Gold Springs Resource Continues to Expand the Charlie Ross Deposit

VANCOUVER, BC / ACCESSWIRE / October 30, 2023 / Gold Springs Resource Corp. (the "Company" or "GRC") (TSX:GRC)(OTCQB:GRCAF) continues to report positive drilling results from the Charlie Ross Resource area of its large Gold Springs project located in USA, on the border of Nevada and Utah.

Highlights include:

• 0.85 g/t gold equivalent over 4.5 meters and
  1.85 g/t gold equivalent over 10.7 meters including
  3.61 g/t gold equivalent over 4.6 meters in hole CR-22-019

Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% for silver recovery.

Antonio Canton, President and CEO, stated:
"These latest positive results from Charlie Ross confirm the existence of higher-grade zones and the excellent results reported in our recent press release of October 6, 2023.

We believe that these multiple drill intercepts of +2 g/t and +1 g/t gold equivalent will enable us to extend our Charlie Ross deposit in all its three parallel zones (West, Central and East), both up dip and to the north where it remains open:

• 3.10 g/t gold equivalent over 12.2 meters including
  7.74 g/t gold equivalent over 4.6 meters and
  1.08 g/t gold equivalent over 3.0 meters and
  0.84 g/t gold equivalent over 6.1 meters in hole CR-22-014
• 2.64 g/t gold equivalent over 12.2 meters including.
  9.49 g/t gold equivalent over 3.0 meters and
  0.72 g/t gold equivalent over 6.1 meters in hole CR-22-010
• 2.33 g/t gold equivalent over 6.1 meters and
  1.02 g/t gold equivalent over 3.0 meters in hole CR-22-008
• 1.60 g/t gold equivalent over 3.1 meters in hole CR-22-015
• 1.31 g/t gold equivalent over 10.6 meters and
  0.61 g/t gold equivalent over 6.1 meters in hole CR-22-009

Our future drilling programs will aim to further extend this high-grade gold mineralization in the three parallel resource zones located in a very large 1100x600 meters CSAMT geophysical anomaly area, which offers exciting expansion opportunities".

Charlie Ross
The discovery hole at Charlie Ross was drilled in 2021, and after only 22 holes, GRC was able to identify a new resource which was reported in its latest resource estimate (see GRC's press release of June 13, 2022, concerning our last mineral resource estimate based on drilling to 2021 and detailed table below).

The positive drill results from 19 additional holes reported in 2022-2023 demonstrate GRC's ability to expand gold mineralization in all three zones of the Charlie Ross resource and to provide higher-grade intercepts than previously seen (see GRC's press releases of September 28, 2022, October 6, 2023, and today).

The Charlie Ross target is highlighted by a significant CSAMT geophysical anomaly that extends over an 1100x600 meters area on the edge of the Gold Springs caldera complex.

Gold is controlled by north-south trending structural corridors with three parallel zones: Western, Central and Eastern, each hosting a portion of the current resource, and each expanded by these significant gold mineralization results.

Charlie Ross Historic Mine
These three structural zones host the historic Charlie Ross mine that was a producer at the beginning of the 20^th century, with one shaft, 400 meters of drifts, and several stopes. Several other tunnels and shafts exploited the Western resource area which is an extension of the historic Little Buck Mine.

Reports described the historic Charlie Ross mine as a 53 meter inclined shaft with a 12 meter talc zone containing very high-grade gold telluride and sylvanite streaks with bonanza gold grades. Visible gold was found in rocks from the dump of the historic mine.

Summary of drill intercepts