Mr. Jonathan Awde reports
GOLD STANDARD ANNOUNCES US$13.4 MILLION 2016 EXPLORATION PROGRAM FOR RAILROAD-PINION PROJECT, CARLIN TREND NEVADA
Gold Standard Ventures Corp. has released plans for the 2016 exploration program on its 100-per-cent-owned/controlled Railroad-Pinion project on Nevada's Carlin trend. The program is expected to cost $13.4-million (U.S.) and will include approximately 43,000 metres of reverse circulation and core drilling in a total of 100 holes with the majority of the drilling focused at the Dark Star and Pinion oxide gold deposits.
The program is designed to aggressively follow up on 2015 drill results at the North Dark Star oxide gold discovery, expand known resources at Dark Star and Pinion, and test new high-value targets at North Bullion and Bald Mountain.
Jonathan Awde, chief executive officer and director of Gold Standard, commented: "The company is in a strong position financially with no debt and a treasury with over $40-million as a result of recent investments from Oceanagold and Goldcorp. These recent corporate investments are appreciated by the company and a great compliment to the technical work and success we have been able to do in one of the most prolific gold belts in the world. Its going to be a very exciting year for our investors as we undertake aggressive exploration programs in the coming months."
Key highlights of the planned 2016 program include:
- At the North Dark Star discovery, located north of the Dark Star maiden
resource, complete about 10,300 m of RC and core drilling in 22 holes to
expand areas of known shallow oxide gold mineralization north and south
of DS15-13. Gold mineralization is hosted in favourable carbonate rocks --
bioclastic limestone, silty limestone and calcareous sandstone within a
coarse conglomerate debris flow unit. This Pennsylvanian-Permian unit
also hosts the main Dark Star deposit to the south, and represents a
new, unconventional host rock on the Carlin trend.
- Within the six-kilometre-long Dark Star structural corridor, complete about
10,100 m of RC drilling in 22 holes to test new targets south of the
Dark Star maiden resource. The Dark Star structural corridor is a north-trending horst defined by gravity, CSAMT, geologic mapping and soil
sampling. The corridor is largely untested by drilling.
- As background, the maiden Dark Star National Instrument 43-101-compliant resource
estimate was completed last year by Apex Geoscience Ltd. of Edmonton,
Canada, and included an inferred mineral resource of 23.11 million tonnes
grading 0.51 gram per tonne gold, totalling 375,000 ounces of
gold using a cut-off of 0.14 g/t Au (see March 3, 2015, news release).
This oxide resource is open in multiple directions. The North Dark Star
discovery was made in late 2015. Three holes (DS15-10, -11 and -13)
completed 515 m north of the maiden resource returned multiple,
significant oxidized intercepts containing gold values above the cut-off
grade of 0.14 g/t Au. Core hole DS15-13 intersected 15.4 metres of 1.85
grams gold per tonne and 97.0 metres of 1.61 g/t Au (see
Jan. 21, 2016, news release). North Dark Star remains open in multiple
- At Northwest Pinion, complete about 5,700 m of RC drilling to extend
known oxide mineralization along the south fault corridor, an important
control on gold mineralization at Pinion.
- At the new Sentinel breccia target, 12 RC holes (about 3,700 m) will
test for bedrock extensions to gold mineralization identified by surface
rock samples. This undrilled target is a hematitic, silicified multilithic breccia within the footwall of the north-striking Bullion fault
zone, located 350 m north of Pinion. At a 0.14 g/t Au cut-off, continuous
rock chip channel samples returned seven significant weight-averaged,
composite intervals that included 27.4 m of 0.35 g/t Au and 12.2 m of 0.46
g/t Au (see news release dated Jan. 25, 2016).
- At the new Irene target, 2.4 km northwest of the Pinion resource,
complete approximately 1,800 m of RC drilling. Irene is located along
the projection of the South fault corridor, an important control on gold
mineralization at Pinion. At this location, north-and-northwest-trending
gold-in-soil (values ranging from less than one to 325 parts per billion) and arsenic-in-soil (values ranging from 10 to 2,670 parts per million) anomalies are coincident
with silicified, quartz-and-barite-veined breccias in the Chainman
formation above the favourable breccia host horizon at the top of Devil's
Gate limestone (see March 25, 2015, news release).
- At the Northwest Main zone, Far Northwest and South Pinion targets, complete
about 3,000 m of RC drilling to extend areas of known oxide
mineralization outward from the Pinion resource.
- Drill nine holes (approximately 4,800 m) to extend areas of west-northwest-and-north-trending, high-grade gold mineralization in the
Lower breccia zone and test new targets recognized in multiple data sets
including grade by thickness contours, structure contours, gravity and
- On the northern flank of the Bullion Stock target, drill up to eight RC
holes (about 3,600 m) to test new oxide gold targets developed within a
four km long west-northwest-striking dike-filled corridor. In 2013, core
hole RRB13-01 intersected 56.1 m of 1.47 g/t Au including 7.3 m of 5.66 g/t Au in oxidized, multilithic collapse breccia (mlbx) developed along
the contact between the Tripon Pass formation and the underlying Devils
Gate limestone (see news release dated Oct. 2, 2013). The Bald
Mountain mineralization occurs in the same stratigraphic position as
mlbx-hosted gold at Pinion and North Bullion.
- Gold Standard will also initiate permitting, metallurgical and economic
studies to move Pinion and Dark Star toward development.
Mac Jackson, Gold Standard's vice-president of exploration, stated: "With the recent strategic financings, we are in a great position to build on the North Dark Star discovery and aggressively explore other high-quality targets at Railroad-Pinion. There is a consistent history of the growth of deposits and districts on the Carlin trend. We are still in the early stages of exploring the Railroad-Pinion-Dark Star district. This year, we expect to add significant additional resources and move our existing deposits closer to production. With the budget we have been given and the opportunities before us, we also believe we could make another major discovery in this program."
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 or certified reference material was inserted approximately every 10th sample. Dark Star samples were delivered to Bureau Veritas Mineral Laboratories preparation facility in Elko, Nev. The samples are crushed, pulverized and sample pulps are shipped to Bureau Veritas-certified laboratory in Sparks, Nev., or Vancouver, B.C. Pulps are digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy finish on a 30-gram split. Pinion, North Bullion and Bald Mountain samples were delivered to ALS Minerals' preparation facility in Elko, Nev. The samples are crushed, pulverized and sample pulps are shipped to ALS Minerals-certified laboratory in Vancouver. Pulps are digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy finish on a 30-gram split. All other elements are determined by ICP analysis. Data verification of the analytical results includes 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, standards of disclosure for mineral projects.
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