GOLD BULLION CONTINUES TO EXPAND MINERALIZED ZONES AT GRANADA PROPERTY
Gold Bullion Development Corp. (TSXV:GBB) (OTCPINK:GBBFF) (the “Company”
or “Gold Bullion”) has received assay results for 56 diamond drill holes on its 100% owned
Granada Gold Property near
remaining assay results from the Phase 2, 25,000-metre drill program as
well as initial holes of the 50,000 metre Phase-3 program. To date,
over 13,000 metres of the Phase 3 program have been drilled. The goal
of the current drill campaign is to test the continuity between the
currently outlined Preliminary Block Model area and the eastern section
of the LONG Bars Zone.
“We have now drilled an area 1,200 metres long and from 250 to 500
metres wide at the
President and CEO of Gold Bullion Development Corp. “We are very
pleased with the results to date and believe they will ultimately
significantly expand the mineralized area in all directions outside the
Preliminary Block Model.”
Outside of the Preliminary Block Model area, drilling has identified
significant gold mineralization, many with long intercepts, in new
structures in the NE Extension, SE Extension and Eastern Extension
Consulting geologists at GENIVAR believe they may have intersected the
extension of Vein #5 in the NE Waste Pile Sector
Drills intersected high grade gold intervals in the Trail sector which
may be related to a series of NNE trending fault zones. More work is
required to validate this relationship.
In the Preliminary Block Model area, Vein #2 has been extended along
strike and down dip into the Vein #2 sector and numerous smaller
parallel mineralized structures were identified to the north, in the
hanging wall of the Vein.
An aggressive drilling campaign continues to target the NE Extension, SE
Extension and NE Waste Pile sectors.
In March a drill will be moved to the Eastern part of the property to
test the promising Aukeko target.
For increased clarity and ease of locating drill hole stations, the
names of sector areas are being used to help describe drill hole
locations with reference to the drill plan map which can be found on
our website at http://www.GoldBullionDevelopmentCorp.com.
disseminated pyrite and/or arsenopyrite. It is hosted within altered
sericitized and silicified syenite feldspar porphyry sills and quartz
vein stockwork and breccias as well as quartz-carbonate veinlets in the
sedimentary rocks. These structures strike in an East-West direction
and dip steeply to the north. Numerous parallel mineralized structures
have been identified throughout the property.
Newly Delineated Structures
Gold Bullion’s geological consultants, GENIVAR, report that additional
structures have been intersected in the following sectors of the
property; the NE Extension, the SE Extension and the Eastern Extension.
Some drill hole highlights from these sectors include:
Hole GR-10-113 in the NE Extension zone intersected a vein grading
162.75 g/t gold over 1.09 metres (starting 232.5-metres down hole).
In the SE Extension area, holes GR-10-131 and 134 intersected what
GENIVAR believes to be the same new structure. Hole GR-10-134
intersected 9.3-metres averaging 1.09 g/t gold within a 57-metre
interval averaging 0.56 g/t gold. Hole GR-10-131 intersected 5-metres
averaging 2.14 g/t gold within a 129-metre interval averaging 0.15 g/t
In the Eastern Extension zone, (where previously reported Hole GR-10-17
intersected 65.5 metres averaging 1.21 g/t gold), nine additional holes
intersected long intervals of mineralization interspersed with narrow
sections of higher grade. Hole GR-10-153 hit 135-metres averaging 0.62
g/t gold starting 3.9-metres down-hole. This included a 1-metre
interval averaging 54.97 g/t starting 3.9-metres down-hole. Hole
GR-10-145 cut a 45.9-metre interval averaging 0.82 g/t gold starting
31.3-metres down-hole that included a 1.5-metre interval that averaged
12.3 g/t gold.
NE Waste Pile Sector
In the NE Waste Pile Zone, GENIVAR believes it may have intersected the
extension of Vein #5 in Holes GR-10-118 and GR-10-141. The Vein #5
outlined in the Preliminary Block Model Zone and based on this drill
data may continue eastward. Hole GR-10-141 intersected 1.5-metres
averaging 39.9 g/t gold, starting 40-metres down hole. This occurred in
a larger mineralized envelope that averaged 0.52 g/t over 276 metres.
Trail Sector (Sector between Eastern Extension and Preliminary Block Model area)
A series of holes were drilled to test NNE trending faults identified in
the Trail Sector. It is hypothesized that these faults may have acted
as conduits for mineralizing fluids. Hole GR-10-117 cut a number of
high grade intervals including:
- 2.4 metres averaging 22.5 g/t gold starting 4.6 metres down hole
- 1 metre averaging 14.95 g/t gold starting 76.5 metres down hole
- 1 metre averaging 15.65 g/t gold starting 107.5 metres down hole
- 18.5 metres averaging 2.3 g/t gold starting 150.5 metres down hole
These intervals, together with lower grade sections averaged 0.74 g/t
gold over 198 metres.
Vein 2 Sector
A total of 16 new holes were drilled into the Vein #2 sector. Results
have extended the vein down dip between 100 and 200 metres. In
addition, numerous smaller parallel veins have been intersected in the
hanging wall of Vein #2. All of these veins appear to be related to an
altered feldspar porphyry.
Significant drill results include Hole GR-10-114 which intersected 177
metres averaging 0.51 g/t gold starting 3 metres down hole and Hole
GR-10-54 which intersected 110 metres averaging 0.55 g/t gold starting
19 metres down hole.
Currently Gold Bullion has two drill rigs turning on the property as
part of its Phase 3 drilling campaign. Five more holes will be collared
in the NE Extension sector. An additional three holes will target the
NE Waste Pile area and three holes will test the SE Extension sector
(more if results warrant).
Later in March, Gold Bullion intends to drill test the Aukeko Shaft and
the surrounding area. This target is situated on the eastern part of
the property about 2 km east of the LONG Bars Zone. Historical data
indicates that considerable visible gold was noted in the Aukeko vein
at the bottom of the Aukeko shaft. Previous geological mapping
detected numerous easterly striking syenite porphyry “dykes” and quartz
veins similar to what is seen at the LONG Bars zone.
The Company plans to initiate a NI-43-101 resource estimate this summer
once the majority of the Phase 3 drill results are received.
Please refer to the detailed drill map available on the Gold Bullion web
|GR-10-59||3.50||195.00||191.50||0.300||East Vein 2|
|GR-10-61||3.60||93.00||89.40||0.221||East Vein 2|
|GR-10-104||3.00||231.00||228.00||0.509||East of Waste Pile|
|GR-10-49||16.70||101.31||84.61||0.433||East of Waste Pile Vein 2|
|GR-10-112||28.50||147.00||118.50||0.456||NE Waste Pile|
|GR-10-141||3.00||279.00||276.00||0.515||NE Waste Pile|
|GR-10-142||88.5||173.5||85.0||0.439||NE Waste Pile|
|GR-10-118||109.25||274.50||165.25||0.410||NE Waste Pile-trail sector|
|GR-10-60||157.29||209.33||52.04||0.567||NE trail sector|
|GR-10-167||3.00||123.00||120.00||0.321||South Vein 1|
Widths reported in the preceding table are drill widths; true widths are
unknown at this time. Assays are uncut, length-weighted average values.
Gold Bullion’s NQ drill program and drill core sampling, including the
quality assurance/quality control program, are supervised by GENIVAR,
Gold Bullion’s geological consultant. Core from the above holes was
sent to ALS Chemex Labs in
with additional metallics analysis done on samples where visible gold
was identified. Analytical accuracy and precision are monitored by the
analysis of reagent blanks and reference materials at both labs.
Quality control is further assured by the insertion of blind certified
standard reference material and blanks into the sample stream at
regular intervals by Gold Bullion and GENIVAR personnel in order to
independently assess analytical accuracy.
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 Gold Property near
Castle Silver Mine in
For more information on Gold Bullion Development Corp. (TSX-V: GBB, OTC
PK: GBBFF), visit our web site: http://www.GoldBullionDevelopmentCorp.com
The scientific and technical information in this release was prepared
under the supervision of Ms.
geologist and a member of the Ordre des geologues du Quebec and a
“qualified” person in accordance with National Instrument 43-101.
“Frank J. Basa”
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.