Oct 16 2014
Gold Standard Ventures Corp. ("Gold Standard" or the "Company") reported today that assays of new surface rock chip channel samples taken from altered outcrops at the north end of the Pinion deposit have returned high values and identified a new surface gold target.
A third RC rig has been mobilized to ensure that this new target is drilled in the current program. The company's 100%-owned/controlled Railroad-Pinion Project consists of 11,555 hectares (28,553 acres) of patented and unpatented claims in the heart of Nevada's Carlin Trend, one of the world's most productive gold-producing areas.
A systematic surface sampling program was initiated in August, 2014. Individual chip channel samples were taken which varied from 1.5m to 3.1m in length; assays from these samples ranged from 0.18 to 2.93 g Au/t (grams of gold per tonne). The samples were collected from surface exposures of altered multilithic collapse breccia, the key gold-bearing feature at Pinion.
Key Highlights
- The interval of 27.4m of 1.05 g Au/t remains open at both ends and represents a new target approximately 100m west-northwest of the NI43-101 compliant Pinion gold resource announced September 10, 2014 (click the following link for Pinion North Zone sampling map: http://goldstandardv.com/pinion-channel/). This gold mineralization is hosted in breccia along the contact between the Devil's Gate limestone and the underlying Nevada Group dolomite. Mineralization is open in width and along strike. This target has not been drill tested by previous operators. The Company plans to drill this target this month.
- Within the Pinion North Zone, continuous rock chip channel samples of oxidized and silicified multilithic collapse breccia returned the following weight-averaged, composite intervals: 130.8m of 0.35 g Au/t; 14.0m of 0.38 g Au/t; 9.5m of 0.331 g Au/t; 6.1m of 0.16 g Au/t; 6.1 m of 0.21 g Au/t; 3.1m of 0.35 g Au/t; 2.4m of 0.56 g Au/t. These channel samples represent mineralization 18m to 40m up-dip from historic drill holes TC-005 (24.4m of 0.76 g Au/t); TCT-005 (10.7m of 0.55 g Au/t) and TC-002 (7.6m of 0.55 g Au/t). As illustrated in the accompanying figure, these gold bearing intervals vary from perpendicular to oblique to the strike of the breccia (click the following link for Pinion North Zone sampling map: http://goldstandardv.com/pinion-channel/). At this location, geologic mapping and sampling indicate the multilithic collapse breccia host horizon ranges in thickness from 8 to 25m, and is the strike-continuation of the multilithic collapse breccia that hosts the bulk of the Pinion gold deposit to the south.
To assess the Pinion North Zone oxidized gold mineralization at depth and along strike, a third RC drill has been mobilized to the project. Funding for this program was obtained in the financing which closed on August 19, 2014.
Mac Jackson, Gold Standard's Vice President of Exploration stated, "With gold mineralization at the surface, both in a northerly trending breccia and along the Devil's Gate/Nevada group contact, we have good potential to expand Pinion to the north. This complex area of intersecting north- and northwest-striking faults is poorly tested with wide-spaced historic drilling. We plan to test the breccia at shallow depths, down dip from the channel samples with 6 to 10, west-directed angle holes. This is just one of the quality targets we'll test in our phase 2 program, which is currently in progress at Pinion."
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance:
All sampling was conducted under the supervision of the Company's senior 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 tenth sample. The samples were 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 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.
The Company also announces the issuance of 194,765 common shares at a deemed price of $0.72 per share to David Mathewson, the Company's former Vice-President, Exploration, in settlement of the balance of the transition payment due to Mr. Mathewson as previously announced on June 5, 2014. The shares are subject to a 4 month hold period expiring February 11, 2015.