Great news. Hopefully this canhelp leverage the negotiations in CNPs favor.
GREAT BASIN GOLD LTD.: IVANHOE HIGH GRADE GOLD-SILVER SYSTEM CONTINUES TO EXPAND
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Aug. 24, 1998-- Robert G. Hunter, Chairman of Great Basin Gold Ltd. (VSE:GBG; NASDAQ: GBGLF) and Andrew F.B. Milligan, President and CEO of Cornucopia Resources Ltd. (TSE:CNP; NASDAQ:CNPGF) are pleased to report that drilling continues to return high grade gold and silver intercepts from the Hollister area of the Ivanhoe Joint Venture (75% GBG - 25% CNP). Ivanhoe is a 21 square mile mineral claim package located between Barrick's Goldstrike Mine and Franco/Euro Nevada's Ken Snyder Mine on the Carlin Trend in north-central Nevada.
Significant assay results from recently completed drill holes (IH-008 to IH-012) are reported below.
*T
Drill Hole From To Intercept Gold Silver Holes Type
(feet)(feet)(feet)(metres) (oz (g/ (oz/ (g/
ton) tonne) ton) tonne)
IH-009A Core 546.1 557.5 11.4 3.47 2.942 100.88 1.42 48.8 incl Core 546.1 549.8 3.7 1.13 8.604 295.00 3.32 114.0 incl Core 555.0 557.5 2.5 0.76 0.439 15.06 1.41 48.4 IH-009 Core 780.0 785.0 5.0 1.52 0.949 32.54 6.15 211.0
Core 800.0 805.4 5.4 1.65 0.300 10.28 7.46 255.9 IH-011 RC 185.0 200.0 15.0 4.57 0.142 4.87 NA NA
Core 643.0 646.5 3.5 1.07 2.582 88.52 9.06 310.5
Core 745.5 749.8 4.3 1.31 4.840 165.95 1.99 68.2
Core 913.5 915.0 1.5 0.46 0.508 17.42 1.70 58.4 IH-012 RC 440.0 445.0 5.0 1.52 0.214 7.35 NA NA
Core 701.0 704.5 3.5 1.07 0.142 4.87 0.52 18.0
Notes: Hole IH-009A is a core redrill of the reverse circulation portion of Hole IH-009. NA: not assayed.
*T
Holes IH-008 and IH-010 did not test the main northwest trending feeder zone currently under evaluation and these two holes intersected values in the range of 0.20 oz gold/ton over 4 feet.
The distribution of high grade drill intercepts (17 intercepts assaying greater than 0.5 oz gold/ton) along northwest and northeast trending structures, below the near surface, bulk tonnage Hollister deposit strongly suggests significant potential for a Ken Snyder-type high grade gold-silver system. A series of microprobe studies of Ivanhoe gold-silver intercepts by Dr. Larry Larson (former Dean of the Mackay School of Mines, University of Nevada) indicates many similarities to mineralization at the nearby Ken Snyder Mine. The Ken Snyder mine, which is now under construction, is expected to produce gold for less than US$80 per ounce which will make it one of the lowest cost gold producers in North America. This underground operation is designed to mine a total diluted mineable width of 3 to 5 feet with a reported grade of 1.04 oz gold/ton and 11.65 oz silver/ton in a mineable reserve of 2.17 million tons.
Any one of the northwest or northeast trending structures currently being explored at Ivanhoe is large enough to host the currently published Ken Snyder Mine reserve.
Further drilling to expand the Ivanhoe high grade gold-silver system is scheduled for September.
NOTE: The Vancouver and Toronto Stock Exchanges have neither approved nor disapproved the information contained in this news release.
CONTACT:
Great Basin Gold Ltd., Vancouver
Robert G. Hunter, 604/684-6365 or 800/667-2114
604/684-8092 (fax)
www.hdgold.com
or
Cornucopia Resources Ltd., Vancouver
Andrew F.B. Milligan, 604/687-0619
604/681-4170 (fax)
www.cornucopia-resources.com
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