GOLD SPRNGS RESOURCE CORP - GRCAF STOCK NEWS

Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) announced a significant updated mineral resource estimate for its Gold Springs Project, reporting a total measured and indicated resource of 1,005,003 oz gold equivalent. The estimated resources include 548,071 oz measured and 456,932 oz indicated, alongside 144,379 oz inferred. The update is based on 2021 drilling data and reflects strong growth potential with 33 high-potential gold targets identified. The company aims to further increase resources and complete mine permitting in the next two years.

Gold Springs Resource Corp. (OTCQB:GRCAF) has announced drill results from its 2022 program at the South Jumbo resource in Nevada and Utah. The first six holes reported highlight significant gold equivalent intercepts, including 1.46 g/t over 9.2 meters in hole E-22-002 and 1.36 g/t over 27.4 meters in hole E-22-003. With 14 holes completed out of a planned 20,100 meters, the results confirm resource extension and are expected to lead to more results in the coming weeks. The exploration continues at various targets, aiming to enhance the project's overall resource value.

Antonio Canton, President and CEO of Gold Springs Resource Corp, reported his acquisition of 72,000 common shares through the Toronto Stock Exchange on May 18, 2022. This purchase raises his total ownership to 34,641,980 common shares, or 13.51% of the issued shares on a non-diluted basis. Mr. Canton has indicated that this acquisition is for investment purposes and has no immediate plans to dispose of his holdings. He has been involved with the Company for nearly 12 years and believes in the potential of the Gold Springs Project.

Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) announced its annual general meeting (AGM) to be held in Toronto and Vancouver on June 16, 2022. The company released its unaudited Q1 2022 financial results, showing a working capital of $3.55 million and a net loss of $0.24 million, an improvement from a $0.46 million loss in Q1 2021. Exploration spending increased to $0.53 million. The company is focused on mineral resource expansion at its Gold Springs project in Nevada and Utah, with drilling commenced in April 2022.

Gold Springs Resource Corp. (OTCQB:GRCAF) has completed its first six drill holes in its 2022 drilling program at the South Jumbo resource in the Gold Springs project on the Nevada-Utah border. Notable results include hole E-21-012, which showed an intersection of 5.37 g/t gold equivalent over 19.8 meters. All holes encountered favorable mineralization, and the company plans to drill six more holes at South Jumbo before moving to an additional site. A resource update based on 2021 drilling is expected by late May 2022.

Gold Springs Resource Corp. (OTCQB:GRCAF) released its audited financial statements for the year ended December 31, 2021. The company reported a working capital of $3.95 million, including $3.82 million in cash. General and administrative expenses decreased to $0.76 million, while exploration spending rose significantly to $3.51 million, funded by $3 million raised from Series A Secured Rights. The company achieved a net income of $1.12 million, compared to a net loss of $1.35 million in 2020, aided by a $2.61 million gain from the sale of shares in World Copper Ltd.

Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) announces its return to drilling at the Homestake site in Nevada as part of its 2022 program. This effort aims to build on the high-grade discovery from 2019, specifically hole HS-19-007, which showed significant intercepts of 22.88 g/t gold equivalent. The Homestake project, situated within a 1,200-meter gold belt, will also feature updates on resource estimates expected by Q2 2022. Historical samples indicate gold values ranging from 3.5 g/t to 14.4 g/t. The Qualified Person overseeing this project is Randall Moore.

Gold Springs Resource Corp. (OTCQB: GRCAF) has outlined its 2022 drilling plans for the White Point target in Nevada, part of the 8000 ha Gold Springs Project. The initiative aims to develop a new resource area adjacent to the Grey Eagle resource. Notable previous drill results from White Point showed significant gold equivalent intercepts, including 36.6 meters at 0.82 gold equivalent. The upcoming program will focus on extending existing gold mineralization north and south, as well as exploring potential parallel systems.

Gold Springs Resource Corp. (OTCQB: GRCAF) announced its 2022 drilling plans for the South Jumbo resource in Utah, part of its 8000 ha Gold Springs Project. Following successful 2021 drilling results, which included significant gold equivalent intercepts, the company is set to drill 12-15 holes to expand its gold resource. The 2021 drilling confirmed the extension of mineralization, and further drilling aims to connect two resource lobes. The initiative is crucial for positioning Gold Springs as an attractive prospect for major mining companies.