The gas orientation survey work was completed after the identification of Buddingtonite1 at Sandman as part of the regional Sandman exploration study to discover additional mineral resources at Sandman that are 'Sleeper Style' deposits. This work is being managed and conducted in parallel to the ongoing Feasibility study work.
The usefulness of the soil gas test work is to develop a futuristic low-cost exploration tool to use as a pathfinder tool to further explore the highly prospective Northwest and North-South Trend at Sandman2 (Figure 1) which is covered with unconsolidated alluvium and sand dunes. The soil gas survey tool enables testing of structures which are identifiable using Sandman's high quality airborne magnetic survey data. Of particular interest is the western graben margin which defines the 11.5km North West Trend target in which North Hill,
Gas analysis was completed and analysed for hydrocarbon-hydrogen (factor), methane, carbon dioxide, argon-helium (factor) and ammonia over all four deposits and anomalism was detected and will be applied in future field exploration programs. The 16-million-year-old Sandman-Sleeper geothermal systems had a unique geochemical, mineralogic and soil gas signature associated with gold mineralization. Sandman's hydrothermal mineralization is quartz poor, low in sulphides, and mineralization was deposited in deep seated faults, fractures and fissures which are episodically reactivated.
Commenting on the results, Gold Bull’s CEO,
"Earlier this year, our Geology team, led by
Gas anomalism was identified at all four Sandman deposits North Hill,
The soil gas testwork will be further tested in and around the existing deposits and also the Exploration targets along the 11.5km Northwest Trend and 10km North South Trend (Figure 1) and also the highly prospective Adularia Hill Trend (Figure 2).
Figure 1.
Figure 2. Processed gravity image showing the Sandman North West northern Trend extent from North Hill extending southward past
Figure 3.
NEXT STEPS
On the exploration front, further evaluation work is ongoing and the soil gas test results will be further geochemically modelled over the coming month to allow the Company to plan spacing details for the next round of low cost soil gas exploration test work.
In terms of mine development studies, post the release of the Sandman PEA Phase 2, the company is continuing these studies and is seeking quotations which investigate whether to proceed to Pre-Feasibility Study or to jump directly to Feasibility Study on the back of the recently published positive PEA.
ABOUT SLEEPER (23 kilometers north of Sandman)
The Sleeper-Sandman corridor is a highly endowed and underexplored terrain given 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,
SHARE CONSOLIDATION
The Company also announces that the Company’s board of directors has approved consolidating (the “Consolidation”) its common shares (“Shares”) on the basis of one post-consolidation Share for every ten pre-consolidation Shares. The effective date of the Consolidation (the “Effective Date”) will be confirmed at a future time, following the Company's receipt of approval from the
The Company believes that the Consolidation Is needed to strengthen its capital structure to permit future financings.
As a result of the Consolidation, the number of issued and outstanding Shares will be reduced from 98,346,867 to approximately 9,834,687, subject to adjustment for rounding. No fractional shares will be issued in connection with the Consolidation. If a holder of Shares would otherwise be entitled to a fraction of a share, then the number of post-Consolidation Shares issuable to such shareholder shall be rounded down to the next lower whole number. No cash consideration will be paid in respect of fractional shares. The exercise or conversion price and/or the number of Shares issuable under any of the Company’s outstanding convertible securities will be proportionately adjusted in connection with the Consolidation.
Shareholders of record as of the Effective Date will receive a letter of transmittal from
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's Sandman confirms Buddingtonite signature, same as Sleeper gold deposit released
2 Gold Bull Provides Update on 2023 Work Programs at Sandman Including Optimized PEA and Exploration Testing for Sleeper Style Targets released
Photos accompanying this announcement are available at
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Photos 1-4
Sandman field photographs taken during the 2023 soil gas orientation survey. Field soil gas test samples taken in glass vials and sealed gas sample bags.
Figure 3
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.
Figure 2
Processed gravity image showing the Sandman North West northern Trend extent from North Hill extending southward past Silica Ridge towards Abel Knoll , and the highly prospective parallel Adularia Hill trend which is poorly drill tested. Soil gas testwork is a useful tool to start testing these underexplored trends.
Figure 1
Sandman Gold Project showing the 11.5km strike North-West Trend and 10km strike North-South Trend both of which are poorly drilled tested at Sandman and require further exploration for drill target testing.
2023 GlobeNewswire, Inc., source