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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: tom who wrote (46)	2/11/1998 4:38:00 PM
From: kfdkfd	Read Replies (1) \| Respond to of 317

GBGÿÿ1998-02-10 ÿÿ(provided courtesy of ISDN Wire Service) DRILL CORE SAMPLING OF GOLD AND SILVER MINERALIZED INTERSECTIONS UNDERWAY AT IVANHOE VANCOUVER, BRITISH COLUMBIA-- Nathan A. Tewalt, Chief Executive Officer of Great Basin Gold Ltd. (GBG: VSE; GBGLF: NASDAQ) and Andrew F.B. Milligan, President and Chief Executive Officer of Cornucopia Resources Ltd. (CNP:TSE; CNPGF: NASDAQ) announce that initial core drilling at their Ivanhoe Property (75% GBG: 25% CNP) located on the Carlin Trend, Nevada has intersected epithermal, multi-stage quartz veins hosting visible gold and silver mineralization within intervals ranging from 2 feet to over 20 feet in three of six vertical core holes drilled. The northwest-trending structural system intersected is in upper plate Valmy Formation rocks and likely represents a feeder system to the overlying 3 million ounce mineral resource of the Hollister Deposit. For this initial drilling, whole core intervals are being recommended to be sampled and assayed to obtain the representative gold and silver values within these intervals. The Boards of Directors wish to update shareholders on the current status of the drill program at this point. Great Basin Gold believes that the Valmy gold-silver system intersected is an analogue to the precious metals-rich Ken Snyder (Midas) Deposit, located 15 miles to the northwest and therefore the Company plans to make this Valmy system a primary target for extensive drilling in the coming months. The gold and silver bearing structure intersected is believed to be but one of a series of northwest and northeast trending, steeply dipping mineralized conduits on the Ivanhoe Property. Dr. Lawrence T. Larson, former professor and Department Head of the Department of Geology (Mackay School of Mines), University of Nevada, Reno, now in private practice, has been retained by Great Basin Gold to complete preliminary petrographic and scanning electron microscopy/microprobe examinations on samples of the drill core. Mineralization identified to date includes gold-rich electrum and silver-bearing minerals such as naumannite, aguilarite, stromeyerite, and tetrahedrite. Other characteristic minerals include pyrite, marcasite, sphalerite, chalocopyrite, chalcocite, and covellite. These minerals occur in varying concentrations and proportions in banded to brecciated quartz vein structures and fissures filled dominantly with quartz-kaolinite-adularia-sericite. In light of the identification of gold and silver mineralization within the current drill intercepts, the services of Chemex Labs Ltd. have been retained to recommend a sampling and assay protocol for the drill core from the initial six holes. After very detailed core logging, photographic documentation, and petrography is completed by Great Basin Gold geologists, Chemex has recommended that senior Chemex personnel complete sampling of whole core over select intervals. Chemex will then prepare the samples by crushing to -10 mesh and riffle splitting to 1 kilogram pulp aliquots for screen metallics assay at +150 and -150 mesh. The total oversize fraction (+150 mesh) will be analyzed by fire assay followed by a gravimetric finish for gold and silver, while the undersize fraction (-150 mesh) will be subject to 3 one assay ton fire assays with a gravimetric finish for gold and silver. The +150 mesh results will be added to the average of 3 assays for the -150 mesh samples to calculate total gold and silver grades for each sample. Cleaning rock sand will be run between each sample and this sand material will be assayed to identify any potential cross contamination. As well, all samples will undergo a 32 element ICP analysis. Assay results are expected to be available for reporting in approximately two weeks. Although nearly 900 historical holes have been drilled in the greater Hollister area of the Ivanhoe Property, most of this drilling went into delineation of shallow oxide gold resources in the near surface volcanics, with very few of these historical holes penetrating the underlying Valmy Formation. Despite little previous attention to the Valmy, 34 of these historic drill holes (mainly reverse circulation) intercepted at least 5 feet grading 0.20+ ounces gold/ton in Valmy rocks, across an area measuring 3600 feet by 2800 feet. The recognition by Great Basin Gold of the Valmy intercepts as Ken Synder-style mineralization combined with the likelihood of these zones being the feeder systems to the 3 million ounce Hollister Deposit mineral inventory located in the overlying volcanics, points to the high potential for the delineation of an extensive high grade Valmy gold-silver system on the Ivanhoe Property. Great Basin Gold plans to aggressively pursue exploration of the Valmy targets as the weather improves. In addition, an extensive drill hole database in overlying volcanics will be combined with an emerging Valmy geologic model to target even deeper gold zones in the lower plate carbonate rocks which lie below the Valmy Formation. Work to date on the property shows excellent potential in two large areas for the classic carbonate hosted Carlin-type deposits found along the Carlin Trend. In summary, the Ivanhoe Property is being explored for Ken Snyder-type systems in upper plate Valmy rocks and also in two areas for deeper Post-Betze-type analogues in lower plate carbonate rocks. ON BEHALF OF THE BOARDS OF DIRECTORS Nathan A. Tewalt Andrew F.B. Milligan Chief Executive Officer President and CEO Great Basin Gold Ltd. Cornucopia Resources Ltd. The Vancouver Stock Exchange has neither approved nor disapproved the information contained in this news release. Great Basin Gold Ltd. Cornucopia Resources Ltd. Ste.1020-800 West Pender Street Ste.540-355 Burrard Street Vancouver, BC V6C 2V6 Vancouver, BC V6C 3G8 Tel 604-684-6365 (1-800-667-2114) Tel 604-687-0619 (1-800-436-4404) Fax 604-684-8092 Fax 604-681-4170