Feb 16 2011
Gold Bullion Development Corp. (TSXV:GBB) (OTCPINK:GBBFF) has received assay results for 56 diamond drill holes on its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec.
This includes the remaining assay results from the Phase 2, 25,000-metre drill program as well as initial holes of the 50,000 metre Phase-3 program. To date, over 13,000 metres of the Phase 3 program have been drilled. The goal of the current drill campaign is to test the continuity between the currently outlined Preliminary Block Model area and the eastern section of the LONG Bars Zone.
"We have now drilled an area 1,200 metres long and from 250 to 500 metres wide at the Granada property", commented Mr. Frank Basa, President and CEO of Gold Bullion Development Corp. "We are very pleased with the results to date and believe they will ultimately significantly expand the mineralized area in all directions outside the Preliminary Block Model."
Summary
- Outside of the Preliminary Block Model area, drilling has identified significant gold mineralization, many with long intercepts, in new structures in the NE Extension, SE Extension and Eastern Extension sectors.
- Consulting geologists at GENIVAR believe they may have intersected the extension of Vein #5 in the NE Waste Pile Sector
- Drills intersected high grade gold intervals in the Trail sector which may be related to a series of NNE trending fault zones. More work is required to validate this relationship.
- In the Preliminary Block Model area, Vein #2 has been extended along strike and down dip into the Vein #2 sector and numerous smaller parallel mineralized structures were identified to the north, in the hanging wall of the Vein.
- An aggressive drilling campaign continues to target the NE Extension, SE Extension and NE Waste Pile sectors.
- In March a drill will be moved to the Eastern part of the property to test the promising Aukeko target.
Mineralization at Granada is typically associated with finely disseminated pyrite and/or arsenopyrite. It is hosted within altered sericitized and silicified syenite feldspar porphyry sills and quartz vein stockwork and breccias as well as quartz-carbonate veinlets in the sedimentary rocks. These structures strike in an East-West direction and dip steeply to the north. Numerous parallel mineralized structures have been identified throughout the property.
Newly Delineated Structures
Gold Bullion's geological consultants, GENIVAR, report that additional structures have been intersected in the following sectors of the property; the NE Extension, the SE Extension and the Eastern Extension. Some drill hole highlights from these sectors include:
- Hole GR-10-113 in the NE Extension zone intersected a vein grading 162.75 g/t gold over 1.09 metres (starting 232.5-metres down hole).
- In the SE Extension area, holes GR-10-131 and 134 intersected what GENIVAR believes to be the same new structure. Hole GR-10-134 intersected 9.3-metres averaging 1.09 g/t gold within a 57-metre interval averaging 0.56 g/t gold. Hole GR-10-131 intersected 5-metres averaging 2.14 g/t gold within a 129-metre interval averaging 0.15 g/t gold.
- In the Eastern Extension zone, (where previously reported Hole GR-10-17 intersected 65.5 metres averaging 1.21 g/t gold), nine additional holes intersected long intervals of mineralization interspersed with narrow sections of higher grade. Hole GR-10-153 hit 135-metres averaging 0.62 g/t gold starting 3.9-metres down-hole. This included a 1-metre interval averaging 54.97 g/t starting 3.9-metres down-hole. Hole GR-10-145 cut a 45.9-metre interval averaging 0.82 g/t gold starting 31.3-metres down-hole that included a 1.5-metre interval that averaged 12.3 g/t gold.
NE Waste Pile Sector
In the NE Waste Pile Zone, GENIVAR believes it may have intersected the extension of Vein #5 in Holes GR-10-118 and GR-10-141. The Vein #5 outlined in the Preliminary Block Model Zone and based on this drill data may continue eastward. Hole GR-10-141 intersected 1.5-metres averaging 39.9 g/t gold, starting 40-metres down hole. This occurred in a larger mineralized envelope that averaged 0.52 g/t over 276 metres.
Trail Sector (Sector between Eastern Extension and Preliminary Block Model area)
A series of holes were drilled to test NNE trending faults identified in the Trail Sector. It is hypothesized that these faults may have acted as conduits for mineralizing fluids. Hole GR-10-117 cut a number of high grade intervals including:
- 2.4 metres averaging 22.5 g/t gold starting 4.6 metres down hole
- 1 metre averaging 14.95 g/t gold starting 76.5 metres down hole
- 1 metre averaging 15.65 g/t gold starting 107.5 metres down hole
- 18.5 metres averaging 2.3 g/t gold starting 150.5 metres down hole
These intervals, together with lower grade sections averaged 0.74 g/t gold over 198 metres.
Vein 2 Sector
A total of 16 new holes were drilled into the Vein #2 sector. Results have extended the vein down dip between 100 and 200 metres. In addition, numerous smaller parallel veins have been intersected in the hanging wall of Vein #2. All of these veins appear to be related to an altered feldspar porphyry.
Significant drill results include Hole GR-10-114 which intersected 177 metres averaging 0.51 g/t gold starting 3 metres down hole and Hole GR-10-54 which intersected 110 metres averaging 0.55 g/t gold starting 19 metres down hole.
Looking Ahead
Currently Gold Bullion has two drill rigs turning on the property as part of its Phase 3 drilling campaign. Five more holes will be collared in the NE Extension sector. An additional three holes will target the NE Waste Pile area and three holes will test the SE Extension sector (more if results warrant).
Later in March, Gold Bullion intends to drill test the Aukeko Shaft and the surrounding area. This target is situated on the eastern part of the property about 2 km east of the LONG Bars Zone. Historical data indicates that considerable visible gold was noted in the Aukeko vein at the bottom of the Aukeko shaft. Previous geological mapping detected numerous easterly striking syenite porphyry "dykes" and quartz veins similar to what is seen at the LONG Bars zone.
The Company plans to initiate a NI-43-101 resource estimate this summer once the majority of the Phase 3 drill results are received.
Source:
Gold Bullion Development Corp.