| Mon 23 Jun 2008, 16:12 | | GBG - Great Basin Gold - A New Vein System Discovered on Great Basin |
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GBG
GBG
GBG - Great Basin Gold - A New Vein System Discovered on Great Basin
Gold`s Hollister Property
GREAT BASIN GOLD LIMITED
(INCORPORATED IN CANADA AND REGISTERED AS AN EXTERNAL COMPANY IN SOUTH AFRICA)
(REGISTRATION NO. 2006/021304/10)
SHARE CODE: GBG ISIN NUMBER: CA3901241057
("GREAT BASIN" OR "THE COMPANY")
A New Vein System Discovered on Great Basin Gold`s Hollister Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) - Great Basin Gold
Ltd. (TSX:GBG)(AMEX:GBN)(JSE:GBG) ("Great Basin" or the "Company") announced
today that surface exploration drilling has discovered a previously unrecognized
vein system in the Hatter Graben area, located approximately two kilometers from
the current decline infrastructure at its Hollister Development Project in
Nevada, USA.
Drilling in the Hatter Graben is targeting shallow east-west trending
resistivity anomalies. Eight holes have been completed on the newly discovered
Hatter Graben vein system. Final assay results have been received for three of
the holes and are pending on the remaining five holes (see attached table of
assays).
The first hole, H8-264, drilled into this target intercepted a high-grade banded
quartz vein with visible gold and a stockwork zone from 2059.0 ft - 2067.7 ft
(627.6 m - 630.2 m). This vein has a composited grade of 5.5 ft (1.68 m) @ 0.54
oz/t (18.55 g/t) gold. Additionally, an upper breccia zone was encountered at
1570 ft - 1825 ft (478.5 m - 556.3 m) down the hole with an estimated true
thickness of 180 ft. This zone contains gold bearing quartz stockwork/breccias,
quartz veining, and sulfidically healed breccias with several high-grade
intercepts.
Hole H8-265 targeted veins and breccias intersected in H8-264 but 150 ft (45.75
m) lower in elevation. Similar high-grade intercepts were encountered that
correlate with H8-264. This hole was drilled 700 ft (213 m) deeper than H8-264
and encountered a second discrete high-grade vein containing visible gold and
grading 1.6 ft (0.5 m) @ 1.36 oz/t (46.4 g/t) gold at 2583.0 - 2585.5 ft (787.3
m - 788.1 m) down the hole. Additionally, a 100 ft (30 m) zone of highly
anomalous gold intercepts was encountered in the overlying volcanic rocks from
1019.0 ft (310.6 m) to 1121.7 ft (341.9 m).
Anomalous mineralization encountered in hole H7-233 represents disseminated gold
mineralization in the volcanic rocks overlying Hollister`s deeper sedimentary
host rocks. This may represent a deeper vein structure channeling mineralizing
fluids into the overlying volcanic strata at this location. This mineralized
zone will be drilled deeper to test for the presence of bonanza veins in the
sedimentary host rocks.
Drill results show the Hatter Graben veins exist in a robust and wide east-west
trending structural zone and contain several sub paralleling bonanza-grade veins
similar to the Gwenivere and Clementine vein systems that the Company is
currently developing from underground. Three holes are currently being drilled
to offset the vein system down-dip and step out along strike 400 ft (122 m) to
the west and 1500 ft (457 m) to the east.
President and CEO of Great Basin, Ferdi Dippenaar, commented: "The discovery of
the new vein system has exceeded our expectations as this could have a
significant impact on the size of the Hollister Property resource. Our decision
to embark on an extended exploration program is delivering the planned results.
We have three rigs currently drilling on this discovery, focused on confirming
the strike and extent of the vein system. Infill drilling is also planned to
determine if this system is an extension of the Gwenivere and Clementine vein
systems. With the additional drilling on the North/South structures, bounding
the Gwenivere and Clementine vein systems also underway. We expect to have a
holistic geological view of the Hollister Development Project area and immediate
vicinity by the end of the year."
Johan Oelofse, Pr.Eng., FSAIMM, Chief Operating Officer of Great Basin Gold
Ltd., and a qualified person, has reviewed and approved this news release.
Ferdi Dippenaar, President and CEO
/T/
--------------------------------------------------------------------------
Significant Intercepts
----------------------------------------------------
Dri- Est.
Vein Vein Inter- Sample lled True Analytical Results
System/ section (ft) Interval (ft) Thick- Wid- -------------------------
Drill ------------- ------------- ness th Au Au Ag Ag
Hole ID From To From To (ft) (ft) (opt) (g/T) (opt) (g/T)
--------------------------------------------------------------------------
Hatter 1570.0 1571.0 1.0 0.7 0.179 6.12 1 34
Graben/ 1580.2 1581.0 0.8 0.6 0.088 3.03 1.9 66
H8-264 1581.0 1585.6 4.6 3.3 0.013 0.44 less less
than than
0.1 5
1585.6 1586.3 0.7 0.5 1.98 67.8 8.2 282
1595.6 1596.4 0.8 0.6 2.22 76 6.5 223
1610.0 1613.0 3.0 2.1 0.236 8.1 1.3 45.7
1610.0 1610.9 0.9 0.6 0.391 13.4 2.3 78
1610.9 1612.0 1.1 0.8 0.012 0.41 less less
than than
0.1 5
1612.0 1613.0 1.0 0.7 0.343 11.8 1.7 59
1645.7 1647.8 2.1 1.5 0.594 20.4 4.2 145
1686.0 1686.6 0.6 0.4 0.017 0.57 less less
than than
0.1 5
1709.5 1710.5 1.0 0.7 0.333 11.4 3 102
1741.9 1742.4 0.5 0.4 0.006 0.21 less less
than than
0.1 5
1748.6 1749.3 0.7 0.5 0.128 4.38 0.7 23
1780.5 1784.2 3.7 2.6 0.214 7.34 1.7 78.1
1780.5 1781.3 0.8 0.6 0.12 4.1 0.6 21
1781.3 1783.5 2.2 1.6 0.032 1.09 0.2 7
1783.5 1784.2 0.7 0.5 0.895 30.7 7.6 261
2059.7 2067.5 7.8 5.5 0.54 18.55 3.9 115.8
2059.7 2061.0 1.3 0.9 0.073 2.51 10.7 366
2061.0 2062.4 1.4 1.0 0.095 3.25 2.1 71
2062.4 2063.8 1.4 1.0 1.47 50.5 5.4 184
2063.8 2066.8 3.0 2.1 0.008 0.28 less less
than than
0.1 5
2066.8 2067.5 0.7 0.5 2.72 93.3 8.2 282
--------------------------------------------------------------------------
Hatter 1019.0 1020.0 1.0 0.6 0.313 10.72 0.005 0.2
Graben/ 1020.0 1021.7 1.7 1.0 0.043 1.47 0.00 0.1
H8-265 1021.7 1028.5 6.8 4.4 0.116 3.96 0.00 0.1
1077.7 1082.0 4.3 2.8 0.104 3.575 0.00 less
than
0.1
1102.1 1109.0 6.9 4.4 0.116 3.96 0.00 0.1
1109.0 1110.7 1.7 0.8 0.014 0.048 0.00 0.1
1110.7 1121.7 11.0 7.1 0.155 5.33 0.00 0.1
1139.0 1144.3 5.3 3.4 0.128 4.402 0.01 0.4
1459.0 1464.0 5.0 3.2 0.112 3.85 0.15 5.0
1472.6 1475.5 2.9 1.9 0.54 18.5 3.59 123.0
1484.2 1486.4 2.2 1.4 0.657 22.52 3.68 126.0
1537.8 1539.0 1.2 0.8 0.111 3.8 0.30 10.2
1563.9 1565.0 1.1 0.7 0.101 3.457 0.12 4.0
1663.5 1666.8 3.3 2.1 1.28 44.0 6.2 211.0
1687.0 1689.0 2.0 1.3 1.125 38.5 7.0 241.0
1769.4 1770.4 1.0 0.6 0.352 12.05 3.3 113.0
1771.5 1772.6 1.1 0.7 0.105 3.6 1.5 50.0
1907.1 1907.9 0.8 0.5 0.155 5.31 less less
than than
0.1 5
1948.2 1954.0 5.8 3.7 0.118 4.03 less less
than than
0.1 5
2094.0 2095.0 1.0 0.6 0.155 5.32 1.3 46.0
2160.2 2162.5 2.3 1.5 1.11 38.0 7.5 259.0
2224.5 2225.4 0.9 0.6 0.291 9.97 1.7 57.0
2334.5 2336.4 1.9 1.2 0.333 11.4 0.2 8.0
2583.0 2585.5 2.5 1.6 1.355 46.4 5.5 188.0
--------------------------------------------------------------------------
Hatter 1400.5 1402.5 2.0 1.4 0.111 3.8 0.335 11.5
Graben 1755.8 1757.4 1.6 1.1 0.136 4.67 0.09 3.1
South/ 1815.0 1826.0 11.0 7.8 0.154 5.28 0.70 24.1
H7-233 1815.0 1816.0 1.0 0.7 0.216 7.39 5.48 188
1816.0 1826.0 10.0 7.1 0.148 5.07 0.22 7.7
1888.3 1889.2 0.9 0.6 0.113 3.86 1.18 40.6
2041.3 2042.6 1.3 0.9 0.132 4.51 0.60 20.6
--------------------------------------------------------------------------
Hatter assays pending
Graben/
H8-267
--------------------------------------------------------------------------
Hatter logging in progress
Graben/
H8-268
--------------------------------------------------------------------------
Hatter assays pending
Graben/
H8-269
--------------------------------------------------------------------------
/T/
Samples collected from the Hollister Development Project are stored in a secure
facility until picked up by Inspectorate America Corporation (Inspectorate) of
Sparks, Nevada. Vein samples are analyzed by either metallic screen or standard
fire assay procedures. For metallic screen analyses, vein sample preparation
consists of drying and jaw-crushing the entire sample to 90% passing 10-mesh,
taking a 500 g sub-sample using a rotary splitter, and then pulverizing the 500
g sub-sample to 90% passing 150-mesh using a large capacity ring and puck
pulverizer. Gold and silver determinations are by metallic screen analysis, with
two 1 assay-ton (30 g) fire assays completed on the fine fraction; the coarse
fraction is fire assayed in its entirety. For standard fire assay, vein sample
preparation consists of drying and jaw-crushing the entire sample to 90% passing
10-mesh, taking a 300 g sub-sample using a Jones splitter, and then pulverizing
the 300 g sub-sample to 90% passing 150-mesh using a large capacity ring and
puck pulverizer. A 30 g charge is fire assayed. All metal determinations are by
gravimetric finish. Vein samples analyzed by standard fire assay will be re-
assayed using metallic screen procedures. Laboratory Quality Assurance/Quality
Control (QA/QC) is monitored using coarse reject blanks and assay standards,
duplicate fire assays, and Inspectorate`s internal standards and blanks. Coarse
blanks (barren rhyolite or landscape marble) and assay standards are inserted
into the sample sequence as blind samples prior to submitting the samples to the
laboratory. Inspectorate also inserts assay standards and blanks into the sample
stream. QA/QC results are within acceptable limits.
This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address possible future commercial production, reserve potential,
exploration drilling results, development, feasibility or exploitation
activities and events or developments that Great Basin Gold expects to occur are
forward-looking statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ materially from
those in forward-looking statements include market prices, exploitation and
exploration successes, continuity of mineralization, uncertainties related to
the ability to obtain necessary permits, licenses and title and delays due to
third party opposition, geopolitical uncertainty, changes in government policies
regarding mining and natural resource exploration and exploitation, and
continued availability of capital and financing, and general economic, market or
business conditions. Investors are cautioned that any such statements are not
guarantees of future performance and those actual results or developments may
differ materially from those projected in the forward-looking statements. For
more information on the Company, Investors should review the Company`s annual
Form 40-F filing with the United States Securities and Exchange Commission and
its home jurisdiction filings that are available at www.sedar.com.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Great Basin Gold Ltd. - South Africa
Tsholo Serunye
Investor Services
27 (0)11 301 1800
OR
Great Basin Gold Ltd. - North America
Melanee Henderson
Investor Services
1-800-667-2114
OR
Breakstone Group - USA
Barbara Cano
Investor Services
(646) 452-2334
Website: www.grtbasin.com
No regulatory authority has approved or disapproved the information contained in
this news release.
INDUSTRY: Manufacturing and Production-Mining and Metals
SUBJECT: DRM
-0-
Date: 23/06/2008 16:12:01 Produced by the JSE SENS Department.
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