Mining Company News Reviews

Gold Standard Moving Towards Resource Estimate at Pinion

Re-logging of old drill samples can help offer a new perspective on previous geological interpretations and potentially aid in the exploration of new targets, or it may be conducted simply to confirm old records.

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VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 6, 2014) – Gold Standard Ventures Corp. (TSX VENTURE:GSV)(NYSE MKT:GSV) (“Gold Standard” or the “Company”) today announced assay results of the final three holes from the Pinion Phase 1 drilling program at its 100%-owned/controlled Railroad-Pinion Project in Nevada’s Carlin Trend. These results continue to meet three key objectives of the initial 13 hole drill program: verifying historical drill data, expanding the known limits of the gold mineralization and demonstrating the predictability of GSV’s new geological model. Data collected during the Phase 1 program, and ongoing geological activities, will enable the completion of the first NI43-101 compliant resource estimate at Pinion, which is expected during the third quarter.

The last time we reported on Gold Standard Ventures was in October 2013, while they were actively exploring the Bald mountain property located on its 100% owned Railroad-Pinon Project. Since that time the company acquired a 100% interest in the Pinon Gold property located on the south end of the RailRoad project. In May the company restructured their property portfolio by removing non-core assets to not only save some cash from land holdings but it also allowed the company to put more focus on the Railroad-Pinon Project. Gold Standard began drilling the Pinion gold property in May and this release is the final conclusion from that exploration program.

Drilling highlights include:

  • PIN14-10, an RC infill hole between historic RC holes SB-123 (9.2m of 1.00 g Au/t) and SB-072 (18.3m of 0.44 g Au/t), returned 25.9m of 0.57 g Au/t.
  • PIN14-12, a core hole in the North Zone, returned 47.1m of 0.79 g Au/t. This hole successfully twinned and verified results from historical RC hole CPR-30 (51.8m of 0.74g Au/t).
  • PIN14-13, a 65m easterly RC stepout from SB-073 (18.3m of 1.64 g Au/t), returned 19.8m of 0.88g Au/t. This oxidized mineralization remains open in multiple directions.

Key Observations:

  • The targeted multilithic, dissolution collapse breccia host was intersected in all thirteen Phase 1 drill holes. Gold mineralization in these holes is continuous and widespread within this highly permeable, silicified, and oxidized breccia which is favorably sandwiched between relatively impermeable silty micrite of the overlying Mississippian Tripon Pass Formation and thick-bedded calcarenite of the underlying Devil’s Gate Formation
  • Gold bearing intercepts in PIN14-10 and PIN14-13 expanded the lateral extent of the breccia hosted gold zone and demonstrate the upside exploration potential for continuous oxidized gold mineralization between the North and Main Zones. This area between the zones is characterized by a limited number of widely-spaced historic drill holes that tested the multilithic, dissolution collapse breccia host.
The exploration program focused on drilling “dissolution collapse breccias”. A “breccia” (pronounced bre-chi-ah) is a rock that consists of broken-up pieces of other rock. They form as the original bedrock is rock is slowly dissolved by fluids moving along channels such as faults. This dissolution forms voids or pockets which weakens the rock and results in a collapse. The rock fragments within the collapsed area are cemented together over time by minerals precipitating out of the fluids that pass along the channel. If the fluids contain metals such as gold, these may be deposited within the forming breccia. This particular collapse breccia is also conveniently located between two impermeable layers of limestone (known as micrite and calcarenite) that acted as a trap to prevent the gold-bearing fluids from escaping. 

Drill results are as follows:

Drill Hole Method Incl. TD (m) Intercept (m) Thickness (m) Grade
(g Au/t)
PIN14-10 RC -90 187.5 115.8 – 141.7 25.9 0.57
157.0 – 158.5 1.5 0.42
PIN14-12 Core -90 128.7 66.3 – 113.4 47.1 0.79
PIN14-13 RC -90 253.0 172.2 – 192.0 19.8 0.88
Including 181.4 – 187.5 6.1 1.66
** Gold intervals reported in this table were calculated using a 0.20 g Au/t cutoff. Weighted averaging has been used to calculate all reported intervals. True widths are estimated at 85% of drilled thicknesses.

These drill results are consistent with grades observed in other Carlin-type gold deposits. Note that the thickness of these zones does not necessarily reflect the true thickness of the interval. 

In addition to the Phase 1 results, Gold Standard has been systematically collecting and compiling geologic data for the Pinion deposit. Since purchasing and consolidating the remaining portion of the Pinion gold deposit (see Gold Standard news release dated March 5, 2014) GSV geologists have relogged 174 historic RC and core holes, completed 21 east-west and 6 north-south cross sections, collected 171 samples for specific gravity determinations from 12 historic and four Gold Standard core holes, and completed detailed geologic mapping of the Pinion area. These technical data have been delivered to APEX Geoscience of Edmonton, Alberta for completion of an initial NI 43-101 compliant resource estimate. Completion of this work is expected in the third quarter.

When a company acquires a new property it is always worth having a fresh look at the rock. After Gold Standard acquired the Pinion deposit, the company re-logged 174 historical RC (Reverse Circulation) and core (Diamond Drill) holes. Logging of drill core or drill cuttings involves the physical examination and documentation of the recovered samples along the drilled intervals. While drilled samples are nearly always logged, they are not always assayed. Company’s will generally assay specified intervals that may appear to be mineralized, but not necessarily. Re-logging of old core can help offer a new perspective on previous geological interpretations and potentially aid in the exploration of new targets, or it may be conducted simply to confirm old records.

Now that all the data collection has been completed the company has contracted an independent party to complete a 43-101 compliant mineral resource estimate on the Pinion deposit. 

Mac Jackson, Gold Standard’s Vice President of Exploration stated, “These drill results from our Phase 1 program at Pinion give us tremendous confidence that our new geologic model and database will support our primary goal of generating a NI 43-101 resource estimate. Equally as important, our detailed geological and geophysical work has resulted in the identification of several new targets, showing Pinion to be a strong gold system with upside potential and room to grow in multiple directions. We are excited to begin Phase 2 drilling and test these new targets as soon as we receive the resource estimate from our independent consultants.”

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, NV 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 tenth sample. The samples are delivered to ALS Minerals preparation facility in Elko, NV. 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 (AAS) 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 company appears to have followed a fairly rigorous QA/QC program to ensure the assay results are accurate and representative.

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.

Gold Standard Ventures is currently trading at $0.74 about halfway between it’s 52-week range of $0.51 and $1.04. They are expected to release a mineral resource estimate by the end of the third quarter of this year.

ABOUT GOLD STANDARD VENTURES – Gold Standard is an advanced stage gold exploration company focused on district scale discoveries in Nevada. The Company’s flagship project, the Railroad-Pinion Gold Project, is located within the prolific Carlin Trend. The recent Pinion gold deposit acquisition offers Gold Standard a potential near-term development option and further consolidates the Company’s premier land package in the Carlin Trend. Gold Standard is moving towards building NI 43-101 compliant gold resources at both the near surface, oxide-gold Pinion deposit and the classic Carlin style, North Bullion gold deposit in 2014.

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Staff @ Geology for Investors

Geology for Investors seeks to demystify mineral exploration and mining projects for mining company investors. All of our writers and contributors are experienced and educated in geology and the geosciences.

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