Gold Standard Announces US$6.9 Million 2019 Exploration and Development Program for the Railroad Project, Carlin Trend, Nevad...
August 06 2019 - 6:30AM
Gold Standard Ventures Corp. (
TSX: GSV; NYSE AMERICAN:
GSV) (“Gold Standard” or the “Company”) today announced
plans for the 2019 exploration and development program on its
100%-owned/controlled Railroad-Pinion Project in Nevada’s Carlin
Trend. The US$6.9 million program includes an estimated
14,600m of reverse-circulation (RC) and core drilling in 52
holes. District exploration is approximately 10,800m of
drilling, whereas step out and development work at Dark Star and
Pinion is expected to account for approximately 3,800m.
Drilling with 2 core and 2 reverse-circulation (“RC”) rigs
will begin the week of August 5th.
The 2019 program objectives are: (1) completion
of the South Railroad PFS for the Dark Star and Pinion oxide gold
deposits; (2) step out drilling to the east and south of the Dark
Star deposit to test for resource expansion potential; (3)
exploration drilling of high-value targets at Hidden Star,
Jasperoid Wash, Dixie, LT, Ski Track and North Bullion; and (4) in
the northern portion of Dark Star, drill testing a newly recognized
deep feeder-style target beneath the oxide resource. Funding
for this program was obtained in a bought deal financing that
closed on July 31, 2019 (see news release).
Jonathan Awde, CEO and Director of Gold Standard
commented: “This year’s program re-emphasizes high potential
exploration drilling on targets that can drive the project’s
valuation, after last year’s emphasis on development drilling
required for our soon-to-be-released Pre-Feasibility Study. The
Deep Dark Star and Hidden Star targets have the potential to
recreate the momentum of the original Dark Star discovery and we
are very excited to begin this program which is based on all that
we have learned over the past five years of successful exploration
at Railroad-Pinion.”
Key Highlights for 2019
include:
Development
- At the Dark Star
deposit, complete up to 13 step out RC holes
(approximately 2,600m) to test for shallow oxide expansion
potential to the north, east and south of the known resource.
DC19-01, a core hole in the northern portion of Dark Star that was
suspended at 231m earlier this year due to weather, will also be
completed. DC19-01 intersected 117.3m of 1.54 g Au/t,
including 44.3m of 2.55 g Au/t (see April 25, 2019
news release). Drilling will also follow up DR19-65 (39.6m of
1.25 g Au/t) where mineralization remains open to the east (see
March 26, 2019 news release). Additionally, drilling will
step out to the south of the known resource to test open-ended
oxide mineralization identified by surface rock sampling and
historic drilling.
- A PFS for the Dark Star and Pinion
resources is scheduled for completion during the third quarter of
2019. The PFS will include updated resource estimates for
both deposits.
- At the Pinion
deposit, drill up to 10 metallurgical core holes
(about 1,100m) for additional high-pressure grind roll (HPGR)
testing.
District Exploration
- Within the Dark Star
Corridor, drill up to 8 RC (about 3,300m) holes and one
core hole (about 350m) to test favorable Penn-Perm carbonate rocks
that are folded, altered and crosscut by faults and igneous
dikes. More specifically, the drilling will test new targets
within the same structural setting as Dark Star. The highest
priority target is Hidden Star, located between
the Dark Star and Dixie deposits. Here, drilling will target
the same fault blocks that host the Dark Star and Dixie deposits,
beneath a thin veneer of post-mineral volcanic cover. A core
hole is also planned to test for the continuation of the Dark Star
gold system beneath cover, approximately 1 km north of the current
Dark Star resource.
- In the northern portion of Dark
Star, one deep scout drill hole (approximately 1,000m) will test
the newly recognized Deep Dark Star target, a
potential feeder / breccia-style opportunity beneath the current
oxide resource (refer to Dark Star cross section at the following
link https://goldstandardv.com/DS/Deep Target August 6
2019/). The northern portion of the oxide resource contains
unique geologic characteristics, suggestive of a larger,
multi-stage, energetic gold system, including: numerous 100m - 200m
intervals of plus 1 g Au/t oxide intercepts in drill holes;
oxidation that extends from the current topographic surface to
depths exceeding 350m; gold-bearing hydrothermal breccias, newly
recognized quartz porphyry dikes and sills, and north-striking
high-angle faults that act as controls on mineralization.
Many of the high-angle, controls on mineralization project downdip
where they intersect a buried anticline. These highly
favorable structural features are confirmed by 2D seismic
data. The initial scout drill hole will look to test
favorable Penn-Perm age carbonate rocks and the underlying
Webb-Devils Gate contact.
- At the Jasperoid
Wash and Ski Track targets, complete
about 3,400m of RC and core drilling in at least 12 holes to step
out and test new targets within this northerly-striking corridor,
expand areas of known shallow oxide gold mineralization that have
the potential for higher gold grades, and provide core for
metallurgical testing. The upcoming PFS will include an
initial oxide resource estimate for the Jasperoid Wash
deposit.
- At the LT target,
located 3 km north-northwest of Gold Standard’s Pinion oxide gold
deposit, samples collected from surface outcrops in 2018 included
assay values ranging from <0.005 to 12.90 g Au/t from over a
400m by 200m area (see October 11, 2018 news release). Gold
mineralization is hosted in decalcified, silicified and oxidized
multilithic dissolution collapse breccia proximal to a
north-striking igneous dike. Up to 4 RC holes (approximately
1,460m) will test this newly conceptualized structural
control.
- West northwest of the North
Bullion deposit, 2 RC precollar / core tail holes (about
1,400m) will step out from 41.7m of 1.91 g Au/t, including 7.6m of
6.32 g Au/t in drill hole RR17-06 (see November 15, 2017 news
release). This intercept is located approximately 550m west
of the North Bullion resource and is considered a
new zone of mineralization that is open in all directions.
Environmental Permitting
- Approximately US$670K will be
allocated to ongoing environmental studies, monitoring and
permitting in the greater Dark Star and Pinion area.
Steven Koehler, Gold Standard’s Manager of
Projects commented: “The newly recognized porphyry dikes in the
northern portion of Dark Star, combined with the
vertically-extensive oxidation, higher gold grades and hydrothermal
breccias, speak to the strength and quality of the Dark Star gold
system. Porphyry dikes are common within Carlin Trend gold
deposits and are a shared link amongst these deposits. The presence
of these key geologic characteristics, and favorable / untested
stratigraphy at depth, offer a new deep target opportunity below
the Dark Star oxide resource. Gold Standard is excited to
test this new opportunity.”
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 delivered
to Bureau Veritas Mineral Laboratories preparation facility in
Elko, NV where they were crushed and pulverized. Resulting
sample pulps were shipped to Bureau Veritas certified laboratory in
Sparks, NV or Vancouver, BC. Pulps were digested and analyzed
for gold using fire assay fusion and an atomic absorption
spectroscopy (AAS) finish on a 30-gram split. Over limit gold
assays were determined using a fire assay fusion with a gravimetric
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 and blanks that
must pass certain parameters for acceptance to insure accurate and
verifiable results.
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 district scale discoveries on its Railroad-Pinion Project,
located within the prolific Carlin Trend. Gold Standard’s
successful exploration of the Pinion and Dark Star gold deposits
has created potential near-term development option and further
consolidates the Company’s premier land package on the Carlin
Trend.
The Pinion deposit has a resource estimate
prepared in accordance with NI 43-101 consisting of an Indicated
Mineral Resource of 31.61 million tonnes grading 0.62 g/t Au,
totaling 630,300 ounces of gold and an Inferred Resource of 61.08
million tonnes grading 0.55 g/t Au, totaling 1,081,300 ounces of
gold, using a cut-off grade of 0.14 g/t Au. This resource will be
re-estimated this year to include drill results from 2018.
The Dark Star deposit, 2.1 km to the east of
Pinion, has a resource estimate prepared in accordance with NI
43-101 consisting of an Indicated Mineral Resource of 15.38 million
tonnes grading 0.54 g/t Au, totaling 265,100 ounces of gold and an
Inferred Resource of 17.05 million tonnes grading 1.31 g/t Au,
totaling 715,800 ounces of gold, using a cut-off grade of 0.2 g
Au/t. This resource will also be re-estimated this year to include
highly favourable 2018 drill results.
The North Bullion deposit, 7 km to the north of
Pinion, has a 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 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.
Neither the TSX nor its regulation services
provider nor the NYSE AMERICAN Exchange accepts responsibility for
the adequacy or accuracy of this news release.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTSThis 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 ESTIMATESAll 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 DirectorFOR
FURTHER INFORMATION PLEASE CONTACT: Jonathan Awde President Tel:
604-669-5702 Email: info@goldstandardv.com Website:
www.goldstandardv.com
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