Gold Bull Resources Corp. (TSX-V: GBRC) is pleased to report excellent reverse circulation drill results from its 100% owned Sandman Project, located in Humboldt County, Nevada USA. Two drill holes were completed at Silica Ridge (Figure 1), and both holes successfully hit high-grade gold intersections. The recent drill results returned 83.8m (275 ft) @ 1.50 g/t gold from 0m/surface in hole SA-0052 and 47.2m (155 ft) @ 1.54 g/t Au from 1.5m (5 ft) in hole SA-0044. Of note, a high-grade intersection of 3m @ 14.67 g/t Au from only 1.5m below the surface was successfully hit. These results demonstrate the significant extent of gold mineralization from surface at the Sandman gold project and provide confidence for the Company to initiate a Scoping Study that will investigate the economic viability of various near-term production scenarios at Sandman upon completion of the current drill program.

Highlights & Update:

• Targeted structures returned significant drill intersections of 83.8m of gold mineralization grading 1.50g/t Au from surface (0m) including very high-grade interval of 3m @ 14.67 g/t Au from 1.5m in hole SA-0052
• Hole SA-0044 returned 47.2m of gold mineralization grading 1.54g/t Au from 1.5m including 6.1m @ 8.01g/t Au from 3m
• Gold-bearing fault structures were targeted, and further drilling is warranted to further define the geometry of these mineralized faults
• The depths and grades for a potential open-pit extraction method remain encouraging with mineralization from surface and this will be investigated via a Scoping Study in Q3, 2022
• Drilling is ongoing and the Company remains fully funded

Gold Bull CEO, Cherie Leeden commented:

The consistency of high-grade oxide mineralization over tens of meters at Silica Ridge is very encouraging and is reason to investigate near-term production scenarios at Sandman. The high-grade intervals in these two holes, such as 3m at 14.67 g/t Au in one hole and 6.1m @ 8.01 g/t Au in the other hole – both within the top 10m from the surface indicates sweet spots that will be investigated in a Scoping Study for potential mine start-ups. Both holes hit zones grading 8 g/t gold over 6-meter widths! I feel that Gold Bull is significantly undervalued given the quality of the Sandman gold project which continues to deliver via our ongoing drill program.

Background

Drill hole SA-0052 was planned with a twofold objective of testing interpreted mineralizing fluid conduits at depth near the Tertiary unconformity for high-grade veins and providing improved definition of a high-grade zone within the current Mineral Resource Estimate. The high-grade zone had been intersected by SA-0044, which returned 47.2 m (155 ft) @ 1.54 g/t Au from 1.5 m (5 ft), including 6.1m (20 ft) @ 8.01 g/t Au from 3m (10 ft) and 1.5 m (5 ft) @ 1.15 g/t from 24.4m (80 ft), as well as 1.5 m (5 ft) @ 0.21 g/t Au from 114.3 m (375 ft). Drill hole SA-0052 extended this zone, returning 83.8 m (275 ft) @ 1.50 g/t Au from 0 m (0 ft), including 13.7 m (45 ft) @ 4.52 g/t Au from 0 m (0 ft), which includes 3 m (10 ft) @ 14.67 g/t Au from 1.5 m (5 ft), and 1.5m (5ft) @ 15.53 g/t Au from 1.5m (5 ft), as well as 3 m (10 ft) @ 2.75 g/t Au from 36.6 m (120 ft), 16.8 m (55 ft) @ 3.05 g/t Au from 65.5 m (215 ft), and 6.1 m (20 ft) @ 8.24 g/t Au from 71.6 m (235 ft).

Below these high-grade intersections in hole SA-0052 are numerous narrow, low-grade mineralized intersections within a zone extending over most of the lower part of the drill hole, into the Triassic basement rocks (refer to the cross-section in Figure 2). This broad zone of gold mineralization supports our belief that high-grade feeder structures exist below the current Mineral Resource estimate close to this drill hole. Further drilling is needed to define these structures, particularly below the current Mineral Resource Estimate.

Figure 1. Silica Ridge drill hole collar location plan for SA-0044 and SA-0052 as well as 2021 Resource Outline surface projection, interpreted faults and drill collars.

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Figure 2. Cross-section showing drill hole SA-0044 and SA-0052 gold intercepts. Mineralization in hole SA-0052 extends beneath the existing resource outline to the basement contact at 192m hole depth.

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Table 1 Significant intercepts from SA-0044 and SA-0052

Figure 3. Sandman project location map showing location of Silica Ridge deposit and results from recently drilled holes SA-0044 and SA-0052.

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Next steps

• The current 5,000 m drilling program at Sandman is ongoing. Assays will be received over the next several months and the deposits will be re-evaluated for additional ounces.
• Upon receipt of all
• the assay results, the Company intends to commence a Scoping/Concept Study that will investigate the economic viability of various near term production scenarios, with the aim of providing a focussed approach for a PEA and/or PFS.

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 0.7g/t gold for 494,000 ounces of gold; comprising of an Indicated Resource of 18,550kt at 0.73g/t gold for 433kozs of gold plus an Inferred Resource of 3,246kt at 0.58g/t 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 (Honors), 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. Cherie Leeden relied on resource information contained within the Technical Report on the Sandman Gold Project, prepared by Steven Olsen, a Qualified Person under NI 43-101, who is a Qualified Persons as defined by the National Instrument NI 43-101. Mr. Olsen is an independent consultant and has no affiliations with Gold Bull except that of an independent consultant/client relationship. Mr. Olsen is a member of the Australian Institute of Geoscientists (AIG) and is the Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects.

Quality Assurance – Quality Control

Samples are submitted to American Assay Laboratories’ analytical facility in Sparks, Nevada for preparation and analysis. The AAL facility is ISO-17025 accredited by IAS. The entire sample is dried, weighed and crushed, with 70% passing -10 mesh, then riffle split to 250 g aliquots, which are fine pulverized with 90% passing -150mesh. Analysis for gold is by 30 g fire assay lead collection with Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES) finish with a lower limit of 0.003 ppm. Samples were also analyzed using a 36 multi-element geochemical package by 5-acid digestion, followed by Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES) for the 36 elements.

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 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 the 2021 43-101 Resource Estimate. Sandman is located 23 km south of the Sleeper Mine and boasts excellent large-scale exploration potential. Drilling at Sandman is currently underway.

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