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Gold Springs Resource Adds Over 100,000 AuEq Ounces to the Resource at Gold Springs and Updates PEA
VANCOUVER, BC / ACCESSWIRE / June 19, 2020 / Gold Springs Resource Corp. (TSX:GRC) (OTCQB:...
About this update from Gold Springs Resource Corp.
[{"type":"text","content":"Gold Springs Resource Adds Over 100,000 AuEq Ounces to the Resource at Gold Springs and Updates PEAVANCOUVER, BC / ACCESSWIRE / June 19, 2020 / Gold Springs Resource Corp. (TSX:GRC) (OTCQB:GRCAF) (the \"Company\" or \"GRC\"), is pleased to announce that it has completed a NI-43-101 resource estimate update and a preliminary economic assessment update (the \"2020 PEA\") for the Gold Springs project located along the Nevada-Utah border in the United States of America. All dollar amounts in this press release are stated in U.S. currency.Updated Resource EstimateThe updated resource estimate, with an effective date of May 1, 2020, is summarized in the table below:CategoryPit Constrained - 0.25 g/t gold cutoffTonnes(1000s)AuAgAuEqGrade(g/t)Troy oz(1000s)Grade(g/t)Troy oz(1000s)Grade(g/t)Troy oz(1000s)Measured17,1200.5630610.25,5940.67368Indicated18,5370.513048.75,1880.61361Measured & Indicated35,6570.536109.410,7820.63729Inferred5,6340.49907.01,2670.57104The inferred resource is in addition to the measured and indicated resource. Numbers have been rounded, which may lead to some numbers not adding up exactly. Gold Equivalent calculation uses a gold/silver price ratio of 90.63 ($1450/$16). Mineral resources that are not mineral reserves do not have demonstrated economic viability. The resource estimate reflects gross metal content that is not adjusted for metallurgical recoveries. Matias Herrero, President and CEO of Gold Springs Resource Corp., stated \"With the new addition to the resource, Gold Springs is closer to the 1-million-ounce mark, which is an important milestone for any gold deposit, particularly for those in mining-friendly and politically-stable jurisdictions like Nevada and Utah. Also, more ounces were added to the Measured and Indicated categories (\"M&I\") than to the Inferred category, which enhances further the level of confidence in the Gold Springs' resource estimate. The gold and silver grades at Gold Springs compare very well with other known gold deposits in the prolific great basin of western USA. The four deposits included in the 2020 Resource remain open to expansion in multiple directions, and they represent just 4 of the 28 outcropping gold targets identified on the property to date, highlighting the significant growth potential of the resource\".The new mineral resource estimate (the \"2020 Resou...