VANCOUVER, April 2, 2015 /CNW/ - Gold Bullion Development Corp. (TSX.V: GBB) (OTCPINK: GBBFF) (the "Company" or "Gold Bullion") continues to be encouraged about the overall gold hosting potential of the Castle property with the indication of a potential second gold mineralization zone to the north of 2014's trenching activities based on mineralized boulders north of the strongly mineralized zones in the 2014 trenching work.
The Castle property is located in Haultain and Nicol Townships in northern Ontario within the historic Gowganda silver mining camp. The property comprises 3,252 hectares and includes the historic former silver producing Castle Mine. The Company has established a fully integrated exploration camp with diesel-generated power on the property accessible year around by paved and gravel roads.
This newly discovered gold mineralization is in addition to the high-grade silver drill intersection highlighted in an August 25, 2011 press release of 3.09 m (10.138 feet) grading 6,476 g/t Ag (188.80 oz/ton Ag) in Hole CA 11-08 from 563.54 to 566.63 m including a 0.45 m (1.476 feet) intersection of 40,944 g/t Ag (1193.70 oz/ton Ag) in a calcite-Co-Ag vein (not true width).
In tandem with the previous gold findings announced December 8, 2014 at the Castle property, the geological team is working to identify target areas from zones trenched in November 2014. These latest new channel sampling results indicate a grade of 2.24 g/t Au over 2.20 m along Channel 4 in Trench D3 including one channel sample of 3.77 g/t Au over 1.27 m. In Trench D1, Channel B indicates a grade of 0.77 g/t over 3.98 m including a sample grading 1.25 g/t Au over 0.83 m.
Channel 2 T-D3 1.16 g/t over 0.83 m
Channel 4 T-D3 2.24 g/t over 2.20 m including 3.77g/t over 1.27 m
Channel 5 T-D3 0.62 g/t over 0.98 m
Along with the 94 samples taken in 2013, a total of 345 new Mobile Metal Ion (MMI) samples were completed in the fall of 2014. The entire sampling area is just under 1 km2 with variability in sampling density dependent on proximity to known and expected mineralization and structures. All analyses have been received and are currently being plotted with interpretation pending.
Due to the mineralization, alteration and structures identified in trenching to date, it is anticipated that the addition of the pending MMI interpretations will be valuable in the identification of additional target areas. Preliminary analysis indicates additional trenching is now warranted to the south of recent trenching activity.
With copper values as high as 1.032% in the bedrock (News Release dated December 8, 2014), the Company is also working to establish the metals associated with the discovered gold to assist in guiding subsequent exploration en route to a conclusive determination on the potential deposit type associated with the mineralized zone in both the east-west and north-south structural trends mapped in those trenches.
Work continues based on the strong indications for the potential discovery of additional mineralization associated with the gold and copper values as previously reported in the Company's December 8, 2014 press release. Previous results, in conjunction with boulder tracing and other mapping tools have led the Company geologists to this stage with the next goal to determine the parameters for a larger survey at Castle.
Gold Bullion adheres to a strict Quality Assurance/Quality Control for the current program. Samples reported herein were submitted with three mineralized gold standards and three blanks distributed through 150 samples. Swastika Laboratories ran one mineralized gold standard and one blank for each batch of 20-25 samples. Analyses are performed by Swastika Laboratories, Swastika, Ontario, an accredited laboratory.
The technical information in this news release was prepared under the supervision of Mr. Frank J. Basa, P. Eng., Gold Bullion's President and CEO, who is a member of the Ontario Association of Professional Engineers and a "Qualified Person" in accordance with National Instrument 43-101.
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 high-grade Castle Silver Mine in Gowganda, Ontario. Additional information on the Company's properties is available by visiting the 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.
For further information: Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144.