Gold Standard Ventures Corp. (TSX: GSV; NYSE AMERICAN: GSV) (“Gold
Standard” or the “Company”) today reported that 10 exploration
reverse-circulation (“RC”) holes drilled at the LT oxide gold
discovery have confirmed its potential to make an important
contribution to feasibility mine plans at Gold Standard’s
100%-owned/controlled Railroad-Pinion Project in Nevada’s Carlin
Trend (see attached drill hole location map: LT Drill Hole Location
Map 10/29/2020 and significant drill hole summary: LT
Significant Intercept Table 10/29/2020). Objectives of the drilling
included testing structural and stratigraphic targets to the north
and south of LT19-02, a 2019 RC hole that intersected 12.2m of 1.58
g Au/t (see November 12, 2019 news release).
A planned total of 1,324.4m of drilling in 10 RC
holes has been completed year to date. Oxide results include 30.5m
of 0.78 g Au/t, including 7.6m of 1.58 g Au/t in
hole LT20-08; 24.3m of 0.73 g Au/t, including
6.1m of
1.26 g
Au/t in LT20-01; 15.2m of 0.96 g Au/t in
LT20-02; and 30.5m of 0.39 g Au/t in LT20-03. These oxide
intercepts begin at or close to the current topographic surface,
they establish strike and downdip continuity to mineralization and
are open in multiple directions.
Jonathan Awde, CEO and Director of Gold Standard
commented: “The LT target is opening up into a valuable deposit
which has the potential to add oxide resources to our Feasibility
mine plans now in progress. These results also demonstrate that
while Railroad-Pinion is in an advanced stage of development, it
continues to offer exceptional near-surface oxide exploration
opportunities.”
Key Highlights from
LT:
- Inclined drill holes LT20-01, -02
and -08 were collared from the same drill site approximately 55m
north of discovery hole LT19-02. The down-dip test in LT20-01,
intersected 25.9m of 0.79 g Au/t, including
6.1m of 1.47
g Au/t; a strike test to the northeast in LT20-08
intersected 30.5m of 0.78 g Au/t, including 7.6m of 1.58 g
Au/t; and the up-dip test in LT20-02 intersected 15.2m of
0.97 g Au/t. Oxide mineralization in these holes begins at the
current topographic surface.
- LT20-03, an inclined RC hole
approximately 77m south of LT19-02, intersected 30.5m of 0.39 g
Au/t of near-surface, oxidized mineralization.
- Surface mapping and channel
sampling was conducted in 2020 to better understand the controls of
LT mineralization. To date, 252 three-meter channel samples were
collected with individual assay values ranging from 0.001 to 11.9 g
Au/t. Continuous channel samples identified two significant zones
of oxide mineralization: 1) a 24m-wide zone averaging 0.97 g Au/t
on the north end of the current drill pattern, and 2) a
12m-wide zone averaging 7.05 g Au/t on the south
end which remains untested by drilling. The southern zone is
associated with a northeast-striking fault zone. The channel
sampling program further refines the select rock chip sampling
program from 2018. Results from the earlier program returned assay
values ranging from <0.005 to 12.90 g Au/t, and included
individual rock samples of 12.90 g Au/t, 11.20 g Au/t,
6.65 g Au/t and 4.50 g Au/t collected from surface
outcrops over a 400m by 200m area (October 11, 2018 press
release).
- Cyanide solubility assays average
82.7% for the reported significant intercepts. Cyanide solubility
assays > 60% are considered oxide for Carlin-type gold
systems.
- Gold mineralization is hosted in
silicified, iron oxide (limonite, goethite, hematite) bearing
breccia in the hanging wall of a north-striking quartz feldspar
porphyry dike. All of Gold Standard’s previous
discoveries (e.g. Dark Star, Pinion, North Bullion, Jasperoid Wash
and Dixie) are localized in dike-filled fault corridors, which are
ideal structural locations for the development of gold
systems.
- These results expand upon and
demonstrate continuity of oxide gold mineralization along a strike
length of approximately 200m. Oxide mineralization is open in
multiple directions. LT is a high value oxide target
that will receive additional exploration focus in 2021.
LT drill results are as follows:
Drill Hole |
Method |
Azimuth |
Incl. |
TD (m) |
Intercept (m) |
Thickness (m) |
Grade (g Au/t) |
LT20-01 |
RC |
090 |
-70 |
172.2 |
0-24.3 |
24.3 |
0.73 |
Including |
18.3-24.4 |
6.1 |
1.26 |
LT20-02 |
RC |
090 |
-55 |
100.6 |
0-15.2 |
15.2 |
0.96 |
LT20-03 |
RC |
090 |
-70 |
184.4 |
29.0-59.5 |
30.5 |
0.39 |
LT20-04 |
RC |
090 |
-55 |
91.4 |
No assays >0.14 g Au/t |
LT20-05 |
RC |
090 |
-70 |
33.5 |
10.7-12.2 |
1.5 |
0.17 |
LT20-06 |
RC |
090 |
-55 |
91.4 |
0-4.6 |
4.6 |
0.27 |
|
|
|
|
|
60.9-64.0 |
3.1 |
0.19 |
LT20-07 |
RC |
090 |
-70 |
153.9 |
7.6-13.7 |
6.1 |
0.15 |
LT20-08 |
RC |
050 |
-55 |
178.3 |
0-30.5 |
30.5 |
0.78 |
Including |
12.2-19.8 |
7.6 |
1.58 |
LT20-09 |
RC |
065 |
-55 |
152.4 |
0-1.5 |
1.5 |
0.54 |
LT20-10 |
RC |
090 |
-70 |
166.1 |
No assays >0.14 g Au/t |
Gold intervals reported in this table were
calculated using a 0.14 g Au/t cutoff for oxide mineralization.
Weighted averaging has been used to calculate all reported
intervals. True widths are estimated at 70-90% of drilled
thicknesses.
Don Harris, Gold Standard’s General Manager
commented: “The Gold Standard Ventures exploration team focus has
been to explore for oxide gold deposits on the greater
Railroad-Pinion land holdings that will add value to the current
prefeasibility study mine plan. LT was elevated to a high priority
target based on select high grade (4.5-12.9 g Au/t) rock chip
results in late 2018 and initial drilling in 2019 (12.2m of 1.58 g
Au/t in LT19-02). The 2020 drilling and surface channel sampling
confirms that LT is a developing project, with the right
characteristics of lateral continuity, oxide cyanide solubility
assays, and proximity to the Pinion deposit. As presently defined,
the LT deposit is located approximately 3 km north northwest of the
Pinion oxide gold reserve and has potential to add to the overall
gold reserve plan in the long term. The team is excited about the
project and will continue further exploration in 2021.”
Sampling Methodology, Chain of Custody,
Quality Control and Quality Assurance All sampling was
conducted under the supervision of the Company’s project geologists
and the chain of custody from the project to the sample preparation
facility was continuously monitored. A blank, certified reference
material, or rig duplicate was inserted approximately every tenth
sample. The samples were shipped to Paragon Geochemical’s certified
laboratory in Sparks, NV where they were crushed and pulverized.
Resulting sample pulps were digested and analyzed for gold using
fire assay fusion and an ICP-OES finish on a 30-gram split. All
other elements were determined by ICP analysis. Data verification
of the analytical results included a statistical analysis of the
standards, blanks and duplicates that must pass certain parameters
for acceptance to insure accurate and verifiable results.
Drill hole deviation was measured by gyroscopic
down hole surveys that were completed on all holes by International
Directional Services of Elko, NV. Final drill collar locations are
surveyed by differential GPS by Apex Surveying, LLC of Spring
Creek, Nevada.
The scientific and technical content 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.
ABOUT GOLD STANDARD VENTURES –
Gold Standard is an advanced-stage gold exploration company focused
on building value in a safe, responsible, sustainable, and ethical
manner by leveraging its strategic, cornerstone land package in
Nevada’s Carlin Trend. Gold Standard intends to advance
its South Railroad Project through permitting and a feasibility
study towards a potential production decision. Gold Standard
intends to augment this goal by advancing exploration that
contributes value to the South Railroad Project.
The Pinion deposit has a mineral resource
estimate prepared in accordance with NI 43-101 consisting of an
Measured and Indicated Mineral Resource of 28.93 million tonnes
grading 0.58 g/t Au and 4.22 g/t Ag, totaling 544,000 ounces of
gold and 3,929,000 ounces of silver, and an Inferred Mineral
Resource of 10.81 million tonnes grading 0.64 g/t Au and 3.80 g/t
Ag, totaling 224,000 ounces of gold and 1,322,000 ounces of silver,
using a cut-off grade of 0.14 g/t Au and constrained by a $1,500/Au
ounce LG Cone.
The Dark Star deposit has a mineral resource
estimate prepared in accordance with NI 43-101 consisting of a
Measured and Indicated Mineral Resource of 32.72 million tonnes
grading 0.88 g/t Au, totaling 921,000 ounces of gold and an
Inferred Mineral Resource of 2.48 million tonnes grading 0.70 g/t
Au, totaling 56,000 ounces of gold, using a cut-off grade of 0.14 g
Au/t and constrained by a $1,500/Au ounce LG Cone.
The North Bullion deposit has a mineral resource
estimate prepared in accordance with NI 43-101 consisting of an
Indicated Mineral Resource of 2.92 million tonnes grading 0.96 g/t
Au, totaling 90,100 ounces of gold and an Inferred Mineral Resource
of 10.97 million tonnes grading 2.28 g/t Au, totaling 805,800
ounces of gold, using a cut-off grade of 0.14 g Au/t for near
surface oxide and 1.25 to 2.25 g Au/t for near surface sulfide and
underground sulfide respectively.
The Jasperoid Wash deposit has a mineral
resource estimate prepared in accordance with NI 43-101 consisting
of an Inferred Mineral Resource of 10.57 million tonnes grading
0.33 g/t Au, totaling 111,000 ounces of gold, using a cut-off grade
of 0.14 g Au/t and constrained by a $1,500/Au ounces LG Cone.
Neither the Toronto Stock Exchange nor its
regulation services provider nor the NYSE American LLC accepts
responsibility for the adequacy or accuracy of this news
release.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking
statements, which relate to future events or future performance and
reflect management’s current expectations and assumptions. Such
forward-looking statements reflect management’s current beliefs and
are based on assumptions made by and information currently
available to the Company. All statements, other than statements of
historical fact, included herein including, without limitation,
statements about our potential near-term development option are
forward looking statements. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements, or other future events, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Risk factors
affecting the Company include, among others: the results from our
exploration programs, global financial conditions and volatility of
capital markets, uncertainty regarding the availability of
additional capital, fluctuations in commodity prices; title
matters; and the additional risks identified in our filings with
Canadian securities regulators on SEDAR in Canada (available at
www.sedar.com) and with the SEC on EDGAR (available at
www.sec.gov/edgar.shtml). These forward-looking statements are made
as of the date hereof and, except as required under applicable
securities legislation, the Company does not assume any obligation
to update or revise them to reflect new events or
circumstances.
CAUTIONARY NOTE FOR U.S. INVESTORS
REGARDING RESERVE AND RESOURCE ESTIMATES
All resource estimates reported by the Company
were calculated in accordance with the Canadian National Instrument
43-101 and the Canadian Institute of Mining and Metallurgy
Classification system. These standards differ significantly from
the requirements of the U.S. Securities and Exchange Commission for
descriptions of mineral properties in SEC Industry Guide 7 under
Regulation S-K of the U. S. Securities Act of 1933. In particular,
under U. S. standards, mineral resources may not be classified as a
“reserve” unless the determination has been made that
mineralization could be economically and legally produced or
extracted at the time the reserve determination is
made. Accordingly, information in this press release
containing descriptions of the Company’s mineral properties may not
be comparable to similar information made public by US public
reporting companies.
On behalf of the Board of Directors of Gold Standard,
“Jonathan Awde”
Jonathan Awde, President and Director
FOR FURTHER INFORMATION PLEASE CONTACT:Jonathan
AwdePresidentTel: 604-669-5702Email:
info@goldstandardv.com Website:
www.goldstandardv.com
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