NSRS Update: North Springs Resources Volume Dipping, Updates on Projects

Trading volume for shares of Penny Stock North Springs Resources Corp. (OTCBB: NSRS.OB) have dipped considerably snce the beginning of their more than $600,000 public awareness promotion.

NSRS traded 7,197,296 shares to close Today’s trading session up 5.56% (+0.039) at 0.74.
NSRS shares reached as high as $0.745 and as low as $0.66 during the day’s trading session.
NSRS has a Market Cap of $515.04M with a 696.00M share float.

In an effort to bring back the hype, NSRS released this announcement after market close:

Update to Shareholders:

“The last month has been incredibly exciting to be a part of the North Springs Resources team. We have been successful at building a world-class portfolio of gold exploration properties and also secured the funding to move the projects forward,” stated Harry Lappa, President of North Springs.

“Work crews have been active at three of our properties over the last few months, including a currently ongoing 21-hole diamond core drill program at Goldstar in Arizona; a property that new data suggests could contain even more gold than the previous 350,000 ounce estimate. We remain committed to creating value for shareholders by rapidly advancing our current portfolio of gold projects and by acquiring new projects which have significant upside.”

Lappa concluded by stating, “We continue to be amazed by the Goldstar Property in Arizona – the visible surface veins which are known to be the main carriers of gold in the area could potentially result in something very special at this project.”

The North Springs portfolio now contains five separate gold exploration and development projects, including the North Springs Property in Nevada, the Imperial Property also in Nevada, the Goldstar/One Arm Joe Project in Arizona, the Rio and Belo Properties in Guyana, and the Edum Banso Gold Project in Ghana.

Goldstar/One Arm Joe Project (20% interest, Wickenburg, Arizona)

The Goldstar Property consists of 9,000 feet of gold bearing quartz veins in two zones (Goldstar: 6,000 feet and One Arm Joe: 3,000 feet) over nine (9) claim blocks totaling 180 acres. Previous exploration at the Goldstar Property, including extensive surface sampling (500+), mapping, trenching, assaying, and metallurgy, assisted in calculating the property’s estimated reserve of 500,000 tons with an average grade of 0.7oz gold per ton – which could yield approximately 350,000 ounces of gold. Based on current gold spot prices, the Goldstar Property may contain over $550 million in gross mineral value and could result in possibly the largest hardrock gold mine in Arizona history.

North Springs and its partners are currently conducting a $500,000 21-hole drill program at Goldstar, focusing on seven (7) high-priority target areas. Early reports from the exploration team have been very positive. Visual inspection of the first target area shows multiple sections of distinct rock discoloration indicative of both quartz veining and iron oxide mineralization which are considered to be primary carriers of gold found in the region.

Drilling is ongoing. Results will be released as they become available. Video footage featuring exploration activity and drilling at Goldstar is available for viewing at www.northspringsresources.com.

Imperial Property (100% interest, Esmeralda County, Nevada)

The Imperial Gold/Silver Property consists of 24 unpatented mineral claims in Nevada covering approximately 480 acres between the Montezuma Range to the northeast and the Silver Peak Range to the southwest. The claims include the site of the Imperial Mine, a documented historic gold and silver producer.

Previous exploration has identified four high-priority target areas at the Imperial Property; Imperial Fault Target, Jasperoid Breccia Target, IP Target, and Resource Target.

North Springs recently started phase one exploration at Imperial and have already completed an initial sampling program at the old Imperial Mine site and from the high-priority Resource Target area. The Company has sent the new samples to the laboratory for immediate testing and intends to release the assay results as soon as they become available.

The proposed $250,000 phase one exploration program will include geochemical and environmental studies, followed by a reverse-circulation drilling program intended to test previously identified mineralized zones and potentially increase the 50,000 ounce gold resource estimate made by previous operators.

North Springs Property (100% interest, Esmeralda County, Nevada)

The North Springs Gold Property is located about 8 miles northwest of town of Silver Peak, Nevada and consists of approximately 16 unpatented federal lode mining claims that cover two separate areas, the Roadrunner Block and the Coyote Summit Block, and total approximately 1,160 acres.

The North Springs Gold Property shares very similar geology, alteration, mineralization, geochemistry and structural setting to that of the nearby (3 miles) Mineral Ridge Gold Deposits (estimated 500,000 oz. gold), and indeed, may actually be a continuation of the same gently-dipping, sheet-like body which hosts gold mineralization there. Historical sampling at the North Springs Gold Property has identified high-grade gold mineralization up to 0.8 ounces per ton from surface workings.

North Springs is reviewing a proposed $500,000 work program that will focus on several untested gold targets that include disseminated mineralization, high-grade shear zones, and feeder veins similar to those that have been open-pit mined by several companies at other Mineral Ridge gold deposits in the area. The proposed work program includes an initial 10-hole reverse circulation drill program.

Rio and Belo Properties (right to earn 100% interest, Guyana)

The Rio and Belo Properties cover a combined area of over 25,000 acres of prime greenstone belt located in the Kabouri Gold Mining Area, located about 160 km south-south west of Georgetown, Guyana. The Kabouri Gold Mining Area is part of a well-defined 1,000 mile long band of gold producing greenstone geology from Venezuela and French Guyana.

The properties show evidence of significant small-scale artisanal mining from alluvial, colluvial, and bedrock sources. Both properties share similar geological and geochemical characteristics with several well-known formerly producing gold mines in the immediate area at Omai (4 Moz. historical – currently being redeveloped) and at the Omai West Project (1.1 Moz. Estimate) currently being developed by Azimuth Resources Limited just 12 miles to the south.
North Springs is currently working with a well-respected local Guyanese law firm as Guyana Counsel to assist with the process of complying with all applicable laws and regulations in Guyana prior to finalizing plans to move forward with the first phase of exploration at Rio and Belo.

Edum Banso Gold Project (25% interest + right to acquire another 10%, Ghana)

The Edum Banso Gold Project concession covers 20.60 km2 (5,100 acres) located approximately 35 km (21 miles) northwest of city of Takoradi in the southeastern portion of Ghana’s historic Ashanti Gold Belt, which is estimated to contain over 100 Moz. of gold within 60 miles of the property. The concession is situated less than one mile from the border of the HBB Father Brown/Adoikrom open pit gold deposits currently being mined by Golden Star Resources.

Previous exploration conducted by Newmont Gold (2004) and others at Edum Banso included extensive geophysical (aeromagnetic) interpretation, soil and stream sediment sampling (5,758 samples), trenching (319 m total – 214 channel samples), auger drilling (252 holes), and rock chips (81 samples). To date, four distinct mineralized gold zones have been identified over an area approximately 5 miles long by a quarter mile wide. Planned exploration work at Edum Banso includes additional geological mapping, prospecting, soil sampling, trenching, and a reverse-circulation (RC) drill program targeting 15-30 locations.

North Springs owns a 25% interest in Edum Banso and can acquire an additional 10% interest by paying $250,000 to Discovery Gold and funding a multi-phase $1,000,000 work commitment in 2012. The Company has already advanced $150,000 to Discovery Gold towards the total cash consideration with the balance of $100,000 payable within 30 days.

Press Release: North Springs Resources Corp.

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