Gold Standard drills 77.8 m of 1.63 g/t Au at Railroad
2012-04-03 08:30 ET - News Release
Shares issued 65,540,273
GV Close 2012-04-02 C$ 2.20
Mr. Jonathan Awde reports
GOLD STANDARD CONTINUES TO INTERSECT THICK INTERVALS OF GOLD MINERALIZATION IN THE NORTH BULLION TARGET AT THE COMPANY'S RAILROAD PROJECT ON THE CARLIN TREND, NEVADA
Gold Standard Ventures Corp. has released additional assay results from the lower portion of completed hole RR11-16 and completed holes RR11-17 and RR11-18 in the North Bullion Fault zone (NBFZ) target. Highlights of new assay results from RR11-18 include: 255 feet of 0.048 ozAu/st (77.8m of 1.63g) from 1,070 to 1,325 feet (326.1-403.9m), including 110 feet of 0.075 ozAu/st (33.5m of 2.58g) from 1,180 to 1,290 feet (359.7-393.2m). Previously reported assay results from the upper portion of RR11-16 included: 185 feet of 0.125 ozAu/st (56.4m of 4.29g) from 555 to 740 feet (169.2-225.6m), including 60 feet of 0.214 ozAu/st (18.3m of 7.34g).
Thick zones of gold mineralization occur within and below complex, tectonically broken to shattered zones within what has been interpreted to be multiple slide-blocks lying above, and affected by, large mineralized dissolution-collapse created breccia bodies developed within underlying carbonate rock units. The breccia bodies encountered in our drill holes are locally more than 1,500 feet thick. This geological setting of overlying, generally non-permissive siliciclastic rock units that provide a cap above carbonate rocks that have undergone large volumes of hydrothermal induced dissolution and collapse is a common theme and an ideal geological setting for the development of very large gold deposits in Nevada, examples of which include Gold Strike and Gold Quarry in the central and northern portions of the Carlin Trend.
"Early in our Railroad exploration program our drilling encountered large, thick zones of collapse breccias containing anomalous gold up to the one gram, or more, and these results led us into the NBFZ target area. Potential economically important high grade feeders that created the breccias and fed in the gold mineralization are thoroughly obscured by the non-receptive capping units, and in places post-mineral volcanic rocks. Gravity data combined with geochemistry provided good information for getting us close to the major structures and the possible flanking feeder zones, but it has now become the job of the drill and careful geological interpretation of drill core and assay results to further zero in on the high grade feeder zones. We believe we may have clipped one of these feeders (185 feet of 0.125 ozAu/st) in hole RR11-16," states Dave Mathewson, Vice President of Exploration.
Drill hole RR12-1 - currently in progress at 920 feet, is an eastward flatter angled -55 degrees offset being drilled from the same site as RR11-18. Drill hole RR12-2 - currently in progress at 1,298 feet, is also an eastward flatter angled -55 degrees offset being drilled from the same site as RR11-16. Drill hole RR12-2 is approximately 300 feet to the south of RR12-1. These holes are designed to provide 150 to 300 foot offsets and lateral target comparisons and definition to the mineralization encountered in 18 and 16, and they are designed to further locate and configure potential high grade feeder zones toward the east and north to south within the NBFZ target area. Additional drilling is being planned primarily to the north of these intercepts, but the south direction also remains open to high grade target opportunities. The location of the eastern hard boundary to the mineralization -- comprised of a major fault -- is approximately known, but has not been intersected by drilling. It is believed that these more flatly drilled (-55 degrees) holes currently in progress may serve to locate the mineral system boundary, but more importantly will provide a greater chance of intersecting high-angle feeder zones and provide good cross-sectional information.
The company would also like to announce that drilling will continue with these two core rigs beyond RR 12-1 and RR 12-2 and will be joined by an additional 4 - 5 rigs to the Railroad Project in late May/early June as we ramp up our 2012 exploration program.
A conference call will be held by the company at 2:00pm EST to discuss today's release and the ongoing exploration program at Railroad. Dial in numbers are provided at the end of this press release.
NORTH BULLION FAULT ZONE ---------------------------------------------------------------------------- TD FROM TO INT. GOLD INT. GOLD HOLE # (M) (M) (M) (M) (G/T) OTHER (FT) (OZ/ST) ---------------------------------------------------------------------------- RR11- 764.1 169.2 225.6 56.4 4.29 185 0.125 16(Core)-70 degrees Incl. 170.7 189.0 18.3 7.34 60.0 0.214 East Incl. 179.8 185.9 1.6 14.7 5.0 0.429 Incl. 181.4 187.5 1.6 14.9 5.0 0.434 298.7 306.3 7.6 0.754 25.0 0.022 318.5 330.7 12.2 0.719 40.0 0.021 349.0 352.0 3.0 0.369 10.0 0.011 359.6 365.7 6.1 0.556 20.0 0.016 402.3 437.4 35.1 0.397 115.0 0.012 463.3 477.0 13.7 0.441 45.0 0.013 512.1 524.3 12.2 0.334 40.0 0.010 748.9 752.9 4.0 0.375 13.0 0.011 ---------------------------------------------------------------------------- RR11- 831.5 253.4 265.0 2.6 2.450 8.5 0.071 17(Core)-75 373.4 376.4 3.0 0.450 10.0 0.013 degrees 411.5 415.4 3.9 0.380 13.0 0.011 East 506.0 512.1 6.1 1.290 20.0 0.038 524.3 538.0 13.7 0.622 45.0 0.018 557.8 563.9 6.1 0.437 20.0 0.013 570.0 573.0 3.0 0.375 10.0 0.011 705.6 710.2 4.6 0.378 15.0 0.011 ---------------------------------------------------------------------------- RR11- 707.4 107.8 109.8 2.0 590g/t Ag 6.5 18(Core)-70 301.8 309.4 7.6 1.84 (17.02 25.0 0.053 degrees 326.1 403.9 77.8 1.63 oz/st) 255.0 0.048 East Incl. 359.7 393.2 33.5 2.58 110 0.075 534.9 537.9 3.0 0.415 10.0 0.012 ---------------------------------------------------------------------------- RR12- 01(Core)-55 degrees Drill Hole in progress East ---------------------------------------------------------------------------- RR12- 02(Core)-55 degrees Drill Hole in progress East ----------------------------------------------------------------------------
All reported assay intervals are based on certified ALS Minerals Laboratory assay results from split core.
All reported thicknesses are true mineral thicknesses at the particular location of these intercepts.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance
All sampling was conducted under the supervision of the Company's project geologist and the chain of custody from the drill to the sample preparation facility was continuously monitored. Core was cut at the company's facility in Elko and one half was sent to the lab for analysis and the other half retained in the original core box. A blank, quarter core duplicate or certified reference material was inserted approximately every tenth sample. The samples are delivered to ALS Minerals preparation facility in Elko. The samples are crushed and pulverized and sample pulps are shipped to ALS Minerals certified laboratory in Vancouver where they are digested and analyzed using fire assay fusion and an atomic absorption spectroscopy (AAS) finish on a 30 gram split. Data verification of the analytical results includes a statistical analysis of the duplicates, standards and blanks that must pass certain parameters for acceptance to insure accurate and verifiable results.
E.L. "Buster" Hunsaker III, CPG-8137, an independent Qualified Person, as defined by NI 43-101, Standards of Disclosure for Mineral Properties, has verified the technical information and evaluated interpretations contained in this news release.
CONFERENCE CALL:
A conference call to discuss the drilling update will be held at 2 P.M. (EST) on April 3, 2012. Investors are invited to participate by connecting to the call using one of the following dial-in numbers and asking to be placed in the Gold Standard Conference call: Date: April 3, 2012 Time: 2:00pm Eastern Standard Time Dial in Number: 1-416-850-9144 or toll free 1-866-400-3310
The call will be hosted by Jonathan Awde, president and chief executive officer, and Dave Mathewson, vice-president of exploration. Callers should refer to the newly posted slides posted on Gold Standard website that will be referenced during the meeting.
If you cannot participate on April 3, 2012, a replay of the conference call will be available by dialing one of the following replay numbers. You will be able to dial in and listen to the conference two hours after the meeting end time, and the replay will be available until April 17 2012. Please enter the replay Passcode No. 451060 followed by the pound key.
Replay dial-in:
Toll-free: 1-866-245-6755
International or local (Toronto) 1-416-915-1035
We seek Safe Harbor. |
