|
Gold
Bullion Development Corp. (CDNX:GBB.V) (Other OTC:GBBFF.PK) (the "Company" or "Gold
Bullion") announces that it has initiated a drill program on its Castle
Silver Mine property.
The
Company's Castle Silver Mine property, located 85 kilometres
northwest of the historic silver camp in Cobalt, Ontario consists of 34
leased mining claims and two licenses of occupation located in Haultain and Nicol Townships,
covering approximately 564.4 hectares. The mine has been in operation at
various times from 1917 to 1989 and produced a total of 763,127,010 grams of
silver from the No. 3 shaft. This included Agnico-Eagle Mines Ltd.'s production from 1979 to 1989 which came to 101,024
tonnes milled; 91,421,294 grams silver; 34,597
kilograms cobalt and 10,180 kilograms copper. Operations shut down in
1989 due to low silver prices.
The
Company has initiated an orientation IP geophysical grid across the property
in order to test its application in identifying silver-cobalt veins,
potentially identifying Archean base metal sulphide mineralization which is known to control silver
mineralization in certain mines, mapping the stratigraphy
of the Nipissing diabase and identifying and
mapping location of low-angle faults which are possible significant
mineralization indicators.
Additionally,
a drill program begun mid-February, 2011 is underway. The program is
planned to reach a total of 6000m and is intended to test for continuation of
known structures as well as test horizons within and adjacent to the
Nipissing diabase sill previously unexplored in the
Gowganda area. Historically, exploration in
the Gowganda - Elk Lake area has focused on the
upper 1/3 of the Nipissing diabase sill and most of
the resulting historic production from the Gowganda
area has been mined from this horizon. However, an estimated 75% or more of
the silver mined from all the silver mines between Gowganda
and Silver Centre in South Lorrain south of Cobalt, Ontario - has been mined
from outside this horizon.
Compilation
of all existing and available information on the property is well underway
and will be digitized in 2011 to allow a more thorough analysis of the
geology and known mineralization. A great deal of information and
historic underground geological information has recently been acquired and is
currently being added to the existing database.
Gold
Bullion has recently contracted an engineering firm for the development of a
limited scope closure plan to allow for the opening of the first level from
an adit entrance for sampling and mapping purposes.
This will be two-stage process allowing initial access while continuing the
permitting for dewatering the mine to allow a re-analysis of the existing
workings below the first level.
About
Gold Bullion Development Corp.
Gold
Bullion Development Corp. is a TSX Venture listed junior natural resource
company focusing on the exploration and development of its Granada Gold
Property near Rouyn-Noranda, Quebec, and its high grade Castle Silver Mine
in Gowganda, Ontario.
For
more information on Gold Bullion Development Corp. (CDNX:GBB.V) (Other OTC:GBBFF.PK), visit our web site: http://www.GoldBullionDevelopmentCorp.com
Qualified
Person
Mr. Doug Robinson, P.Eng., is the qualified
person as defined by National Instrument 43-101 who supervised the
preparation and verification of the technical information in this release.
"Frank
J. Basa"
Frank
J. Basa, P.Eng.
President and Chief Executive Officer
Neither
the TSX Venture Exchange nor its Regulation Service Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release. This news release may contain
forward-looking statements including but not limited to comments regarding
the timing and content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes, etc.
Forward-looking statements address future events and conditions and
therefore, involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements.
|