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Enter Symbol
or Name
USA
CA



Gold Standard Ventures Corp
Symbol GSV
Shares Issued 123,739,878
Close 2014-12-10 C$ 0.54
Market Cap C$ 66,819,534
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Gold Standard options 866 ha near Railroad-Pinion

2014-12-11 06:07 ET - News Release

Mr. Jonathan Awde reports

GOLD STANDARD CLOSES DEALS TO EXPAND ITS PINION AND DARK STAR LAND POSITIONS IN CARLIN TREND, NEVADA

Gold Standard Ventures Corp. has taken a further important step in its program of consolidating the southern Carlin trend under single control for the first time. The company has entered into separate option-to-purchase agreements with Allied Nevada Gold Corp., private mineral interest owners, and a private third party claimholder to acquire effective ownership and control of two additional gold occurrences in close proximity to the Pinion deposit.

The agreements result in the acquisition of 866 net hectares (2,140 net acres) at the southern end of the Railroad-Pinion project area (see map on the company's website). The Allied agreement area includes 100-per-cent control of the Dixie Creek prospect. The third party claims agreement fills two small gaps in sections 24 and 26 which were not previously controlled by the company. The lease amendments increases the company's mineral interest control in sections 23 and 25, strategically important sections containing the Dark Star prospect, from 50 per cent to an approximate 98.49 per cent. The recently acquired third party claims add to the interior landholdings of the Dark Star prospect (see map on the company's website). The total cost of these acquisitions is less than $163,000 in the first year and about $65,000 annually thereafter.

Key features of Dark Star include:

  • Dark Star is a Carlin-style gold deposit hosted in younger stratigraphic units up section from host units at the Pinion gold deposit. Gold mineralization is interpreted to be hosted in Pennsylvanian-aged Moleen and/or Tomera formation siliciclastic rocks.
  • The gold mineralization encountered in historic drilling at Dark Star crops out or is near surface and oxidized, making it potentially suitable for inclusion in a larger heap leach operation that could be contemplated in the future.
  • Gold mineralization is associated with silicification and breccia developed along a north-south-striking corridor of faults and quartz-feldspar porphyry dikes. This geological context is relatively easy to follow and explore.
  • Anomalous gold mineralization has thus far been intersected over an area approximately 610 metres long (along a north-south strike), up to 490 metres wide (horizontally across strike) and to a depth of 210 metres below surface. Gold mineralization appears to be open to the north.

Less is known at this time about the Dixie Creek mineralization. Historic drilling at Dixie Creek by Cameco and Freeport yielded numerous near-surface gold-bearing intersections including, as examples: 0.79 gram per tonne gold over 38.1 metres (from 99.1 to 137.2 metres in hole CDC-034) and 0.45 gram per tonne gold over 45.7 metres (from 89.9 to 135.6 metres in DX-004). These intersections are whole length and their true widths, while not conclusively known, are estimated to be in the range of 70 to 100 per cent.

Historic drilling at Dark Star by Crown Resources totalling 63 RC holes yielded numerous near-surface gold-bearing intersections, including, as examples: 0.72 gram per tonne gold over 129.6 metres (from zero to 129.6 metres in hole CDS-001), 0.62 gram per tonne gold over 157.0 metres (from zero to 157.0 metres in CDS-002), 1.05 grams per tonne gold over 58.0 metres (from zero to 58.0 metres in CDS-027) and 1.22 grams per tonne gold over 76.2 metres (from 112.8 to 189.0 metres in CDS-053). These intersections are whole length and their true widths, while not conclusively known, are estimated to be in the range of 70 to 100 per cent. An additional 24 RC holes were completed by Kinross Gold Corp. and other companies between 1997 and 1999 at, or along strike from, the Dark Star prospect.

Historic resource estimates exist for both the Dark Star and Dixie Creek prospects; however, these estimates were constructed in the early to mid-1990s prior to the implementation of National Instrument 43-101.

Gold Standard has commissioned APEX Geoscience Ltd. of Edmonton, the independent consulting firm which recently completed an National Instrument 43-101 resource estimate for the Pinion deposit, to evaluate the available data for Dark Star and Dixie Creek and determine what additional data may be required, if anything, to generate modern National Instrument 43-101-compliant resource estimates for these deposits.

Commenting on the acquisitions, Gold Standard president and chief executive officer Jonathan Awde said the company had been pursuing these properties for many years: "We are very excited to complete this further consolidation of south Carlin. Gold Standard has developed an in depth understanding of the geology and structure of this area and we are very confident that we have acquired a valuable economic opportunity at Dark Star and Dixie Creek."

Mr. Awde also confirmed that the company has adopted a standard for evaluating its ongoing exploration and acquisition expenditures: "With the March, 2014, purchase of Pinion, recent consolidation of Dark Star, and recent acquisition of the Dixie Creek prospect, we are focusing our efforts this year and next on the south part of our land package, expanding the company's open-pit oxide gold resources. Less expensive exploration costs are anticipated in defining this type of resource. Following the completion of our purchase of the Pinion deposit last March, we expect our project spending this year to add resource ounces of gold for $5 per ounce. In this environment, raising money is expensive and exploration funds are especially precious. Meeting this yardstick ensures that our shareholders are rewarded for the funds we raise and spend on their behalf. We believe that the Pinion area has a unique ability to add resource ounces of oxide gold inexpensively and we intend to exploit this opportunity while exploration costs are depressed due to current market conditions."

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, CPG-10216, a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.

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