Gold Standard Ventures (GSV-V ) May 22, '14 announced today that drilling has commenced at the Company’s Pinion Project with one reverse circulation and one core rig. The Phase 1 program consists of thirteen vertical drill holes designed to confirm and verify historic drill results in the Pinion North and Main Zones, test the predictability of the new geological model and collect material for density and metallurgical testing in advance of an initial NI-43-101 resource estimation. Drilling, estimated at 2,100 meters, is expected to be completed before the end of June.
Nine reverse circulation drill holes totalling about 1500 meters, and four core holes totalling about 600 meters are planned for Phase 1 drilling at Pinion (click the following for drill map: goldstandardv.com These proposed holes are summarized below: - Core A and Core B will test for vertical extensions to mineralization in favorable stratigraphy and structure beneath existing holes which bottomed in gold. At these locations, historic drilling ended in Chainman Formation sandstone, stratigraphically above the favorable collapse breccia host.
- Core C and Core D are designed to twin and verify existing gold intercepts in historic reverse circulation holes, test the lower limits of gold mineralization and confirm geology.
- RC-1 is designed to expand the collapse breccia hosted mineralization to the west of the Main Zone.
- RC-2, RC-3, RC-4, RC-5, RC-6, RC-8 and RC-9 are designed to expand the collapse breccia hosted mineralization between the Main and North Zones, in areas of wider-spaced historic drilling. Sites RC-8 and RC-9 are positioned along fault zones identified during recent re-logging and cross sectional interpretation of geology.
- RC-7 is designed to expand the collapse breccia hosted mineralization to the east of the North Zone.
The Phase 1 drilling is a limited program but will allow for a systematic build-up of the geologic model and resource, with a more substantial Phase 2 planned for the second half of 2014. At Pinion, gold is hosted in an oxidized, flat to gently dipping, dissolution collapse breccia. Lateral extent and continuity of gold mineralization is excellent due to the channeling of the gold system within highly permeable collapse breccia sandwiched between relatively impermeable, silty micrite of the overlying Mississippian Tripon Pass Formation and thick bedded, calcarenite of the underlying Devonian Devil’s Gate Formation. Previously unrecognized, intrusive rocks occur within the deposit and indicate the presence of important deep-seated, through-going conduits.
Gold Standard’s President and CEO Jonathan Awde stated that “we have a high degree of confidence that the current drill program will enable us to report a resource which conforms to the standards of NI 43-101. This is an important development for Gold Standard because it will enable the market to begin valuing the Pinion asset in the context of comparable deposits.”
The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by Steven R. Koehler, Gold Standard’s Manager of Projects, BSc. Geology and CPG-10216, a Qualified Person as defined by NI 43-101, Standards of Disclosure for Mineral Projects. |
