November 19, 2010
Gold Bullion Development (GBB, TSX-V) has just released an update and additional assay results from the Granada Gold Property, showing Granada is not only extending to the east but to the north and south as well.
Hole #86, the second most southerly hole drilled yet by Gold Bullion in the LONG Bars Zone, has returned 1.00 g/t Au over 84.6 metres within a near-surface interval of 127.5 metres (4.5 metres to 132 metres) grading 0.76 g/t Au. This confirms the visuals on this hole by GENIVAR and is highly significant as it could mean an extension to the #2 Vein within the Preliminary Block Model to the northwest. This also confirms historical reports that mineralization does extend to the south at Granada, and at very shallow depths which are ideal for an open-pit mining scenario.
In addition, Gold Bullion has drilled a hole 30 metres north of recently reported hole #55 that has returned an interval of 141.7 metres grading 0.70 g/t Au. The company reports that assays have yet to be received on 11 of 15 Phase 2 holes drilled in the area north, northeast and northwest of Phase 1 Discovery Hole #17 with current drilling focusing on expanding the continuity of the feldspar porphyry and quartz veining.
The fact that Gold Bullion is hitting nice intersections in the northern portion of the Eastern Extension suggests that the Preliminary Block Model could expand significantly to the north as well which has huge implications for tonnage and ounces.
We’re continuing to analyze the results but overall, there’s no question this deposit is building out in a very interesting and significant way.
