VANCOUVER, Nov. 16, 2011 /CNW/ - Gold Bullion Development Corp. (TSXV:
GBB, OTC PINK: GBBFF) ("Gold Bullion" or the "Company") is excited to
report on the recently-completed Phase 3 Drill Program results from
their property located along the Cadillac trend in North-Western
Quebec, 5 km south of the city of Rouyn-Noranda. Just under 80
kilometres (78,414 metres) have been drilled since December 2009
confirming extensive mineralization potential on the Granada Property.
Gold Bullion's originally-defined LONG Bars zone of 600 metres long by
300 metres wide, striking east-west and dipping approximately 50° to
the north, has been increased 6 fold to approximately 1500 metres long
by 750 metres wide. With the documentation of an historic hole: 90-01,
the mineralization in this area, north of the current exploration,
extends to a depth of approximately 700 metres and remains open in all
directions and at depth. Highlights include 1.12g/t Au over 304.36
metres including a 23.55 metre interval grading 5.46 g/t Au.
This hole 90-01 is an exceptional drill hole identified from a detailed
review of historic data dating back to 1990. Kewagama Gold Mines
drilled the subject hole to examine the down-strike and down-dip
extensions on the No. 2 vein mineralized zone and other veins in the
hanging wall of Vein 2. The subject hole intersected sericite
alteration zones with gold-bearing quartz veins. Frank J. Basa stated,
"We are extremely pleased to have been able to identify such an
important drill hole that confirms our belief that with additional
drilling there is excellent potential to expand the mineralized zone to
north of the known extent."
Hole 90-01, a near vertical hole, collared at -89°, is located
approximately 485 metres northwest of the northeast extension Discovery
hole GR-10-17. Gold Bullion is sampling each hole in its entirety;
however the historic core was sampled only in vein zones and alteration
zones. The Company has since identified that significant low-grade
mineralization occurs even between vein zones. The calculated grades
shown below include intervals that were assigned a zero value, with no
single interval longer than 25 metres, for purposes of calculations and
do not represent true-width intersections.
Significant intervals include:
304.36m grading 1.12 g/t Au between 387.90 and 692.26m including
23.55m grading 5.46 g/t Au between 387.90 and 411.45m and
286.99m grading 0.76 g/t Au between 433.91 and 720.90m including
1.14m grading 66.86 g/t Au between 538.96 and 540.10m
With the next phase of drilling Gold Bullion intends to define the
potential to the north, towards hole 90-01 and at depth as well as
continuing to step out to the west and east along strike. Based on the
significant number of intersections at depth, the prospect of
developing underground workings below the open pit is conceivable. To
that end, the Company has expanded its core logging and core cutting
capacity and has built a substantial road network to support the
upcoming drill programs.
The Company has also recently retained the services of SGS Canada Inc.
as an independent consultant on the Granada Property replacing GENIVAR
as geological consultants. The SGS Group is the global leader with a
network of over 1,250 offices and laboratories around the world.
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, Québec, and its Castle Silver Mine
in Gowganda, Ontario.
Additional information on the Company's Granada gold property is
available by visiting their website at www.GoldBullionDevelopmentCorp.com and on SEDAR.com.
The technical information in this release was prepared under the
supervision of Mr. Frank J. Basa, P.Eng., Gold Bullion's CEO and
President, who is a member of the Ontario Association of Professional
Engineers and a "qualified" person in accordance with National
"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.
For further information:
Frank J. Basa, P.Eng., President and CEO: 1-416-625-2342
Roger Thomas, Director: 1-613-292-2438
Progressive Investor Relations (Canada) Tel (604) 689-2881 or email email@example.com