There first deep hole was a failure, despite the attempt to spin it. GBG doesn't have the cash to keep trying:
Great Basin Gold Ltd.
1020-800 W Pender St.
Vancouver, BC
Canada V6C 2V6
Tel 604 684·6365
Fax 604 684·8092
Toll Free 1 800 667·2114
hdgold.com
GREAT BASIN CUTS MINERALIZED LOWER PLATE
CARBONATES IN DEEP HOLE
August 2, 2001, Vancouver, BC – Ronald W. Thiessen, President and CEO of Great Basin Gold Ltd.
(CDNX-GBG; OTC.BB-GBGLF) is pleased to announce positive results from the completion of the
Company’s first ever, deep hole drilled beneath the Hollister Deposit. The deep hole was drilled to test
for lower plate Devonian carbonate rocks (Rodeo Creek and Robert’s Mountain Formations) which host
the majority of the large scale gold deposits on the Carlin Trend (Carlin, Post, Deep Post, Betze, Rodeo,
Griffin, Meikle, etc.).
The drill-search for these lower plate carbonates, host to large tonnage high-grade deposits, has been
attempted by many mining companies in the northern region of the Carlin Trend. Great Basin has
succeeded.
Hole 214 was completed at 6,946 feet and successfully cut a 74 foot mineralized interval immediately
above the Robert’s Mountain Formation. While not economic this intersection is strongly altered and is
characterized by brecciation, veining and pervasive silicification with 2 to 7% pyrite throughout. The
intercept is highly significant in that it opens up for the first time the entire Ivanhoe property for
exploration for lower plate, carbonate-hosted Carlin Trend deposits. This exciting target type is in
addition to the nearer surface high grade epithermal gold veins being delineated by Great Basin Gold in
the upper plate Valmy Formation.
With a strong treasury, the Company is in a position to undertake work on near term opportunities for
further development of the high-grade Hollister gold vein structures whic h remain open to depth and
along strike, additional exploration of the newly discovered north-northwest vein system in the Velvet
area and the follow-up exploration of this exciting new intercept at other portions of the extensive
Ivanhoe property. In addition, the presence of the Hatter intrusive stock within the upper plate Valmy
Formation (host to the epithermal veins,) has most likely intruded the lower plate carbonates as well.
These intrusive stocks (ideal deposit catalysts) are associated with large-scale deposits in other regions of
the Carlin Trend.
In conclusion, this drill test was successful on these counts:
i) Successful interception of lower plate Devonian rocks.
ii) Significant mineralization present.
iii) These results greatly enhance prospectivity for large-scale Carlin type deposits at the Ivanhoe
Project.
-2-
A summary log of Hole 214 is as follows:
From
(feet)
To
(feet) Unit, Lithological Unit
0 270 Tertiary, volcanic rocks
- unconformity
270 900 Valmy Formation quartzites and argillites
- Robert’s Mountain Thrust Upper Plate
900-1605-Rodeo Creek sequence, variably calcareous argillites
1605-2614-Rodeo Creek sequence, quartzite and minor argillite
2614-3659-Rodeo Creek sequence, rhythmically bedded argillite
3659 4646 Rodeo Creek sequence, interbedded quartzite and argillite
4646 6473 Rodeo Creek rhythmic argillite and siliceous argillite
6473 6641 Robert’s Mountain Formation, thin bedded limestones
6641 6946 Hanson Creek Formation, dolomite
Lower Plate
For further details on Great Basin Gold Ltd. please visit the Great Basin website at www.hdgold.com or
contact Investor Services at (604)684-6365 or within North America at 1-800-667-2114.
ON BEHALF OF THE BOARD
Ronald W. Thiessen
President and CEO
No regulatory authority has approved or disapproved the information contained in this news release. |
