Gold Bullion Provides Granada Mine Update
VANCOUVER, March 26, 2012 /PRNewswire/ – Gold Bullion Development Corp. (TSXV:
GBB) (OTCPINK: GBBFF) (the “Company” or “Gold Bullion”) is pleased to
provide an update on its Granada Gold Property, located along the
prolific Cadillac trend in North-western Quebec, 5 km south of the city
The Company has completed approximately 78,000 metres of drilling
resulting in a significant expansion of the LONG Bars zone. The
surface footprint has increased 5 fold from the original footprint, 300
metres by 600 metres, to over 750 metres by 1200 metres. In addition to
the two historic shafts in the area where current mineralization
exploration is being undertaken, there are another 3 historic shafts
within a 6.8 km strike length to the east indicating that less than 20
percent of the potential Granada strike length has been explored to
Another 3.3 to 6.8 km is also open to exploration on the eastern Adanac
Extension of the Granada Mine land holdings. Between this and the
Granada Eastern Extension, is a 5.2 km area that Osisko Mining
Corporation is currently exploring which already has historical drill
sections. These sections confirm further mineralization to the east of
Gold Bullion’s Eastern Extension and extends the mineralized trend
eastwards to Gold Bullion’s eastern Adanac Extension property.
As such, the overall potential strike length of Gold Bullion’s land
holdings ranges from 10.1 to 13.6 km with no exploration undertaken to
date on the eastern Adanac Extension. The current drill program is
focused on evaluating the extent of the mineralization to the north and
Hole GR-11-390, the northern most hole drilled by Gold Bullion to date,
encountered three significant mineralized sections of interest as
GR-11-390 From (m) To (m) Length (m) Grade (g/t Au) 340.00 350.50 10.5 2.92 and 480.00 484.50 4.5 4.52 and 532.50 541.50 9.0 2.81
These are probable extensions of veins, deformation zones and alteration
zones identified from recent and historic drilling at shallower depths.
Work at Granada has shown that gold mineralization on the property
occurs in veins and along contact of deformed conglomerate clasts and
in alteration zones. The current drill program plan is for 3 holes with
a wedge in each giving 6 pierce points through the projected
Roughly 6,560 metres will be drilled with the goal of intersecting
mineralization at depth in order to evaluate a potential down dip depth
of over 2,000 metres at 50 to 70 degrees dip to the north. Of this
total down dip length, we have thus far encountered gold mineralization
of interest along 650 metres. As such, in theory, just 32.5 percent
has been explored to date. The objective is to hit a minimum of 2 of
the 5 known mineralized zones with thickness greater than 3 metres and
grades at or above 3 g/t Au.
Near surface, the Company is in the exploration range for low-grade
deposits of 10 to 20 ounces per metre drilled as compared to Osisko at
6,846 holes drilled for 789,707 metres at 1.37 grams per tonne for 8.6
million ounces of gold and Detour at 5,877 holes drilled for 889,520
meters at 1.08 grams per tonne for 17.67 million ounces of gold. Their
respective ounces per meter drilled are 10.89 for Osisko and 19.86 for
Detour. The Company is using this rule of thumb and expects to be in
the lower range for the LONG Bars Zone of which overall approximately
only 10 percent has been explored thus far.
The Company will release a NI 43-101 compliant resource estimate in the
first quarter of 2012 being prepared with 321 of the 404 holes drilled
to date. A total of 56,315 metres of the roughly 78,000 metres drilled
so far are being utilized in the calculation of this first resource
estimate. Gold Bullion plans to include the remainder of the drill
data, inclusive of current drilling, into an additional or updated
resource calculation to be released at a later date.
The balance of the Granada property still remains to be explored, with 3
other primary target areas that have been defined on the 11,000 hectare
The ongoing metallurgical test work has confirmed high gold recovery
rates exceeding 90 percent, achieved via conventional gravity recovery
followed by cyanidation. These results stem from the initial bulk
sample undertaken in 2007 when 28,000 tonnes of mineralized material
was processed and the work under taken by Gekko Systems and SGS
Gold Bullion is also undertaking baseline and hydro-geological studies
in accordance with prerequisite regulatory requirements for issuance of
a certificate of approval.
Claude Duplessis, Eng. is acting as the qualified person (QP) for Gold
Bullion Development Corp. in compliance with National Instrument 43-101
and has reviewed the technical contents of this press release.
Gold Bullion’s management hope you can attend the Annual General Meeting
scheduled for April 12, 2012 in Montreal, Quebec and look forward to
meeting those able to make it. For further details please contact our
head office in Montreal at 1-514-397-4000.
About Gold Bullion Development Corp.
Gold Bullion Development Corp. is a TSX Venture-listed junior natural
resource company focusing on the exploration and development of its
Granada Property near Rouyn-Noranda, QuÃ©bec. Additional information on
the company’s Granada gold property is available by visiting their
website at www.GoldBullionDevelopmentCorp.com and on SEDAR.com.
“Frank J. Basa”
Frank J. Basa, P.Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming
work programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated in such statements.
SOURCE Gold Bullion Development Corp.