Gold Springs Resource Corp Stock Price, News & Analysis

Gold Springs Resource Corp. (TSX:GRC, OTCQB:GRCAF) announced the approval of all resolutions at its 2021 Annual Meeting held in Vancouver, British Columbia. The number of directors has been set at six, with the elected directors receiving significant support: Tina Woodside-Shaw received 99.02% of votes, while Antonio Canton garnered 97.42%. PricewaterhouseCoopers LLP was re-appointed as auditors. The company is focused on exploring gold and silver resources in the Gold Springs project, situated on the Nevada-Utah border in a prime mining region.

Gold Springs Resource Corp. (OTCQB:GRCAF) announced progress in its 10,000-metre drilling program at the Gold Springs project in Nevada and Utah. The company has completed 3,931 meters across 22 drill holes, including 1,377 meters in the latest update. Four holes were drilled in the South Jumbo resource area to expand gold mineralization, while three were in the Central Jumbo area testing a geophysical anomaly. CEO Matias Herrero noted that 40% of the drilling program is complete, with assay results expected soon.

Gold Springs Resource Corp. (TSX:GRC, OTCQB:GRCAF) has released its unaudited financial statements for Q1 2021, reporting a net loss of $0.46 million, compared to $0.36 million in Q1 2020. The company maintains a working capital of $1.39 million, including $1.48 million in cash. Exploration expenditures rose to $0.27 million. Principal activities included 2,522 meters drilled at the Gold Springs project. The company's outlook centers on resource expansion and ongoing drilling efforts in Nevada and Utah.

Antonio Canton announced ownership of 30,181,480 common shares of Gold Springs Resource Corp. after acquiring 24,854,288 shares at CAD$0.11 each for CAD$2,733,971 on May 6, 2021. This purchase represents 9.96% of the company's outstanding shares, increasing his total stake to 12.10% on a non-diluted basis and 14.03% on a partially-diluted basis. Mr. Canton, an active director for over 10 years, intends to hold his shares for investment purposes and is open to acquiring more in the future.

Gold Springs Resource Corp. (OTCQB:GRCAF) announced progress on its 10,000-metre drilling program at the Gold Springs project, covering 2,522 meters across 15 holes. Recently drilled holes focused on the South Jumbo resource area, with 3 holes unable to reach target depth due to drilling conditions. All holes displayed signs of mineralization typically associated with the area. The company aims to extend the resource in multiple directions and has completed 25% of its drilling plan, anticipating assay results next month.

Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) has successfully closed a US$2 million first tranche of its private placement offering of secured rights. The proceeds will fund a comprehensive Resource Expansion Program at its Gold Springs Project on the Nevada-Utah border. The program aims to expand gold and silver resources significantly through drilling and environmental assessments. If successful, with estimates exceeding 3 million gold-equivalent ounces, the company plans to pursue a potential sale of the project. Investors received 2 million warrants in this tranche.

Gold Springs Resource Corp. (OTCQB: GRCAF) announced plans for a non-brokered private placement seeking to raise up to US$20 million. The offering consists of an initial US$10 million funding round (Series A Secured Rights) followed by another US$10 million round (Series B Secured Rights). The company aims to fund an ongoing Resource Expansion Program at its Gold Springs Project, targeting a substantial increase in gold and silver resources. The first tranche of US$2 million is expected to close soon, with a director participating in the initial funding.

Gold Springs Resource Corp. (OTCQB:GRCAF) has completed 1,253 metres in 6 holes of its 10,000-metre drill program at the Gold Springs project in Nevada and Utah. The program aims to expand mineral resources in the North and South Jumbo areas and drill the new Juniper Target. Initial findings from hole E-21-003 show visible gold and strong alteration, indicating favorable conditions for resource expansion. Despite winter weather delays, drilling continues, with assays expected by late April. The project is focused on gold and silver resources in a leading mining jurisdiction.

Gold Springs Resource Corp. (OTCQB:GRCAF) has released its audited financial results for the year ended December 31, 2020. The company's working capital stands at $1.87 million, with $1.60 million in cash. General and administrative expenses decreased to $0.97 million in 2020 from $1.26 million in 2019, while exploration spending rose to $1.30 million. The company reported a net loss of $1.35 million for 2020, significantly down from $11.80 million in 2019. The 2021 drill program commenced on March 8, aiming to enhance the Gold Springs project in Nevada and Utah.