GOLD SPRNGS RESOURCE CORP - GRCAF STOCK NEWS

Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) reported its audited financial results for the year ended December 31, 2022. The company experienced a net loss of $1.17 million compared to a net income of $1.12 million from the previous year, primarily due to a one-time gain on asset disposal in 2021. General and administrative expenses decreased to $0.73 million, while exploration spending rose to $4.71 million from $3.51 million the prior year. A drilling program at South Jumbo was completed, encompassing 77 RC holes and 3 diamond core holes.

The company ended the year with $0.29 million in cash.

Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) announced the closing of an additional tranche of its non-brokered private placement offering on February 8, 2023, raising US$300,000. This brings the total raised to US$3,300,000. Investors received 300,000 common share purchase warrants, each allowing the purchase of one share at CAD$0.13 for two years. The funds will support the Resource Expansion Program at the Gold Springs Project aimed at significantly expanding gold and silver resources. Should drilling support 3 million ounces in resources, the company plans an Exit Transaction.

Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) announced its Q3 2022 financial results, reporting a net loss of $0.90 million for the nine months ended September 30, 2022, an improvement from $1.14 million in the same period last year. General and administrative expenses decreased slightly to $0.51 million for the nine months. Exploration spending increased to $4.34 million. The company completed 77 RC holes with significant results at South Jumbo and North Jumbo, extending gold mineralization. Cash as of September 30, 2022, was $0.58 million.

Gold Springs Resource Corp. (OTCQB:GRCAF) has reported the initial assay results from its 2022 drilling program at the Charlie Ross Resource in the Gold Springs project, situated on the Nevada-Utah border. Highlights include:

• 10.7m at 1.20 g/t gold equivalent in hole CR-22-001
• 13.7m at 0.70 g/t in hole CR-22-001
• 4.6m at 0.77 g/t in hole CR-22-002
• 3.0m at 2.09 g/t in hole CR-22-003

The company has completed 69 holes of the planned 21,000-meter program, targeting multiple prospective areas, with further results expected in October 2022.

Gold Springs Resource Corp. (OTCQB: GRCAF) announced a significant gold discovery at its Snow target in the Gold Springs project, located on the Nevada-Utah border. Highlights include drill results of 1.98 g/t gold equivalent over 3.0 meters and 0.70 g/t over 27.4 meters in hole SN-22-002, based on gold and silver prices of US$1,800/oz and US$25/oz respectively. The company plans to conduct follow-up drilling on a 3km geophysical anomaly. So far in 2022, they have completed 65 holes totaling 13,810 meters of a 21,000-meter program.

Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) reported promising assay results from its 2022 drilling program at the North Jumbo site, highlighting significant gold mineralization extensions. Key findings include:

• 1.87 g/t gold equivalent over 29.0 meters in hole J-22-005.
• 0.57 g/t gold equivalent over 41.2 meters in hole J-22-004.
• 1.18 g/t gold equivalent over 6.1 meters in hole J-22-001.

The company plans to continue its drilling program, targeting 21,000 meters to further explore resource extensions, aiming for advancements in resource models.

Gold Springs Resource Corp. (OTCQB: GRCAF) announced positive results from its final drill holes at South Jumbo, part of its Gold Springs project located on the Nevada-Utah border. Highlights include up to 1.89 g/t gold equivalent over 6.1 meters in hole E-22-015 and significant extensions of gold mineralization confirmed in multiple drill locations. Notable results also include 1.05 g/t AuEq over 4.6 meters in hole E-22-020, indicating potential resource expansion. The project demonstrates the possibility of resource growth in various directions, especially to the north.

Gold Springs Resource Corp. (OTCQB: GRCAF) has announced drilling results from eight additional holes at its Gold Springs project, revealing significant gold equivalent intercepts. Highlights include:

• 0.59 g/t gold equivalent over 18.3 meters in hole E-22-007
• 1.37 g/t gold equivalent over 4.6 meters in hole E-22-009
• 0.79 g/t gold equivalent over 19.9 meters in hole E-22-014

The drilling program aims to extend existing resources and target new areas of gold mineralization, with 44 holes completed out of a planned 20,100 meters.

Gold Springs Resource Corp. (OTCQB:GRCAF) announces the filing of a Mineral Resource Estimate NI 43-101 Technical Report for its Gold Springs Project, effective June 13, 2022. The report, prepared by Global Resource Engineering, shows the mineral resource estimate is similar to prior disclosures. Key figures include:

• Measured: 26,168,000 tonnes, 0.524 g/t Au, 379,000 Troy oz Ag
• Indicated: 23,466,000 tonnes, 0.513 g/t Au, 386,000 Troy oz Ag
• Inferred: 8,220,000 tonnes, 0.461 g/t Au, 225,000 Troy oz Ag

This update reflects gross metal content not adjusted for recoveries.