GBRC Gold Bull Resources Corp

Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to report results of ongoing exploration targeting field work completed at its Sandman project, located in Nevada, USA.

• New silver target emerges at K8 Prospect
• New prospect and drill target defined at "Abel Knoll South"

A new drill target has been identified via a surface lag sampling geochemical anomaly, located south of the Abel Knoll diatreme breccia where the Sandman North-West and North Trends intersect, at a new prospect referred to as "Abel Knoll - South". The drill target is located 120m south of the Abel Knoll diatreme breccia deposit and coincides with a geophysical anomaly. The target has never been drilled.

At the K8 prospect, surface rock chip sampling returned encouraging results of high-grade gold (Au) and silver (Ag) with grades up to 1.11g/t Au and 210g/t Ag (sample 6R) and a cluster of anomalous surface rock chip samples spaced 150m apart. In this area there are sparce historical soil samples and drill holes which require further assessment at K8 to determine if the sampling is adequate given the high amount of unconsolidated sand at surface and compelling new data.

Gold Bull’s CEO, Cherie Leeden said:

"While the capital markets remain difficult, our geology team is working on defining new drill targets at Sandman, to be tested when the capital markets improve. This is being achieved via a combination of boots on ground field work combined with reviewing the extensive historical data base that we acquired with Sandman (valued at circa US$30 million if we were to re-do the work at the current costs).

At the newly identified Abel Knoll South prospect the coincident lag geochemical anomaly with the geophysical anomaly gives us confidence in needing to drill test this new target. Given Sandman's Mineral Resources were not closed off when Gold Bull conducted its Preliminary Economic Study (PEA), the possibility of a further mineralized diatreme breccias located around the Abel Knoll resource is an exciting possibility, especially with nearby historical holes logged as containing portions of breccia.

At the K8 prospect, rock chip samples have returned high very high silver results of up to 210g/t Ag with high gold grades of up to 1.11g/t gold from surface rock chip sampling of a granodiorite! Further evaluation work of historical soil and auger work is required to define drill targets at this compelling North-West Trend location.

In parallel to our exploration targeting work, we are extensively evaluating inbound M&A interest."

Figure 1. Sandman location map showing the location of the four Sandman deposits with geochemical dispersed gold contouring relative to the recent results of lag sampling at Abel Knoll and rock chip sampling from K8 prospect.

Figure 2. Location of the Abel Knoll deposit and lag sampling lines and location of the rock chip samples taken at K8 prospect. The lag samples were taken west and south of the Abel Knoll deposit as an orientation survey to determine if anomalous coarse rock existed surrounding the deposit which has not had step-out nor sterilization drilling conducted.

Abel Knoll South - New Drill TargetOrientation lag sample testing was conducted west and south of the Abel Knoll deposit in search of path finder elements as a cheaper method of near surface testing to yield drill targets which are expensive to conduct. Lag sampling is designed to confirm if further gold anomalism can be found within the coarse fraction of alluvium which is roughly approximate to the sample location point and is used to test larger areas for submerged deposits represented by dispersed anomalism. The key to lag sampling is understanding the substratum and classifying as near situ or transported alluvium. Using the location of lag anomalies is a good additional geochemical exploration tool when targeting drill testing holes from processed geophysics, it basically gives more confidence to warrant drill testing which is expensive to conduct.

Lag samples were taken as coarse sieved fractions over the three lines whereby the fine sand fraction was discarded, and the coarse fraction was analyzed. Analysis was conducted initially using a field portable XRF machine which yielded elevated arsenic levels, and these samples were then sent to the laboratory for testing and confirmed the high arsenic anomalous area immediately south of the Abel Knoll diatreme breccia. The gold and arsenic values reported in this announcement are certified laboratory results. A single lag sample returned elevated gold with 0.50ppm (sample 53) however is interpreted as a single outlier and not an anomaly due low arsenic 11ppm, no repeat of results in surrounding samples, the presence of quartz float in the sample, and located in the deeper basin area where coarse fraction return was poor so likely transported quartz mineralized piece.

The results of the lag arsenic analysis is anomalous as the arsenic levels were consistent over multiple samples, and altered coarse rock pieces logged in the sample, and arsenic is associated with gold at the Sandman project i.e. there is a consistent association with gold and arsenic at Sandman. The arsenic target area coincides with the intersection of the 11.5km North-West and 10km North Trends and shows a separate geophysical anomaly in the processed gradient array apparent resistivity geophysical imagery (figure 5).

Drill holes are sparse surrounding the Abel Knoll deposit which has no step-out drilling, nor has had sterilization drilling conducted surrounding the deposit so there is prospectivity to discover more mineralized diatreme breccias near to the existing Abel Knoll breccia and this is why the lag orientation sampling was planned and conducted as the diatreme breccia hosts high grade gold up to 2ppm in drill results. Figures 4 and 5 show the lack of drill testing surrounding the Abel Knoll deposit due to the lack of outcrop surrounding the deposit.

Figure 3.   Sandman TEM (transient/time-domain electromagnetics) processed image (-50m) showing the 11.5km North-West Trend connecting K8 prospect along strike with the Abel Knoll deposit and a structure connecting the K8 prospect to the Southeast Pediment deposits along a north-east trending structure, a similar parallel northeast structure also exists at Abel Knoll but not shown on the draft. And finally, the 10km North Trend which is a range front fault connecting Abel Knoll to Southeast Pediment deposit. Historical drill holes and recent lag and rock chip sample’s locations are shown.

Figure 4. Plan showing Abel Knoll deposit Mineral Resource outline relative to the three lines of orientation lag samples to the west and south of the Abel Knoll deposit. Background TEM (transient/time-domain electromagnetics) image and interpreted 11.5km North-West Trend and 10km North Trend are shown and both intersect in the location of the Abel Knoll deposit. Curiously the 11.5km North-West Trend dissects the western Abel Knoll breccia from the eastern Tertiary basalt and sedimentary succession gold mineralization (the eastern larger portion of the deposit). The lag sampling is anomalous in arsenic which is characteristically associated with gold mineralization at Sandman. The location of sample 53 (0.50ppm Au) is the 4th sample from the west on the second lag sample line.

Figure 5. Map showing a TEM (-50m) processed image with lag sampling coinciding with geophysical anomalies along the 10km North-Trend (range front fault) and intersection with the 11.5km North-West Trend at the Abel Knoll deposit. Another target exists to the north of Abel Knoll which also requires future lag sample testing. The depth of basin to the west gets deeper in the green-blue area and this area was not successful for lag sample testing as it was difficult to obtain sufficient coarse sample for analysis as sample becomes mostly transported fines, this is when the geologist knows the area has not been successful for lag sample testing.

K8 Prospect - new silver target within the North-West Trend

Surface rock chip samples were taken at the K8 prospect, and the best grade returned from a certified laboratory was 1.11ppm Au and 210ppm Ag from a surface rock chip sample (ID 6R) containing iron altered granodiorite (hornblende) rock and massive quartz veining. Numerous elevated gold and silver rock chip samples returned from the laboratory include: 0.81ppm Au and 45.1ppm Ag (ID 5R), 0.84ppm Au and 5.9ppm Ag (ID 1R) and 0.19ppm Au and 30.2 ppm Ag (ID 7R) and 0.14ppm Au and 20.4ppm Ag(ID 9R). The rock chip samples were taken from an outcrop which exhibited jarosite iron staining with liesegang banding after sulfide (most likely pyrite) with some iron-stained quartz veining within a granodiorite rock. The iron alteration was evident with alteration along the conjugate joint sets and banding reminiscent of liesegang after sulfide. The silver is considered very high grade for Sandman returning up to 210ppm silver (ID 6R with GRAVAg30 analysis) and there is also widespread elevated silver values noted in the historical soil samples which need further evaluation as to the grade potential. Silver is known to exist at the Sandman project in association with the gold mineralization, however, silver has not been included in the previously reported Mineral Resource Estimates (MRE) due to inconsistent and incomplete collection of laboratory silver analysis by previous explorers during their drill analytical work. No high-grade silver has previously been reported, possibly due to a lack of historical analysis of silver at Sandman. The host rock at K8 Prospect is altered granodiorite and contains sparse historical drill holes.

Table 1. Rock chip sample results taken from K8 Prospect outcropping rocks. Analysis includes gold, silver, arsenic and potassium. The highest-grade silver result returned 210ppm silver and 1.11ppm gold from sample 6R.

Figure 6. Plan showing K8 Prospect rock chip sample locations and results relative to historical drill holes with background TEM electromagnetic processed image. Sample R6 returned the highest-grade gold 1.11ppm and silver 210ppm result from outcropping jarosite altered granodiorite (hornblende).

Photo 1 and 2. Photos of K8 surface outcrop showing liesegang concentric iron staining after sulphide (LHS) and iron alteration along joint fractures (RHS). Liesegang banding is observed on outcropping gold mineralisation at North Hill, Silica Ridge and associated with the mineralised breccias.

Photo 3. K8 prospect showing subcropping quartz vein, a portion included in sample 6R, which returned 1.11ppm gold and 210ppm silver.

The rock chip samples were taken from an area previously tested with soil and auger sampling, however, field observation yielded interesting rocks which had not been previously rock chip sampled. The historical soil sampling identified an anomalous area measuring 1.5km length within the North-West Trend defined by >0.01ppm gold from soil and auger samples. Only four historical drill holes were drilled within a 217m diameter cluster and intersected Cretaceous granodiorite in hole K804-0001 which averaged highly anomalous 0.15ppm gold for the entire hole for 103.6m, hole K804-0002 averaged 0.21ppm gold over the entire hole 121.9m, hole K804-0003 averaged 0.11ppm gold over the entire hole 120.4m and hole NSM-00379 averaged 0.15ppm gold over the entire hole 146.3m. Best historical gold intersections include NSM-00379 48.7m @ 0.32ppm Au from 28.9m including 7.62m @ 0.80ppm Au from 33.5m, from hole K804-0001 18.3m @ 0.45ppm Au from 85.3m (to end of hole) including 4.5m @ 1.12ppm Au from 94m, from hole K804-0003 15.2m @ 0.33ppm gold from 12.2m.

The K8 prospect has previously been downgraded due to the cluster of drilling intersecting low grade gold in granodiorite within a 217m radius, however the soil geochemical strike length is 1.5km and lies within the North West Trend which extends to the Abel Knoll deposit in the southwest and all the way to the North Hill deposit to the northwest, the total strike length of the Northwest Trend at the Sandman project is 11.5km. The high-grade silver returned from samples 6R warrants further evaluation of this prospect particularly detailed evaluation of the surface geochemistry and its silver potential.

Further detailed assessment of the historical soil and auger sampling and some older ground VLF-EM (very low frequency electromagnetic) surveys need orientation to confirm if the new targets warrant drill testing, in the previously interpreted large low grade K8 gold prospect.

Photo 4. Photo facing west along the 11.5km North-West Trend showing the K8 prospect area in red broken line. The target area includes the upper slope area where the jarositic altered granodiorite with quartz veining is outcropping and the downslope area has fine sands at surface. This area is likely very suitable for lag surface sampling and analysis for arsenic with a field portable XRF machine as a first pass low-cost assessment.

Sandman Drill TargetsSandman now has two new drill ready targets, the first being at Abel Knoll South which was defined by the recent lag sample orientation test work which returned a consistent arsenic anomaly which coincides with a gradient array apparent resistivity anomaly. Further lag sampling is also warranted on a similar target to the north and another area of geophysical interest located northwest of the Abel Knoll breccia.

A former target previously reported, that requires further ground geophysical surveying for drill targeting is the Silica Valley target which is located immediately northeast of the Silica Ridge deposit. Multiple targets warrant further exploration follow-up work to discover additional gold ounces. In addition, the Sandman Mineral Resource Estimates has not been completely closed off, nor has step-out and sterilization drilling been conducted as is normally the case prior to reporting Preliminary Economic Assessments.

Figure 7.   Sandman Project location map of Northern Nevada relative to the surrounding operating gold mines and mineral resources. Reference to the nearby projects is for information purposes only and there are no assurances the Company will achieve the same results.

NEXT STEPS

Further evaluation of the historical soil and auger sampling at the K8 prospect is required to conclude potential drill targets and to evaluate the potential of high silver within the granodiorite host rock. Evaluation of historical soil and other ground geophysical surveys at Abel Knoll, Silica Valley and the southern area of North Hill is required to conclude a list of high-quality drill targets aimed at a new gold deposit discovery within the Sandman tenure.

ABOUT SLEEPER 23kms NORTH OF SANDMAN

The Sleeper-Sandman corridor is a highly endowed and underexplored terrain given the Sleeper Mine mined circa 2 million ounces of gold (plus 2.3 million ounces of silver) and had an approximate Measured and Indicated Mineral Resource of 3 million gold equivalent ounces at the time of mining. The mine is located circa 23 kilometers north of Sandman’s North Hill deposit along the same Nevada gold trend. The Sleeper deposit measures 500m wide by 2km in strike length and was one of the highest-grade gold deposits mined in Nevada at 0.48opt (15ppm) gold. Sleeper had a reportable resource of 2.27 million ounces of gold in 1997 at the time of mine closure. The deposit was obscured by cover because it was partially covered by alluvium to the west and was not all outcropping. This highly prospective corridor has been massively underexplored and under drilled given the prolific known gold mineralization at or near surface in the district.

It should be noted, it took Sleeper thirty-four (34) step-out drill holes to discover the high-grade gold vein system with the discovery hole returning 102m of silicified breccia that averaged 28 ppm gold and 62 ppm silver. A very persistent exploration methodology was applied by Gold Bull’s current Technical Advisor, John Wood, who is credited to discovering the high-grade Sleeper deposit (Wood pit named after him) which was surrounded by lower grade disseminated gold. The Sleeper anomaly had an initial surface geochemical expression 50-300m wide and 1,000m long, surface samples ran 0.2ppm gold and mineralization remains below the historical pit. A similar narrow surface expression also exists at the Sandman Southeast Pediment deposit and therefore it is considered possible to discover an additional deposit outside the existing Sandman orebodies.

ABOUT SANDMAN

In December 2020, Gold Bull purchased the Sandman Project from Newmont. Gold mineralization was first discovered at Sandman in 1987 by Kennecott and the project has been intermittently explored since then. There are four known pit constrained gold resources located within the Sandman Project, consisting of 21.8Mt at 0.7ppm gold for 494,000 ounces of gold; comprising of an Indicated Resource of 18,550kt at 0.73ppm gold for 433kozs of gold plus an Inferred Resource of 3,246kt at 0.58ppm gold for 61kozs of gold. Several of the resources remain open in multiple directions and the bulk of the historical drilling has been conducted to a depth of less than 100m. Sandman is conveniently located circa 25-30 km northwest of the mining town of Winnemucca, Nevada.

QUALIFIED PERSON

Cherie Leeden, B.Sc Applied Geology (Honours), MAIG, a “Qualified Person” as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Ms. Leeden is the Company’s Chief Executive Officer.

ABOUT GOLD BULL RESOURCES CORP.

Gold Bull’s mission is to grow into a US-focused mid-tier gold development Company via rapidly discovering and acquiring additional ounces. The Company’s exploration hub is based in Nevada, USA, a top-tier mineral district that contains significant historical production, existing mining infrastructure and an established mining culture. Gold Bull is led by a Board and Management team with a track record of exploration and acquisition success.

Gold Bull’s core asset is the Sandman Project, located in Nevada which has a 494,000 oz gold resource as per 2022 43-101 Resource Estimate. Sandman is located 23 km south of the Sleeper Mine and boasts excellent large-scale exploration potential.

Gold Bull is driven by its core values and purpose which includes a commitment to safety, communication & transparency, environmental responsibility, community, and integrity.

Cherie LeedenPresident and CEO, Gold Bull Resources Corp.

For further information regarding Gold Bull Resources Corp., please visit our website at www.goldbull.ca or email admin@goldbull.ca or phone 778.401.8545.

Cautionary Note Regarding Forward-Looking StatementsNeither the TSX Venture Exchange nor its Regulation Services 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 contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicates”, “opportunity”, “possible” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Gold Bull believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund its planned activities at the Sandman Project; the timing and costs of future activities on the Company’s properties; maintaining its mineral tenures and concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations, future prices of copper and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/76b7f590-1613-4057-99c3-a5120fd7d6e0

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