Overview
Nevada is a well-established and stable mining jurisdiction that’s known for its excellent infrastructure. Unsurprisingly, mining is one of Nevada’s top export categories due to its significant deposits of gold, silver, copper and molybdenum. In 2020 alone, the state produced 5,082,682 ounces of gold and 6,722,622 ounces of silver.
Nevada is home to several active gold mines, including Barrick Gold (TSX:ABX) and Newmont’s (TSX:NGT) Nevada Gold Mines, the single largest gold-producing complex in the world. Also in Nevada is Hecla Mining (NYSE:HL), with several operations including the Midas mine and mill, the largest known silver-gold epithermal deposit along the Northern Nevada Rift in the Midas mining district. As such, gold exploration companies in Nevada may present an intriguing opportunity for investors.
Also located in the prolific Northern Nevada Rift is Gold Bull Resources’ Sandman Project. Gold Bull Resources (TSXV:GBRC, OTC:GBRCF, FRA:A2V5) is a mineral exploration company focused on developing a portfolio of highly prospective gold assets in Nevada. The company is fully permitted and fully funded to advance its two fully-owned projects that are located within prolific gold trends. Gold Bull Resources’ operations are guided by its core ESG values that emphasize environmental responsibility and commitment to stakeholders.
Gold Bull Resources’ methodology using Leapfrog 3D Software and QGIS integrates all the previous generations of work, and Gold Bull CEO Cherie Leeden shared, “We’re stepping back and looking at things a little differently.” Leeden says that this concept of basement targets has enabled success in finding nearby deposits in Nevada yet this zone has never been drilled at the Sandman property before. Fortunately for Gold Bull, the company inherited Newmont’s Plan of Operation allowing for comprehensive exploration access and expanding drill targets across 500 acres without having to apply for additional permits.
Since acquiring the Sandman project from Newmont in October 2020, Gold Bull Resources has significantly updated the resource in the project which now has an indicated resource of 18,550,000 tonnes at 0.73 g/t of gold for contained gold of 433,000 ounces, as well as an updated inferred resource of 3,246,000 tonnes at 0.58 g/t of gold for contained gold of 60,800 ounces. The maiden drill program at the Abel Knoll resource intersected 144.8m at 1.67 g/t gold, including 6.1m at 10.75 g/t gold.
Gold Bull Resources’ other project, Big Balds, is 100 percent owned and located at the intersection of two prolific gold trends –– the Carlin and Bida Trends. Although the project has never been drilled, the company believes that it is prospective for the world-class mineralization typically seen in the Carlin and Bida Trends.
Gold Bull Resources’ assets leverage strategic positioning near multiple operating mines. The Sandman project is located near the Sleeper mine that was operated by AMAX Gold from 1986 to 1996 and produced 1.66 million ounces of gold and 2.3 million ounces of silver. Meanwhile, the Big Balds project is located less than 10 kilometers west of Kinross Gold’s (TSX:K) Bald Mountain operating mine which features 300 million tonnes at 0.6 g/t for 5.5 million ounces of gold.
The company has recovered exceptional metallurgical results, including an average of 88 percent of gold recovered from oxide material with a maximum of 97 percent of gold recovered from a bottle roll leach test on a target at Sandman. The results also identified recovered silver that revealed potential upside for the element. The metallurgical results are consistent with prior historical tests which are encouraging for future yields.
“We’re not looking to mine the market, we’re looking at projects that we can get into production,” said Gold Bull Resources CEO Cherie Leeden.
Currently, the company is focused on advancing its Sandman project. Gold Bull plans to increase the existing resource at the Sandman project through a 4,000 meter RC drilling program that is already underway. Gold Bull Resources is also progressing its project pipeline with plans for the maiden drill program on the Big Balds project with minimal capital investment for high risk and high reward. The company is also exploring the potential for new low-cost mergers and acquisitions that contain additional existing gold resources.
The company is led by an elite management team with a track record of successful acquisitions, mine discovery and mine development. Gold Bull Resources’ team consists of several former management members of multiple major mining companies, including Rio Tinto, BHP, Newcrest and Barrick Gold. The company’s team also boasts local knowledge of the area with the resources needed to bring its assets into production.
Company Highlights
- Gold Bull Resources (TSXV:GBRC, OTC:GBRCF, FRA:A2V5) is developing a portfolio of fully-owned and highly prospective gold assets in Nevada, USA.
- The company is fully permitted and fully funded to advance its flagship Sandman project in the prolific Northern Nevada Rift and its Big Balds project in the prolific Carlin and Bida Trends.
- The Sandman project has an updated indicated resource of 18,550,000 tonnes at 0.73 g/t of gold for contained gold of 433,000 ounces.
- Gold Bull Resources’ assets are positioned near multiple gold-producing mines with multi-million-ounce resources, including the AMAX Gold Sleeper mine and Kinross Bald Mountain mine.
- The company has a tight share structure, compelling valuation and no debt.
- The company is led by an elite management team consisting of several former management members of multiple major mining companies, including Rio Tinto, BHP, Newcrest and Barrick Gold.
Key Projects
Sandman
The flagship Sandman project is located in the Northern Nevada Rift in Nevada. The project spans 117 square kilometers and is located 23 kilometers south of the Sleeper mine, which holds a historical production of 1.66 million ounces of gold and 2.33 million ounces of silver.
The Sandman project hosts high-grade epithermal gold deposits. Since acquiring the project from Newmont in October 2020, Gold Bull Resources has updated the resource in the property that has yet to be incorporated into the company’s current drill program. The updated resources include an indicated resource of 18,550,000 tonnes at 0.73 g/t of gold for contained gold of 433,000 ounces, as well as an updated inferred resource of 3,246,000 tonnes at 0.58 g/t of gold for contained gold of 60,800 ounces. The resource on the property is open in all directions.
Gold Bull Resources strongly believes that the Sandman project has significant exploration upside potential. The company has already begun a 4,000 meter RC drilling program that is halfway completed. The drilling program is focused on new ‘Sleeper style’ Bonanza gold discoveries and a ‘Midas style’ deposit. The company is fully-permitted to conduct 2 square kilometers of surface disturbance under a comprehensive plan of operation.
Big Balds
The Big Balds project is located on the intersection of the Carlin and Bida Trends in Nevada, approximately 90 minutes from the mining hub in Elko which provides excellent logistics and accessibility. The project is also located less than 10 kilometers west of Kinross’ Bald Mountain operating mine. The Bald Mountain mine features 300 million tonnes at 0.6 g/t for 5.5 million ounces of gold.
The Big Bald project consists of three priority targets that have been identified by geophysics, including Bald Cougar, Bald Eagle and Bald Badger. To date, the project has never been drill tested. However, the Big Balds project is prospective for three world-class styles of mineralization, including Carlin-type sediment-hosted gold, Bald Mountain-style intrusive related gold as well as gold and silver base metal skarn and/or porphyry.
Gold Bull resources is fully permitted to begin an 8-hole drill program on the Big Balds project which is considered to be drill-ready.
Management Team
Craig Parry, Honors Bachelor of Science MAIG – Chairman
Craig Parry has experience with several established companies, including Rio Tinto, G-Resources, Tigers Realm Group and EMR Capital. Parry has raised more than $200 million in the past 12 months. Parry led geology and resources for Rio Tinto’s Kintyre uranium project and advised on the project’s sale to Cameco. Parry is the co-founder and former head of business development for Tigers Realm Group. Parry is also the former founder and CEO of Tigers Realm Coal. Parry is the co-founder and former senior advisor of EMR Capital. Lastly, Parry is the co-founder and former director of NexGen Energy Ltd.
Cherie Leeden, Honors Bachelor of Science MAIG – CEO
Cherie Leeden has experience with Rio Tinto and LionOre. Leeden has spent 20 years promoting a responsible mining industry with the past 10 years spent at the CEO level. Leeden is the former founder and CEO of Battery Minerals. Leeden is also the founder of the private natural resources project Generation Company owned by Nevada Resources. Leeden has focused and based the past five years of her career on Nevadan gold. Leeden has a track record of negotiating and executing win-win business transactions with Fortune 500 companies.
David Johnson, Master of Science, GDipAppFin MAIG – VP of Exploration
David Johnson has experience with multiple companies, including Rio Tinto, WMC, LionOre and Independence Group (IGO Ltd.). Johnson has more than 25 years of global exploration experience across a wide range of deposit types. Johnson led a successful in-mine exploration team at IGO and held a key role in two discoveries. Johnson is a geophysicist specializing in potential field and electrical/EM methods and integration with other exploration datasets. Johnson is a proven mineral resource discoverer.
Gavin Cooper, CPA, CA – CFO
Gavin Cooper has more than 35 years of experience in finance, strategy and senior management. Cooper is the former CEO and director of Standard Lithium ltd. and the former director of Nevada Geothermal Power Inc. Cooper is also a founding shareholder and former director of Enthusiast Gaming Holdings Inc. Cooper was also the former director of finance and administration of Yarrows Ltd. which employs approximately 1,300 employees. Cooper is the former CEO of Catamaran Ferries International which owns a $450 million ship construction project. Lastly, Cooper is the current CFO of Kutcho Copper Corp. and District Metals Corp.
Regina Molloy – Exploration Manager
Regina Molloy has more than 25 years of experience as a multi-commodity economic geologist. She is skilled in mineral exploration and mine development. Molloy has worked with BHP, Newcrest, Barrick Gold and Battery Minerals. Molloy has global experience in exploring and discovering a range of deposit styles. She also has experience with junior and large company investment strategies.
Vince Sorace – Director
Vince Sorace is a mining and technology entrepreneur with more than 30 years of international business and capital markets experience. Sorace is the president and CEO of Kutcho Copper and the director of E79 Resources Corp. He is also the founder and chairman of MineHub Technology Inc. Sorace has raised over $250 million in equity and debt in recent financings. His previous roles include founder, president and CEO of various private and public resource companies.
Walter Coles Jr. – Director
Walter Coles Jr. has extensive experience with mergers and acquisitions within the resources sector. He is the CEO of Skeena Resources and a former analyst for Cadence Investment Partners and UBS Investment Bank in New York. He has a Bachelor of Arts in Economics from the University of Richmond.
Mike Cowin – Director
Mike Cowin has more than 25 years of investment experience in the wholesale funds’ management sector in Australia. Previously, Cowin was an equity partner and director of Northcape Capital which is a boutique investment fund based in Australia. Northcape Capital manages over A$10 billion. Currently, Cowin is the principal of Corom Funds Management and a chairman of Dominos Pizza Japan Inc. He is also a director of multiple companies, including Apache Industrial Services, Queens Road Capital, CTE Investments, Rockmaster Resources Corp. and Walcott Resources Ltd.
Debra Struhsacker – Environment and Government Advisor
Debra Struhsacker is a hard rock mining advocate and policy expert. Struhsacker has 35 years of experience with key federal-state environmental and public land laws and regulations governing mineral exploration and mine development. Struhsacker has a proven track record in state and federal legislative and administrative venues in securing project permits for exploration and mining projects. She has a unique combination of communication skills and expertise that effectively bridges the communication gap between the technical, political and public opinion factors that influence policy decisions about mineral exploration and development, public lands and the environment.
Michael Konnert – Advisor
Michael Konnert is a co-founder and managing partner of Inventa Capital which has raised over $80 million for its portfolio companies in 2020. Konnert is the founder and CEO of Vizsla Resources which is developing one of Mexico’s highest-grade silver camps. He co-founded and sold Cobalt One Energy to Blackstone Minerals in 2017. Konnert has more than 10 years of experience in resources and capital markets. He holds a Bachelor of Commerce in Entrepreneurial Management from Royal Roads University.