Welcome to our dedicated page for Gold Springs Resource news (Ticker: GRCAF), a resource for investors and traders seeking the latest updates and insights on Gold Springs Resource stock.
Gold Springs Resource Corp. (OTCQB: GRCAF; TSX: GRC) issues frequent news updates related to the exploration and advancement of its Gold Springs gold-silver project on the Nevada–Utah border. Company news releases cover technical, financial, and corporate developments that help investors and observers follow the progress of this mineral exploration company.
News items often include the filing of audited and unaudited consolidated financial statements and accompanying MD&A, where Gold Springs Resource Corp. discusses general and administrative expenses, exploration spending, net loss, and cash balances in U.S. dollars. These updates provide regular insight into how the company allocates funds between corporate costs and exploration activities at the Gold Springs project.
Operational updates are another key component of the company’s news flow. Gold Springs Resource Corp. has reported on drilling programs at the Charlie Ross resource area, including detailed drill intercepts with gold and silver grades and gold-equivalent calculations. It has also announced work with ADT Environmental & Mineral Consultants and Global Resource Engineering on permit applications for a heap-leach processing pilot plant and a starter pit at the South Jumbo area in Utah, as well as the engagement of a drilling contractor to complete a water well near the proposed processing facility.
Corporate governance developments, such as the results of annual shareholder meetings, election of directors, and re-appointment of auditors, are also disclosed through company news releases. Readers who follow Gold Springs Resource Corp. news can track financial reporting milestones, exploration results, permitting progress, and board-level decisions in one place.
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Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) reported its audited financial results for the year ended December 31, 2022. The company experienced a net loss of $1.17 million compared to a net income of $1.12 million from the previous year, primarily due to a one-time gain on asset disposal in 2021. General and administrative expenses decreased to $0.73 million, while exploration spending rose to $4.71 million from $3.51 million the prior year. A drilling program at South Jumbo was completed, encompassing 77 RC holes and 3 diamond core holes.
The company ended the year with $0.29 million in cash.
Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) announced the closing of an additional tranche of its non-brokered private placement offering on February 8, 2023, raising US$300,000. This brings the total raised to US$3,300,000. Investors received 300,000 common share purchase warrants, each allowing the purchase of one share at CAD$0.13 for two years. The funds will support the Resource Expansion Program at the Gold Springs Project aimed at significantly expanding gold and silver resources. Should drilling support 3 million ounces in resources, the company plans an Exit Transaction.
Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) announced its Q3 2022 financial results, reporting a net loss of $0.90 million for the nine months ended September 30, 2022, an improvement from $1.14 million in the same period last year. General and administrative expenses decreased slightly to $0.51 million for the nine months. Exploration spending increased to $4.34 million. The company completed 77 RC holes with significant results at South Jumbo and North Jumbo, extending gold mineralization. Cash as of September 30, 2022, was $0.58 million.
Gold Springs Resource Corp. (OTCQB:GRCAF) has reported the initial assay results from its 2022 drilling program at the Charlie Ross Resource in the Gold Springs project, situated on the Nevada-Utah border. Highlights include:
- 10.7m at 1.20 g/t gold equivalent in hole CR-22-001
- 13.7m at 0.70 g/t in hole CR-22-001
- 4.6m at 0.77 g/t in hole CR-22-002
- 3.0m at 2.09 g/t in hole CR-22-003
The company has completed 69 holes of the planned 21,000-meter program, targeting multiple prospective areas, with further results expected in October 2022.
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