (the “2017 Resource”) to mainly incorporate the drilling information of the 2017 drill program conducted at the South Jumbo deposit (also referred to as “Etna”).
As in the previous estimate, the 2020 Resource includes the North Jumbo (also referred to as Jumbo) and South Jumbo deposits, located on the Utah side of the Gold Springs project, and the Thor and Grey Eagle deposits located on the Nevada side.
The updated resource estimate broken down by deposit (pit) is as follows:
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