Gold Standard Ventures Corp. (TSX: GSV; NYSE AMERICAN: GSV) (“Gold
Standard” or the “Company”) today announced plans for an expanded
2020 development and exploration drilling program on its
100%-owned/controlled Railroad-Pinion Project in Nevada’s Carlin
Trend. The approximate USD $10.05M program includes an
estimated 10,457m of reverse-circulation (“RC”) and core drilling
in 67 holes, and includes funding for development, exploration,
permitting and operational requirements in support of the ongoing
South Railroad Feasibility Study. The Company currently has
approximately CAD $28.3M in treasury.
The expanded 2020 program objectives are: (1)
complete the conversion of Pinion Phase 4 to Measured and Indicated
confidence level to increase reserves; (2) advance the South
Railroad Project Feasibility Study; (3) file the south Railroad
Plan of Operations to begin the permitting process; (4) extend and
define the limits of near-surface oxide mineralization at the Dark
Star and Pod / Sweet Hollow deposits to increase resources; and (5)
test a variety of new near-surface oxide gold targets within the
district. Funding for this program was obtained through an at
the market (“ATM”) equity program announced on April 17, 2020 (see
news release) and investment by Orion Mine Finance on July 16, 2020
(see news release). GSV has completed its previously
announced “at the market” equity offering program (the “ATM
Program”) on September 7, 2020. Pursuant to the ATM Program,
15,000,000 common shares of the Company were issued for aggregate
gross proceeds of approximately $15,678,000.
Jonathan Awde, CEO and Director of Gold Standard
commented: “With this program, we expect to finalize the reserves
to be included in our first feasibility study and launch the
permitting process for the South Railroad Project. We see enhanced
potential for improvement over our pre-feasibility study of last
year from reserve expansion, better processing options and a deeper
understanding of the most efficient project design and operating
parameters. We expect some exciting developments as we seek to
optimize shareholder value in a rising gold environment.”
Key Highlights and Updates:
Feasibility Study and
Permitting
- The South Railroad Plan of
Operations (“PoO”) is on track for November 2020
submission to the US Bureau of Land Management. When the PoO
is deemed complete, this will allow for the commencement of the EIS
process. To lead this process, GSV welcomes Glenn King as the
Company’s new Environmental Manager. Mr. King brings 30-plus
years of successful industry experience in environmental permitting
and compliance to GSV.
- M3 Engineering & Technology
Corporation, supported by industry-respected subcontractors, is
leading and advancing the Feasibility Study for the South
Railroad Project. The Feasibility Study will include
detailed engineering, geotechnical and hydrology studies to further
de-risk the Project, along with updated resource and reserves
estimates.
Development
- At the Pinion
deposit, Phase 1 RC and core drilling (75 holes for
16,080m) has been completed. Drilling has decreased drill spacing
on the Inferred oxide resource for conversion to Measured and
Indicated and provided material for additional metallurgical
testing. Assays are pending.
- At the Dark Star
deposit, nine (1,429m) of twenty RC drill have been
completed with the goal of expanding the oxide resource. Assays are
pending for these nine holes. Additional development drilling
is planned including: 1) at Saddle, drilling will
look to expand Main Dark Star mineralization to the north; 2)
expand drill coverage along the Sirius fault, to
the south of Main Dark Star, into areas of >0.14 g Au/t in
outcrop samples; and 3) at East Dark Star, extend
and define the limits of near-surface oxide mineralization where
bedrock and Quaternary gravel-hosted mineralization remains open
along an approximate 600m north-south strike length.
- At the POD and Sweet
Hollow near-surface oxide deposits, RC and core drilling
(approximately 35 holes, 1,915m) will begin the development phase
on this oxide infill deposit by testing new targets outside the
current oxide resource, and providing material for metallurgical
characterization. Historic drill results, such as 61.0m of
2.32 g Au/t from 21.3 to 82.3m, demonstrate the strength and
near-surface setting of the POD / Sweet Hollow gold system.
District Exploration
- Ten RC drill holes totalling 1,324m
were completed at the LT target approximately 3 km
north-northwest of the Pinion oxide gold reserve. Drilling tested
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). Assays are
pending.
- At the Ranch
target, located on strike and 1 km north of the Dark Star
deposit, drilling (approximately 2 holes, 1,219m) will test the
favorable Penn-Perm carbonate rocks beneath post-mineral cover
rocks. Previous drilling in the area successfully identified
Carlin-type hydrothermal alteration, elevated trace elements (As,
Sb, Hg, Tl) which rival the best trace element signatures on the
property, and gold up to 0.42 g Au/t in Penn-Perm carbonate rocks –
the same rocks that host the Dark Star deposit.
- At Dark Star,
stepout drilling (approximately 2 holes, 750m) will test the
projection of gold-bearing west northwest-striking faults where
they intersect the West fault, a known feeder to
gold mineralization, west of the North Dark Star
reserve.
- Stepout drilling (approximately 7
holes, 1,763m) will test for additional oxide resources at
POD and Sweet Hollow.
- Target a near-surface, high-grade
oxide gold system (approximately 2 holes, 750 m) in the
Central District. New oxide gold
targets have been developed through a comprehensive re-examination
of historic underground workings, historic drilling with intercepts
such as 24.4m of 3.38 g Au/t and 16.8m of 4.39 g Au/t, and
construction of a 3D model.
- Complete gridded soil geochemistry
and initial Anaconda-style geologic mapping over South
Dome, a new area of exploration interest in the southwest
portion of the Railroad-Pinion Project. This area is
characterized by favorable carbonate stratigraphy known to host
gold mineralization in other parts of the Railroad District
(Pinion, Rain, Emigrant), high-angle igneous dike-filled
structures, a domal-shaped feature potentially related to either
compressional tectonics or a buried intrusion at depth, and complex
folding.
Don Harris, Gold Standard’s General Manager
commented: “We are currently working towards submission of a plan
of operations for the reserves at Pinion and Dark Star. This
will be an important step in the process of moving the project
towards an operating center. In addition, Gold Standard is
focused on development of additional potentially minable oxide
resources on the property. Phase 4 drilling will allow us the
opportunity to expand the measured and indicated resource at Pinion
for inclusion in the mine plan in the on-going Feasibility
Study. Beyond Pinion, GSV has recognized oxide opportunities
at LT and Pod/Sweet Hollow that could be beneficial to the
potential life of mine plan. 2020 drilling and testing will
be the initial step in determining how these deposits influence
mine planning decisions.”
Sampling Methodology, Chain of Custody,
Quality Control and Quality Assurance All Gold
Standard 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.
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, advancing permitting and the
feasibility study, advancing towards potential production, and
advancing exploration that contributes value to the South Railroad
Project 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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