Great Basin Gold Announces Additional High Grade Intercepts in the Newly Discovered Hatter Graben Vein System at Hollister Proje
September 03 2008 - 6:00AM
PR Newswire (US)
FIRST RESULTS FROM SOUTH VELVET AREA SHOW PROMISE VANCOUVER, Sept.
3 /PRNewswire-FirstCall/ -- Great Basin Gold Ltd. (TSX: GBG; AMEX:
GBN; JSE: GBG) ("Great Basin" or the "Company"), announces
additional results from their surface exploration drill program at
the Hollister Project in Nevada. Additional high-grade intercepts
are reported from their recently discovered Hatter Graben Vein
System as well as the first two results from exploration undertaken
in the South Velvet area. Drill results show the Hatter Graben
veins occur in a robust and wide east-west trending structural zone
containing several sub-parallel bonanza-grade veins similar to the
Gwenivere and Clementine vein systems that the Company is currently
developing underground. Drilling to date targeted the vein system
down-dip and along a strike length of 400 ft (122 m) to the west
and 1500 ft (457 m) to the east from the initial drill holes (see
news release dated June 23 2008). With assays in from 7 of the 10
holes drilled on the Hatter Graben vein system, early results
indicate that the system is approximately 1000 ft (300 m)
deeper than the Gwenivere and Clementine vein systems located 5000
ft (1,524 m) west of the new discovery. It appears that these veins
were intersected at the top of the mineralized horizon and
generally improve in grade and width at depth and break up into
breccias and stringers at higher elevations. Drilling will continue
to focus on better definition of the mineralization down-dip and
along strike. Hatter Graben Vein System Highlights: Hole H8-269
tested the vein system about 400 ft west of the original discovery
holes H8-264 and H8-265. The hole was lost at 2155 ft (656.8 m);
therefore, only tested the upper brecciated and sheet vein zone of
the system. From 2123.5 - 2125.6 ft (647.2 - 647.9 m), a quartz
vein was encountered with a true thickness of 1.4 ft (0.4 m)
grading 1.77 oz/t (60.7 g/t) Au and Ag (greater than) 5.8 oz/t
((greater than) 200 oz/t) Ag (over-limit assays are still pending).
An intercept of interest was encountered higher in the hole from
1413.5 -1418.2 (430.8 - 432.3 m) grading 3.3 ft (1.0 m) of 0.441
oz/t (15.11 g/t) Au and 1.35 oz/t (46.3 g/t) Ag. This intercept is
hosted by the overlying Tertiary volcanic rocks, suggesting the
presence of additional veins deeper in Hollister's Ordovician host
rocks. Hole H8-274 tested the vein system about 300 ft (100 m) west
of the original discovery holes H8-264 and H8-265. This hole
intersected four high-grade naumannite banded veins which include:
from 1739.0 -1743.0 ft (530.0 - 531.3 m) 2.6 ft (0.8 m) grading
1.12 oz/t (38.5 g/t) Au and 16.80 oz/t (576.0 g/t) Ag, from 2228.0
- 2228.9 ft (679.1 - 679.4 m) 0.6 ft (0.2 m) grading 0.23 oz/t Au
(7.9 g/t) Au and 2.36 oz/t (81.0 g/t) Ag, and from 2289.8 - 2291.2
ft (697.9 - 698.4 m) 1.0 ft (0.3 m) grading 7.82 oz/t (268.0 g/t)
Au and 18.11 oz/t (621.0 g/t) Ag, and from 2653.8 - 2655.8 ft
(808.9 - 809.5 m) 1.41 ft (0.4 m) grading 0.52 oz/t (17.9 g/t) Au
and 10.4 oz/t (357.0 g/t) Ag. South Velvet Highlights: This area,
which is in close proximity to the Clementine Vein System and
within the Hollister Development Block, was targeted for
exploration earlier in the year. Results from the first two drill
holes confirm the prospectivity of this area. Hole H8-270 targeted
historic drill hole intercepts with anomalous gold in the overlying
Tertiary volcanic rocks approximately 1200 ft (366 m) north of
Hollister's underground development. Disseminated mineralization in
the Tertiary volcanic rocks was encountered from 401.0 - 426.0 ft
(122.2 - 129.8 m) with a 25.0 ft (7.62 m) composited grade of
0.29 oz/t (9.9 g/t) Au and 0.50 oz/t (17.032 g/t) Ag including
4.0 ft (1.2 m) of 0.777 oz/t (26.4 g/t) Au and 1.05 oz/t (36.0
g/t) Ag. This intercept indicates the presence of proximal
high-grade epithermal veins in the underlying Ordovician host
rocks. The current exploration program is being updated to target
the underlying vein system. Hollister Surface Drill Results -
September 2008
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Vein Drill Vein Significant Intercepts System Hole Intersection
---------------------------------------- ID (ft) Sample Interval
Drilled Est. True ------------ (ft) Thickness Width From To
--------------- (ft) (ft) From To
-------------------------------------------------------------------------
Hatter Graben H8-264 1570 1571 1 0.7 1580.2 1586.3 6.1 4.3 1580.2
1581.0 0.6 1581.0 1585.6 3.3 1585.6 1586.3 0.5 1595.6 1596.4 0.8
0.6 1610.0 1613.0 3 2.1 1610 1610.9 0.9 0.6 1610.9 1612 1.1 0.8
1612 1613 1 0.7 1645.7 1647.8 2.1 1.5 1686 1686.6 0.6 0.4 1709.5
1710.5 1 0.7 1741.9 1742.4 0.5 0.4 1748.6 1749.3 0.7 0.5 1780.5
1784.2 3.7 2.6 1780.5 1781.3 0.8 0.6 1781.3 1783.5 2.2 1.6 1783.5
1784.2 0.7 0.5 2059.7 2067.5 7.8 5.5 2059.7 2061 1.3 0.9 2061
2062.4 1.4 1.0 2062.4 2063.8 1.4 1.0 2063.8 2066.8 3 2.1 2066.8
2067.5 0.7 0.5
-------------------------------------------------------------------------
Hatter Graben H8-265 1019.0 1020.0 1.0 0.6 1021.7 1028.5 6.8 4.4
1077.7 1082.0 4.3 2.8 1102.1 1109.0 6.9 4.4 1110.7 1121.7 11.0 7.1
1139.0 1144.3 5.3 3.4 1459.0 1464.0 5.0 3.2 1472.6 1475.5 2.9 1.9
1484.2 1486.4 2.2 1.4 1537.8 1539.0 1.2 0.8 1563.9 1565.0 1.1 0.7
1663.5 1666.8 3.3 2.1 1687.0 1689.0 2.0 1.3 1769.4 1770.4 1.0 0.6
1771.5 1772.6 1.1 0.7 1907.1 1907.9 0.8 0.5 1948.2 1954.0 5.8 3.7
2094.0 2095.0 1.0 0.6 2160.2 2162.5 2.3 1.5 2224.5 2225.4 0.9 0.6
2334.5 2336.4 1.9 1.2 2583.0 2585.5 2.5 1.6
-------------------------------------------------------------------------
Hatter Graben H7-233 1400.5 1402.5 2.0 1.4 South 1755.8 1757.4 1.6
1.1 1815.0 1826.0 11.0 7.8 1815.0 1816.0 1.0 0.7 1816.0 1826.0 10.0
7.1 1888.3 1889.2 0.9 0.6 2041.3 2042.6 1.3 0.9
-------------------------------------------------------------------------
Hatter Graben H8-267 1803.5 1804.5 1.0 0.7 2083.2 2084.0 0.8 0.6
2154.7 2155.4 0.7 0.5
-------------------------------------------------------------------------
Hatter Graben H8-269 1413.5 1418.2 4.7 3.3 2123.5 2125.6 2.1 1.5
-------------------------------------------------------------------------
Hatter Graben H8-271B 1199.0 1204.0 5.0 3.5
-------------------------------------------------------------------------
Hatter Graben H8-274 1739.0 1743 4.0 2.6 2228.0 2228.9 0.9 0.6
2289.8 2291.2 1.4 1.0 2653.8 2655.8 2.0 1.4
-------------------------------------------------------------------------
Hatter Graben H8-275 Being Processed
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Hatter Graben H8-276 Being Processed
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Hatter Graben H8-277 Being Processed
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Hatter Stock H8-268 No Significant Intercepts
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Hatter Stock H8-272 No Significant Intercepts
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South Velvet H8-266 559.7 563.6 3.9 1.95 588.0 589.0 1.0 0.5
-------------------------------------------------------------------------
South Velvet H8-270 401.0 426.0 25.0 17.68 401.0 405.0 4.0 2.83
405.0 409.0 4.0 2.83 409.0 411.9 2.9 2.05 411.9 417.0 5.1 3.61
417.0 421.0 4.0 2.83 421.0 426.0 5.0 3.54
-------------------------------------------------------------------------
South Velvet H8-273 No Significant Intercepts
-------------------------------------------------------------------------
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Vein Drill Significant Intercepts System Hole
-------------------------------------------------------- ID
Analytical Results
-------------------------------------------------------- Au Au Ag
Ag (opt) (g/t) (opt) (g/t)
-------------------------------------------------------------------------
Hatter Graben H8-264 0.179 6.1 1.00 34.0 0.247 8.4 0.84 28.7 0.088
3.0 1.90 66.0 0.013 0.4 less than 0.1 less than 5 1.980 67.8 8.20
282.0 2.220 76.0 6.50 223.0 0.236 8.1 1.30 45.7 0.391 13.4 2.30
78.0 0.012 0.4 less than 0.1 less than 5 0.343 11.8 1.70 59.0 0.594
20.4 4.20 145.0 0.017 0.6 less than 0.1 less than 5 0.333 11.4 3.00
102.0 0.006 0.2 less than 0.1 less than 5 0.128 4.4 0.70 23.0 0.214
7.3 1.70 78.1 0.120 4.1 0.60 21.0 0.032 1.1 0.20 7.0 0.895 30.7
7.60 261.0 0.540 18.6 3.90 115.8 0.073 2.5 10.70 366.0 0.095 3.3
2.10 71.0 1.470 50.5 5.40 184.0 0.008 0.3 less than 0.1 less than 5
2.720 93.3 8.20 282.0
-------------------------------------------------------------------------
Hatter Graben H8-265 0.313 10.7 0.01 0.2 0.116 4.0 0.00 0.1 0.104
3.6 0.00 less than 0.1 0.116 4.0 0.00 0.1 0.155 5.3 0.00 0.1 0.128
4.4 0.01 0.4 0.112 3.9 0.15 5.0 0.540 18.5 3.59 123.0 0.657 22.5
3.68 126.0 0.111 3.8 0.30 10.2 0.101 3.5 0.12 4.0 1.280 44.0 6.20
211.0 1.125 38.5 7.00 241.0 0.352 12.1 3.30 113.0 0.105 3.6 1.50
50.0 0.155 5.3 less than 0.1 less than 5 0.118 4.0 less than 0.1
less than 5 0.155 5.3 1.30 46.0 1.110 38.0 7.50 259.0 0.291 10.0
1.70 57.0 0.333 11.4 0.20 8.0 1.355 46.4 5.50 188.0
-------------------------------------------------------------------------
Hatter Graben H7-233 0.111 3.8 0.34 11.5 South 0.136 4.7 0.09 3.1
0.154 5.3 0.70 24.1 0.216 7.4 5.48 188.0 0.148 5.1 0.22 7.7 0.113
3.9 1.18 40.6 0.132 4.5 0.60 20.6
-------------------------------------------------------------------------
Hatter Graben H8-267 0.208 7.1 greater greater than 5.8 than 200
0.165 5.7 2.80 96.0 0.418 14.3 1.58 54.0
-------------------------------------------------------------------------
Hatter Graben H8-269 0.441 15.1 1.35 46.3 1.770 60.7 greater
greater than 5.8 than 200
-------------------------------------------------------------------------
Hatter Graben H8-271B 0.234 8.0 0.30 10.4
-------------------------------------------------------------------------
Hatter Graben H8-274 1.120 38.5 16.80 576.0 0.232 7.9 2.36 81.0
7.820 268.0 18.11 621.0 0.520 17.9 10.40 357.0
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Hatter Graben H8-275 Being Processed
-------------------------------------------------------------------------
Hatter Graben H8-276 Being Processed
-------------------------------------------------------------------------
Hatter Graben H8-277 Being Processed
-------------------------------------------------------------------------
Hatter Stock H8-268 No Significant Intercepts
-------------------------------------------------------------------------
Hatter Stock H8-272 No Significant Intercepts
-------------------------------------------------------------------------
South Velvet H8-266 0.103 3.54 0.018 0.6 0.106 3.63 0.09 3.1
-------------------------------------------------------------------------
South Velvet H8-270 0.291 9.919 0.497 17.032 0.508 17.4 1.079 37
0.777 26.4 1.05 36 0.069 2.35 0.496 17 0.121 4.14 less than .146
less than 5 0.113 3.86 0.175 6 0.172 5.88 0.204 7
-------------------------------------------------------------------------
South Velvet H8-273 No Significant Intercepts
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* Previously Reported Results President and CEO, Ferdi Dippenaar
commented, "We have made good progress with the exploration program
at the Hatter Graben Vein System and now extended to include the
South Velvet area. The results from the South Velvet area are
significant in that this area is in close proximity to the
currently developed underground infrastructure within the Hollister
Development Block. This area has historically had many high-grade
intercepts in the overlying Tertiary volcanic rocks, so the two
current holes are encouraging. The plan is to target the source of
the fluids that generated these veins, which typically originate
from vein structures in the deeper host rocks. Further exploration
will be undertaken in both areas to determine the size and extent
of the mineralization following a review of the program and once
all the results have been received." Johan Oelofse, PrEng, FSAIMM,
Chief Operating Officer for the Company and a qualified person, has
reviewed this news release on behalf of Great Basin Gold. The
Company will be presenting its progress with exploration at the
Hollister Property in more detail at the Denver Gold Conference on
the September 8, 2008. The presentation will be available on the
website.
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Samples collected from the Hollister Development Block Project are
stored in a secure facility until picked up by Inspectorate America
Corporation (Inspectorate) of Sparks, Nevada. Vein samples are
analyzed by either metallic screen or standard fire assay
procedures. For metallic screen analyses, vein sample preparation
consists of drying and jaw-crushing the entire sample to 90%
passing 10-mesh, taking a 500 g sub-sample using a rotary splitter,
and then pulverizing the 500 g sub-sample to 90% passing 150-mesh
using a large capacity ring and puck pulverizer. Gold and silver
determinations are by metallic screen analysis, with two 1
assay-ton (30 g) fire assays completed on the fine fraction; the
coarse fraction is fire assayed in its entirety. For standard fire
assay, vein sample preparation consists of drying and jaw-crushing
the entire sample to 90% passing 10-mesh, taking a 300 g sub-sample
using a Jones splitter, and then pulverizing the 300 g sub-sample
to 90% passing 150-mesh using a large capacity ring and puck
pulverizer. A 30 g charge is fire assayed. All metal determinations
are by gravimetric finish. Vein samples analyzed by standard fire
assay will be re-assayed using metallic screen procedures.
Laboratory Quality Assurance/Quality Control (QA/QC) is monitored
using coarse reject blanks and assay standards, duplicate fire
assays, and Inspectorate's internal standards and blanks. Coarse
blanks (barren rhyolite or landscape marble) and assay standards
are inserted into the sample sequence as blind samples prior to
submitting the samples to the laboratory. Inspectorate also inserts
assay standards and blanks into the sample stream. QA/QC results
are within acceptable limits.
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No regulatory authority has approved or disapproved the information
contained in this news release. Cautionary and Forward Looking
Statement Information This release includes certain statements that
may be deemed "forward-looking statements". All statements in this
release, other than statements of historical facts, that address
possible future commercial production, reserve potential,
exploration drilling results, development, feasibility or
exploitation activities and events or developments that Great Basin
Gold expects to occur are forward-looking statements. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes, and
continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance
and those actual results or developments may differ materially from
those projected in the forward-looking statements. For more
information on the Company, Investors should review the Company's
annual Form 40-F filing with the United States Securities and
Exchange Commission and its home jurisdiction filings that are
available at http://www.sedar.com/. DATASOURCE: Great Basin Gold
Ltd. CONTACT: For additional details on Great Basin and its gold
properties, please visit the Company's website at
http://www.grtbasin.com/ or contact Investor Services: Tsholo
Serunye in South Africa, 27 (0) 11 301 1800; Michael Curlook in
North America, (604) 633-9113; Barbara Cano at Breakstone Group in
the USA, (646) 452-2334
Copyright