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.