Drill hole GR-12-400 extends near surface mineralized zone an
additional 175 meters to the West of the current LONG Bars zone
resources model
VANCOUVER,
Oct. 18, 2012 /PRNewswire/ - Gold
Bullion Development Corp. (TSXV: GBB) (OTCPINK: GBBFF) (the
"Company" or "Gold Bullion") is pleased to announce that drill-hole
GR-12-400, the western-most of the holes available to date, has hit
significant gold mineralization.
GR-12-400 returned 0.45 g/t Au over 85.50 metres
from 30.0 to 115.5 metres including 2.19 g/t Au over 4.50 metres
near surface from 30.0 to 34.5 metres down hole. These results
confirm the extension of gold mineralization continuing 175 metres
to the west of the current resource model at the Granada gold property. The total extent of
confirmed mineralization now reaches 1400m East-West by 950m
North-South. This is a significant confirmation of gold
mineralization extension in the context of the resource estimate
and suggests the overall gold resource will be larger than the
641,100 ounces of gold Measured/Indicated and 846,600 ounces of
gold Inferred as delineated in the summary press release dated
April 2nd, 2012.
The average grade of 0.45 g/t Au over 85.50
metres returned in hole GR-12-400 is noteworthy when compared to
the 0.40 g/t Au cut-off grade utilized in the most recent and
current NI-43-101 resource estimate. The overall grade of
this mineralization extension hole is likely high enough for
inclusion in the resource update expected to be released prior to
the end of 2012.
Other highlights include holes:
- GR-12-413 - 0.55 g/t Au over
109.5 metres from 4.5 metres to 114.0 metres
- GR-12-412 - 0.58 g/t Au over
82.5 metres from 15.0 metres to 97.5 metres
- GR-12-414-R - 0.92 g/t Au over 28.5 metres from 7.5
metres to 36.0 metres
Additional drill results are included further below.
The Granada
gold property is located on the prolific Cadillac trend in
north-western Quebec, 5 km south
of the city of Rouyn-Noranda,
bordering Osisko-controlled property on one side. The jurisdiction
is widely acknowledged as world class with a rich history of mining
in a stable geo-political environment that features numerous
economic gold deposits and operating gold mines with Quebec consistently ranking in the top five
best places to mine globally.
With over 80% of the expanded LONG Bars zone yet
to be systematically explored, ongoing drill results that continue
to hit significant gold mineralization are suggestive of a
potentially massive deposit similar in size to other world-class
deposits documented in the region. The advanced infrastructure and
advantageous Granada location will
facilitate and assist Gold Bullion Development Corp. as the Company
moves toward mine development and gold production.
| Drill Hole |
From |
To |
Length(m) |
Au (g/t) |
| GR-12-395 |
72.0 |
85.5 |
13.50 |
0.64 |
| GR-12-396 |
49.5 |
63.0 |
13.50 |
0.64 |
| GR-12-397 |
34.0 |
42.0 |
8.00 |
0.53 |
| GR-12-398 |
52.5 |
60.0 |
7.50 |
0.58 |
| GR-12-399 |
129.0 |
138.0 |
9.00 |
0.83 |
| GR-12-399 |
36.0 |
45.0 |
9.00 |
0.45 |
| GR-12-400 |
30.0 |
115.5 |
85.50 |
0.45 |
| including |
30.0 |
31.5 |
1.50 |
6.39 |
| including |
61.5 |
64.5 |
3.00 |
3.41 |
| including |
114.0 |
115.5 |
1.50 |
2.49 |
| GR-12-401 |
93.0 |
100.5 |
7.50 |
0.82 |
| GR-12-411 |
42.0 |
49.5 |
7.50 |
0.75 |
| GR-12-411 |
121.5 |
129.0 |
7.50 |
0.65 |
| GR-12-412 |
15.0 |
97.5 |
82.50 |
0.58 |
| including |
15.0 |
19.5 |
4.50 |
8.39 |
| including |
94.5 |
97.5 |
3.00 |
1.46 |
| GR-12-413 |
4.5 |
114.0 |
109.50 |
0.55 |
| including |
4.5 |
7.5 |
3.00 |
11.54 |
| including |
81 |
82.5 |
1.50 |
1.07 |
| including |
93.0 |
94.5 |
1.50 |
4.40 |
| including |
112.5 |
114.0 |
1.50 |
2.50 |
| GR-12-414-R |
7.5 |
36.0 |
28.50 |
0.92 |
| including |
7.5 |
9.0 |
1.50 |
1.75 |
| including |
12.0 |
15.0 |
3.00 |
3.26 |
| including |
16.5 |
19.5 |
3.00 |
1.69 |
| including |
28.5 |
36.0 |
7.50 |
0.94 |
| GR-12-436 |
37.5 |
42.0 |
4.50 |
1.62 |
| GR-12-436 |
264.0 |
267.0 |
3.00 |
4.01 |
| GR-12-437 |
48.0 |
51.0 |
3.00 |
1.34 |
| GR-12-438 |
10.0 |
12.0 |
2.00 |
0.57 |
| GR-12-438 |
57.0 |
60.0 |
3.00 |
0.80 |
| GR-12-438 |
85.5 |
88.5 |
3.00 |
1.17 |
| GR-12-439 |
18.0 |
24.0 |
6.00 |
0.83 |
Core lengths are close to true thickness and uncut, some
intervals include low-grade zones.
Accurassay Laboratory conducted the 50-gram fire
assay testing at their facility in Ontario with blanks and standards inserted
into the sequence in addition to Laboratory QA/QC.
Moreover, the water-filled pit bottom survey
carried out by Mazac Geoservices Inc., at the request of SGS, has
demonstrated that the small pit to the East is a shallow pit of one
lift only and easily accessible gold mineralization considered
mined out in previous resource statement will now be incorporated.
Historical tailings are only in historical Pit 1 north of shaft
#1.
Frank Basa, Gold
Bullion's CEO, remains confident in the potential of Granada as drill results continue to
demonstrate the presence of progressively increasing widespread
significant gold mineralization supportive of a near-surface
low-grade bulk mining scenario. Additional details regarding
ongoing planning and continued progress at Granada will be released as they are
finalized. The Company remains committed to releasing an updated
NI-43-101 by the end of December
2012.
Claude Duplessis, Eng. is acting as the
qualified person (QP) for Gold Bullion Development Corp. in
compliance with National Instrument 43-101 and has reviewed the
technical contents of this press release.
About Gold Bullion Development Corp.
Gold Bullion Development Corp. is a TSX
Venture-listed junior natural resource company focusing on the
exploration and development of its Granada Property near
Rouyn-Noranda, Québec.
Additional information on the company's Granada gold property is available by visiting
the website at www.GoldBullionDevelopmentCorp.com and on
SEDAR.com.
"Frank J. Basa"
Frank J. Basa,
P.Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its
Regulation Service 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 may
contain forward-looking statements including but not limited to
comments regarding the timing and content of upcoming work
programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking
statements address future events and conditions and therefore,
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such
statements.
SOURCE Gold Bullion Development Corp.