Gold Standard Ventures Corp. (
TSX: GSV;
NYSE AMERICAN: GSV) (“Gold Standard” or the “Company”)
today announced plans for the 2020 Phase 1 development and
exploration program on its 100%-owned/controlled Railroad-Pinion
Project in Nevada’s Carlin Trend. The program includes an
estimated 20,410 m of reverse-circulation (RC) and core drilling in
136 holes. Three drill rigs are currently active on site at
Pinion.
The Phase 1 2020 program objectives are: (1)
convert Pinion Phase 4 to Measured and Indicated confidence level
(see attached Pinion Phase 1 drilling illustration); (2) drill test
additional near-surface targets at Dark Star with the goal of
expanding the oxide resource; (3) further advance the Feasibility
Study for the South Railroad Project; (4) file the south Railroad
Plan of Operations; and (5) begin step out exploration drilling at
the LT oxide discovery. Funding for this program was obtained
through an at-the-market (“ATM”) equity program announced on April
17, 2020 (see news release), and the recent investment by Orion
Mine Finance (“Orion”) (see July 16, 2020 news release). The ATM
equity program has been completed, where 15,097,478 common shares
of the Company were issued for net proceeds of $13,984,881 after
payment of applicable fees and expenses. Orion has also completed
its purchase of an additional CDN$6,950,151 (US$5,135,326) of Gold
Standard common shares through a non-brokered private placement at
CDN$1.05 per share (see July 16, 2020 news release).
Jonathan Awde, CEO and Director of Gold Standard
commented: “Our pre-feasibility studies have demonstrated that
South Railroad is a robust project at gold prices well below
current levels. What we want—and what we expect—is a longer mine
life to drive prospective returns to another level as we move the
project through Feasibility. To achieve this objective, we
have designed this year’s programs to upgrade known inferred
resources to indicated and also better define the potential in
recently discovered new targets. That’s our expectation for 2020.
We are also very pleased to have Orion as a new strategic
shareholder in the Company and look forward to potential financings
from them in the future.”
Istvan Zollei, Portfolio Manager of Orion noted:
“We are pleased to complete this further investment in Gold
Standard and look forward to future cooperation, as long-term
aligned partners, as they develop the South Railroad Project.”
Key Highlights for Phase 1
include:
- At the Pinion deposit, drill
up to 75 RC and core holes (about 16,200m) to decrease drill
spacing on the inferred oxide resource for potential conversion to
Measured and Indicated, provide material for additional
metallurgical testing, and complete additional geotechnical and
hydrology studies. Current drilling will tighten 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. Additionally,
geologic mapping of recently exposed bedrock has identified a ~500m
by ~300m zone of alteration and structural intersections – the
SB target – to the southeast of the current Pinion
drill pattern. This emerging opportunity extends into an area
of historic surface rock samples ranging from 0.1 to 0.31 g
Au/t. Follow-up surface mapping and sampling is
ongoing. At
the Dark Star deposit, drill up to 20 holes (about
1,140m) to test additional targets with the goal of expanding the
oxide resource. Targets include: 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; 3) drill testing
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; and 4) 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.
- M3 Engineering & Technology Corporation is advancing a
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 resources and reserves estimates. Completion of the
Feasibility Study is anticipated in Q2 2021.
- The South Railroad Plan of Operations (PoO) is on track for Q4
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.
- At the LT target, six step out drill holes
(about 1,180m) will test 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). LT
is a new, near-surface oxide target located approximately 3 km
north-northwest of the Pinion oxide gold reserve. The LT19-02
intercept is located approximately 185m north of surface outcrops
that returned assay values ranging from <0.005 to 12.90 g Au/t
from over a 400m by 200m area (see October 11, 2018 news
release).
Don Harris, Gold Standard’s General Manager
commented: “It’s great to get drilling going at Phase 4 Pinion,
which has potential to increase the mine life of the current South
Railroad Project. Results will be included in the Feasibility
Study being advanced by M3 Engineering and a strong support
cast. We expect exploration at near-surface oxide targets at
LT could also contribute to the mine life of the project in the
future.”
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.
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:
estimates of mineral r resources; the opportunities for
exploration, development and expansion of the Lewis Project; the
intention to file a technical report for the initial mineral
resource estimate at the Lewis Project; creating further value by
leveraging its land package; advancing its South Railroad Project
through permitting and a feasibility study towards a
potential production decision and augmenting this 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 ESTIMATESCanadian 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 DirectorFOR FURTHER
INFORMATION PLEASE CONTACT: Jonathan Awde President Tel:
604-669-5702 Email: info@goldstandardv.com Website:
www.goldstandardv.com
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