Gold Standard Ventures Corp. (
TSX: GSV;
NYSE AMERICAN: GSV) (“Gold Standard” or the “Company”)
today announced that its 2020 Pinion deposit development program
has found a new higher-grade oxide zone with potential to grow. The
new zone at Pinion exhibits thicker breccia as well as exceptional
oxide grades based on recent drilling on GSV’s
100%-owned/controlled Railroad-Pinion Project in Nevada’s Carlin
Trend.
The drill results released today are from an
additional 36 reverse-circulation (“RC”) holes (see Pinion DH
Location Map - Nov. 10, 2020 and Significant Pinion DH Intercepts -
Nov. 10, 2020). With this release, all reverse circulation holes
(60 total) have been reported. Results from 15 core holes are
pending.
Oxide results include 77.7m of 2.24 g Au/t,
including 22.9m of 4.21 g Au/t in PR20-26; 38.1m
of 4.37 g Au/t, including 16.8m of 5.41 g Au/t in
PR20-34; 25.9m of 3.66 g Au/t, including 12.2m of 6.45 g
Au/t in PR20-60; and 39.6m of 1.36 g Au/t,
including 15.2m of 2.03 g Au/t in PR20-37. These
results identify a number of new and potentially value-add
opportunities at Pinion and the greater South Railroad Project,
including: 1) a N60W trending zone of higher-grade oxide
mineralization at Pinion that remains open to the south, east and
at depth; 2) a potential expansion of the Pinion Phase 4 resource;
and 3) a new gold host unit – the Tripon Pass Formation – which
hosts +1 g Au/t reduced mineralization.
Objectives of the drilling included: 1)
decreasing drill spacing on the Pinion Phase 4 inferred oxide
resource for conversion to Measured and Indicated; 2) providing
material for metallurgical testing; and 3) tightening the drill
spacings near historic Cameco holes SB-136, an RC hole that
intersected 102.1m of 1.38 g Au/t, and SB-162-99, a core hole that
twinned and verified the SB-136 results with an intercept of 112.0m
of 1.24 g Au/t. All of these objectives have been successfully
completed.
Jonathan Awde, CEO and Director of Gold Standard
commented: “Railroad-Pinion has continued to provide upside
surprises. The new Pinion zone has the best oxide gold grades we
have ever drilled at Pinion and it has potential to expand. Finding
gold in the Tripon Pass Formation opens up a possible new host
unit. Twelve holes ended in altered multilithic breccia with oxide
gold values ranging from 0.31 g Au/t to 2.52 g Au/t as mineralized
thicknesses exceeded expectations. All considered, this has been a
very successful program and we have more results to come.”
Key Highlights for
Pinion include:
- Drill hole PR20-26 intersected
77.7m of 2.24 g Au/t, including 22.9m of 4.21 g
Au/t, and PR20-34 intersected 38.1m of 4.37 g Au/t,
including 16.8m of 5.41 g Au/t. These drill holes
are on the southern margin of the drill pattern and represent the
best oxide intercepts ever completed at the Pinion deposit.
- Nine holes (PR20-26, -28, -29, -30,
-34, -35, -36, -37 and -42) in this release and three holes
(PR20-19, -20 and -27) announced last month (see October 20, 2020
news release) ended in altered multilithic breccia with oxide gold
values ranging from 0.31 g Au/t to 2.52 g Au/t. These holes
intersected thicker and higher gold grades than predicted by the
resource model.
- Pinion Phase 4 drilling has defined
a new N60W striking zone of higher than average deposit gold grade,
considerable breccia thickness and an increase in igneous sills and
dikes. Along this trend, oxide mineralization exhibits vertical and
strike continuity over an area approximately 300m (along a NW/SE
strike) by approximately 170m wide. Mineralization remains open for
another 600m to the southeast of this drilling and at depth.
Additional drilling is in progress to further define this zone,
both at depth and along strike.
- PR20-34 also intersected a reduced
gold zone of 10.7m of 2.14 g Au/t (at a 1.0 g Au/t cutoff) in the
Tripon Pass Formation, immediately above the oxide intercept of
38.1m of 4.37 g Au/t. This reduced intercept represents a new gold
host and style of mineralization at Pinion.
- In the northern portion of the
drill pattern, three holes intersected vertically-continuous zones
of +1 g Au/t oxide mineralization, including 32.0m of 1.14 g Au/t,
including 10.7m of 2.40 g Au/t in PR20-47; 24.4m
of 1.55 g Au/t, including 16.8m of 2.11 g Au/t in
PR20-59; and 25.9m of 3.66 g Au/t, including 12.2m of 6.45
g Au/t in PR20-60. These holes intersected higher gold
grades than predicted by the resource model.
Pinion RC drill results are as follows:
Drill Hole |
Method |
Azimuth |
Incl. |
TD (m) |
Intercept (m) |
Thickness (m) |
Grade (g Au/t) |
PR20-22 |
RC |
|
-90 |
161.5 |
97.6-118.9 |
21.3 |
0.57 |
PR20-24 |
RC |
|
-90 |
146.3 |
68.6-105.2 |
36.6 |
1.00 |
Including |
68.6-79.3 |
10.7 |
1.70 |
128.0-141.7 |
13.7 |
0.43 |
PR20-26 |
RC |
|
-90 |
265.2 |
187.5-265.2 |
77.7 |
2.24 |
Including |
214.9-237.8 |
22.9 |
4.21 |
PR20-28 |
RC |
|
-90 |
231.7 |
153.9-170.7 |
16.8 |
0.25 |
|
211.9-224.1 |
12.2 |
0.27 |
228.6-231.7 |
3.1 |
0.87 |
PR20-29 |
RC |
|
-90 |
250.0 |
195.1-218.0 |
22.9 |
0.18 |
|
224.1-250.0 |
25.9 |
0.34 |
PR20-30 |
RC |
|
-90 |
271.3 |
196.6-213.4 |
16.8 |
0.37 |
Including |
221.0-271.3 |
50.3 |
1.04 |
221.0-234.7 |
13.7 |
2.17 |
PR20-31 |
RC |
|
-90 |
297.2 |
228.7-256.1 |
27.4 |
1.29 |
|
Including |
236.3-247.0 |
10.7 |
2.00 |
PR20-32 |
RC |
|
-90 |
289.6 |
187.5-225.6 |
38.1 |
0.60 |
Including |
187.5-195.1 |
7.6 |
1.20 |
PR20-33 |
RC |
|
-90 |
271.3 |
228.6-239.3 |
10.7 |
0.61 |
PR20-34 |
RC |
|
-90 |
277.4 |
210.3-221.0 |
10.7 |
2.14 |
Including |
239.3-277.4 |
38.1 |
4.37 |
245.4-262.2 |
16.8 |
5.41 |
PR20-35 |
RC |
270 |
-74 |
246.9 |
211.8-246.9 |
35.1 |
0.76 |
PR20-36 |
RC |
|
-90 |
221.0 |
216.4-221.0 |
4.6 |
1.19 |
PR20-37 |
RC |
|
-90 |
251.5 |
211.9-251.5 |
39.6 |
1.36 |
Including |
219.5-234.7 |
15.2 |
2.03 |
PR20-38 |
RC |
|
-90 |
230.2 |
208.8-219.5 |
10.7 |
1.17 |
PR20-39 |
RC |
270 |
-82 |
144.8 |
86.9-123.5 |
36.6 |
1.46 |
Including |
97.6-103.7 |
6.1 |
6.61 |
PR20-40 |
RC |
|
-90 |
160.0 |
131.1-155.5 |
24.4 |
0.42 |
PR20-41 |
RC |
|
-90 |
271.3 |
224.1-233.2 |
9.1 |
0.45 |
|
262.2-269.8 |
7.6 |
0.42 |
PR20-42 |
RC |
|
-90 |
259.1 |
231.7-259.1 |
27.4 |
0.35 |
PR20-43 |
RC |
|
-90 |
231.6 |
196.6-201.2 |
4.6 |
0.48 |
PR20-44 |
RC |
|
-90 |
216.4 |
164.6-192.0 |
27.4 |
0.65 |
PR20-45 |
RC |
|
-90 |
280.4 |
187.5-196.6 |
9.1 |
0.43 |
PR20-46 |
RC |
|
-90 |
227.1 |
181.4-202.7 |
21.3 |
0.73 |
PR20-47 |
RC |
|
-90 |
146.3 |
93.0-125.0 |
32.0 |
1.14 |
Including |
93.0-103.7 |
10.7 |
2.40 |
PR20-48 |
RC |
|
-90 |
158.5 |
86.9-115.9 |
29.0 |
0.88 |
Including |
96.0-102.1 |
6.1 |
2.61 |
PR20-49 |
RC |
|
-90 |
161.5 |
120.4-144.8 |
24.4 |
0.68 |
Including |
120.4-131.1 |
10.7 |
1.18 |
PR20-50 |
RC |
|
-90 |
152.4 |
135.7-147.9 |
12.2 |
0.51 |
PR20-51 |
RC |
|
-90 |
182.9 |
150.9-178.3 |
27.4 |
0.71 |
PR20-52 |
RC |
|
-90 |
268.2 |
210.4-228.7 |
18.3 |
1.15 |
|
237.8-259.1 |
21.3 |
0.81 |
PR20-53 |
RC |
|
-90 |
280.4 |
234.8-254.6 |
19.8 |
0.30 |
PR20-54 |
RC |
|
-90 |
248.4 |
199.7-205.8 |
6.1 |
1.43 |
PR20-55 |
RC |
|
-90 |
199.6 |
150.9-155.5 |
4.6 |
0.43 |
|
160.1-167.7 |
7.6 |
0.39 |
PR20-56 |
RC |
|
-90 |
210.3 |
140.2-150.9 |
10.7 |
1.78 |
Including |
140.2-144.8 |
4.6 |
3.46 |
PR20-57 |
RC |
|
-90 |
196.6 |
170.7-195.1 |
24.4 |
1.03 |
Including |
179.9-192.1 |
12.2 |
1.53 |
PR20-58 |
RC |
|
-90 |
201.2 |
147.9-172.3 |
24.4 |
1.58 |
Including |
152.4-164.6 |
12.2 |
2.06 |
PR20-59 |
RC |
|
-90 |
149.4 |
100.6-125.0 |
24.4 |
1.55 |
Including |
103.6-120.4 |
16.8 |
2.11 |
PR20-60 |
RC |
90 |
-74 |
155.4 |
91.5-117.4 |
25.9 |
3.66 |
Including |
93.0-105.2 |
12.2 |
6.45 |
Gold intervals reported in this table were
calculated using a 0.14 g Au/t cutoff for oxide mineralization and
a 1.0 g Au/t cutoff for reduced 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, “Phase 4 drilling was designed as a routine infill
program to increase confidence from inferred to measured and
indicated. However, drill assay results along the southern portion
of the program exceeded expectations with thicker and higher-grade
intervals encountered. The higher oxide grades and refractory
intercepts encountered in the Tripon Pass indicate the Pinion
system is increasing in strength as we move south. Additional
drilling is in progress to further refine this zone and impacts to
the Pinion Phase 4 potential mining layback. The results will be
incorporated into the ongoing feasibility study.
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. Samples from drill holes PR20-50
through PR20-60 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. The
remainder of the drill samples were delivered to Bureau Veritas
Mineral Laboratories preparation facility in either Sparks, NV or
Hermosillo, Mexico where they were crushed and pulverized.
Resulting sample 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. 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 and
interpretations 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.
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, are forward-looking statements or information.
Forward-looking statements or information in this news release
relate to, among other things: obtaining drill results that will
further enhance the Company’s mineral resources; advancing its
South Railroad Project through permitting and a feasibility study
towards a potential production decision and augmenting this goal by
advancing exploration that contributes value to the South Railroad
Project; and the success related to any future exploration or
development programs.
These forward-looking statements and information
reflect the Company’s current views with respect to future events
and are necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include: our
mineral reserve and resource estimates and the assumptions upon
which they are based, including geotechnical and metallurgical
characteristics of rock confirming to sampled results and
metallurgical performance; tonnage of ore to be mined and
processed; ore grades and recoveries; assumptions and discount
rates being appropriately applied to the PFS; success of the
Company's projects, including the South Railroad Project; prices
for silver and gold remaining as estimated; currency exchange rates
remaining as estimated; availability of funds for the Company's
projects; capital, decommissioning and reclamation estimates;
mineral reserve and resource estimates and the assumptions upon
which they are based; prices for energy inputs, labour, materials,
supplies and services (including transportation); no labour-
related disruptions; no unplanned delays or interruptions in
scheduled construction and production; all necessary permits,
licenses and regulatory approvals are received in a timely manner;
and the ability to comply with environmental, health and safety
laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that
forward-looking statements and information involve known and
unknown risks, uncertainties and other factors that may cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements or
information contained in this news release and the Company has made
assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation: fluctuations in
silver and gold prices; fluctuations in prices for energy inputs,
labour, materials, supplies and services (including
transportation); fluctuations in currency markets (such as the
Canadian dollar versus the U.S. dollar); operational risks and
hazards inherent with the business of mining (including
environmental accidents and hazards, industrial accidents,
equipment breakdown, unusual or unexpected geological or structural
formations, cave-ins, flooding and severe weather); inadequate
insurance, or inability to obtain insurance, to cover these risks
and hazards; our ability to obtain all necessary permits, licenses
and regulatory approvals in a timely manner; changes in laws,
regulations and government practices in the United States,
including environmental, export and import laws and regulations;
legal restrictions relating to mining; risks relating to
expropriation; increased competition in the mining industry for
equipment and qualified personnel; the availability of additional
capital; title matters and 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). Although the Company has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated, described or intended.
Investors are cautioned against undue reliance on forward-looking
statements or information. 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
Canadian public disclosure standards, including
NI 43-101, differ significantly from the requirements of the SEC
set forth in Industry Guide 7 (“Industry Guide
7”), and information concerning mineralization, deposits,
mineral reserve and resource information contained or referred to
herein may not be comparable to similar information disclosed by
U.S. companies in accordance with Industry Guide 7. In particular,
and without limiting the generality of the foregoing, this news
release uses the terms “measured mineral resources,” ‘‘indicated
mineral resources’’ and ‘‘inferred mineral resources’’. U.S.
investors are advised that, while such terms are recognized and
required by Canadian securities laws, Industry Guide 7 does not
recognize them. U.S. investors should also understand that
“inferred mineral resources” have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of
“inferred mineral resources” exist, are economically or legally
mineable or will ever be upgraded to a higher category. Under
Canadian securities laws, estimated “inferred mineral resources”
may not form the basis of feasibility or pre-feasibility studies
except in rare cases. Disclosure of “contained ounces” in a mineral
resource is permitted disclosure under Canadian securities laws.
However, Industry Guide 7 normally only permits issuers to report
mineralization that does not constitute “reserves” by Industry
Guide 7 standards as in place tonnage and grade, without reference
to unit measures. Accordingly, information concerning mineral
deposits set forth herein may not be comparable with information
made public by companies that report in accordance with Industry
Guide 7.
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.comWebsite:
www.goldstandardv.com
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