Great Basin Gold Ltd - News Release
Gold Basin releases Ivanhoe inferred resource figures
Great Basin Gold Ltd GBG
Shares issued 38,182,133 Oct 3 2001 close $.700
Wednesday Oct 3 200 News Release
Mr. Ronald Thiessen reports
Behre Dolbear and Company has audited and confirmed a one million ounce gold equivalent inferred resource for the high-grade gold-silver vein system being delineated by Great Basin Gold on its Ivanhoe property, Elko county, Nevada. This high-grade gold-silver vein system is open to further expansion with additional drilling and sampling.
Behre Dolbear conducted a complete audit of Great Basin Gold's industry standard modelling of the high-grade veins delineated to date by core drilling from surface of over 105 holes. At a cutoff grade of 0.25 ounce gold per ton the calculated inferred mineral resource totals 719,000 tons at an average grade of 1.29 ounces per ton gold and 7.00 ounces per ton silver. This inferred resource contains 926,000 ounces of gold and 5,033,000 ounces of silver (1,004,000 ounces gold equivalent).
INFERRED MINERAL RESOURCES
HIGH-GRADE GOLD-SILVER VEINS
Vein Tons Gold
(000s) (oz/t)
Central Clementine 181 1.45
South Clementine 221 1.55
Gwenivere 132 1.22
Gwenivere South 1 44 0.63
Gwenivere South 2 34 1.95
South Gwenivere 1 22 0.74
South Gwenivere 2 84 0.59
Total/average 719 1.29
Vein Silver Gold
(oz/t) (000s oz)
Central Clementine 8.32 262
South Clementine 6.12 342
Gwenivere 12.27 161
Gwenivere South 1 2.43 28
Gwenivere South 2 11.14 67
South Gwenivere 1 1.31 16
South Gwenivere 2 0.45 50
Total/average 7.00 926
Vein Silver Gold equiv.
(000s oz) (000s oz)
Central Clementine 1,508 285
South Clementine 1,352 363
Gwenivere 1,617 186
Gwenivere South 1 108 30
Gwenivere South 2 382 73
South Gwenivere 1 29 17
South Gwenivere 2 38 51
Total/average 5,033 1,044
Behre Dolbear concludes in its report titled "Audit of Preliminary Resource Estimate for the High-Grade Gold-Silver veins of the Ivanhoe District, Elko county, Nevada," dated Oct. 2, 2001, that: "Great Basin Gold's inferred resource estimate was conducted using procedures and parameters conforming to CSA N143-101 and N143-101 CP. The drill hole database was monitored and maintained by a rigorous QA/QC program which is above the industry standard. Modelling procedures and parameters used by Great Basin are consistent with industry standards."
High-grade gold-silver mineralization in the veins occurs in wide, tabular, steeply plunging ore shoots. Significantly, these ore shoots are open to depth. Currently, the ore shoots extend over a 400- to 500-foot vertical interval in the plane of the veins below the Tertiary/Ordovician unconformity. At the Ken Snyder mine, located 12 miles north, which is the best studied example of mid-Miocene (15 million year old) epithermal veins along the Carlin trend, economic mineralization occurs over a vertical range of 300 to 1,700 feet averaging about 1,000 feet. Strong boiling zone textures and high gold grades are present in the deepest holes drilled through the veins at Ivanhoe. The exploration implication for significant resource expansion of the Ivanhoe veins to depth is clear |
