Ms. Cherie Leeden reports

GOLD BULL PROVIDES SANDMAN UPDATE

Gold Bull Resources Corp. has commenced its 2024 field program with the addition of new gold (Au) targets warranting follow-up work. Due to the excellent quality of geochemical and geophysical data which Gold Bull purchased from Newmont in 2020, there is significant value in the existing database. The cost to replicate the Sandman database, including drilling, would be in excess of $20-million (U.S.). Gold Bull's geology team has conducted a thorough investigation of the database which has revealed several incomplete and untested gold-silver targets within the Sandman project. These new targets will be the focus of the coming fieldwork. Areas of field focus within the Northwest trend include the K8 prospect, the North Hill Extension prospect, Adularia Hill and prospective areas within the North-South trend.

Gold Bull's chief executive officer, Cherie Leeden, said:

"Sandman's PEA NPV has more than doubled in the past year based on the appreciating gold price to greater than $250-million (U.S.). This gold-price-driven value increase has not been adequately reflected in our share price; however, it is attracting significant inbound interest.

"In parallel, our team is making use of its high-quality data to further evaluate additional areas in which new gold deposits may be discovered. The 2024 field season is designed to be cost conservative but is expected to deliver new priority drill targets within our very fertile and extensive landholding. Fieldwork will continue using Gold Bull's proprietary gas test work where preliminary results in 2023 deemed the testing was effective. Further coarse fraction lag sampling will also be conducted with the aim of generating high-priority targets capable of adding more ounces to our existing 494,000-ounce gold resource. Our company continues to receive strong inbound M&A interest and we are actively pursuing multiple pathways to value creation."

Sandman preliminary economic assessment gold price sensitivity

Gold Bull announced a PEA on July 31, 2023, titled "Gold Bull's Sandman Project revised PEA Phase 2." Based on the existing gold resource (which remains open), the 2023 Sandman PEA identified a stand-alone, low preproduction capital ($31.5-million (U.S.)), conventional heap leach gold project capable of producing approximately 35,000 to 40,000 ounces (average 38,000) of gold per year for nine years. The 2023 PEA boasts an excellent posttax internal rate of return (IRR) of 81 per cent and net present value of $121-million (U.S.), with rapid payback period of 1.3 years, using a gold price of $1,800 (U.S.).

Changing only the gold price from $1,800 to $2,400 results in the 2023 PEA NPV jumping from $121-million (U.S.) to $272.6-million (U.S.), with an IRR increase from 81 per cent to 150 per cent. Sandman's economics are most sensitive to the gold price.

Along the 11.5-kilometre North-West trend at the K8 prospect, additional lag sampling will be conducted along with preliminary gas test work. The success of this fieldwork will decide if additional ground geophysical survey work is needed in which to adequately target drill holes seeking a new deposit discovery. In the North Hill Extension area adjacent the North Hill mineral resource estimate (MRE) area, further gas testing and geological modelling work is required to design new drill targets using the existing geophysical surveys. Gas testing was successful during the 2023 orientation gas survey in the North Hill Extension area as the sand cover is not deep (five to 10 metres) but conceals the underlying rocks so gas testing a larger area may prove further positive results. At Adularia Hill, assessment of prior drill holes and geochemistry on the Outer basin boundary is needed to consider if further geophysical work is warranted prior to designing further drill holes targeting a new deposit discovery in an area with significant adularia alteration including rare adularia crystals. In the North-South trend, additional geochemical coarse lag and soil gas sampling will be conducted on the western side of the Abel Knoll breccia which has no prior geochemical surface sampling adjacent the defined resource, nor has it had any stepout drilling conducted away from the existing MRE and high-grade diatreme breccia. The surface sampling at Abel Knoll will therefore potentially provide a window of geochemical dispersed signatures of the rocks underlying the surficial sands within the highly prospective Sandman gold project. In addition, further assessment of the 10 km strike North-South trend will be completed particularly along the range front fault away from the Abel Knoll and Southeast Pediment deposits where quartz-adularia veining and iron oxidation is observed.

North Hill Extension -- North-West trend

Gold Bull conducted its preliminary economic assessment (PEA) mine studies prior to closing off its mineral resources in order to illustrate the economics of the current MRE and to present a near-term development mine scenario focused on organically growing the mine. No sterilization drilling surrounding Sandman's MRE has been completed either. The North Hill MRE is not closed off immediately south of the deposit and this target area is referred North Hill Extension. Anomalism was first identified during the 2022 orientation lag sample test work where a lag sample returned 2.36 parts per million gold and one ppm silver (sample ID SBL-0095) in a coarse sample fraction from surface. The gas orientation test work in 2023 also identified this area as being anomalous and prior historical auger rock chip samples returned 0.51 ppm gold and one ppm silver (sample ID ASA1330) and 1.36 ppm gold and 2.7 ppm Ag (sample ID ASA1317). Given the location of the anomalism being immediately south of the defined resource, further gas test work is being planned in this location to see how far the anomalism extends. Lag samples may also be taken to extend the grid southeast of the MRE. Further drilling is warranted in this area of the North Hill deposit to test the anomalism and also to adequately close off the North Hill MRE envelope.

Silica Valley -- North-West trend

Given the preliminary success of the gas orientation test work over the Silica Ridge deposit, further gas test work is planned over the adjacent Silica Valley deposit which was previously identified during the 2022 lag sample test work and adjacent to the Silica Ridge MRE. If the Silica Valley soil/sand gas test work shows encouraging results, an extension of the existing geophysical ground survey will be required to effectively target drill holes for testing. Silica Valley being an extension of the Silica Ridge deposit and as stated previously, the PEA mine studies were conducted by Gold Bull prior to closing off all of the existing deposits including Silica Ridge. Further drill testing is required at Silica Valley, however, due to the large anomalous target area depicted by the 2022 lag sample program; drill targets need to be refined in order to adequately and accurately test the large target area in search of a gold feeder structure as is the case at the Silica Ridge deposit. The soil/sand gas testing will also give indication if the target is hill side creep from the Silica Ridge deposit which sits above the Silica Valley prospect topographically.

K8 prospect to Abel Knoll, part of the North-West trend

As with many Nevada gold deposits, the deposits at Sandman occur at the intersection of northeastern- and northwestern-striking structures where the structures create space for mineralizing fluids to pierce through the underlying Triassic Raspberry formation and flood the overlying Tertiary basalt, tuff and sedimentary successions. Gold Bull is keen to further test surface geochemistry along the North-West trend at the K8 prospect as it is located at the intersection of these important northeastern and northwestern structures. Surface lag samples will be taken (the sieved coarse fraction of sample material) this field season. Historical soil sampling identified an anomalous strike length of 1.5 kilometres within the North-West trend defined with greater than 0.01 gram per tonne Au (soil and auger samples) in which four drill holes were drilled within a radius of 217 m and intersected Cretaceous granodiorite hole K804-0001 averaged 0.15 ppm gold for the entire hole for 103.6 m, hole K804-0002 averaged 0.21 ppm gold over the entire hole 121.9 m, hole K804-0003 averaged 0.11 ppm gold over the entire hole 120.4 m and hole NSM-00379 averaged 0.15 ppm gold over the entire hole 146.3 m. Best historical gold intersections include NSM-00379 48.7 m at 0.32 ppm Au from 28.9 m, including 7.62 m at 0.80 ppm Au from 33.5 m, from hole K804-0001 18.3 m at 0.45 ppm Au from 85.3 m (to end of hole), including 4.5 m at 1.12 ppm Au from 94 m, from hole K804-0003 15.2 m at 0.33 ppm gold from 12.2 m. Only gold analysis was conducted on the Cretaceous granodiorite samples and no copper or other base metals (in search of porphyry gold-copper style of mineralization) or gold indicator elements were analyzed. The lag sampling is designed to confirm if further gold anomalism can be found within the coarse fraction of alluvium over a larger area potentially representative of further mineralization targets underlying the surficial cover. If the lag sampling is successful, a geophysical ground survey is recommended to assist with designing drill hole targets.

The K8 prospect has previously been overlooked due to the cluster of drilling intersecting low-grade gold in granodiorite within a 217 m radius; however, the soil geochemical strike length is 1.5 km and lies within the North-West trend which extends to the Abel Knoll deposit in the southwest and all the way to the North Hill deposit to the northwest, the total strike length of the Northwest trend at the Sandman project is 11.5 km. These results are sufficiently prospective to conduct further lag test work and/or potentially gas test work as these methods are low cost and will assist to decide if and where ground surveys are warranted to further refine drill targets.

Adularia Hill -- North-West trend basin prospect

The Adularia Hill prospect comprises an elevated hilltop with remarkable outcropping adularia crystals and adularia alteration where a historical surface rock chip sample returned 1.11 ppm gold and 0.4 ppm silver (samples ID AH110). The encouraging adularia and silica alteration make this target worthy of further follow-up work as adularia is commonly associated at the top of the mineralization within the Tertiary basins where gold mineralizing fluids pierced through the underlying Triassic Raspberry formation rocks. Adularia Hill is also located on the western margin of the Tertiary basin in a similar location as North Hill which is on the northeastern margin, the interpreted basin boundary margins have not been focused in prior exploration programs. Geochemical sampling surrounding Adularia Hill is also very limited. Prior drilling was clustered around the hilltop and further geological modelling and drill testing is required to better test this target in search of a new deposit discovery.

North-South trend

The North-South Trend area between Abel Knoll and Southeast Pediment deposits is prospective as it forms a range front basin boundary fault where gold mineralization exists in a variety of rocks, including Tertiary basalt, diatreme breccias, tuff and cyclic sedimentary successions. The trend also exhibits quartz veining and encouraging adularia, iron, alunite (argillic) alteration in small rock float observed in alluvium at surface. Attractive Liesegang banding (generally after sulphide minerals) has also been observed associated with diatreme breccias in this trend area. Historical auger rock chip samples in this area have returned 2.54 ppm gold and 1.5 ppm silver (sample ID ASA0235) and 0.51 ppm gold (sample ID ASA0213). The area also has mineralized oxidized breccia which is the same rock as the mineralized Abel Knoll diatreme phreatic breccia which is part of the highest-grade gold rock within the Abel Knoll MRE. Surface gas and lag sample test work is planned for this area this field season.

Next steps

Fieldwork is planned to commence in June with further gas test work plus or minus lag sampling (coarse fraction) at the North Hill Extension area and the Silica Ridge Extension area previously referred Silica Valley. Preliminary lag sample test work will commence at K8 and further sampling will also be conducted west of the Abel Knoll diatreme breccia where no prior surface sampling has been conducted and no stepout or deposit sterilization drilling has been undertaken. Further evaluation of the North-South trend will also be conducted between Southeast Pediment and the Abel Knoll deposit.

The company is currently engaged in active and advanced merger and acquisition (M&A) due diligence, with respect to both inbound and outbound expressions of interest. The focus remains on undervalued gold assets within the United States, with a primary focus on Nevada, where its management team reside.

About Sleeper

The Sleeper-Sandman corridor is a highly endowed and underexplored terrain. Gold Bull is exploring Sandman for Sleeper-style new discoveries because the Sleeper mine mined approximately two million ounces of gold (plus 2.3 million ounces of silver) and had an approximate measured and indicated mineral resource of three million gold equivalent ounces at the time of mining. The mine is located approximately 23 kilometres north of Sandman's North Hill deposit along the same Nevada gold trend. The Sleeper deposit measures 500 m wide by two km in strike length and was one of the highest-grade gold deposits mined in Nevada at 0.48 ounce per ton (15 g/t) gold. Sleeper had a reportable resource of 2.27 million ounces of gold in 1997 at the time of mine closure. The deposit was obscured by cover because it was partially covered by alluvium to the west and was not all outcropping. This highly prospective corridor has been massively underexplored and underdrilled given the prolific known gold mineralization at or near surface in the district.

It should be noted, it took Sleeper 34 stepout drill holes to discover the high-grade gold vein system with the discovery hole returning 102 m of silicified breccia that averaged 28 g/t gold and 62 g/t silver. A very persistent exploration methodology was applied by Gold Bull's current technical adviser, John Wood, who is credited to discovering the high-grade Sleeper deposit (Wood pit named after him) which was surrounded by lower-grade disseminated gold. The Sleeper anomaly had an initial surface geochemical expression 50 to 300 m wide and 1,000 m long, surface samples ran 0.2 g/t gold, and mineralization remain below the historical pit. A similar narrow surface expression also exists at the Sandman Southeast Pediment deposit and therefore it is considered possible to discover an additional deposit outside the existing Sandman orebodies.

About Sandman

In December, 2020, Gold Bull purchased the Sandman project from Newmont. Gold mineralization was first discovered at Sandman in 1987 by Kennecott and the project has been intermittently explored since then. There are four known pit-constrained gold resources located within the Sandman project, consisting of 21.8 million tonnes at 0.7 g/t gold for 494,000 ounces of gold; comprising an indicated resource of 18.55 Mt at 0.73 g/t gold for 433,000 oz of gold plus an inferred resource of 3,246,000 tonnes at 0.58 g/t gold for 61,000 ozsof gold. Several of the resources remain open in multiple directions and the bulk of the historical drilling has been conducted to a depth of less than 100 m. Sandman is conveniently located approximately 25 to 30 km northwest of the mining town of Winnemucca, Nev.

Qualified person

Ms. Leeden, BSc, 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 is the company's chief executive officer.

About Gold Bull Resources Corp.

Gold Bull's mission is to grow into a U.S.-focused mid-tier gold development company via rapidly discovering and acquiring additional ounces. The company's exploration hub is based in Nevada, U.S., a top-tier mineral district that contains significant historical production, existing mining infrastructure and an established mining culture. Gold Bull is led by a board and management team with a record of exploration and acquisition success.

We seek Safe Harbor.