Drilling Intersects High Grade Gold Mineralization At Sandman

VANCOUVER - Gold Bull Resources Corp. reported significant drill intersection of 51.8m (170 ft) at 1.12 g/t Au from 22.9m (72 ft) from its 100% owned Sandman Project located in Humboldt County, Nevada. The mineralization demonstrates the quality of width and grade at Sandman and has provided further encouragement to extend the drill program from 4,000m to 5,000m while the drill rig is onsite. The Company is fully funded to complete the extended drill program at Sandman.

CEO, Cherie Leeden, said, “The significant drill intersection of 52m of 1.12 g/t oxidized ore from 23m below the surface further enhances our confidence in the open pit resource potential at Silica Ridge. The down dip structures being targeted, including the spectacular high-grade interval of 13 grams per ton of gold, over a 1.5 meter mineralized structure, provides confidence in our geological understanding to progress additional targets. The rig is currently drilling a hole testing the depth extent of the high-grade intersection of 13g/t Au. The 2022 Phase 1 drill program is targeting structures exploring for high-grade gold, beneath existing resources close the basement contact, which has not previously been explored. Preliminary targets have been tested at North Hill, Silica Ridge and Abel Knoll with additional scout holes planned to test new discoveries west of North Hill, at Windmill and between South East Pediment and Abel Knoll.”

Silica Ridge drill hole SA-0045 - Drill holes at Silica Ridge are targeting structures striking east-west and north south and have been modeled using higher grade ore shoots within the existing grade model and projected to depth towards basement rocks. The east-west fault is further defined by a dyke which extends eastward to the Windmill target area.

Drill hole SA-0045 returned the most consistent mineralized intersection, with 51.8m (170 ft) at 1.12 g/t Au from 22.9m (75 ft) including a high-grade intersection of 1.5m (5 ft) at 13.13 g/t Au from 41.1m (135 ft). The hole intersected silicified tuff and quartz-adularia altered iron oxidized sandstone, conglomerate, and tuff. The gold mineralization is associated with the targeted structures.

Hole SA-0043 targeted the same structure as SA-0045, however the hole encountered difficult drilling conditions and drooped beneath its planned trajectory. Hole SA-0045 tested the structure, but the intersection point was well above the Tertiary unconformity targeted. The presence of gold mineralization within the target structure at higher elevations is encouraging. Hole SA-0052 will continue with a new drill rig in the next few days, which we intend to push to the planned target depth of 250m (820 ft). Despite appearing very close together the current hole is located approximately 60-70m from hole SA-0045.

Preliminary results have been received for some of the North Hill holes drilled recently and further analysis is underway. Intervals of pervasive mineralization have been intersected and will be modeled in 3D to be used as vectors in additional drilling.

Drill hole SA-0035 at North Hill was planned to intersect an interpreted mineralizing fluid feeder structure close to the Tertiary unconformity. The presence of such a structure was predicted from the Mineral Resource Estimate 3D gold grade model, which contains several linear high-grade zones interpreted to arise from intersections of high-angle faults carrying mineralizing fluids with favorable host units. The interpreted structure was projected down to the Tertiary unconformity using an assumed angle of dip. Drill hole SA-0035 intersected a zone returning 32 m (105 ft) at 0.16 g/t Au from 129.5 m (425 ft) (using 0.1 g/t Au external cut-off and no internal cut-off), spanning the unconformity between the basal Tertiary fluvial sequence and the underlying Triassic phyllite. Although this zone is not the bonanza grade vein originally targeted, it possibly represents lateral migration of mineralizing fluids within the porous Tertiary conglomerate from a nearby feeder structure cutting the unconformity – i.e., a near-miss of the target. The mineralized zone is unusual; the basal conglomerate is mineralized in only a few instances at Sandman.

Drill hole SA-0035 also intersected 13.7 m (45 ft) at 0.98 g/t Au from 42.7 m (140 ft) (with 10 ft of internal waste <0.2 g/t Au), including 1.5 m (5 ft) at 5.1 g/t Au from 50.3 m (165 ft) within the North Hill Mineral Resource estimate. Several narrow (1.5 to 3 m wide) zones of mineralization were also intersected.

Step out drilling at Abel Knoll intersected mineralization in SA-0050 along the targeted northeastern structure giving indication the resource extends eastward, broad anomalous gold was returned. Mineralization remains open to the east, north and below the existing mineral resource at Abel Knoll and further studies are required to understand the potential total tonnage and grade that could be yielded from this deposit.