Great Basin Gold Ltd. - High Grade Vein Intercepts Continue At New Carlin
Trend Discovery
Vancouver, British Columbia--
Robert G. Hunter, Chairman of Great Basin Gold Ltd.
(CDNX-GBG:OTC.BB-GBGLF) is pleased to report that the balance of
core holes drilled during 1999 at the Company's 100% owned
Ivanhoe property show continuing high grade gold-silver vein
intercepts. Ivanhoe is located in Nevada on the Carlin Trend
midway between Franco Nevada's Ken Snyder Mine and Barrick's
Goldstrike Mine.
New assay results presented in this release for Holes 52, 53, 54,
59 and 60 include 8.4 feet grading 1.72 oz/ton gold equivalent;
16.1 feet grading 0.70 oz/ton gold equivalent; 15.5 feet grading
0.43 oz/ton gold equivalent; 5.4 feet grading 1.41 oz/ton gold
equivalent and 3.1 feet grading 1.27 oz/ton gold equivalent.
All of Great Basin's intercepts in cored holes completed during
1999 are reported on the attached Table of Assay Results (see
also November 27, 1999 news release for results from holes 1-12
drilled in 1998). The location and orientation of these holes are
shown on the attached Drill Hole Plan. Results from Great Basin's
drilling of 53 core holes totalling 51,433 feet to the end of
1999 amount to the major discovery of pervasive and extensive
feeder vein systems at Ivanhoe. The grades of vein intercepts
range from 0.20 oz/ton gold equivalent to 5.77 oz/ton gold
equivalent. Using a cut-off grade of 0.25 oz/ton gold equivalent,
32 of the 53 core holes have cut 72 vein intersections that
average 5.5 feet grading 1.05 oz/ton gold equivalent. Veins being
intersected have gold grades, widths, mineralogy and age nearly
identical to those being mined at the nearby Ken Snyder Mine(1).
With the addition of the latest drilling results, the Clementine
and Gwenivere vein systems have been extended over strike lengths
of 1,500 feet and 1,100 feet respectively. Mineralization has now
been indicated to extend consistently over depths of 500 feet
vertical with the new drill hole results confirming 650 feet in
the deepest core holes. Both vein systems remain wide open for
expansion along strike and to depth and are responding to
delineation drilling with consistent predictability and
continuity of the vein trends.
Representative cross sections are shown for the Clementine and
Gwenivere vein systems on the Company's website. The Clementine
and Gwenivere bonanza systems occur as multiple, close-spaced,
high grade gold-silver veins thereby more than doubling each
system's individual resource potential. Detailed core logging
shows the veins include multi-stage, silica-healed vein breccias,
argillically altered breccias as well as more classical
multi-stage colloform banded veins. The veins and vein breccias
cut through a sequence of massive Valmy Formation (Ordovician)
quartzites and argillites which are uncomformably overlain by
Tertiary volcanic tuffs and flows. Gold mineralization,
delineated within the near surface Hollister disseminated deposit
and the underlying feeder vein systems can now be recognized for
over 1000 vertical feet with no bottom in sight. Geological
observations indicate a powerful, long lived, multi-stage
hydrothermal system has formed the 2.8 million ounce Hollister
disseminated deposit, the underlying bonanza feeder vein system
and the surrounding 50 square mile Ivanhoe fossil hot springs
(sinter) system which is one of the largest "epithermal
footprints" in the world.
Great Basin has now completed drill contract negotiations, and
with a strong working capital position of approximately $6
million plans to resume drilling by the end of January 2000. Two
diamond drill rigs and one reverse circulation rig for
pre-collaring diamond drill holes will be utilized. Drilling will
delineate the gold resources of the Clementine and Gwenivere vein
systems along their full strike length and to depth. In addition,
drilling will explore for additional gold vein systems which
almost certainly were required to create such an immense
hydrothermal footprint at Ivanhoe. Three holes, (51, 63, and 67)
which were drilled to explore for additional veins north and
south of Clementine and Gwenivere, have intersected broad zones
of gold mineralization (0.030 ounces gold per ton over 70 feet;
0.048 ounces gold per ton over 60 feet; 0.052 ounces gold over 85
feet). These intersections probably represent gold plumes in the
Tertiary volcanic rocks related to gold vein targets located
below. Great Basin will initiate a systematic program of angle
drilling along north-south oriented sections the length of the
entire Hollister deposit to intersect paralleling vein systems.
Given the sheer size and extent of the exposed and drilled
hydrothermal system at Ivanhoe, it is highly likely that very
significant additional gold resources will be developed as Great
Basins' delineation and exploration drilling progresses
throughout the year. Ivanhoe has all the earmarks of another
world-class discovery being made on the prolific Carlin Trend.
For further details on Great Basin Gold Ltd. and its Ivanhoe
property please visit our website at www.hdgold.com or contact
investor services at 1-800-667-2114.
ON BEHALF OF THE BOARD
"Robert G. Hunter"
Robert G. Hunter
Chairman
No regulatory authority has approved or disapproved the
information contained in this news release.
(1) At the end of 1998, Ken Snyder Mine underground mineable
reserves (using a 0.25 oz/ton gold equivalent cut-off grade) on
seven steeply dipping veins and vein splays, were 2,726,800 tons
grading 1.115 oz/ton gold and 12.82 oz/ton silver totalling 3.74
million ounces of gold equivalent. Mining widths average 5.5
feet, while veins range in width from 1 foot to over 20 feet and
average about 4 feet wide. The vertical extent of mineable
reserves ranges to 1,700 feet. The mine utilizes conventional
underground mining methods and a 650 ton per day gold processing
plant to produce 250,000 ounces of gold equivalent annually at a
cash cost of about US$90 per ounce.
TABLE OF ASSAY RESULTS - 1999 DISCOVERY DRILL PROGRAM
Gold Gold
Drill Inclin. From To Inter- Gold Silver Equiv-Equiv-
cept (oz/ (oz/ alent alent
Holes Angle (feet)(feet) (feet) ton) ton) oz/ (>0.50
ton) oz/ton)
==============================================================
October 12, 1999 News Release
13 -50deg. 658.2 660.0 1.8 0.190 4.5 0.27
--------------------------------------------------------------
14 -60deg. R 420.0 445.0 25.0 0.332 0.0 0.33
incl. 430.0 440.0 10.0 0.445 0.1 0.45
681.3 683.4 2.1 0.539 0.9 0.55 <--
698.9 701.9 3.0 0.292 11.1 0.48
716.9 719.1 2.2 0.964 6.2 1.07 <--
--------------------------------------------------------------
15 -54deg. 475.5 485.5 10.0 0.349 0.3 0.35
incl. 475.5 479.0 3.5 0.672 0.5 0.68 <--
--------------------------------------------------------------
23 -55deg. 694.5 701.3 6.8 0.306 17.4 0.61 <--
incl. 697.8 701.3 3.5 0.344 27.7 0.81
719.4 721.2 1.8 0.271 29.5 0.77 <--
-------------------------------------------------------------
28 -65deg. 594.2 596.0 1.8 0.479 10.6 0.66 <--
668.5 674.4 5.9 0.259 0.3 0.26
718.5 722.3 3.8 0.243 0.2 0.25
-------------------------------------------------------------
29 -67deg. 612.4 613.8 1.4 0.627 3.5 0.69 <--
685.0 687.4 2.4 0.412 0.2 0.41
726.3 729.8 3.5 0.221 0.1 0.22
739.1 744.5 5.4 0.440 0.2 0.44
-------------------------------------------------------------
31 -62deg. R 215.0 235.0 20.0 0.275 0.0 0.27
incl. 215.0 225.0 10.0 0.354 0.0 0.35
R 315.0 335.0 20.0 0.221 0.0 0.22
710.0 712.0 2.0 1.858 15.3 2.12 <--
852.8 854.6 1.8 0.103 12.8 0.32
=============================================================
November 16, 1999 News Release
35 -45deg. 436.0 441.0 5.0 0.393 0.1 0.40
465.0 467.0 2.0 0.571 0.1 0.57 <--
482.5 486.0 3.5 0.213 0.1 0.21
-------------------------------------------------------------
36 -48deg. 925.8 927.3 1.5 0.214 1.5 0.24
977.0 979.0 2.0 0.251 0.8 0.26
-------------------------------------------------------------
37 -45deg. 811.0 814.8 3.8 1.902 0.8 1.92 <--
946.0 950.5 4.5 0.263 2.1 0.30
-------------------------------------------------------------
38 -50deg. 912.2 914.0 1.8 0.212 2.2 0.25
-------------------------------------------------------------
39 -57deg. 841.7 845.7 4.0 0.453 15.8 0.72 <--
868.4 869.7 1.3 0.162 6.1 0.26
-------------------------------------------------------------
42 -54deg. 889.3 890.5 1.2 0.209 2.4 0.25
939.8 941.5 1.7 0.336 1.1 0.35
1051.3 1056.0 9.9 1.069 6.0 1.17 <--
-------------------------------------------------------------
44 -61deg. R 380.0 395.0 15.0 0.583 0.1 0.58 <--
714.3 717.8 3.5 0.624 0.8 0.64
736.9 741.0 4.1 0.552 1.2 0.57 <--
-------------------------------------------------------------
45 -52deg. 618.0 620.9 2.9 0.075 13.2 0.30
764.2 766.4 2.2 0.435 1.9 0.47
1035.4 1037.1 1.7 0.340 28.8 0.83 <--
-------------------------------------------------------------
46 -62deg. 753.5 756.4 2.9 4.107 29.6 4.61 <--
882.2 885.0 2.8 0.236 1.3 0.26
=============================================================
November 27, 1999 News Release
47 -45deg. 545.0 550.0 5.0 0.228 1.7 0.26
563.0 567.0 4.0 0.936 0.4 0.94 <--
-------------------------------------------------------------
49 -58deg. R 140.0 145.0 5.0 0.349 0.0 0.35
546.0 548.4 2.4 0.696 12.8 0.91 <--
746.7 749.7 3.0 0.445 0.3 0.45
-------------------------------------------------------------
50 -58deg. 468.7 487.7 19.0 2.514 8.4 2.66 <--
583.8 584.9 1.1 0.236 5.4 0.33
=============================================================
January 19, 2000 News Release
52 -48deg. 790.0 795.0 5.0 0.334 0.2 0.34
798.7 807.1 8.4 1.153 33.5 1.72 <--
815.0 824.0 9.0 0.268 12.0 0.47
incl. 815.0 817.1 2.1 0.416 43.0 1.14 <--
-------------------------------------------------------------
53 812.6 816.0 3.4 0.134 6.5 0.24
841.2 844.2 3.0 0.756 5.0 0.84 <--
-------------------------------------------------------------
54 -57deg. 951.9 968.0 16.1 0.664 2.1 0.70 <--
983.5 999.0 15.5 0.403 1.5 0.43
incl. 994.0 999.0 5.0 0.705 2.0 0.74 <--
1050.8 1054.5 3.7 0.228 2.9 0.28
-------------------------------------------------------------
59 -56deg. 673.7 675.6 1.9 0.290 30.0 0.80 <--
682.4 687.8 5.4 0.507 53.3 1.41
707.0 711.3 4.3 0.694 17.2 0.98 <--
-------------------------------------------------------------
60 -54deg. 798.4 801.5 3.1 1.263 0.6 1.27 <--
1098.0 1102.0 4.0 0.213 3.3 0.27
1156.0 1160.5 4.5 0.210 0.9 0.23
1201.4 1208.9 7.5 0.266 1.1 0.29
=============================================================
Holes 32, 33, 34 - Did not reach target depth
Holes 17, 21, 22, 24, 30, 40, 41, 48, 57, 58, 61, 64, 65, 66 -
Pre-collared only - not diamond drilled yet.
Holes 16, 18, 19, 20, 25, 26, 27, 43, 51, 55, 56, 62, 63, 67 - No
intersections greater than 0.25 oz/ton gold equivalent
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
R = Pre-collar rotary intercept |
