VANCOUVER,
Aug. 25, 2011 /PRNewswire/ - Mr.
Frank J. Basa reports:
Gold Bullion Development Corp. (TSXV:GBB)
(OTCPINK:GBBFF) (the "Company" or "Gold Bullion") announces that it
has completed 6,842 m in 12 holes of diamond drilling in its first
drill campaign on the Castle Silver property historic
past-producing silver mine property located 85 kilometres northwest
of the historic silver camp in Cobalt,
Ontario.
Numerous strong calcite veins and vein systems
were drilled and many of these were independent of the existing
mine workings. The best silver intersection encountered is a 3.09m
(10.138 feet) weighted interval of 6,476 g/t Ag (188.80 oz/ton Ag)
in hole CA11-08 from 563.54 to 566.63 m including a 0.45m (1.476
feet) interval of 40,944 g/t Ag (1193.70 oz/ton Ag) in a
calcite-Co-Ag vein (not true width). Leaf silver was common in the
wall rock in the reported interval.
Gold Bullion's NQ drill program and drill core
sampling, including the quality assurance/quality control program,
are supervised by D. Robinson, P.Eng. and project geologist. Core
from this drill campaign was sent to Accurassay Laboratory in
Timmins, Ontario, for sample
preparation and to their Thunder
Bay laboratory for analysis. Silver was assayed by fire
assay with AA check with additional pulp and metallics analysis
done on samples where significant silver was identified. Analytical
accuracy and precision are monitored by the analysis of reagent
blanks and reference materials at the lab. Quality control is
further assured by the insertion of blind certified standard
reference material and blanks into the sample stream at regular
intervals by the geologist on site in order to independently assess
analytical accuracy
Five holes crossed the complete stratigraphic
section of the shallow dipping Nipissing diabase fulfilling one of the
program objectives to define the entire thickness of the diabase
and detailed internal stratigraphy. The apparent thickness varied
from 230m to 365m. The Nipissing
diabase is considered the primary feature controlling the
emplacement of silver deposits.
The recently completed exploration program
consisted of an orientation IP geophysical survey and 12 diamond
drill holes (6842m) designed to test various targets including 4 IP
targets as well as identify low angle faults in proximity to the
diabase. Using geophysics to detect silver prospects has long been
attempted but has proven difficult due to silver being a perfect
conductor. The success of this program has led to the
recommendation of follow-up down-the-hole EM and IP geophysical
surveys and further diamond drilling in several locations based on
interesting findings.
Gold Bullion is extremely happy with the results
of this drill campaign and is eagerly anticipating the next phase
of exploration.
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.
For more information on Gold Bullion Development
Corp. (TSXV:GBB) (OTCPINK:GBBFF), visit our web site:
http://www.GoldBullionDevelopmentCorp.com
Qualified Person
Mr. Doug
Robinson, P.Eng., is the qualified person as defined by
National Instrument 43-101 who supervised the preparation and
verification of the technical information in this release.
"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.