VANCOUVER,
March 26, 2012 /PRNewswire/ - Gold
Bullion Development Corp. (TSXV: GBB) (OTCPINK: GBBFF) (the
"Company" or "Gold Bullion") is pleased to provide an update on its
Granada Gold Property, located along the prolific Cadillac trend in
North-western Quebec, 5 km south
of the city of Rouyn-Noranda.
The Company has completed approximately 78,000
metres of drilling resulting in a significant expansion of the LONG
Bars zone. The surface footprint has increased 5 fold from
the original footprint, 300 metres by 600 metres, to over 750
metres by 1200 metres. In addition to the two historic shafts in
the area where current mineralization exploration is being
undertaken, there are another 3 historic shafts within a 6.8 km
strike length to the east indicating that less than 20 percent of
the potential Granada strike
length has been explored to date.
Another 3.3 to 6.8 km is also open to
exploration on the eastern Adanac Extension of the Granada Mine
land holdings. Between this and the Granada Eastern
Extension, is a 5.2 km area that Osisko Mining Corporation is
currently exploring which already has historical drill sections.
These sections confirm further mineralization to the east of Gold
Bullion's Eastern Extension and extends the mineralized trend
eastwards to Gold Bullion's eastern Adanac Extension property.
As such, the overall potential strike length of
Gold Bullion's land holdings ranges from 10.1 to 13.6 km with no
exploration undertaken to date on the eastern Adanac Extension. The
current drill program is focused on evaluating the extent of the
mineralization to the north and at depth.
Hole GR-11-390, the northern most hole drilled
by Gold Bullion to date, encountered three significant mineralized
sections of interest as follows:
|
|
|
|
|
|
|
|
|
|
GR-11-390 |
From (m) |
To (m) |
Length (m) |
Grade (g/t Au) |
|
|
|
|
|
|
340.00 |
350.50 |
10.5 |
2.92 |
and |
480.00 |
484.50 |
4.5 |
4.52 |
and |
532.50 |
541.50 |
9.0 |
2.81 |
|
|
|
|
|
These are probable extensions of veins,
deformation zones and alteration zones identified from recent and
historic drilling at shallower depths. Work at Granada has shown that gold mineralization on
the property occurs in veins and along contact of deformed
conglomerate clasts and in alteration zones. The current drill
program plan is for 3 holes with a wedge in each giving 6 pierce
points through the projected mineralized zone.
Roughly 6,560 metres will be drilled with the
goal of intersecting mineralization at depth in order to evaluate a
potential down dip depth of over 2,000 metres at 50 to 70 degrees
dip to the north. Of this total down dip length, we have thus far
encountered gold mineralization of interest along 650 metres.
As such, in theory, just 32.5 percent has been explored to date.
The objective is to hit a minimum of 2 of the 5 known mineralized
zones with thickness greater than 3 metres and grades at or above 3
g/t Au.
Near surface, the Company is in the exploration
range for low-grade deposits of 10 to 20 ounces per metre drilled
as compared to Osisko at 6,846 holes drilled for 789,707 metres at
1.37 grams per tonne for 8.6 million ounces of gold and Detour at
5,877 holes drilled for 889,520 meters at 1.08 grams per tonne for
17.67 million ounces of gold. Their respective ounces per meter
drilled are 10.89 for Osisko and 19.86 for Detour. The Company is
using this rule of thumb and expects to be in the lower range for
the LONG Bars Zone of which overall approximately only 10 percent
has been explored thus far.
The Company will release a NI 43-101 compliant
resource estimate in the first quarter of 2012 being prepared with
321 of the 404 holes drilled to date. A total of 56,315 metres of
the roughly 78,000 metres drilled so far are being utilized in the
calculation of this first resource estimate. Gold Bullion
plans to include the remainder of the drill data, inclusive of
current drilling, into an additional or updated resource
calculation to be released at a later date.
The balance of the Granada property still remains to be explored,
with 3 other primary target areas that have been defined on the
11,000 hectare land holding.
The ongoing metallurgical test work has
confirmed high gold recovery rates exceeding 90 percent, achieved
via conventional gravity recovery followed by cyanidation. These
results stem from the initial bulk sample undertaken in 2007 when
28,000 tonnes of mineralized material was processed and the work
under taken by Gekko Systems and SGS Lakefield.
Gold Bullion is also undertaking baseline and
hydro-geological studies in accordance with prerequisite regulatory
requirements for issuance of a certificate of approval.
Claude Duplessis, Eng. is acting as the
qualified person (QP) for Gold Bullion Development Corp. in
compliance with National Instrument 43-101 and has reviewed the
technical contents of this press release.
Gold Bullion's management hope you can attend
the Annual General Meeting scheduled for April 12, 2012 in Montreal, Quebec and look forward to meeting
those able to make it. For further details please contact our head
office in Montreal at
1-514-397-4000.
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.
Additional information on the company's Granada gold property is available by visiting
their 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.