- Mining company Gold Bull Resources (GBRC) has completed its purchase of the Sandman Gold Project from Newmont
- The Sandman Project is a highly prospective exploration asset, located on a renowned gold trend in Nevada, USA
- Gold Bull bought full ownership of the project for US$4 million (approximately C$5.1 million)
- The company is conducting a resource estimate and IP geophysical survey at the project, in preparation for drilling next year
- Gold Bull Resources is up 16.05 per cent, and is currently trading for $0.47 per share
Mining company Gold Bull Resources (GBRC) has completed its purchase of the Sandman Gold Project from Newmont.
The Sandman Project is located in Nevada, USA, on a renowned gold trend in the region. It is a highly prospective exploration asset, with proven gold mineralisation.
The land package, located in Humboldt County, has a resource estimate of 309,900 ounces of gold. This estimate consists of 217,900 ounces of gold in the Measured and Indicated Category, and an Inferred Resource of 38,000 gold ounces.
The property lies 23 kilometres south of the Sleeper gold mine, which historically produced 1.7 million ounces of gold.
Gold Bull Resources first executed a purchase and sales agreement for the acquisition of the project in October of this year. The company bought 100 per cent ownership of the project for US$4 million (approximately C$5.1 million).
Gold Bull is now conducting a variety of evaluations of the Sandman Project, as it prepares to progress in the new year.
The company’s CEO, Cherie Leeden, commented on the company’s ongoing assessment of its newly acquired exploration asset.
“An updated 43-101 resource estimate is underway, which will incorporate additional drilling work completed since the 2007 resource estimate was published,” she said.
“Gold Bull has identified several new targets that have never been drilled,” she added.
Cherie went on to say that the company has an IP geophysical survey underway, in the leadup to drilling in 2021’s first quarter.
Gold Bull Resources is up 16.05 per cent and is trading for $0.47 per share, as of 1:31pm EST.