Gold Bull Resources (TSX-V: GBRC)(OTC: BLSSF) CEO Cherie Leeden on Exciting Start to Phase-One Drill Program at Flagship Sandman Gold Project, Nevada
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of Gold Bull Resources — Ms. Cherie Leeden. Cherie, how are you this morning?
Cherie Leeden: I'm very well. Thank you, Gerardo. It's a very exciting morning for Gold Bull.
Gerardo Del Real: Listen, congratulations are in order. The last time that you and I spoke, you had a very, very aggressive goal of ending 2021 with 5 million ounces in resource base across multiple projects. And when I asked you how you were going to get there, you said it was going to be a combination of drilling and M&A – potential M&A – activity. And I know you're busy on both fronts.
The results this morning were absolutely spectacular! Let me read the headline, and then I'll let you provide the context there. The headline reads:
Gold Bull intersects 144.8 meters at 1.67 grams per tonne gold, including 6.1 meters at 10.75 grams per tonne gold, in maiden drill hole at Sandman.
This is a Nevada play. It's a gold play. The mineralization is wide and the grades are fantastic. Congrats!
Cherie Leeden: Thank you! Yeah, I couldn't be happier. It's just exactly what we wanted to see in that hole. And for a bit of context, I think last time we spoke, as well, I mentioned that there were a number of historical holes that had ended in mineralization.
And I mentioned one such example – this was testing a historical hole – which ended in 9.6 grams a tonne gold in the last meter. So it begs the question, how far does that high-grade gold extend? And I guess we've got our answer in this hole. It's 6 meters wide, and it's really buffered in this horizon of really decent gold numbers, which includes 97 meters at over 2.0 grams a tonne.
So yeah, we're thrilled with the result, and this is going to beg more holes to determine the depth-extent of this high-grade zone.
Gerardo Del Real: This is the first hole of 17. Is that correct?
Cherie Leeden: That's correct. We've got funds for an 8,000 meter drill program, which we split up into two phases. So phase one is a 3,000 meter program for 17 holes. And then, phase two is somewhat going to be dictated by the success of phase one holes.
We're going to get the lab results for phase one, 3,000 meters, to work out exactly where we spend our next 5,000 meters.
Gerardo Del Real: Excellent. The mineralization, the way that I understand it, started at about 67 meters, which is, of course, relatively shallow especially considering you're in Nevada, right?
Cherie Leeden: Yeah, absolutely. And those kind of grades… it's a very decent looking schematic from a pit shell perspective. And we've actually already run a pit shell on this resource at Abel Knoll and came out with an updated resource increase last month.
And this is going to add additional ounces because the mineralization is wider than what was previously modeled. And it's also open. So I think as a next step, we'd really like to put a diamond hole that penetrates this resource; something like 50-100 meters below the known depth-extent just to see how deep it does go at those kinds of numbers.
Gerardo Del Real: The other thing that's really interesting and obviously a good thing, a big plus, is the fact that most of the mineralization is oxide material, right?
Cherie Leeden: Absolutely, yeah. Visually it all looks oxide in this particular hole, which is fantastic news because that generally equates to a lower capex when it comes to putting in a facility to extract oxide; oxide is virtually just weathered material versus sulfide, which is the fresh rock. So yeah, the fact that it's oxide is a real bonus.
Gerardo Del Real: How are the labs? I know from many other companies that I cover, that Nevada labs, and the labs in general, have seen delays. It seems like you hit the sweet spot with the drill program and the way the assays are rolling back out for you.
Cherie Leeden: Yeah, we were having trouble with our previous lab. We had two or three months’ turnaround time, which is just not acceptable. So we changed laboratories. And I'm not going to tell you where we're going because now we're getting two-to-three week turnaround… I don't want anyone else using our new lab!
So yeah, we're very happy with the new lab turnaround time, and it's a credit to them. They put on more people to really improve performance. And we're happy that we've got two-to-three week turnaround time currently.
Gerardo Del Real: I suspect you were able to leverage that network of yours that you have. I suspect you'll also be able to leverage it when it comes to the M&A side of the growth that Gold Bull has planned.
Congrats again, Cherie! Anything else that you'd like to add? I understand that we should have more assays on a consistent basis; if not every week, every couple of weeks.
Cherie Leeden: Exactly, yeah. The news flow should be plentiful because we're submitting our assay results, our rock chip samples, for analysis at the end of every two-week swing with the drill rig. And we look forward to updating our shareholders on a regular basis as we receive these batches.
Gerardo Del Real: Fantastic, Cherie, congratulations! Anything else to add?
Cherie Leeden: No, watch that space… we're looking forward to the next batch next week.
Gerardo Del Real: Alright, take care. We'll chat then.
Cherie Leeden: Thanks, Gerardo. Bye.