VANCOUVER,
Nov. 4, 2013 /PRNewswire/ - Gold
Bullion Development Corp. (TSXV: GBB) (OTCPINK: GBBFF) (the
"Company" or "Gold Bullion") wishes to provide an update on its
Castle Silver Mine Property.
Castle Silver Mines Inc., a wholly owned subsidiary
of Gold Bullion, has completed staking of 15 claims consisting of
168 16-ha claim units in Haultain and Nicol Townships and has
significantly increased the existing land package. Approval
for the staking was granted by the Ministry of Northern Development
and Mines' Mining Lands Branch. The Castle Silver Mine
Property is located 85 kilometres northwest of the historic Cobalt
silver mining camp and with the additional staking now comprises
3,252 hectares, a nearly 6-fold increase from the original 564
hectares Gold Bullion purchased in 2006 which included the historic
Castle Mine - a former silver producer. The mine has operated at
various times between 1917 and 1989 and produced a total of
692,302,483 grams (22,257,871 oz) silver from the No. 3 shaft as
reported in a press release dated April 11,
2011. More recently, as reported in a press release dated
August 25, 2011, Castle Silver
drilled a significant intersection of 3.09m grading 6476 g/tonne Ag
in hole CA1108; one of 12 holes forming part of the 6000m winter
drill program in 2011.
The Castle Silver Mine Property has the
potential to host a significant high-grade underground silver
deposit with base metal credits. The following are the highlights
of, and rationale for, the recent staking.
In Haultain Township, a total of 13 claims
consisting of 165 claim units were staked contiguous with, and
north of, the Castle Silver Mine Property.
The staking targeted two existing geological trends:
- A potential north-south trending Nipissing diabase intrusive - the typical host
rock for Ag-Co-Ni deposits of Gowganda mining camp. The staking of this
diabase trend includes two north-south trending faults: the McRae
Fault and the Mire Lake Fault.
- A potential gold trend along the east-west-trending Bloom Lake
Fault. A recent, significant gold discovery is located
approximately 7 km south of the Bloom Lake Fault.
Potentially significant quartz float northwest
of Castle adit was identified south of the Bloom Lake Fault within
the Montreal River Provincial Park. The extension of the Bloom Lake
Fault was staked from the eastern edge of the park to the
Haultain-Chown Township boundary to the east. This float supports
the potential of a quartz vein system in the staked ground east of
the Montreal River Provincial Park along the Bloom Lake Fault.
In Nicol Township, an additional 2 claims
consisting of 3 claim units were staked. These claims are in close
proximity to the historic O'Brien Mine (1,267,059,144 g (40,736,585
ounces) Ag production to the end of 1969 as reported in a 1978
Ontario Geological Survey Report 175) and incorporate the Castle #I
shaft. The workings of the O'Brien Mine and the Castle #1 Mine are
interconnected. These new claims fill gaps within Castle Silver's
mining lease fabric making exploration of these isolated claims
more practical.
The technical information in this release was
prepared under the supervision of Frank J.
Basa, P. Eng., Gold Bullion's CEO and President, who is a
member of the Ontario Association of Professional Engineers and a
"qualified person" in accordance with National Instrument
43-101.
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, and its
high grade Castle Silver Mine in Gowganda, Ontario. 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.