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Gold Standard Ventures Corp
Symbol GSV
Shares Issued 105,199,170
Close 2014-04-07 C$ 0.67
Market Cap C$ 70,483,444
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Gold Standard continues to review Pinion data

2014-04-08 07:44 ET - News Release

Mr. Jonathan Awde reports

REVIEW OF PINION DATA BY GOLD STANDARD CONFIRMS UPSIDE POTENTIAL

Gold Standard Ventures Corp. continues to evaluate the extensive set of data obtained in its acquisition of the Pinion project located immediately adjacent to its Railroad project in the Carlin trend of Nevada. The acquisition closed in early March (see news release of March 5, 2014).

Commenting on the review, Gold Standard president and chief executive officer Jonathan Awde affirmed that the project data "is very complete and very high quality, which puts us well ahead of where we thought we would be at this stage in terms of our understanding of the Pinion deposit. The geological setting is very similar to Newmont's Emigrant run-of-mine heap-leach oxide gold deposit just a few miles to the north, as we had thought. The highly oxidized nature of the mineralized zones is evident. Historical drilling clearly did not find the limits of the deposit, either vertically or along strike. Gold Standard is the first company, in the Pinion project's history, to consolidate control of the deposit. To date, this acquisition is proving to be everything we had hoped for and more."

A relogging program is under way of core and cuttings from 385 Pinion drill holes. New, detailed logs are being created for 12 core holes and 373 reverse circulation holes to establish the geology of the deposit, including the alteration types and structural features controlling the gold mineralization. Interpretation of the new drill logs is identifying areas of open-ended mineralization and new target zones. The relogging will also provide the geological modelling required for resource estimation.

The 12 core holes totalling 822.9 metres have been relogged in detail by Gold Standard. Preliminary observations include:

  • The Pinion deposit is characterized by a consistent and predictable sequence of geologic units from the Chainman to the Webb, Tripon Pass and Devil's Gate formations. This should support a more predictive resource model and facilitate further successful exploration.
  • Gold is hosted in multilithic collapse breccia developed along the Webb/Tripon/Devil's Gate contacts. Mineralization is associated with silicification, hematite, quartz stockworks and barite. This is a classic setting for successful, heap-leachable deposits on the Carlin trend.
  • Historic drill holes demonstrate good continuity of collapse-breccia-hosted gold mineralization from hole to hole.
  • At least 25 historic RC holes ended in gold mineralization assaying greater than 0.343 gram per tonne or 0.010 ounce per short ton. Examples are shown in the table.

Drill hole         TD (m)  Intercept (m)  Thickness (m) Grade (g/t Au)

CPR-037             112.8     64.0-112.8           48.8          0.892
SB-97               181.4    150.9-181.4           30.5          1.097
TCT-023              42.7       7.6-42.7           35.1          1.989
TCX-025              85.4      61.0-85.4           24.4          2.229

(i) True widths are estimated at 85 per cent of drilled thickness. 

  • Six of the 12 core holes contained intervals of unsampled and unassayed core in zones of pervasive hydrothermal alteration. For example, the intitial sample taken within the middle of an oxidized, clay-silica altered breccia intercept returned 1.030 g/t Au (the entire interval returned 44.2 m of 0.754 g/t Au). All unsampled intervals of core from these six holes have now been submitted for gold fire assay.
  • Four holes (SB-131, SB-132, SB-136 and SB-137) on the southern extent of the historic drilling contain multiple zones of altered quartz porphyry intrusions. As illustrated at the North Bullion and Bald Mountain targets, igneous dikes/sills are closely associated with gold mineralization. The alignment of these Pinion drill holes, combined with altered igneous subcrop northeast of SB-136, point to a previously unrecognized west-northwest-trending structural corridor, which is a common feature of Carlin deposits. SB-136 intersected 102.1 m of 1.372 g/t Au from 176.8 m to 278.9 m, including a higher-grade interval of 33.5 m of 2.68 g/t Au from 176.8 m to 210.3 m. This intercept ended in mineralization, and the zone intersected appears open in several directions.

The company's technical team is currently working toward confirming historical drill hole locations, assessing the requirement for infill holes, verifying other areas of gold mineralization identified by previous operators and determining the most prospective targets where the known mineralization remains open. The aim is to plan a drill program that has two objectives: 1) to complete sufficient drilling to confirm the historical drilling, leading to a modern resource estimate to the standards of National Instrument 43-101, and 2) to test the potential for expansion of the known limits of mineralization. The company anticipates that drilling will commence early in May, 2014 (subject to weather and other factors).

The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by Steven 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.

History of Pinion

The Pinion deposit was discovered in two parts -- the portion in Section 22, controlled by unpatented mining claims and BLM surface management, was initially drilled by Amoco Minerals Company in 1981, followed by Freeport in 1983 and Teck in 1986. The portion in Section 27, controlled by private fee minerals and surface ownership, known as the South Bullion, was found by Newmont in 1998. From that time forward, the mineral and surface rights covering the Pinion deposit have remained dispersed among various mining companies and ranching families consisting of an ever-increasing numbers of individual heirs controlling the ownership rights required to work on the collective Pinion deposit project. Various attempts to consolidate ownership failed, making coherent exploration and development impossible until the consolidation finally accomplished last month by Gold Standard.

We seek Safe Harbor.

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