Vancouver, B.C., – August 25, 2011 – Gold Standard Ventures Corp. (“Gold Standard”) (TSXV: GV; OTCQX: GDVXF; www.goldstandardv.com) reported today that the first two months of drilling at its 25 square mile flagship Railroad Project on the prolific Nevada Carlin Trend has progressed far more slowly than originally planned but remedial action by management is gradually increasing productivity to acceptable levels.
Gold Standard Exploration Vice President Dave Mathewson noted that “difficult drilling conditions have reduced our footage to less than half of what we had budgeted for June and July. Essentially, we are offsetting this shortfall by: (1) increasing the number of rigs; (2) upgrading to larger, more powerful drills; (3) adding more drill crews to reduce downtime for breaks; and (4) evaluating improved technology to overcome loss of water pressure due to the intense fracturing of the rock being drilled.
“We now have four core drills and one reverse circulation (RC) drill testing the three main target areas on the property: the North Bullion Fault Zone, the historically mined Bullion District and the Railroad Fault Zone. Another RC rig is on the way. To date, only three holes have been completed to target depth at the North Bullion Fault Zone in this year`s program and one at the Bullion District. Assays have been received for only a small portion of these completed holes. Results will be reported when enough of them have been obtained and analyzed to convey a meaningful assessment of our progress.
“We are seeing exactly the type of mineralization and structure we had hoped for, but with lateral scale, thickness and intensity which exceed our expectations. The limited number of assays we have received have yet to confirm that we have intersected the high grade feeder zones which are the target of our efforts but we remain confident that success is likely and could come at any time,” Mr. Mathewson said.
This year’s program is designed to provide sufficient information to determine the approximate location(s) of the anticipated high-grade feeder(s) that can then be immediately followed-up by additional, more focused drilling.
“We are encountering variably-to-strongly altered and gold-mineralized collapse breccia bodies with thick intervals in four of our drill holes, indicating that we are dealing with a highly prospective, potentially high-grade Carlin Trend-type collapse-breccia model. The large step-outs of our drill holes and wide-open character of this target zone suggest that the hydrothermal system is considerably larger than initially believed. After additional holes have been completed in this program, we expect to be able to zero in on the higher-grade portions of this North Bullion Fault Zone target,” Mr. Mathewson stated.
The smaller core rig that was earlier being used to drill the North Bullion Fault Zone has been moved south to provide the first ever tests of the Railroad Fault Zone which is expected to be less challenging to drill. This target appears to be an analog of Newmont`s Rain Fault and associated gold deposits in the Rain mining district just to the north.
Gold Standard continues to expand its strategic land holdings in the vicinity of Railroad. Another 103 new lode claims, comprising about 1800 acres in area, have been staked along the western portion of the core land position to secure the mineral rights to a potential new target zone indicated by recently obtained gravity surveys and surface geochemical data. Prospecting and geological mapping of this area is in progress.
As a result of this claim staking, the district-scale property controlled by Gold Standard has been increased to about 25 square miles or approximately 16,000 acres of mineral rights. The Railroad Project is a checkerboard of alternating sections of public and private surface and mineral rights. On the privately-held sections, Gold Standard lease-holds rights to the surface use. The control of private lands has considerably facilitated the exploration program at Railroad. Gold Standard is also in the process of obtaining an exploration plan of operations (POO) to further expand and facilitate exploration on the public portions of the 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
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.