Vancouver, B.C., – Gold Standard Ventures Corp. (“Gold Standard”) (TSXV: GV) is pleased to report the Company’s exploration progress on our Railroad project located on the Carlin Trend, Nevada.
To date, four holes have been completed with assays returned. The drill program had initially been slowed by difficult drilling conditions. As a result many reverse circulation (RC) holes have been, or will be completed with pre-collared core-tailed holes. Initial drilling has focused on the North-South trending North Corridor target zone. This target zone forms the Western boundary of a major graben feature referred to as the Bullion Graben. The holes have been vertical or East directed at high angles and are confirming a series of multiple North-South oriented fault structures stepping downward to the East. This geological setting provides multiple structurally complex target opportunities. Drilling has expanded this Bullion structural target zone to both the East and North well beyond any historic drilling.
Previous explorers at Railroad utilized very little or no core drilling in their programs. Because of this, prior understandings of controls to gold mineralization appear to have been very poorly understood. Our core drilling to depths of approximately 1500 feet has provided critically needed information about the controls to mineralization. Specifically, hydrothermally induced, collapse-style breccias are being encountered at and near the contact of Webb mudstone and underlying Devils Gate Limestone, and also deep within the Devils Gate limestone which is also locally strongly dolomitized. This is the same control to mineralization that exists in the Rain district just to the North and is analogous to the very similar setting of Rodeo Creek clastics overlying Popovich limestone at the Meikle, Rodeo, and Goldbug deposits, and also portions of the Goldstrike and Gold Quarry deposits, on the Carlin Trend.
Two holes, RR10-2C and RR10-4C were drilled to test a presumed associated structure to the known POD mineralization. Though collapse-style breccias were encountered, both holes lacked the important presence of hydrothermal dolomitized Devils Gate Limestone, and appear to have been drilled too far from the mineralizing source structure. Only trace to 527 ppb amounts of gold were obtained in RR10-2C, assays are pending in RR10-4C. Additional drilling is planned, moving Northward closer to the recently identified Railroad Fault target zone.
SUMMARY OF 2010 DRILL RESULTS:
|Drill hole (type)||Td(m)||From(m)||To(m)||Interval(m)||Gold(g/t)||Length(ft)||Gold(oz/st)|
|RR10-1 (RC)||524||4.6||24.4||19.8||0.34||65 ft||0.01|
|RR10-2C (core)||440||no significant intercepts greater than 10 feet thick|
|RR10-3 (RC)||472||completed with core, assays pending|
|RR10-4C (core)||453||assays pending|
|RR10-5 (RC)||to be completed with core|
|RR10-6 (RC)||457||120.4||131||10.7||0.546||35 ft||0.016|
|RR10-7 (RC)||457||no significant intercepts|
|RR10-8 (RC)||to be completed with core|
|RR10-9 (RC)||476||completed, assays pending|
All drill hole assays are weighted averages. Gold assays were completed by ALS Minerals, ALS Canada Ltd using 30 gram charge, fire assay, with ICP final. Q&A includes inclusion of blanks, duplicates, and check standards into submitted sample batches and comparison with known results, with sample preparation in Elko, and assayed in Reno and/or Vancouver.
More broadly throughout the Railroad districts 21 square mile property position, generative exploration work continues. Soil sampling and additional detailed gravity assessment is in progress on the newly identified Lee Canyon target, the LT, and the South Zone targets. A nine to ten hole drill program has been designed by consultant, Buster Hunsaker, to assess several targets in the Bullion District target area as early as possible in 2011. An important recent development has been the identification of what is now being called the Railroad Fault target zone at the North end of the project area. This target zone has received no previous drilling directed specifically at the target. This is a major West-North-West fault zone with displacement down to the North and appears to have many characteristics of the productive Rain Fault in the Rain district 5 miles to the North. The permitting of drill sites in the central portion of this target zone is in progress.
In order to complete the program designed for 2010, Gold Standard now has a total of 4 drill rigs (2 RC & 2 Core rigs) active at Railroad.
“Visual rock characteristics of Carlin-style alteration in our drill holes is demonstrating that the hydrothermal system is both larger and stronger than anticipated. Severe structural complexity is both encouraging and daunting with regard to the location of high-grade, breccia-hosted gold targets. We remain very confident, however, that information provided by the combination of RC and core holes will allow us to zero in on these high grade target opportunities” quotes Vice President of Exploration Dave Mathewson.
The Company’s Vice President of Exploration, David C. Mathewson, M.Sc., a non-independent Qualified Person, as defined by NI 43-101, Standards of Disclosure for Mineral Properties, has verified the technical information and evaluated interpretations contained in this news release.
ABOUT GOLD STANDARD VENTURES – Gold Standard Ventures is focused on the acquisition and exploration of gold projects in North Central Nevada. Gold Standard currently holds a portfolio of projects totaling approximately 26,000 acres of prospective ground within North Central Nevada of which 15,349 acres comprise the flagship Railroad Gold Project.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
On behalf of the Board of Directors of Gold Standard,
Jonathan Awde, President and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Email: [email protected]
Redstone Communications, LLC
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.