In a news release, Gold Standard Ventures Corp. (GSV:TSX.V; GSV:NYSE) announced "encouraging drill results from 24 of 75 holes in the 2020 Pinion deposit development program on its 100%-owned/controlled Railroad-Pinion Project in Nevada's Carlin Trend."
Gold Standard Ventures indicated that the 2020 Pinion deposit drill program, which called for drilling 16,206 meters in 60 reverse-circulation (RC) holes and 15 metallurgical core holes, has now been completed. The firm stated that it has received the data from 24 RC holes so far, and results from the remaining 36 RC and 15 core holes are pending. The company advised that the data it has received so far "suggests that targeted inferred resources are likely to be successfully upgraded for inclusion in reserves."
The firm stated the purpose and focus of the drill program was to decrease drill spacing on the Pinion Phase 4 Inferred resource for potential conversion to Measured and Indicated, to gather samples for metallurgical testing and to tighten drill spacings near two historical holes where Cameco intersected 102.1m of 1.38 g/t gold and 112.0m of 1.24 g/t gold.
Gold Standard Ventures' CEO and Director Jonathan Awde remarked, "We expect this Phase 4 program to enable us to enhance the reserves in the feasibility study now in progress and the initial drill data supports this expectation. Extending mine life would make an important contribution to the project's value, in addition to other planned improvements and the impact of higher gold prices. We are confident that our feasibility study will confirm a very robust project for our shareholders."
The company highlighted some of the drill results from Pinion and noted that four holes from the southern area intersected thicker and higher-grade zones of oxide mineralization than modeled from existing drilling. The firm stated these intercepts lie along a 450-meter strike length parallel to the Pinion Main and South gold zones.
The firm provided some specific results noting hole PR20-14 returned 42.7m of 0.92 g/t Au, including 7.6m of 2.69 g/t Au, and hole PR20-15 measured 38.1m of 0.97 g/t Au. In addition, the firm stated that hole PR20-19 showed 64.0m of 0.81 g/t Au, which included 22.9m of 1.20 g/t Au and hole PR20-23 returned 29.0m of 0.77 g/t Au, including 12.2m of 1.28 g/t Au.
The company pointed out that holes PR20-19, PR20-20 and PR20-27 intersected thick zones of oxide mineralization and registered oxide gold values ranging from 0.70-1.37 g/t Au. The firm stated it is planning additional drilling at these sites in order to further evaluate the depth and strike extent of this open-ended mineralization.
The company's General Manager Don Harris stated, "Pinion Phase 4 drilling was completed to reduce drill spacing for conversion of inferred resource to measured and indicated resource. The 75 new holes will accomplish this goal, thereby allowing Phase 4 to be evaluated as part of Pinion reserves in the on-going feasibility study. Additionally, the thicker intervals and higher grades located in the southern portion of the program (PR20-19, -20, -27) provide additional exploration potential at Pinion along a NW-SE trend."
Gold Standard Ventures indicated that the technical mineral resource report (NI 43-101) prepared for the Pinion deposit, which is located in Nevada's Carlin Trend, estimates a Measured and Indicated mineral resource of 28.93 Mt grading 0.58 g/t Au and 4.22 g/t Ag, totaling 544 Koz Au and 3.929 Moz Ag and an Inferred Mineral Resource of 10.81 Mt grading 0.64 g/t Au and 3.80 g/t Ag, totaling 224 Koz Au and 1.322 Moz Ag.
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