Prominent zone of deformation, hydrothermal alteration & quartz-veining..!!
posted on
Jun 04, 2010 03:14PM
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.
Very interesting to re-read March 1 news release and see what Frank said back then and hear what he said yesterday in the interview with Jon from BMR. I have commented several times on the last few statements on this release. Make sure you read the last sentence of this release...!!!!! They are now drilling a step out program from GR-10-17 that had fantastic results and if they hit mineralization again from here going north and northeast GBB is going to go wild... From BMR's update this morning, the drill crew is drilling 100 metres a day outside the block model near GR-10-17, so now in day 2 we would have finished if they took the depth to 200 metres. In my opinion, they may drill deeper if they continue to hit mineralization beyond 200 metres until they run out of mineralization. It could go for another 200-300 metres---who knows--wouldn't it make sense to finish off that hole instead of rigging out, demobilize, relocate, etc. then spend the time, money etc. to come back to this same hole. From the news release above they collared hole GR-10-17 and the mineralization was open to depth and in all directions. They must plan on going back to that hole and go deeper to find the extent of the deposit. One more thing from the interview with Frank and Jon-BMR, Frank mentioned that for every $1.00 that is spent in the ground the Quebec Government gives back to GBB 35 plus cents in tax incentatives, so that means GBB will not be diluted as much in future when they go back to the market for funding. It was mentioned Frank has London, Paris, and Franfurt booked for presentations to the investment communities in July and as was mentioned from another site it is believed Osisko got a lot of their funding from the German community. GBB will not have to worry about funding on the next go around--people and institutions will be stumbling over each other to get in on the next private placement at a much higher price. PRESS RELEASE GOLD BULLION DRILLS BEST-EVER RESULTS AT GRANADA March 1, 2010 For Immediate Release: Gold Bullion Development Corp. (GBB, TSX.V) (the “Company” or “Gold Bullion”) is very pleased to announce that additional drill results from the recently completed exploration program at its Granada Gold Property have confirmed the growing magnitude of this potentially large, near-surface bulk tonnage structure. Assay results from six additional holes clearly outline an east-northeast extension of Granada including a possible substantial new discovery of shallow depth mineralization 600 metres east-northeast of the past producing Granada Mine workings
.
The Granada Property is located six kilometers south of Rouyn-
Noranda, Quebec, along the prolific “Cadillac Trend” which has hosted numerous multi-million ounce gold deposits. Hole GR-10-17 has intersected 65.5 metres of 1.21 grams per tonne gold (from 3.5 metres to 69 metres) within a wider interval of 0.953 g/t Au over 99.2 metres, including 31.5 metres of 2.39 g/t Au
,
and
remains open at depth. This hole, at the eastern edge of the Company’s 2,800 metre program, was collared 103 metres southeast of GR-10-15 which intersected 73.8 metres of 0.88 g/t Au (including 0.8 metres of 60.8 g/t Au and 8 metres of 6.34 g/t Au) as reported February 8, 2010. Both these holes are in an area that has never been drilled before at Granada. GR-10-17, approximately 600 metres east of the first three holes that were drilled in December 2009, confirms the growing width of this mineralized structure Gold Bullion is developing that so far stretches from just west of the original mine workings all the way to the east-northeast extension. The Company has named this entire large mineralized area the LONG Bars Zone. Gold Bullion’s drilling since December, and its land acquisition program, has greatly expanded the potential scale and geometry of Granada beyond what the Company first envisioned when it started with the old mine workings in 2006. Shallow depth drilling by Gold Bullion as well as previous operators has been completed on just a very small portion of this highly prospective two kilometre-wide, seven kilometre-long land package. Mineralization has been encountered in each and every hole drilled so far by Gold Bullion and remains open in all directions. Meanwhile, GR-10-12, 300 metres southwest of GR-10-17, has intersected 68.8 metres of 1.07 g/t Au (from 16.2 to 85 metres) including 44 metres grading 1.54 g/t Au and 14 metres grading 4.28 g/t Au. GR-09-08, 46 metres east-southeast of GR-10-12, has intersected 32.5 metres of 1.27 g/t Au, also at shallow depth, within a wider interval of 0.925 g/t Au over 51 metres.
Page 2 of 4
With these encouraging results, Gold Bullion is now planning and preparing to launch a large third phase
drill program at Granada. The immediate priority will be to return to the east-northeast area of the LONG
Bars Zone and continue further north and east with the goal of expanding this potential new resource.
Gold Bullion’s President and CEO, Frank J. Basa, comments, “The LONG Bars Zone we’ve identified
through our 25-hole drill program is tremendously encouraging. We are extremely pleased as these latest
results are the best ever at Granada and clearly illustrate the upside potential of this property. These
intersections, their shallow depths, and the gold grades are considered by our team to be very significant
in the geological environment of this area. Structures of this scale and geometry, along the proven
Cadillac Trend system with great access and infrastructure, offer an incredible opportunity for us that we
intend to vigorously pursue.
“Combined with the positive results we got from a large bulk sample, we’re very confident we’ll succeed
in our objective of defining an economic, bulk tonnage deposit at Granada that is amenable to open-pit
mining,” Frank Basa further states. “The fresh approach we’ve taken to the former producing Granada
Mine is returning excellent results for our shareholders as former operators concentrated their efforts on
only a small footprint around the original mine workings. It now appears this system is massive which is
why we increased our land package to 2,300 hectares and will explore it systematically with a great deal
of anticipation and excitement. This is the first time we’ve ever drilled this property, and not only are we
getting positive results but we’re adding to our geological knowledge of what could be driving this
widespread mineralization over significant widths. This will aid us immensely in our upcoming
expanded drill program. We are working closely with GENIVAR, our geological consultant, to analyze
data, quantify new resources and upgrade historical reserves at Granada to National Instrument 43-101
compliance.”
Assay results on three additional holes for a total of six in this release are included in the table below
along with GR-09-08, GR-10-12 and GR-10-17 reported above.
Drill Hole From (m) To (m) Interval (m) Weighted Gold
grade
GR-10-17 3.50 102.70 99.20 0.953 g/t
including
3.50 69.00 65.50 1.214 g/t
including
37.50 69.00 31.50 2.387 g/t
including
37.50 60.00 22.50 3.222 g/t
GR-10-12 4.30 87.00 82.70 0.901 g/t
including
16.20 85.00 68.80 1.073 g/t
including
41.00 85.00 44.00 1.543 g/t
including
60.00 85.00 25.00 2.599 g/t
including
60.00 74.00 14.00 4.284 g/t
GR-09-08 17.00 68.00 51.00 0.925 g/t
including
18.30 50.80 32.50 1.274 g/t
Page 3 of 4
Drill Hole From (m) To (m) Interval (m) Weighted Gold
grade
GR-09-07 40.20 54.00 13.80 0.242 g/t
GR-09-06 36.00 52.50 16.50 1.222 g/t
GR-09-04 106.50 121.00 14.50 1.703 g/t
All drill holes were planned to intercept the north-dipping vein structures at high angles. No intersections
are actual true width.
The drill program and drill core sampling, including the quality assurance/quality control program, was
supervised by GENIVAR, Gold Bullion’s geological consultants. Core was sent to Laboratoire Expert in
Rouyn-Noranda for analysis. Gold and silver were assayed by fire assay with additional metallics analysis
done on samples where visible gold was identified. Analytical accuracy and precision are monitored by
the analysis of reagent blanks and reference materials at Laboratoire Expert. Quality control is further
assured by the insertion of blind certified standard reference material and blanks into the sample stream at
regular intervals by Gold Bullion and GENIVAR personnel in order to independently assess analytical
accuracy.
The Granada Gold Property is a quartz-vein mesothermal-type deposit hosted by Archean Timiskaming
sedimentary rock and younger syenite porphyry dykes. The dykes belong to a late tectonic alkaline
magmatic suite that hosts the mesothermal gold mineralization in the Kirkland Lake and Timmins gold
camps in Ontario and in Duparquet, north of Rouyn-Noranda.
Gold Bullion’s large 2007 bulk sample (the average grade was 1.62 g/t Au) and assay results from drilling
to date confirm that gold at Granada is not just confined to the quartz-carbonate vein network but is also
present in significant amounts within the iron-rich sulphized wall rock (the material between the veins).
A prominent zone of deformation, hydrothermal alteration and quartz-veining extends for at least five
kilometres around the old mine workings.