Updated Mineral Resource Estimate For The Gold Springs Project

VANCOUVER, BC - Gold Springs Resource Corp. reported a significant updated mineral resource estimate for its Gold Springs Project, taking into consideration all the 2021 drilling results at North and South Jumbo, Tremor, Charlie Ross, and White Point.

Antonio Canton, President and CEO, said, "With a resource estimate of 1 million oz gold equivalent, we have reached the 1st important milestone of our Company's objective to rapidly expand our gold resource. Our team is now focused on the 2022 drilling program to reach the 2nd milestone, as we have planned a new resource update and PEA for the end of the year. Our goal is to reach within the next 2 years the 3rd milestone and complete the mine permitting process".

Randall Moore, Executive Vice President of Exploration, said, "This resource update confirms that Gold Springs has significant potential to expand its resources, as in 2021 we added two new ones (Charlie Ross and White Point) and substantially increased the total number of ounces. The project covers approximately 8,000 ha and includes not 1 or 2 targets, but 33 high-potential gold targets, 6 of which already host a resource estimate of 1,005,003 M&I oz and 144,379 inferred oz of gold equivalent open to expansion and covering only 15% of the property. As the resources are near the surface, they could be mined by shallow open pit and a technically simple heap-leach operation. The size of the Gold Springs Project, the important number of gold targets, the technical data available so far, the water rights, and its location in one of the best mining jurisdictions in the world, are strong indicators that GRC has a large gold project with a significant growth potential. I believe Gold Springs will get more and more attention from major mining companies as the resource continues to grow."