Aggressive 2017 Drilling and Field Programs Ramping Up At The Railroad – Pinion Project
May 9, 2017 – Vancouver, B.C. – Gold Standard Ventures Corp. (TSXV: GSV; NYSE MKT:GSV) (“Gold Standard” or the “Company”) reported today that reverse-circulation (RC) and core drilling will begin next week on the Dark Star and North Bullion deposits. These deposits are on the Company’s 100%-owned/controlled Railroad-Pinion Project in the Railroad District of Nevada’s Carlin Trend. As springtime access conditions improve over the coming weeks, additional drill rigs will be added to the program.
The US $15.5 million program includes up to 48,800 m of RC and core drilling in 117 holes (see February 2, 2017 news release). The 2017 program objectives are:
- Test for extensions of the higher grade North Dark Star oxide gold discovery to the north and west
- Increase resources at Dark Star and Pinion
- Test new high-value targets within the prospective Dark Star Corridor
- Continue to expand the high-grade North Bullion deposit
- Develop and drill test new targets on the 20,941 gross acres (85 square kilometers) recently acquired to the south of Dark Star and Pinion.
Jonathan Awde, CEO and Director of Gold Standard commented: “We are very excited by this year’s program which builds on the outstanding exploration successes of the past five years. Each of our known deposits has well-defined opportunities for substantial growth. At the same time, we are applying what we have learned from our past discoveries to a series of new prospects, especially on the ground to the south that we acquired earlier this year. We have never been more confident of our potential for finding additional gold deposits for our shareholders.”
Key Highlights of the 2017 Program
- At North and West Dark Star, complete up to 24 RC and core holes (approximately 12,600 m) to expand areas of known shallow oxide gold mineralization, including testing new targets stepping out from intercepts of 52.1m of 1.02 g Au/t in DS16-26 and 24.4m of 2.11 g Au/t in DS16-38, to the west of Main Dark Star (see January 19, 2017 and April 18 news releases). These intercepts support the view that the Pinion and Dark Star deposits could merge. Mineralization in DS16-26 and DS16-38 is associated with a thrust fault and feldspar porphyry dikes. To refine the geometry of this target, and identify new targets between Pinion and Dark Star, multiple seismic lines are planned for 2017.
- Within the 6.7 km-long Dark Star Corridor (DSC), complete approximately 11,400 m of RC scout drilling in 25 holes to test new targets south of the Dark Star maiden resource, particularly targeting higher-grade (greater than 1 g Au/t oxide) North Dark Star-type discoveries which can be indicated by nearby low-grade intercepts such as 35.1m of 0.34 g Au/t in CDC-040 at the Dixie prospect. Note that the gold intercept in CDC-040 is historic in nature, completed before standards set forth in NI 43-101, and its true thickness is unknown. Initial drilling will focus on verifying this intercept by Gold Standard’s geologists. The DSC is a north-trending structural high of altered Pennsylvanian-Permian carbonate host rocks defined by gravity, CSAMT, geologic mapping, and soil sampling. The corridor is largely untested by drilling.
- At the Sentinel Breccia target 350 meters to the north of Pinion, 13 RC and core holes (approximately 3,900 m) will test for extensions to oxide gold mineralization identified by surface rock samples. This target is a hematitic, silicified breccia within the footwall of the north-striking Bullion Fault Zone.
- Drill 10 holes (approximately 6,700 m) to extend areas of west-northwest and north-trending, high-grade gold mineralization in the Lower Breccia Zone. Drilling will follow-up on the 2016 results in RR16-01 which intersected 65.6m of 3.17 g Au/t, including a higher-grade interval of 8.5m of 11.16 g Au/t located 120m west-northwest of previous drilling (announced on August 30, 2016); and, RR16-05 which returned 19.8m of 4.40 g Au/t, including a higher-grade interval of 5.3m of 7.02 g Au/t located 180m north of previous drilling (announced on January 23, 2017).
Early Stage District Exploration
Geologic mapping, historical data compilation, soil and rock geochemical sampling and geophysics will continue to define new targets throughout the 208-square km. Railroad-Pinion Project. In the past month, contractors have completed data collection on a 1,024-station gravity survey and initiated a +8,000-station soil grid on newly consolidated lands south of Dark Star and Pinion (see March 27, 2017 news release). Thirty RC holes are planned to provide the first tests of these newly identified targets. Phase 1 drill targets are highlighted below.
- At the Jasperoid Wash target, historic RC drilling by Westmont intersected multiple zones of gold mineralization in rocks that reconnaissance mapping identified as similar to the Pennsylvanian-Permian carbonate host rocks at Main and North Dark Star. Most notably, RC drill hole JW-9007 intersected 117.4m of 0.51 g Au/t from 33.5-150.9m as described in a 1990 Westmont report. The reader is cautioned that the gold intercept in JW-9007 is historic in nature, completed before standards set forth in NI 43-101, is of unknown true thickness, and the results have not been verified by Gold Standard’s geologists.
- To the northwest of Pinion, early stage geologic mapping along the north-northwest-striking Ski Track corridor has identified altered carbonate rocks that are similar to the Pennsylvanian-Permian rocks that host the Dark Star gold deposit. Detailed mapping is planned to confirm this promising correlation with follow-up sampling and gravity used to define new targets. Up to 20 RC holes (about 5,400 m) are allocated to testing new oxide gold targets at Jasperoid Wash and Ski Track.
- At the Sylvania, Steve’s Camp, Bald Mountain, Big Skarn and Dragon Back targets, drilling will test targets within dike-filled corridors peripheral to the Eocene Bullion intrusive center. At Dragon Back, reconnaissance sampling by Gold Standard returned up to 4.8 g Au/t in select rock samples. Up to 10 RC scout holes (about 4,600 m) will test these new oxide gold targets.
Mac Jackson, Gold Standard’s Vice President of Exploration, stated: “Our 2017 program will explore a variety of high quality, early-to-advanced-stage targets at Railroad-Pinion. Early stage, target definition work on our new southern land acquisition will consist of the collection of gravity, CSAMT, and geochemical data, as well as detailed mapping…the tools that have worked so well for us to date. We’ll also be running seismic lines and drilling scout holes peripheral to Dark Star and Pinion to find new deposits in those more advanced stage areas. At North Bullion, drilling will follow up on last year’s high-grade intercepts by continuing to test productive trends in that large system with wide-spaced step out holes. Our program has expanded to take on new targets this year, and with this increased opportunity, we look forward to continuing to add resources in the Railroad-Pinion district.”
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 project to the sample preparation facility was continuously monitored. Core was cut at the company’s facility in Elko and one quarter was sent to the lab for analysis and the remaining material retained in the original core box. A pulp-blank or certified reference material was inserted approximately every tenth sample.
Original Dark Star samples were delivered to Bureau Veritas Mineral Laboratories preparation facility in Elko, NV where they were crushed and pulverized. Resulting sample pulps were shipped to Bureau Veritas certified laboratory in Sparks, NV or Vancouver, BC. Pulps were digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy (AAS) finish on a 30 gram split. Over limit gold assays were determined using a fire assay fusion with a gravimetric finish on a 30 gram split. Original pulps for the check assay program were delivered to the ALS certified lab in Sparks, NV, where the pulps were digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy (AAS) finish on a 30 gram split (Au-AA23 method and the Au-GRA21 method for those samples that were over 10 g Au/t requiring a gravimetric finish). Pinion and North Bullion samples were delivered to ALS Minerals preparation facility in Elko, NV where they were crushed and pulverized. Resulting sample pulps were shipped to ALS Minerals certified laboratory in Sparks, NV or Vancouver, BC. Pulps are digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy (AAS) finish on a 30 gram split. Over limit gold assays were determined using a fire assay fusion with a gravimetric 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 standards and blanks that must pass certain parameters for acceptance to insure accurate and verifiable results.
All rock sampling was conducted under the supervision of the Company’s project geologists and the chain of custody from the field to the sample preparation facility was continuously monitored. A blank or certified reference material was inserted approximately every twenty samples. Samples were delivered to ALS Minerals preparation facility in Elko, NV. The samples are crushed, pulverized and sample pulps are shipped to ALS Minerals certified laboratory in Sparks, NV or 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 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 and CPG-10216, a Qualified Person as defined by NI 43-101, Standards of Disclosure for Mineral Projects.
ABOUT GOLD STANDARD VENTURES – Gold Standard is an advanced stage gold exploration company focused on district scale discoveries on its 208 square km. Railroad-Pinion Gold Project, located within the prolific Carlin Trend. The Company has successfully consolidated the southern end of the Carlin Trend by patiently assembling a 208 sq. km. (80 sq. mi.) land position containing four gold deposits, two of them discovered by Gold Standard. The 2014 Pinion and Dark Star gold deposit acquisitions offer Gold Standard a potential near-term development option and further consolidates the Company’s premier land package on the Carlin Trend. The Pinion deposit now has an NI43-101 compliant resource estimate consisting of an Indicated Mineral Resource of 31.61 million tonnes grading 0.62 grams per tonne (g/t) gold (Au), totaling 630,300 ounces of gold and an Inferred Resource of 61.08 million tonnes grading 0.55 g/t Au, totaling 1,081,300 ounces of gold, using a cut-off grade of 0.14 g/t Au (announced March 15, 2016). The Dark Star deposit, 2.1 km to the east of Pinion, has a NI43-101 compliant resource estimate consisting of an Inferred Resource of 23.11 million tonnes grading 0.51 g/t Au, totaling 375,000 ounces of gold, using a cut-off grade of 0.14 g/t Au (announced March 3, 2015). The 2014 and 2015 definition and expansion of these two shallow, oxide deposits demonstrates their growth potential.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the NYSE MKT accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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. All statements, other than statements of historical fact, included herein including, without limitation, statements about our proposed exploration programs are forward looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Risk factors affecting the Company include, among others: the results from our exploration programs, global financial conditions and volatility of capital markets, uncertainty regarding the availability of additional capital, fluctuations in commodity prices; title matters; and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com) and with the SEC on EDGAR (available at www.sec.gov/edgar.shtml). 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.
CAUTIONARY NOTE FOR U.S. INVESTORS REGARDING RESERVE AND RESOURCE ESTIMATES
All resource estimates reported by the Company were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission for descriptions of mineral properties in SEC Industry Guide 7 under Regulation S-K of the U. S. Securities Act of 1933. In particular, under U. S. standards, mineral resources may not be classified as a “reserve” unless the determination has been made that mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Accordingly, information in this press release containing descriptions of the Company’s mineral properties may not be comparable to similar information made public by US public reporting companies.
On behalf of the Board of Directors of Gold Standard,
Jonathan Awde, President and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Email: [email protected]