Vancouver, B.C., – Gold Standard Ventures Corp. (“Gold Standard”) (TSXV: GV; OTCQX: GDVXF) www.goldstandardv.com announced today that it has expanded its exploration program on its 100% controlled, 22 square mile, Railroad Project located on the Carlin Gold Trend in north-central Nevada.
Two core rigs and 1 RC rig are now testing two of the three main target zones on the property. The RC rig and a core drill are testing the North Bullion target zone where significant mineralization was discovered by Gold Standard late in 2010. The other core drill is testing the historic Bullion district near the center of the project area. In August, a third core drill will begin drilling the as yet untested Railroad fault zone, an apparent analog to the Rain fault to the north and the third main target on the Railroad project.
A significant gold system was first encountered within the North Bullion target zone beginning in 2010; this included RR10-8 which intersected 105 feet of 0.04 ozAu/st (32 meters of 1.39gpt gold), and 145 feet of 0.035 ozAu/st (43.6 meters of 1.21 gpt gold) within thick, altered collapse breccias—the classic signature of a large Carlin Trend deposit.. At this time, drill holes are being spaced 800 to 1000 feet (250 to 350 meters) apart. The four holes completed to date in this zone indicate that the minimum lateral dimensions of the prospective mineralized area are 2000 feet north-south and 1000 feet east-west, but the mineralized breccias remain open in all directions.
“Visually, and supported by assay results from our core holes, we continue to see strong indications of a significant gold system and exceptionally large and very complex, multi-stage collapse breccias within the 800 foot thick Devils Gate limestone and up into the overlying clastic rock units. This setting is nearly identical to the rock-structure setting along the Post Fault at the north end of the Carlin Trend which includes the Deep Star, Goldstrike, Rodeo and Meikle deposits. It is essentially impossible to distinguish the Bootstrap limestone host in the north Carlin area from the Devils Gate limestone host in the Railroad district. I believe that to achieve major success, we simply need to find the feeder zones for all this rock damage, alteration, and gold,” Gold Standard Vice President of Exploration Dave Mathewson said.
The initial goal in 2011 is to drill several wide-spaced holes to further determine the lateral extent of the North Bullion target zone mineralization. Results from these holes will serve to better vector into the higher grade feeder zones that are common to almost all Carlin Trend deposits. Two or possibly three potential feeder-related structural patterns appear to be present. Of particular interest is the west-northwest structural trend, indicated by gravity data, that controls numerous gold deposits elsewhere on the Carlin Trend, and in particular just to the north in the Rain mining district.
In order to optimize drill expenditures and assure the best assay representations especially within mineralized zones, GSV is drilling so-called “pre-collars” with reverse circulation (RC) through some of the more difficult broken siliceous zones. These holes will then be cased and continued into the main portions of the prospective target zones with core drilling. Gold Standard plans to complete a total of 25 to 30 holes, mostly core, in 2011 to provide tests of the three main targets for a total of 40,000 feet (12,000 meters). An additional small amount of scout drilling will be conducted on other targets that are at this time in the early stages of development.
GSV`s 2011 drilling program as currently laid out is operating on private (fee) lands and under a five acre disturbance limit Notice of Intent (NOI) on the public lands at Railroad. The NOI and privately controlled lands allow for numerous holes to yet be drilled. Simultaneously, Gold Standard is progressing with completion of an exploration Plan of Operations (POO) backed by an Environmental Assessment (EA) in order to more flexibly and fully access target opportunities and extend disturbance to as much as 200 acres if warranted. To date, all baseline survey studies have been completed and it is anticipated that a draft EA will be submitted to the Bureau of Land Management (BLM) by August 1.
The Company is also pleased to announce that it has hired geologist Mac Jackson, Jr., M.Sc,, Mr. Jackson has had over 14 years experience as an exploration geologist, including 8 years with Newmont Mining Corporation. During his tenure with Newmont, Mr. Jackson contributed to the discovery of the West Leeville, 3 million ounces gold and Turf deposits, 1 million ounces gold, on the Carlin trend and the Fiber Line deposit, 700,000 ounces gold at Twin Creeks. Mr. Jackson knowledge of the Carlin Trend will benefit the Company as it explores its Railroad Property.
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]
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.