12.25 g/t Gold and 5,570 g/t Silver in Rock Sample Results on Coyote Property

VANCOUVER, Oct. 16, 2020 - Gold Bull Resources Corp. (TSX-V: GBRC) (“Gold Bull” or the “Company”) is pleased to announce the results from the initial exploration reconnaissance sampling program at its 100%-option to acquire Coyote Property located in Juab County, Western Utah USA (refer to the Company’s press release dated September 16, 2020). The results confirm the high-grade silver and gold potential of the project and verify the historically reported assay results.

HIGHLIGHTS:

Chairman Craig Parry commented, “Gold Bull continues to progress its portfolio of high value US assets. These latest lab results from Coyote demonstrate the significant potential for further drill discovery at the project. These results from Coyote come only days after announcing our acquisition of the Sandman Project from Newmont and add to the great potential we see ahead for Gold Bull.”

PROGRAM DETAILS

The rock chip samples that were collected during this initial exploration reconnaissance program were focused around the historic backfilled Coyote Mine to test the strike length of the known mineralized east-west structure that was the focus of the historic mining. Eleven samples were collected and sent to the ALS laboratory in Reno, Nevada for assaying. Results are shown on Figure 1 and Table 1.

Figure 1: Location and grades of rock samples collected at the Coyote Project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/12c510ab-2226-4733-b675-6d03c0d39c05

The Coyote Property appears to consist of multiple high grade mineralized structures. The main structure that runs through the Coyote Mine is striking roughly 80 degrees dipping 70 degrees to the north. Historical drill results of up to 8.19 ppm Au and 1,060 ppm Ag at 9.1 to 10.7 meters (hole CK-14) ¹ along with few other sporadic and shallow drill holes have encountered the structure. Dump sample CKRK-0001 confirms the presence of the high grade mineralization in historic drilling. It is believed the main structure has not been adequately tested along strike or at depth for a bonanza zone.

Mineralized rock chip samples span more than 475 meters along strike of the main structure leaving the structure open on both ends. Recent gravel and sand deposits cover outcrops to the west. Outcrops to the east do exist however were not tested during this limited one day reconnaissance sampling program.

The next steps for the Coyote Property include soil sampling, additional rock sampling, and a geophysical survey.

Figure 2. General Location Map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/932b942d-6235-4849-828e-808d8c77743e

Figure 3: Field photo looking northwest at the backfilled Coyote Mine is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d6555c0d-63cc-4007-8ef6-5a08e107cb35

Table 1: Table of all rock chip samples submitted for analysis with co-ordinates, gold and silver assays.

Qualified Person

Cherie Leeden, B.Sc Applied Geology (Honours), MAIG, a “Qualified Person” as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Ms. Leeden will become the Company’s Chief Executive Officer, following the closing of the acquisition of the Big Balds gold project, previously announced on August 17, 2020.

About Gold Bull Resources Corp.

Gold Bull Resources Corp. is a gold focused mineral exploration and development company that strives to generate and advance high-reward project acquisitions in regions with proven mineral wealth. The company’s exploration hub is located in Nevada, USA and is focused on precious metal projects located in top-tier mineral districts that contain significant historical production, existing mining infrastructure and an established mining culture. The Company’s primary focus is on project generation and evaluation in Nevada and its secondary focus is in Utah, USA.

Gold Bull is led by a Board and Management team with a track record of exploration success. Gold Bull’s objective is to generate stakeholder value and superior investment returns through the discovery and responsible development of mineral resources.

Vince Sorace
President and CEO, Gold Bull Resources Corp.

For further information regarding Gold Bull Resources Corp., please visit our website at www.goldbull.ca

Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services 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 contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicates”, “opportunity”, “possible” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Gold Bull believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations, future prices of copper and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

¹ Freeport-McMoRan Gold Company, 1989-1990; Reverse Circulation Drill Hole CK-14; from NI 43-101 Technical Report on the Coyote Mine Project Juab County, Utah, USA, Arthur J. Mendenhall.