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Gold/Mining/Energy : Great Basin Gold GBG.VSE (merger of Pacific Sentinel Gold) -- Ignore unavailable to you. Want to Upgrade?

To: kfdkfd who wrote (73)	10/13/1999 11:28:00 PM
From: Emil T. Colosimo	Read Replies (1) \| Respond to of 317

BINGO ! Wednesday October 13, 8:23 pm Eastern Time Company Press Release Great Basin Gold Ltd. -- Drilling Expanding High Grade Gold-Silver System at Ivanhoe VANCOUVER, B.C.--(BUSINESS WIRE)--Oct. 13, 1999--Robert G. Hunter, Chairman of Great Basin Gold Ltd. (VSE:GBG - news; OTCBB:GBGLF - news) is pleased to report that drilling is successfully expanding the high grade gold-silver feeder vein system in the Hollister area of the Company's 100% owned Ivanhoe Project. Ivanhoe lies on the Carlin Trend midway between Franco Nevada's newly commissioned Ken Snyder Mine and Barrick's Goldstrike Mine and comprises 858 claims covering 14.7 square miles. The property hosts the largest near surface disseminated gold resource (2.8 million ounces) or ``leakage anomaly' on the Carlin Trend which has not had its underlying feeder zones systematically explored by drilling. Great Basin's drilling results to date, combined with extensive re-logging of historic drill holes, suggests that a ``Ken Snyder Mine-type', bonanza-grade feeder system lies beneath the Hollister area. Great Basin has commenced a fully permitted, 50,000 foot (50 hole) drilling program in the Hollister area. Since the program was announced on Sept. 8, 1999, thirteen holes (13, 14, 15, 16, 18, 19, 23, 25, 26, 27, 28, 29 and 31) have been completed to target depth with seven returning significant values over visually identified and assayed intervals. One hole (20) was lost before achieving target depth. Reverse circulation precollars have been completed for an additional five holes (17, 21, 22, 24 and 30) that are awaiting completion by diamond drill coring to target depths. One of these reverse circulation precollars (24) has cut gold values. Assay highlights from these initial holes include: 15 feet grading 0.400 oz/ton gold (13.7 g/t), 3 feet grading 0.292 oz/ton gold (10.0 g/t), 11.1 oz/ton silver (380 g/t), 2.2 feet grading 0.964 oz/ton gold (33.0 g/t) and 6.21 oz/ton silver (213 g/t) in hole 14; 10 feet grading 0.350 oz/ton gold (12.0 g/t) including; 3.5 feet grading 0.671 oz/ton gold (23.0 g/t) in hole 15; 6.8 feet grading 0.306 oz/ton gold (10.5 g/t), 17.4 oz/ton silver (597 g/t), 1.8 feet grading 0.271 oz/ton gold (9.3 g/t) and 29.5 oz/ton silver (1010 g/t) in hole 23; 4.8 feet grading 0.412 oz/ton gold (14.1 g/t) in hole 29 and; 2.0 feet grading 1.858 oz/ton gold (63.7 g/t) and 15.3 oz/ton silver (525 g/t) in hole 31. Drilling is ongoing with two diamond drill rigs and one reverse circulation rig. All key intercepts from Great Basin's drilling programs to date in the Hollister area are reported on the attached Table of Assay Results. In addition, the location and orientation of these holes are shown on the attached Drill Hole Plan. These holes are widely spaced exploration holes, therefore, the orientation of each structure hosting the tabulated intercepts cannot be uniquely determined at present. Mark Rebagliati, P.Eng, Chief Exploration Manager and Consultant to Great Basin is supervising a rigorous quality assurance/quality control program for Ivanhoe Project drilling. For 6 inch diameter, reverse circulation precollar drilling, cuttings are being collected by Great Basin personnel at the drill site as 8 to 10 pound (3.6 to 4.5 kg) bagged samples for every 5 feet (1.5 m) of hole length. For HQ (2.5 inch) diamond drill core, one half split core samples are being taken over geologically defined and logged intervals by Great Basin geologists at a secure warehouse facility. Both types of samples are shipped to Chemex Laboratories in Elko, Nevada which prepares the samples for assay, inserts standards and splits out duplicate samples. Pulps are shipped to Chemex in Vancouver, BC for gold analysis by one assay ton (30 g) fire assay fusion with atomic absorption spectroscopy finish. Gold results are reported in grams per tonne (g/t) for core and in parts per billion (ppb) for reverse circulation samples. Elevated core and reverse circulation samples (>100 ppm) are assayed for silver by nitric-hydrochloric acid digestion and atomic absorption finish. Other samples are run by Inductively Coupled Plasma Atomic Emissions Spectroscopy multi-element analysis. Duplicate samples are being assayed for gold by American Assay Laboratories, Sparks, Nevada. The current drilling priority is to test the numerous projected structural trends located beneath the Hollister area for their gold and silver contents. Plans are to follow-up with delineation drilling of the trends once they have been prioritized. With a current working capital position of approximately $5.4 million, Great Basin is well positioned to significantly advance the Ivanhoe Project. ON BEHALF OF THE BOARD Robert G. Hunter Chairman No regulatory authority has approved or disapproved the information contained in this news release. HOLLISTER AREA HIGH GRADE GOLD-SILVER FEEDER SYSTEM TABLE OF ASSAY RESULTS ---------------------------------------------------------------- Drill Inclin. From To Intercept Intercept Holes Angle (feet) (feet) (feet) (metres) (degrees) ---------------------------------------------------------------- 2 -89 731.4 735.8 4.4 1.34 903.0 912.0 9.0 2.74 961.5 994.7 33.2 10.12 incl. 968.0 976.0 8.0 2.44 incl. 984.5 990.0 5.5 1.68 ---------------------------------------------------------------- 3 -89 975.4 984.7 9.3 2.83 ---------------------------------------------------------------- 4 -89 607.1 617.7 10.6 3.23 634.5 647.1 12.6 3.84 829.1 833.0 3.9 1.19 ---------------------------------------------------------------- 5 -89 581.2 583.9 2.7 0.82 ---------------------------------------------------------------- 9 -60 780.0 785.0 5.0 1.52 800.0 805.4 5.4 1.65 ---------------------------------------------------------------- 9A -60 546.1 557.5 11.4 3.47 incl. 546.1 549.8 3.7 1.13 incl. 555.0 557.5 2.5 0.76 ---------------------------------------------------------------- 11 -55 185.0 200.0 15.0 4.57 643.0 646.5 3.5 1.07 745.5 749.8 4.3 1.31 913.5 915.0 1.5 0.45 ---------------------------------------------------------------- 12 -53 440.0 445.0 5.0 1.52 701.0 704.5 3.5 1.07 ---------------------------------------------------------------- 13(a) -50 658.2 660.0 1.8 0.55 ---------------------------------------------------------------- 14(a) -60 430.0 445.0 15.0 4.57 incl. 435.0 440.0 5.0 1.52 681.3 683.4 2.1 0.64 698.9 701.9 3.0 0.91 716.9 719.1 2.2 0.67 ---------------------------------------------------------------- 15(a) -54 475.5 485.5 10.0 3.05 incl. 475.5 479.0 3.5 1.07 ---------------------------------------------------------------- 23(a) -55 694.5 701.3 6.8 2.07 incl. 694.5 695.7 1.2 0.37 719.4 721.2 1.8 0.55 ---------------------------------------------------------------- 24(a) -55 375.0 380.0 5.0 1.52 ---------------------------------------------------------------- 28(a) -65 594.2 596.0 1.8 0.55 668.5 674.4 5.9 1.80 718.5 722.3 3.8 1.16 ---------------------------------------------------------------- 29(a) -67 612.4 613.8 1.4 0.43 680.2 685.0 4.8 1.46 ---------------------------------------------------------------- 31(a) -62 215.0 235.0 20.0 6.10 incl. 215.0 225.0 10.0 3.05 310.0 335.0 25.0 7.62 incl. 320.0 325.0 5.0 1.52 710.0 712.0 2.0 0.61 ---------------------------------------------------------------- ---------------------------------------------------------------- Drill Gold Silver Gold Equiv. Holes (oz/ton) (g/tonne) (oz/ton) (g/tonne) (oz/ton) (g/tonne) ---------------------------------------------------------------- 2 0.291 10.0 0.3 10 0.296 10.15 0.223 7.6 0.5 16 0.231 7.94 0.132 4.5 3.2 110 0.186 6.38 0.243 8.3 1.8 62 0.273 9.38 0.178 6.1 13.4 460 0.405 13.88 ---------------------------------------------------------------- 3 0.278 9.5 2.1 72 0.314 10.75 ---------------------------------------------------------------- 4 4.964 170.2 47.8 1639 5.773 197.93 1.635 56.1 39.0 1337 2.295 78.69 0.316 10.8 6.0 206 0.418 14.32 ---------------------------------------------------------------- 5 1.239 42.5 10.1 346 1.410 48.34 ---------------------------------------------------------------- 9 0.949 32.6 6.2 211 1.053 36.11 0.300 10.3 7.5 256 0.426 14.61 ---------------------------------------------------------------- 9A 2.942 100.9 1.4 49 2.966 101.69 8.604 295.0 3.3 114 8.660 296.92 0.439 15.1 1.4 48 0.463 15.87 ---------------------------------------------------------------- 11 0.142 4.9 N/A N/A 0.142 4.87 2.582 88.5 9.1 311 2.735 93.78 4.840 166.0 2.0 68 4.874 167.10 0.508 17.4 1.7 58 0.537 18.40 ---------------------------------------------------------------- 12 0.214 7.4 N/A N/A 0.214 7.34 0.142 4.9 0.5 18 0.151 5.17 ---------------------------------------------------------------- 13(a) 0.190 6.5 4.6 156 0.267 9.15 ---------------------------------------------------------------- 14(a) 0.400 13.7 0.1 2 0.401 13.75 0.499 17.1 0.1 2 0.500 17.14 0.539 18.5 0.9 32 0.555 19.03 0.292 10.0 11.1 380 0.480 16.45 0.964 33.0 6.2 213 1.069 36.65 ---------------------------------------------------------------- 15(a) 0.350 12.0 0.3 10 0.355 12.16 0.671 23.0 0.5 17 0.679 23.29 ---------------------------------------------------------------- 23(a) 0.306 10.5 17.4 597 0.600 20.59 0.560 19.2 17.2 591 0.851 29.18 0.271 9.3 29.5 1010 0.770 26.41 ---------------------------------------------------------------- 24(a) 0.473 16.2 0.0 1 0.474 16.23 ---------------------------------------------------------------- 28(a) 0.479 16.4 10.6 362 0.658 22.55 0.259 8.9 0.3 10 0.264 9.05 0.243 8.3 0.2 6 0.246 8.43 ---------------------------------------------------------------- 29(a) 0.627 21.5 3.5 121 0.687 23.55 0.412 14.1 0.2 5 0.415 14.22 ---------------------------------------------------------------- 31(a) 0.275 9.4 0.0 0 0.275 9.42 0.353 12.1 0.0 0 0.353 12.12 0.212 7.3 0.0 1 0.212 7.27 0.296 10.2 0.0 1 0.296 10.16 1.858 63.7 15.3 525 2.117 72.58 ---------------------------------------------------------------- (a) Newly reported N/A = not assayed -- Gold equivalent (gold & silver) is calculated using a gold price of US$325 per ounce and a silver price of US $5.50 per ounce Contact: Great Basin Gold Ltd. Robert G. Hunter, 604/684-6365 or 800/667-2114 Fax, 604/684-8092