Surface Grades of 6.05 g/t Au Over 8 Metres in Channel Sampling at Granada
22 Apr, 2015, 14:23 ET
Press release highlights:
- Winter trenching program identifies additional surface high grade gold
- TR15-11, returned 6.05 g/t Au over 8 m including 14.98g/t Au over 3 m
- 32.47 g/t Au over 1.0 metre, trench 15-11 sample 23
- Western most pit to be extended with additional mining lease
- Potential mineralized strike length of 4.3 kilometres from the western trench to the eastern trench
VANCOUVER, April 22, 2015 /CNW/ - Gold Bullion Development Corp. (TSX.V: GBB) (OTCPINK: GBBFF) (the "Company" or "Gold Bullion") is excited to report initial results from the most recent trenching activities at Granada. So far in 2015, three trenches have been completed in the area covering the smallest proposed pit located furthest west with channel sampling from the middle trench, TR15-11, returning 6.05 g/t Au over 8 m including 14.98 g/t Au over 3 m.
Since the beginning of the year, the Company has taken 103 samples, prepared, assayed and analyzed the material from two of the three trenches. The trenching program was designed to validate the existence and position of mineralized gold zones at surface over the most western pit with the advanced goal of characterizing and precisely locating the near surface high grades zones previously identified in drill holes GR-12-412 and GR-12-413. Digging parameters were established for the trenches located over the future pit at approximately two metres deep, four metres wide and eight metres in length.
Results were obtained by excavation followed by blowing compressed air then channelling with a rock saw. Samples were then taken at 1-metre intervals prior to completing a DGPS survey. Based on the results, the Company will request a mining lease to the west to include this western extension into existing mining leases. Note: reported widths do not represent true widths as the zone dips at approximately 50° to the north.
The mineralized section is in disseminated pyrite in a sericite-silica alteration zone similar to that intersected in drill holes GR12-412 and GR12-413, with near-surface mineralization starting near surface at 4.5 metres in the latter hole.
Frank J. Basa, Gold Bullion President and CEO, "Surface channel sampling grades confirming the continuity of the near-surface drill-intersected mineralization over a potential strike length of 3.5 kilometers from the western to the eastern trenches is a very positive development within the rolling start mining plan."
In September 2014, six trenches were completed to the east of Pit 2A with highlights including 108.6 g/t Au on a 1-metre channel; see news release dated November 18th, 2014. In trench T14-6, located 36 m to the east of the Pit 2A limit, two mineralized zones were also outlined by the channel sampling indicating a strong possibility to extend the mineralized zone from Pit 2A with additional surface work for confirmation.
Last years' trenching work outlined the mineralization zones cut by the previous diamond drill holes which provided important information for surface mining operations. Including the recent 2015 trenching results, there are now several near surface high-grade areas identified.
Additional 2015 trenching is planned over the (Aukeko) exploration target area to the east and on strike east west with the rolling start pit. The eastern trenching area is 3.5 km east of the initial production pit. The winter 2015 trenching was undertaken 800 metres to the west of the initial production pit.
Click http://goldbulliondevelopmentcorp.com/documents/english-picture-1.jpg to view the trenching location map.
Four 200-metre trenches are planned in this area to further investigate near surface gold mineralization based off high-grade holes previously drilled in the area. Over 300 samples are to be taken during trenching with the location of the four trenches to include previous hole DDH E11-02 that returned 8.8 g/t Au over 1.33 metres and hole 80-05 that returned 8.5 g/t Au over 0.8 metres.
During the development of what is an environmentally sound mine development plan, the Company sampled the 100,000 tonne historical waste pile and in doing so discovered the rolling start mineralized zone of 1.6 kilometres may have a base line grade of 0.9 g/t gold. The Company has undertaken studies in the past with Gekko of Australia utilizing input grades of 0.5 g/t gold using conventional open pit drill and blasting methods. Given the tonnage available at up to 1 g/t Au, the Company will reassess the near-term direction over the next quarter with respect to the most efficient manner to proceed with development of Granada given the current permitting status for the rolling start.
Gold Bullion Development Corp. adheres to a strict Quality Assurance/Quality Control program for all work at Granada including the current program. Samples reported herein were submitted with four mineralized gold standards and one blank distributed through the 73 samples with all samples pulverized using screen metallic methods. The samples were prepared in Rouyn-Noranda then analysed at Accurassay Laboratories in Thunderbay Ontario.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The potential quantity and grade reported as Mineral Potential, is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Claude Duplessis, P. Eng. of GoldMinds Geoservices Inc., consultant for Gold Bullion, has reviewed and approved the contents of this news release as a Qualified Person independent of Gold Bullion within the meaning of NI-43-101 regulations.
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 located on the prolific Cadillac Trend near Rouyn-Noranda, Québec. Gold mining operations will focus on high grade near surface material that will be trucked to Iamgold's nearby processing facility. The project economics remain robust with all in cash costs forecast at US $797 prior to the drop in fuel prices. The Company has been actively and systematically advancing the Granada property since acquiring the previously producing mine site in 2006. Near term share price catalysts include commencing gold production, positive cash flow to be used for operations and continued exploration and a resource estimate update with the adding of 400 historical holes. Additional information on the Company 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
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