Gold Standard Ventures Corp. (TSX:GSV) (NYSE
AMERICAN:GSV) (“Gold Standard” or the “Company”) today reported
results from seven reverse-circulation (“RC”) drill holes at the
Dixie Target on its 100%-owned/controlled Railroad-Pinion Project
in Nevada’s Carlin Trend. This is the first systematic drilling
ever undertaken at Dixie which lies approximately four km south of
the Dark Star Deposit and within the highly prospective
north-striking Dark Star Corridor (refer to Dixie plan and section
maps at the following link
https://goldstandardv.com/lp/dixie-June2018-drill-maps/)
Jonathan Awde, CEO and Director of Gold Standard
commented: “We are very excited by the potential for a significant
deposit at Dixie. This target was known historically but the
geology was misunderstood at the time. Our technical team
recognizes that Dixie has many similarities to the high-grade
deposit at North Dark Star, including the same host rock and
structural setting that we have learned to value in our five years
of intensive exploration at Railroad-Pinion. The key favorable
features appear to exist along Dixie’s 2000 meters of known strike
length and potentially along the entire 12 km. length of the Dark
Star corridor, which would be a major development. With just under
$40 million in our treasury, we have lots of room to pursue this
and other opportunities in the district.”
Success at Dixie is in addition to recent
developments at Jasperoid Wash where Gold Standard drilled its
first hole in 2017 and expects to report a maiden resource estimate
by the end of 2018, just 14 months later.
This year’s first seven holes at Dixie are a
portion of Gold Standard’s US$25.8 million development and
exploration program which includes an estimated 74,800m of RC and
core drilling in 381 holes (see February 26, 2018 news release).
One of the objectives of the 2018 drilling was to test new targets
west and south of Dixie where favorable Pennsylvanian-Permian
(“Penn-Perm”) carbonate rocks are altered, folded and crosscut by
dike-filled faults. These geological patterns at Dixie are
reminiscent of those documented at Dark Star.
Based on previous drilling, gold mineralization
at Dixie extends for approximately 2,000m (north-south) by 450m
(east-west) and remains open in multiple directions. Two new
RC holes west of the original Dixie prospect have intersected thick
zones of gold mineralization hosted in pervasively altered and
variably oxidized debris flow conglomerate and calcarenite--the
same host section as the Dark Star deposit. DX18-06
intersected 67.1m of 1.05 g Au/t, including 13.7m of 1.63 g
Au/t and 9.1m of 2.30 g Au/t; and DX18-07 intersected
33.5m of 0.65 g Au/t, including 3.0m of 2.25 g Au/t and
3.0m of 1.08 g Au/t and a second intercept of 51.8m of
0.28 g Au/t. These are the thickest and highest-grade intercepts
drilled to date at Dixie, once again confirming the host potential
of the Penn-Perm carbonate rocks and the abundance of exploration
opportunities in the Railroad District.
Key Highlights from Dixie:
- DX18-06 intersected 67.1m of 1.05 g Au/t, including
13.7m of 1.63 g Au/t and 9.1m of 2.30 g Au/t.
Mineralization is hosted within favorable Penn-Perm debris flow
conglomerate and calcarenite where these units are crosscut by
quartz-feldspar porphyry dikes and sills that occupy north-striking
faults. Gold mineralization begins within 75m of the
surface.
- DX18-07, located 100m south of DX18-06, intersected 33.5m of
0.65 g Au/t, including 3.0m of 2.25 g Au/t and 3.0m of 1.08
g Au/t, and a lower intercept of 51.8m of 0.28 g Au/t.
These intercepts are hosted in the Penn-Perm debris flow
conglomerate.
- DX18-05, located 230m west of DX18-07, intersected 24.4m of
0.18 g Au/t up dip from DX18-07. Mineralization occurs along the
brecciated contact between the Penn-Perm debris flow conglomerate
and the lower calcareous sandstone unit. The brecciated nature of
the DX18-05 intercept, and its spacing from DX18-07, leaves room
for additional exploration potential and possibly higher grades up
dip across the Dixie portion of the larger Dark Star
Corridor.
- The geologic setting of the intercepts in DX18-06 and DX18-07
is similar to that of North Dark Star and other footwall deposits
on the Carlin Trend, i.e., stratabound zones in carbonate rocks
along small displacement faults, in the footwall of large
displacement, corridor bounding faults. This new geologic
interpretation suggests that this target may be present all along
the 2,000m strike length of the Dixie prospect and is also largely
untested along the entire 12 km. length of the Dark Star corridor.
This gives new life to the Dark Star Corridor and the surrounding
Penn-Perm rocks that are prevalent in the recently-acquired lands
south of Railroad where further similar structural settings are
present in undrilled and untested zones that have been identified
by surface mapping, sampling, and geophysics.
- Initial AuCN results indicate the
intercepts in both DX18-06 and DX18-07 are comprised of mixed zones
of oxide and reduced mineralization. AuCN ratios are a first-pass
estimate of the potential gold recovery and ratios >70% are
indicative of an oxide deposit.
Dixie drill results are as follows:
Drill Hole |
Method |
Azimuth |
Incl. |
TD (m) |
Intercept (m) |
Thickness (m) |
Grade (g Au/t) |
DX18-01 |
RC |
|
-90 |
481.6 |
No assays >0.14 g Au/t |
DX18-02 |
RC |
225 |
-55 |
426.7 |
No assays >0.14 g Au/t |
DX18-03 |
RC |
90 |
-50 |
449.6 |
243.9-245.4 |
1.5 |
1.69 |
DX18-04 |
RC |
90 |
-70 |
461.8 |
No assays >0.14 g Au/t |
DX18-05 |
RC |
90 |
-60 |
463.3 |
230.2-254.6 |
24.4 |
0.18 |
DX18-06 |
RC |
90 |
-75 |
422.1 |
73.1-89.9 |
16.8 |
0.48 |
|
111.3-128.0 |
16.8 |
0.41 |
147.8-214.9 |
67.1 |
1.05 |
152.4-166.1 |
13.7 |
1.63 |
181.4-190.5 |
9.1 |
2.30 |
221.0-250.0 |
29.0 |
0.40 |
DX18-07 |
RC |
90 |
-80 |
426.7 |
112.8-115.8 |
3.1 |
0.29 |
|
|
|
|
|
129.5-132.6 |
3.1 |
0.28 |
|
|
|
|
|
152.4-167.6 |
15.2 |
0.77 |
|
|
|
|
Including |
153.9-157.0 |
3.1 |
1.63 |
|
|
|
|
Including |
160.0-163.1 |
3.1 |
1.39 |
|
|
|
|
|
170.7-204.2 |
33.5 |
0.65 |
|
|
|
|
Including |
172.2-175.3 |
3.1 |
2.25 |
|
|
|
|
Including |
190.5-193.5 |
3.1 |
1.08 |
|
|
|
|
|
228.6-280.4 |
51.8 |
0.28 |
|
Gold intervals reported in this table were
calculated using a 0.14 g Au/t cutoff. Weighted averaging has
been used to calculate all reported intervals. True widths
are estimated at 70-90% of drilled thicknesses.
Michael Harp, Gold Standard’s Project Geologist
at Dixie commented: “Continued success in the Penn-Perm rocks
illustrates the elevated exploration potential across the southern
property acquisition completed in 2017. The thick intercepts in
DX18-06 and DX18-07 at Dixie illustrate that Dark Star-like
intercepts are possible anywhere Penn-Perm rocks have been exposed
to structural preparation and mineralizing fluids within the
dike-filled corridor. The new geologic interpretation is being
applied at Dixie to hone in on higher-grade mineralization and to
expand this zone. Continued success at Dixie and the thick, plus
1-gram intercepts shows Dixie as a high priority target worth
advancing toward a maiden resource.
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. 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 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 district scale discoveries on its Railroad-Pinion 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 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
Awde President Tel: 604-669-5702 Email:
info@goldstandardv.com Website:
www.goldstandardv.com
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