Ms. Cherie Leeden reports

GOLD BULL DEFINES TWO NEW DRILL TARGETS AT SANDMAN HIGH GRADE ROCK CHIP SAMPLES UP TO 210G/T AG & 1.11G/T AU

Gold Bull Resources Corp. has released results of continuing exploration targeting fieldwork completed at its Sandman project, located in Nevada:

• New silver target emerges at K8 prospect;
• New prospect and drill target defined at Abel Knoll South.

A new drill target has been identified via a surface lag sampling geochemical anomaly, located south of the Abel Knoll diatreme breccia, where the Sandman northwest and north trends intersect, at a new prospect referred to as Abel Knoll South. The drill target is located 120 metres (m) south of the Abel Knoll diatreme breccia deposit and coincides with a geophysical anomaly. The target has never been drilled.

At the K8 prospect, surface rock chip sampling returned encouraging results of high-grade gold (Au) and silver (Ag), with grades up to 1.11 grams per tonne (g/t) Au and 210 g/t Ag (sample 6R), and a cluster of anomalous surface rock chip samples spaced 150 m apart. In this area, there are sparse historical soil samples and drill holes that require further assessment at K8 to determine if the sampling is adequate given the high amount of unconsolidated sand at surface and compelling new data.

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

"While the capital markets remain difficult, our geology team is working on defining new drill targets at Sandman, to be tested when the capital markets improve. This is being achieved via a combination of boots on ground fieldwork combined with reviewing the extensive historical database that we acquired with Sandman (valued at circa $30-million (U.S.) if we were to redo the work at the current costs).

"At the newly identified Abel Knoll South prospect the coincident lag geochemical anomaly with the geophysical anomaly gives us confidence in needing to drill test this new target. Given Sandman's mineral resources were not closed off when Gold Bull conducted its preliminary economic study (PEA), the possibility of a further mineralized diatreme breccias located around the Abel Knoll resource is an exciting possibility, especially with nearby historical holes logged as containing portions of breccia.

"At the K8 prospect, rock chip samples have returned very high silver results of up to 210 g/t Ag with high gold grades of up to 1.11 g/t gold from surface rock chip sampling of a granodiorite! Further evaluation work of historical soil and auger work is required to define drill targets at this compelling northwest trend location.

"In parallel to our exploration targeting work, we are extensively evaluating inbound M&A interest."

Abel Knoll South -- new drill target

Orientation lag sample testing was conducted west and south of the Abel Knoll deposit in search of pathfinder elements as a cheaper method of near-surface testing to yield drill targets, which are expensive to conduct. Lag sampling is designed to confirm if further gold anomalism can be found within the coarse fraction of alluvium, which is roughly approximate to the sample location point and is used to test larger areas for submerged deposits represented by dispersed anomalism. The key to lag sampling is understanding the substratum and classifying as near-situ or transported alluvium. Using the location of lag anomalies is a good additional geochemical exploration tool when targeting drill testing holes from processed geophysics, it basically gives more confidence to warrant drill testing, which is expensive to conduct.

Lag samples were taken as coarse sieved fractions over the three lines whereby the fine sand fraction was discarded and the coarse fraction was analyzed. Analysis was conducted initially using a field portable XRF machine, which yielded elevated arsenic levels, and these samples were then sent to the laboratory for testing and confirmed the high arsenic anomalous area immediately south of the Abel Knoll diatreme breccia. The gold and arsenic values reported in this announcement are certified laboratory results. A single lag sample returned elevated gold with 0.50 part per million (ppm) (sample 53), however, is interpreted as a single outlier and not an anomaly due low arsenic 11 ppm, no repeat of results in surrounding samples, the presence of quartz float in the sample and being located in the deeper basin area, where coarse fraction return was poor, so likely transported quartz mineralized piece.

The results of the lag arsenic analysis is anomalous as the arsenic levels were consistent over multiple samples and altered coarse rock pieces logged in the sample, and arsenic is associated with gold at the Sandman project; there is a consistent association with gold and arsenic at Sandman. The arsenic target area coincides with the intersection of the 11.5 km northwest and 10 km north trends, and shows a separate geophysical anomaly in the processed gradient array apparent resistivity geophysical imagery.

Drill holes are sparse surrounding the Abel Knoll deposit, which has no stepout drilling, nor has had sterilization drilling conducted surrounding the deposit so there is prospectivity to discover more mineralized diatreme breccias near to the existing Abel Knoll breccia, and this is why the lag orientation sampling was planned and conducted as the diatreme breccia hosts high-grade gold up to two ppm in drill results.

K8 prospect -- new silver target within the northwest trend

Surface rock chip samples were taken at the K8 prospect, and the best grade returned from a certified laboratory was 1.11 ppm gold Au and 210 ppm Ag from a surface rock chip sample (ID 6R) containing iron altered granodiorite (hornblende) rock and massive quartz veining. Numerous elevated gold and silver rock chip samples returned from the laboratory include: 0.81 ppm Au and 45.1 ppm Ag (ID 5R); 0.84 ppm Au and 5.9 ppm Ag (ID 1R); 0.19 ppm Au and 30.2 ppm Ag (ID 7R); and 0.14 ppm Au and 20.4 ppm Ag (ID 9R). The rock chip samples were taken from an outcrop that exhibited jarosite iron staining with liesegang banding after sulphide (most likely pyrite) with some iron-stained quartz veining within a granodiorite rock. The iron alteration was evident, with alteration along the conjugate joint sets and banding reminiscent of liesegang after sulphide. The silver is considered very high grade for Sandman, returning up to 210 ppm silver (ID 6R with GRAVAg30 analysis), and there is also widespread elevated silver values noted in the historical soil samples, which need further evaluation as to the grade potential. Silver is known to exist at the Sandman project in association with the gold mineralization, however, silver has not been included in the previously reported mineral resource estimates (MRE) due to inconsistent and incomplete collection of laboratory silver analysis by previous explorers during their drill analytical work. No high-grade silver has previously been reported, possibly due to a lack of historical analysis of silver at Sandman. The host rock at K8 prospect is altered granodiorite and contains sparse historical drill holes.

The rock chip samples were taken from an area previously tested with soil and auger sampling, however, field observation yielded interesting rocks, which had not been previously rock chip sampled. The historical soil sampling identified an anomalous area measuring 1.5 km in length within the northwest trend defined by more than 0.01 ppm gold from soil and auger samples. Only four historical drill holes were drilled within a 217 m diameter cluster and intersected Cretaceous granodiorite in hole K804-0001, which averaged highly anomalous 0.15 ppm gold for the entire hole for 103.6 m; hole K804-0002 averaged 0.21 ppm gold over the entire hole for 121.9 m; hole K804-0003 averaged 0.11 ppm gold over the entire hole for 120.4 m; and hole NSM-00379 averaged 0.15 ppm gold over the entire hole for 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.

The K8 prospect has previously been downgraded 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 northwest 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. The high-grade silver returned from samples 6R warrants further evaluation of this prospect, particularly, detailed evaluation of the surface geochemistry and its silver potential.

Further detailed assessment of the historical soil and auger sampling and some older ground VLF-EM (very-low-frequency electromagnetic) surveys need orientation to confirm if the new targets warrant drill testing, in the previously interpreted large low-grade K8 gold prospect.

Sandman drill targets

Sandman now has two new drill-ready targets, the first being at Abel Knoll South, which was defined by the recent lag sample orientation test work, which returned a consistent arsenic anomaly, which coincides with a gradient array apparent resistivity anomaly. Further lag sampling is also warranted on a similar target to the north and another area of geophysical interest, located northwest of the Abel Knoll breccia.

A former target previously reported that requires further ground geophysical surveying for drill targeting is the Silica Valley target, which is located immediately northeast of the Silica Ridge deposit. Multiple targets warrant further exploration follow-up work to discover additional gold ounces. In addition, the Sandman mineral resource estimates has not been completely closed off, nor has stepout and sterilization drilling been conducted, as is normally the case prior to reporting preliminary economic assessments.

Next steps

Further evaluation of the historical soil and auger sampling at the K8 prospect is required to conclude potential drill targets and to evaluate the potential of high silver within the granodiorite host rock. Evaluation of historical soil and other ground geophysical surveys at Abel Knoll and Silica Valley, and the southern area of North Hill, is required to conclude a list of high-quality drill targets aimed at a new gold deposit discovery within the Sandman tenure.

About Sleeper, 23 km north of Sandman

The Sleeper-Sandman corridor is a highly endowed and underexplored terrain given the Sleeper mine, mined circa two million ounces of gold (plus 2.3 million ounces of silver), and which had an approximate measured and indicated mineral resource of three million gold equivalent ounces at the time of mining. The mine is located circa 23 km 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 (oz/t) (15 ppm) 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 that 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 ppm gold and 62 ppm 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 50to 300 m wide and 1,000 m long, surface samples ran 0.2 ppm gold, and mineralization remains 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 (t) at 0.7 ppm gold for 494,000 ounces (oz) of gold, comprising an indicated resource of 18.55 million t at 0.73 ppm gold for 433,000 oz of gold plus an inferred resource of 3,246,000 t at 0.58 ppm gold for 61,000 oz of 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 circa 25 to 30 km northwest of the mining town of Winnemucca in Nevada.

Qualified person

Cherie Leeden, BSc in 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 CEO.

About Gold Bull Resources Corp.

Gold Bull's mission is to grow into a United States-focused mid-tier gold development company via rapidly discovering and acquiring additional ounces. The company's exploration hub is based in Nevada, 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.

Gold Bull's core asset is the Sandman project, located in Nevada, which has a 494,000 oz gold resource as per a 2022 National Instrument 43-101 resource estimate. Sandman is located 23 km south of the Sleeper mine and boasts excellent large-scale exploration potential.

Gold Bull is driven by its core values and purpose, including a commitment to safety, communication and transparency, environmental responsibility, community, and integrity.

We seek Safe Harbor.