Gold Standard Announces US$ 25.8 Million 2018 Development and Exploration Program for the Railroad Project, Carlin Trend, Nev...
February 26 2018 - 6:30AM
Gold Standard Ventures Corp. (TSX:GSV) (NYSE
AMERICAN:GSV) (“Gold Standard” or the “Company) today announced
plans for the 2018 development and exploration program on its
100%-owned/controlled Railroad-Pinion Project in Nevada’s Carlin
Trend. The US$25.8 million program includes an estimated
74,800 m of reverse-circulation (RC) and core drilling in 381
holes. Infill and development work at Dark Star and Pinion is
expected to account for approximately 40,800m of drilling in 296
holes while exploration should add another 34,000m of drilling in
85 holes.
The 2018 program objectives are: (1) infill and
development drilling at the Dark Star and Pinion oxide gold
deposits to reduce drill spacing to approximately 30m and convert
resources to the Measured and Indicated categories; (2) exploration
drilling at Jasperoid Wash to reduce drill spacings and provide
requisite data for a maiden resource estimate by the end of 2018;
and (3) drilling to test new high-value targets at Dixie, the Dark
Star Corridor, Ski Track and elsewhere within the Railroad
District. Funding for this program was obtained in a private
placement and public offering financing dated February 22, 2018 and
funding from a previous financing dated October 28, 2016.
Jonathan Awde, CEO and Director of Gold Standard
commented: “This year’s program is designed to add maximum value to
the Railroad project for our shareholders. We expect to achieve
significant resource growth while also reducing risk and
establishing the outstanding economic potential of the oxide gold
deposits we have discovered and developed. We also expect to make
further new discoveries, as we have each of the last five
years.”
Key Highlights for 2018
include:
Development
- At the Dark Star deposit,
complete up to 171 infill RC and core holes (approximately 24,800
m) to reduce drill spacing to approximately 30m in critical
portions of the deposit and to provide additional core for
metallurgical testing. Initial 2017 infill drilling in the
northern portion of Dark Star intersected 237.8m of 2.96 g
Au/t, including 93.0m of 5.06 g Au/t in DS17-35 and
141.8m of 3.32 g Au/t, including 25.9m of 8.63 g
Au/t in DS17-37 (see January 23, 2018). Results from
both drill holes substantially outperformed the resource block
model based on three criteria: 1) mineralization begins at or near
the current topographic surface, which is shallower than predicted
by the model; 2) higher average gold grades and; 3) gold
mineralization extends 35 to 42m below the resource block
model.
- At the Pinion deposit, complete up to 104
infill RC and core holes (approximately 10,600 m) to reduce drill
spacing to approximately 30m in critical portions of the deposit
and to provide additional core for metallurgical
testing.
- A PEA for the Dark Star and Pinion resources is scheduled for
completion during the second half of 2018. In advance of the
PEA, new resource estimates will be completed at Dark Star and
Pinion.
- Complete approximately 5,400m of drilling in 21 drill holes for
geotechnical and hydrological characterization studies at Dark Star
and Pinion.
District Exploration
- At the Jasperoid Wash target, complete about
13,000m of RC and core drilling in at least 30 holes to expand
areas of known shallow oxide gold mineralization, reduce drill
spacing to approximately 100m, provide core for metallurgical
testing, and test new targets. This work is expected to yield this
deposit’s first resource estimate. Drilling will follow-up on 2017
drilling results of 103.7m of 0.56 g including 30.5m of
0.93 g Au/t in JW17-01 (see October 5, 2017 news release);
54.9 m of 0.89 g Au/t including 12.2m of 1.66 g
Au/t in JW17-04, 30.5m of 0.73 g Au/t in JW17-08 and 77.7m
of 0.48 g Au/t in JW17-10 (see January 11, 2018 news
release). Current drilling by Gold Standard and historical
drilling by Westmont drilling have outlined a zone approximately
750m long (striking north-northeast) by 350m wide (east-west) of
near-surface, shallow, oxide gold mineralization that remains open
in all directions. Results to date are reminiscent of
early-stage drill results at Dark Star in 2015.
- At the Dixie and Dark Star Corridor targets,
drill up to 27 RC and core holes (about 11,100 m). Both targets
appear to have substantial new resource potential. Based on
previous drilling, gold mineralization at Dixie extends for
approximately 2,000m (north-south) by 450m (east-west), and it
remains open in multiple directions. Drilling in 2018 will
continue to test targets south of Dixie within the Dark Star
Corridor, and also to the west where favorable Penn-Perm carbonate
rocks are altered, folded and crosscut by faults and igneous dikes.
- At the Ski Track target, 3km northwest of
Jasperoid Wash, early stage geologic mapping along a
north-northwest-striking structural corridor has identified altered
carbonate rocks that are similar to the Pennsylvanian-Permian rocks
that host gold mineralization at Jasperoid Wash and Dark
Star. Detailed mapping, follow-up sampling and CSAMT are
planned to define drill targets. Up to 16 RC scout holes
(about 3,900 m) are allocated for Ski Track.
- Complete up to 12 holes (approximately 6,000m) at the
Dark Star and East Graben to test
targets defined by gravity, CSAMT and seismic interpretations
between the Pinion and Dark Star deposits.
- Complete two east-west seismic lines at North
Bullion to refine subsurface geology and identify targets
north and west of the current resource. Results of this
program may lead to mud rotary scout drilling in the autumn of
2018.
Royalty Buydown and Environmental
Permitting
- Approximately US$3.5M will be used to buy down a strategic net
smelter royalty (NSR) from 5% to 2%. The NSR covers portions
of the Dark Star and Pinion gold deposits.
- About US$870K will be allocated to ongoing environmental
studies, monitoring and permitting in the greater Dark Star and
Pinion area.
Mac Jackson, Gold Standard’s Vice President of
Exploration stated: “We are looking forward to starting our 2018
program and picking up where we left off in 2017 with our best
oxide intercepts to date at Dark Star and Jasperoid Wash. Our
primary goal is to add to our oxide resources and push them toward
development. We’ll also advance new targets through early
stage geologic work to drilling, as we work to make the next
discovery on our 80 square mile Railroad-Pinion property on the
prolific Carlin Trend.”
Sampling Methodology, Chain of Custody,
Quality Control and Quality AssuranceAll 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 or certified
reference material was inserted approximately every tenth
sample. The RC samples were delivered to either ALS Minerals
or Bureau Veritas Mineral Laboratories preparation facility in
Elko, NV where they were crushed and pulverized. Resulting
sample pulps were shipped to either ALS Minerals or 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. 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.
Drill hole deviation was measured by gyroscopic
down hole surveys that were completed on all holes by International
Directional Services or Minex of Elko, NV. Final 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 district scale discoveries on its Railroad Gold Project, located
within the prolific Carlin Trend. The 2014 Pinion and Dark Star
gold deposit acquisitions offer Gold Standard a 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. 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. 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 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 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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