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Gold Standard Ventures Corp
Symbol GSV
Shares Issued 122,295,113
Close 2014-09-09 C$ 0.72
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Gold Standard releases Pinion NI 43-101 ind. estimate

2014-09-10 06:39 ET - News Release

Mr. Jonathan Awde reports

GOLD STANDARD COMPLETES INITIAL RESOURCE ESTIMATE FOR THE PINION GOLD DEPOSIT, CARLIN TREND NEVADA

Gold Standard Ventures Corp. has released the maiden National Instrument 43-101-compliant resource estimate for its Pinion gold deposit at its 100-per-cent-owned/controlled Railroad-Pinion project in Nevada's Carlin trend. The estimate was prepared by APEX Geoscience Ltd. of Edmonton and is dated as at Sept. 8, 2014. A National Instrument 43-101-compliant technical report will be filed with SEDAR within 45 days of the date of this news release.

In its summary report, APEX estimates an indicated mineral resource of 20.84 million tonnes grading 0.63 gram per tonne gold, totalling 423,000 ounces of gold and an inferred resource of 55.93 million tonnes grading 0.57 gram per tonne gold, totalling 1,022,000 ounces of gold, using a cut-off grade of 0.14 gram per tonne gold. A sensitivity analysis of the grade and tonnage relationships at a variety of cut-offs grades is shown in the associated table.

Key highlights:

  • Indicated mineral resource of 423,000 troy ounces of gold contained in 20.84 million tonnes at an average grade of 0.63 gram per tonne gold (at a lower cut-off of 0.14 gram per tonne gold);
  • Inferred mineral resource of 1,022,000 troy ounces of gold contained in 55.93 million tonnes at a grade of 0.57 gram per tonne gold (at a lower cut-off of 0.14 gram per tonne gold);
  • The resource estimate is based on 342 reverse circulation holes and 15 diamond core holes;
  • The gold resource is hosted in a multilithic, dissolution collapse breccia. Gold mineralization exhibits very predictable lateral and strike continuity within this silicified, and oxidized breccia which is favourably sandwiched between relatively impermeable silty micrite of the overlying Mississippian Tripon Pass formation and thick-bedded calcarenite of the underlying Devonian Devil's Gate formation;
  • Mineralization remains open in multiple directions. Due to the continuity of mineralization, there is excellent potential for expansion of the resource along mineralization controls identified by the geologic modelling. The phase 2 drilling program starting later this month will be designed to test these areas for resource expansion;
  • Due to the good lateral continuity of the collapse breccia hosted mineralization, the potential to convert inferred resources to indicated resources with future drilling is considered high.

     PINION NI 43-101 MINERAL RESOURCE ESTIMATE AT A LOWER CUT-OFF 
                      OF 0.14 GRAM PER TONNE GOLD 

                Tonnage                         Tonnage     
               (million       Au    Contained  (million        Ag    Contained
                 metric    grade           Au    metric     grade           Ag
Classification   tonnes)    (g/t)         (oz)   tonnes)     (g/t)         (oz) 

Indicated         20.84     0.63      423,000
Inferred          55.93     0.57    1,022,000     76.77      3.82    9,430,000

Notes:
1. Indicated and inferred mineral resources are not mineral reserves. Mineral 
resources which are not mineral reserves do not have demonstrated economic 
viability. There has been insufficient exploration to define the inferred 
resources as an indicated or measured mineral resource, and it is uncertain if 
further exploration will result in upgrading them to an indicated or measured 
resource category.
2. Reported resources have been constrained within a $1,250-per-ounce-gold pit
shell.
3. Contained ounces may not add due to rounding.

     SENSITIVITY ANALYSIS OF THE PINION NI 43-101 MINERAL RESOURCE 
                          ESTIMATE AT VARIOUS CUT-OFFS

                                 Tonnage                       Contained
                  Au cut-off    (million          Au Grade            Au
Classification        g/t)        tonnes)           (g/t)            (oz)

Indicated            0.1           20.85            0.63         423,000
                     0.14          20.84            0.63         423,000
                     0.2           20.73            0.63         422,000
                     0.3           19.70            0.65         414,000
                     0.4           17.42            0.69         388,000
                     0.5           14.07            0.75         339,000
                     0.6           10.12            0.83         269,000
                     0.7            6.72            0.92         198,000
                     0.8            4.29            1.01         140,000
                     0.9            2.65            1.12          95,000
                     1.0            1.59            1.23          63,000
Inferred             0.1           56.82            0.56       1,026,000
                     0.14          55.93            0.57       1,022,000
                     0.2           53.91            0.58       1,011,000
                     0.3           45.66            0.64         943,000
                     0.4           35.08            0.73         824,000
                     0.5           26.17            0.83         695,000
                     0.6           19.38            0.92         576,000
                     0.7           14.48            1.02         474,000
                     0.8           10.55            1.12         379,000
                     0.9            7.09            1.25         285,000
                     1.0            4.66            1.41         211,000

Commenting on the results, Gold Standard's chief executive officer Jonathan Awde noted: "This initial resource estimate exceeds our expectations. However, we see this estimate as just the beginning of a process of defining the ultimate resource. This first estimate confirms our model and guides future exploration. We have established where and how to find further mineralization and prime targets for expansion have been identified. Given these opportunities, we have decided to delay the preparation of a preliminary economic assessment until we have completed a second resource estimate incorporating the results from our second drill program which is now starting up. We expect to complete the next resource estimate during the first quarter of next year and then proceed with the completion of a PEA by mid-2015."

Mineral resource estimate

The maiden National Instrument 43-101 mineral resource estimate for the Pinion deposit was prepared under the direction of Michael Dufresne, MSc, PGeol, and Steven Nicholls, BASc, MAIG, of APEX, both qualified persons under National Instrument 43-101, who have reviewed and approved this news release. The current indicated and inferred resource estimates are based on the results of a 13-hole diamond and RC drilling program completed in 2014 by Gold Standard, together with 12 historical diamond drill holes and 376 RC drill holes from multiple earlier drill campaigns from 1981 to 2007. Mr. Dufresne visited the property in May, 2013, and April, 2014, in order to verify and validate the historic drill hole dataset and to verify the drilling of the recently completed 2014 diamond and RC drilling campaigns completed by GSV. Over the period of 12 months, APEX employees were intimately involved in the verification, validation, drill hole collar surveying and quality assurance/quality control analysis of the Pinion drill hole database. All samples were sent to ALS Minerals of Vancouver for standard fire assay and multielement geochemical analysis for gold and trace metals. Gold Standard employed a comprehensive QA/QC protocol with respect to drill hole and analytical data that, for the latter, included the insertion and monitoring of an appropriate number of standards, duplicates and blanks into the stream of drill core samples. In the opinion of APEX, the Pinion database is suitable for resource estimation.

During 2014, Gold Standard completed a 13-hole diamond and reverse circulation drilling program at the Pinion deposit. This drilling was designed to both test key areas of the geological/mineralization model and to confirm authenticity of the historic drill hole database by twinning. In conjunction with the 2014 drilling, Gold Standard geologists along with APEX employees have been involved in a large-scale drill hole geology relogging program designed to refine the geological model of the area. This has resulted in an increased level of confidence in the geological controlled mineralization model.

The resource block model was generated using a total of 15 diamond core holes and 342 RC drill holes, with an average drill hole spacing of 20 metres for the Main and North zones and 80 metres for the surrounding area of mineralization. The database consists of a total of 4,573 gold composites of three metres length and 2,316 silver composites of three metres length. No capping of the gold dataset was required as no outliers were identified, whereas with the silver dataset one composite of 779 grams per tonne silver was capped to 100 grams per tonne silver. The mineral resource was estimated by inverse distance squared within a three-dimensional mineralization envelope (0.1 gram per tonne gold lower cut-off grade) that was tailored to the geological model, which was a result of four to five months of detailed core and chip relogging, reinterpretation and geological modelling by Gold Standard and APEX employees. Grade was estimated into parent blocks of 10 metres (X) by 10 metres (Y) by three metres (Z) which was subblocked down to five metres (X) by five metres (Y) by one metre (Z) to provide a better representation of the lode volume. Silver was deemed to be a byproduct relative to gold and as such the gold mineralized envelope was used to constrain the silver assays and resource estimate. An incremental search ellipsoid ranging from 30 metres by 30 metres by six metres to 220 metres by 180 metres by 30 metres orientated along 176 degrees was used for the gold grade interpolation, and an incremental search ellipsoid ranging from 60 metres by 60 metres by nine metres to 220 metres by 120 metres by 45 metres was used for the silver estimation. A nominal density of 2.58 tonnes per cubic metre was applied to all mineralized blocks, which is a result of 49 core density measurements collected from the mineralized multilithic breccia unit and a further 76 trench sample density measurements from surface mineralized zones. The area from the main zone to the north zone with a rough drill hole spacing of 20 metres was classified as indicated as it has the highest drill density (down to 20 metres), has good control of the local geological model and has clearly demonstrated continuity of gold mineralization. It should be noted that only the gold portion of the resource was classified as indicated. The silver resource has been classified as entirely inferred. Further validation work on the historic silver analyses and methodology is required along with additional infill sampling in order to increase the confidence in the silver model in order to bring it up to the standard of the gold model.

Considerable metallurgical testwork has been completed to date, which includes analysis of the suitability of the gold and silver mineralization to cyanide soluble leaching methods. Bottle roll and column leach testwork was completed by Teck in 1990, Crown in 1992, Cyprus in 1994 to 1996 and Royal Standard in 2004. This testwork obtained recoveries of gold ranging from 41.7 to 91.3 per cent, with coincident recoveries of silver ranging from 31 to 62 per cent. Further metallurgical testwork is planned but these initial results are encouraging and warrant further investigation. More than 99 per cent of the block modelled material is considered oxide mineralization.

In order to demonstrate that the Pinion deposit has potential for economic extraction, the unconstrained resource block model was subjected to various preliminary pit optimization scenarios. The criteria used in the whittle pit optimizer were standard for Nevada heap leach deposits and were run at gold prices of $1,250 per ounce, $1,400 per ounce and $1,550 per ounce along with prices for silver at $21.50 per ounce, $24 per ounce and $26.50 per ounce. All mineral resources have been reported within the optimized pit shell using $1,250 per ounce for gold and $21.50 per ounce for silver optimization. The volume and tonnage for the reported resources within the $1,250 per ounce optimized pit shell represent approximately 82 per cent of the total tonnage in the unconstrained block model.

Potential for resource expansion

As a direct follow-on effect of completing a detailed geological model for the Pinion deposit, target zones have been developed along strike of the deposit in areas previously thought tested and of limited potential or in areas of limited drill hole testing. A number of shallow and deeper targets have been identified immediately adjacent to the existing resources and have good potential to cheaply and easily expand the current inferred resources. Along with targets to potentially expand the resource, areas within the existing inferred mineral resource that are defined by widely spaced drilling but with reasonable grades provide the company with potential to convert and grow the indicated portion of the oxide mineral resource. APEX recommends further drilling to test these drill targets in order to expand the existing resources and convert inferred resources to indicated resources. Further modelling in conjunction with pit optimization studies is recommended once further drilling is completed.

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 drill to the sample preparation facility was continuously monitored. Core was cut at the company's facility in Elko, Nev., and one-half was sent to the lab for analysis and the other half retained in the original core box. A blank, quarter-core duplicate or certified reference material was inserted approximately every 10th sample. The samples are delivered to ALS Minerals preparation facility in Elko, Nev. The samples are crushed and 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 duplicates, 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, 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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