Gold Bullion Releases Significant Historic Hole With Granada Drilling Update
VANCOUVER, Nov. 16, 2011 /PRNewswire/ - Gold Bullion Development Corp. (TSXV: GBB, OTC PINK: GBBFF) ("Gold Bullion" or the "Company") is excited to report on the recently-completed Phase 3 Drill Program results from their property located along the Cadillac trend in North-Western Quebec, 5 km south of the city of Rouyn-Noranda. Just under 80 kilometres (78,414 metres) have been drilled since December 2009 confirming extensive mineralization potential on the Granada Property. Gold Bullion's originally-defined LONG Bars zone of 600 metres long by 300 metres wide, striking east-west and dipping approximately 50° to the north, has been increased 6 fold to approximately 1500 metres long by 750 metres wide. With the documentation of an historic hole: 90-01, the mineralization in this area, north of the current exploration, extends to a depth of approximately 700 metres and remains open in all directions and at depth. Highlights include 1.12g/t Au over 304.36 metres including a 23.55 metre interval grading 5.46 g/t Au.
This hole 90-01 is an exceptional drill hole identified from a detailed review of historic data dating back to 1990. Kewagama Gold Mines drilled the subject hole to examine the down-strike and down-dip extensions on the # 2 vein mineralized zone and other veins in the hanging wall of Vein 2. The subject hole intersected sericite alteration zones with gold-bearing quartz veins. Frank J. Basa stated, "We are extremely pleased to have been able to identify such an important drill hole that confirms our belief that with additional drilling there is excellent potential to expand the mineralized zone to north of the known extent."
Hole 90-01, a near vertical hole, collared at -89°, is located approximately 485 metres northwest of the northeast extension Discovery hole GR-10-17. Gold Bullion is sampling each hole in its entirety; however the historic core was sampled only in vein zones and alteration zones. The Company has since identified that significant low-grade mineralization occurs even between vein zones. The calculated grades shown below include intervals that were assigned a zero value, with no single interval longer than 25 metres, for purposes of calculations and do not represent true-width intersections.
Significant intervals include:
- 304.36m grading 1.12 g/t Au between 387.90 and 692.26m including
- 23.55m grading 5.46 g/t Au between 387.90 and 411.45m and
- 286.99m grading 0.76 g/t Au between 433.91 and 720.90m including
- 1.14m grading 66.86 g/t Au between 538.96 and 540.10m
With the next phase of drilling Gold Bullion intends to define the potential to the north, towards hole 90-01 and at depth as well as continuing to step out to the west and east along strike. Based on the significant number of intersections at depth, the prospect of developing underground workings below the open pit is conceivable. To that end, the Company has expanded its core logging and core cutting capacity and has built a substantial road network to support the upcoming drill programs.
The Company has also recently retained the services of SGS Canada Inc. as an independent consultant on the Granada Property replacing GENIVAR as geological consultants. The SGS Group is the global leader with a network of over 1,250 offices and laboratories around the world.
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 Castle Silver Mine in Gowganda, Ontario.
The technical information in this release was prepared under the supervision of Mr. 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.
"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.