Gold Bull’s CEO,
"Sandman's PEA NPV has more than doubled in the past year based on the appreciating gold price to >
In parallel, our team is making use of its high-quality data to further evaluate additional areas in which new gold deposits may be discovered. The 2024 field season is designed to be cost conservative but is expected to deliver new priority drill targets within our very fertile and extensive landholding. Field work will continue using Gold Bull’s proprietary gas test work where preliminary results in 2023 deemed the testing was effective. Further coarse fraction lag sampling will also be conducted with the aim of generating high priority targets capable of adding more ounces to our existing 494,000 oz gold resource. Our Company continues to receive strong inbound M&A interest and we are actively pursuing multiple pathways to value creation."
Sandman Preliminary Economic Assessment Gold Price Sensitivity
Gold Bull announced a (“PEA” or “Scoping”) on
Based on the existing gold resource (which remains open), the 2023 Sandman PEA identified a stand-alone, low pre-production capital (
Changing only the gold price from
More Information, including the 2023 NI43-101 PEA document can be found via our website: https://goldbull.ca/sandman/
Table 1. Impact of the gold price on the Sandman PEA (taken from press release dated
Figure 1.
Along the 11.5km North-West Trend at the K8 prospect, additional lag sampling will be conducted along with preliminary gas test work. The success of this field work will decide if additional ground geophysical survey work is needed in which to adequately target drill holes seeking a new deposit discovery. In the North Hill Extension area adjacent the North Hill Mineral Resource Estimate (“MRE”) area, further gas testing and geological modelling work is required to design new drill targets using the existing geophysical surveys. Gas testing was successful during the 2023 orientation gas survey1 in the North Hill Extension area as the sand cover is not deep (5-10m) but conceals the underlying rocks so gas testing a larger area may prove further positive results. At Adularia Hill, assessment of prior drill holes and geochemistry on the
North Hill Extension – North-West Trend
Gold Bull conducted its Preliminary Economic Assessment (“PEA”) mine studies2 prior to closing off its mineral resources in order to illustrate the economics of the current MRE and to present a near term development mine scenario focused on organically growing the mine. No sterilization drilling surrounding Sandman's MRE has been completed either. The North Hill MRE is not closed off immediately south of the deposit and this target area is referred North Hill Extension. Anomalism was first identified during the 2022 orientation lag sample test work where a lag sample returned 2.36ppm gold and 1ppm silver (sample ID SBL-0095) in a coarse sample fraction from surface3. The gas orientation test work in 2023 also identified this area as being anomalous and prior historical auger rock chip samples returned 0.51ppm gold and 1ppm silver (sample ID ASA1330) and 1.36ppm gold and 2.7ppm Ag (sample ID ASA1317). Given the location of the anomalism being immediately south of the defined resource, further gas test work is being planned in this location to see how far the anomalism extends. Lag samples may also be taken to extend the grid southeast of the MRE. Further drilling is warranted in this area of the North Hill deposit to test the anomalism and also to adequately close off the North Hill MRE envelope.
Figure 2 provides a summary of the North-West Trend basin area depicting the anomalous gold (>0.01ppm) envelop relative to the North Hill and
Figure 2. North-West Trend basin showing the North Hill Extension and
Figure 3. North Hill Extension area south of the North Hill MRE boundary, anomalous gold >0.01ppm in soil and auger rock chip is shown. The colour contouring is the lag sampling same as shown in figure 2 but with a more detailed perspective highlighting the lack of drill holes in the North Hill Extension area. Location of lag sample returning 2.36ppm Au is highlighted.
Given the preliminary success of the gas orientation test work over the
Figure 4. Lag geochemical sampling conducted in 2022 showing contoured gold and the
K8 Prospect to
As with many
The K8 prospect has previously been overlooked due to the cluster of drilling intersecting low grade gold in granodiorite within a 217m radius, however the soil geochemical strike length is 1.5km and lies within the North-West Trend which extends to the Abel Knoll deposit in the southwest and all the way to the North Hill deposit to the northwest, the total strike length of the Northwest Trend at the Sandman project is 11.5km. These results are sufficiently prospective to conduct further lag test work and/or potentially gas test work as these methods are low cost and will assist to decide if and where ground surveys are warranted to further refine drill targets.
Figure 5. The North-West Trend and North-Trend is shown with the K8 prospect and Abel Knoll Deposit shown relative to the contoured gold anomalism >0.1ppm. Location of the historical auger rock chip sample results in the North Trend are depicted. The underlying geophysical image is a processed residual gravity image which depicts the Sandman Tertiary aged basin boundaries.
Adularia Hill – North-West Trend Basin Prospect
The Adularia Hill prospect comprises an elevated hilltop with remarkable outcropping adularia crystals and adularia alteration where a historical surface rock chip sample returned 1.11ppm gold and 0.4ppm silver (samples ID AH110) (figure 2 and photo 1). The encouraging adularia and silica alteration make this target worthy of further follow-up work as adularia is commonly associated at the top of the mineralization within the Tertiary basins where gold mineralizing fluids pierced through the underlying Triassic Raspberry Formation rocks. Adularia Hill is also located on the western margin of the Tertiary basin in a similar location as North Hill which is on the northeastern margin, the interpreted basin boundary margins are shown in figures 1 and 2 and have not been focused in prior exploration programs. Geochemical sampling surrounding Adularia Hill is also very limited. Prior drilling was clustered around the hilltop and further geological modelling and drill testing is required to better test this target in search of a new deposit discovery.
Photo 1. Example of adularia crystals in the outcrop present which forms the Adularia Hill prospect.
North-South Trend
The North-South Trend area between
Figure 6.
NEXT STEPS
Field work is planned to commence in June with further gas test work ± lag sampling (coarse fraction) at the North Hill Extension area and the Silica Ridge Extension area previously referred
The Company is currently engaged in active and advanced merger and acquisition (“M&A”) due diligence, with respect to both inbound and outbound expressions of interest. The focus remains on undervalued gold assets within the
ABOUT SLEEPER
The Sleeper-Sandman corridor is a highly endowed and underexplored terrain. Gold Bull Is exploring Sandman for "Sleeper Style" new discoveries because the
It should be noted, it took Sleeper thirty-four (34) step-out drill holes to discover the high-grade gold vein system with the discovery hole returning 102m of silicified breccia that averaged 28 g/t gold and 62 g/t silver. A very persistent exploration methodology was applied by Gold Bull’s current Technical Advisor,
ABOUT SANDMAN
In
QUALIFIED PERSON
ABOUT
Gold Bull’s mission is to grow into a US-focused mid-tier gold development Company via rapidly discovering and acquiring additional ounces. The Company’s exploration hub is based in
Gold Bull’s core asset is the
Gold Bull is driven by its core values and purpose which includes a commitment to safety, communication & transparency, environmental responsibility, community, and integrity.
President and CEO,
For further information regarding
Cautionary Note Regarding Forward-Looking Statements
Neither the
This news release contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicates”, “opportunity”, “possible” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Gold Bull believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund its planned activities at the
1 Gold Bull confirms successful surface soil gas survey at Sandman and announces share consolidation, published
2 Gold Bull's Sandman Project Revised PEA Phase 2, Confirms near term production potential in
3 Gold Bull surface sampling defines new drill target at Sandman. Published
Photos accompanying this announcement are available at
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Value Creation
![](https://ml.globenewswire.com/media/f92e0081-cad1-4605-ad02-ef0d28f5fe33/medium/value-creation.jpg)
Multiple paths to value creation
Table 1
![](https://ml.globenewswire.com/media/031cc8be-7d14-4af3-91b5-2981cc83e8c5/medium/table-1.png)
Impact of the gold price on the Sandman PEA
Figure 1
![](https://ml.globenewswire.com/media/21618222-3462-484a-ab34-a66596ccab2a/medium/figure-1.png)
Sandman Project gold anomalism showing existing deposits and 2024 field areas including. Adularia Hill, North Hill Extension, Silica Valley and K8.
Figure 2
![](https://ml.globenewswire.com/media/0c9ac5a8-33e6-47d1-b1b7-5632cc39aa62/medium/figure-2.png)
North-West Trend basin showing the North Hill Extension and Silica Valley prospects compared to contoured lag sampling showing gold anomalism (>0.01ppm) relative to the targeted Inner and Outer basin boundary defined by processed residual gravity image. Deposits with declared MRE's are North Hill and Silica Ridge . Significant historical rock chip sample at Adularia Hill is shown.
Figure 3
![](https://ml.globenewswire.com/media/92e7d584-4e49-4b67-9d69-adc1e8450c97/medium/figure-3.png)
North Hill Extension area south of the North Hill MRE boundary, anomalous gold >0.01ppm in soil and auger rock chip is shown. The colour contouring is the lag sampling same as shown in figure 2 but with a more detailed perspective highlighting the lack of drill holes in the North Hill Extension area. Location of lag sample returning 2.36ppm Au is highlighted.
Figure 4
![](https://ml.globenewswire.com/media/6a7c8dba-30fc-4ddf-b23b-0c25f8c5a712/medium/figure-4.png)
Lag geochemical sampling conducted in 2022 showing contoured gold and the Silica Valley anomalism adjacent to the Silica Ridge MRE boundary. The figure also shows the North Hill Extension anomalism south of the North Hill MRE boundary where a lag sample of 2.36ppm gold was returned. The underlying geophysical image is a processed airborne magnetic image (TMI TRP 1VD).
Figure 5
![](https://ml.globenewswire.com/media/1f137757-56dc-4ccf-9140-ebd3d26e2f24/medium/figure-5.png)
The North-West Trend and North-Trend is shown with the K8 prospect and Abel Knoll Deposit shown relative to the contoured gold anomalism >0.1ppm. Location of the historical auger rock chip sample results in the North Trend are depicted. The underlying geophysical image is a processed residual gravity image which depicts the Sandman Tertiary aged basin boundaries.
Photo 1
![](https://ml.globenewswire.com/media/c870afe1-c86d-4056-be82-ec67f18a8d58/medium/photo-1.jpg)
Example of adularia crystals in the outcrop present which forms the Adularia Hill prospect.
Figure 6
![](https://ml.globenewswire.com/media/987e6c98-3433-46c9-9f24-bec4e9a79e85/medium/figure-6.jpg)
Sandman Project location map of Northern Nevada relative to the surrounding operating gold mines and mineral resources. Reference to the nearby projects is for information purposes only and there are no assurances the Company will achieve the same results.
2024 GlobeNewswire, Inc., source