| Wed 3 Sep 2008, 12:50 | | GBG - Great Basin Gold Announces Additional High Grade Intercepts In The Newly |
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GBG
GBG
GBG - Great Basin Gold Announces Additional High Grade Intercepts In The Newly
Discovered Hatter Graben Vein System At Hollister Project First Results
From South Velvet Area Show Promise
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")
GREAT BASIN GOLD ANNOUNCES ADDITIONAL HIGH GRADE INTERCEPTS IN THE NEWLY
DISCOVERED HATTER GRABEN VEIN SYSTEM AT HOLLISTER PROJECT FIRST RESULTS FROM
SOUTH VELVET AREA SHOW PROMISE
September 3, 2008, Vancouver, BC - Great Basin Gold Ltd. (TSX: GBG; AMEX: GBN;
JSE: GBG) ("Great Basin" or the "Company"), announces additional results from
their surface exploration drill program at the Hollister Project in Nevada.
Additional high-grade intercepts are reported from their recently discovered
Hatter Graben Vein System as well as the first two results from exploration
undertaken in the South Velvet area.
Drill results show the Hatter Graben veins occur in a robust and wide east-west
trending structural zone containing several sub-parallel bonanza-grade veins
similar to the Gwenivere and Clementine vein systems that the Company is
currently developing underground. Drilling to date targeted the vein system
down-dip and along a strike length of 400 ft (122 m) to the west and 1500 ft
(457 m) to the east from the initial drill holes (see news release dated June 23
2008).
With assays in from 7 of the 10 holes drilled on the Hatter Graben vein system,
early results indicate that the system is approximately 1000 ft (300 m) deeper
than the Gwenivere and Clementine vein systems located 5000 ft (1,524 m) west of
the new discovery. It appears that these veins were intersected at the top of
the mineralized horizon and generally improve in grade and width at depth and
break up into breccias and stringers at higher elevations. Drilling will
continue to focus on better definition of the mineralization down-dip and along
strike.
Hatter Graben Vein System Highlights:
Hole H8-269 tested the vein system about 400 ft west of the original discovery
holes H8-264 and H8-265. The hole was lost at 2155 ft (656.8 m); therefore, only
tested the upper brecciated and sheet vein zone of the system. From 2123.5 -
2125.6 ft (647.2 - 647.9 m), a quartz vein was encountered with a true thickness
of 1.4 ft (0.4 m) grading 1.77 oz/t (60.7 g/t) Au and Ag >5.8 oz/t (>200 oz/t)
Ag (over-limit assays are still pending). An intercept of interest was
encountered higher in the hole from 1413.5 -1418.2 (430.8 - 432.3 m) grading 3.3
ft (1.0 m) of 0.441 oz/t (15.11 g/t) Au and 1.35 oz/t (46.3 g/t) Ag. This
intercept is hosted by the overlying Tertiary volcanic rocks, suggesting the
presence of additional veins deeper in Hollister`s Ordovician host rocks.
Hole H8-274 tested the vein system about 300 ft (100 m) west of the original
discovery holes H8-264 and H8-265. This hole intersected four high-grade
naumannite banded veins which include: from 1739.0 -1743.0 ft (530.0 - 531.3 m)
2.6 ft (0.8 m) grading 1.12 oz/t (38.5 g/t) Au and 16.80 oz/t (576.0 g/t) Ag,
from 2228.0 - 2228.9 ft (679.1 - 679.4 m) 0.6 ft (0.2 m) grading 0.23 oz/t Au
(7.9 g/t) Au and 2.36 oz/t (81.0 g/t) Ag, and from 2289.8 - 2291.2 ft (697.9 -
698.4 m) 1.0 ft (0.3 m) grading 7.82 oz/t (268.0 g/t) Au and 18.11 oz/t (621.0
g/t) Ag, and from 2653.8 - 2655.8 ft (808.9 - 809.5 m) 1.41 ft (0.4 m) grading
0.52 oz/t (17.9 g/t) Au and 10.4 oz/t (357.0 g/t) Ag.
South Velvet Highlights:
This area, which is in close proximity to the Clementine Vein System and within
the Hollister Development Block, was targeted for exploration earlier in the
year. Results from the first two drill holes confirm the prospectivity of this
area.
Hole H8-270 targeted historic drill hole intercepts with anomalous gold in the
overlying Tertiary volcanic rocks approximately 1200 ft (366 m) north of
Hollister`s underground development. Disseminated mineralization in the Tertiary
volcanic rocks was encountered from 401.0 - 426.0 ft (122.2 - 129.8 m) with a
25.0 ft (7.62 m) composited grade of 0.29 oz/t (9.9 g/t) Au and 0.50 oz/t
(17.032 g/t) Ag including 4.0 ft (1.2 m) of 0.777 oz/t (26.4 g/t) Au and 1.05
oz/t (36.0 g/t) Ag. This intercept indicates the presence of proximal high-grade
epithermal veins in the underlying
Ordovician host rocks. The current exploration program is being updated to
target the underlying vein system.
Hollister Surface Drill Results - September 2008
Vein System Drill Hole ID Vein Intersection (ft)
From To
Hatter Graben H8-264 1570 1571
1580.2 1586.3
1595.6 1596.4
1610.0 1613.0
1645.7 1647.8
1686 1686.6
1709.5 1710.5
1741.9 1742.4
1748.6 1749.3
1780.5 1784.2
2059.7 2067.5
Hatter Graben H8-265 1019.0 1020.0
1021.7 1028.5
1077.7 1082.0
1102.1 1109.0
1110.7 1121.7
1139.0 1144.3
1459.0 1464.0
1472.6 1475.5
1484.2 1486.4
1537.8 1539.0
1563.9 1565.0
1663.5 1666.8
1687.0 1689.0
1769.4 1770.4
1771.5 1772.6
1907.1 1907.9
1948.2 1954.0
2094.0 2095.0
2160.2 2162.5
2224.5 2225.4
2334.5 2336.4
2583.0 2585.5
Hatter Graben H7-233 1400.5 1402.5
South
1755.8 1757.4
1815.0 1826.0
1888.3 1889.2
2041.3 2042.6
Hatter Graben H8-267 1803.5 1804.5
2083.2 2084.0
2154.7 2155.4
Hatter Graben H8-269 1413.5 1418.2
2123.5 2125.6
Hatter Graben H8-271B 1199.0 1204.0
Hatter Graben H8-274 1739.0 1743
2228.0 2228.9
2289.8 2291.2
2653.8 2655.8
Hatter Graben H8-275 Being Processed
Hatter Graben H8-276 Being Processed
Hatter Graben H8-277 Being Processed
Hatter Stock H8-268 No Significant Intercepts
Hatter Stock H8-272 No Significant Intercepts
South Velvet H8-266 559.7 563.6
588.0 589.0
South Velvet H8-270 401.0 426.0
South Velvet H8-273 No Significant Intercepts
Significant Intercepts
Sample Interval Drilled Est. Analytical Results
(ft) Thickness True
(ft) Width
(ft)
From To Au Au Ag Ag
(opt) (g/t) (opt) (g/t)
1 0.7 0.179 6.1 1.00 34.0
6.1 4.3 0.247 8.4 0.84 28.7
1580.2 1581.0 0.6 0.088 3.0 1.90 66.0
1581.0 1585.6 3.3 0.013 0.4 <0.1 <5
1585.6 1586.3 0.5 1.980 67.8 8.20 282.0
0.8 0.6 2.220 76.0 6.50 223.0
3 2.1 0.236 8.1 1.30 45.7
1610 1610.9 0.9 0.6 0.391 13.4 2.30 78.0
1610.9 1612 1.1 0.8 0.012 0.4 <0.1 <5
1612 1613 1 0.7 0.343 11.8 1.70 59.0
2.1 1.5 0.594 20.4 4.20 145.0
0.6 0.4 0.017 0.6 <0.1 <5
1 0.7 0.333 11.4 3.00 102.0
0.5 0.4 0.006 0.2 <0.1 <5
0.7 0.5 0.128 4.4 0.70 23.0
3.7 2.6 0.214 7.3 1.70 78.1
1780.5 1781.3 0.8 0.6 0.120 4.1 0.60 21.0
1781.3 1783.5 2.2 1.6 0.032 1.1 0.20 7.0
1783.5 1784.2 0.7 0.5 0.895 30.7 7.60 261.0
7.8 5.5 0.540 18.6 3.90 115.8
2059.7 2061 1.3 0.9 0.073 2.5 10.70 366.0
2061 2062.4 1.4 1.0 0.095 3.3 2.10 71.0
2062.4 2063.8 1.4 1.0 1.470 50.5 5.40 184.0
2063.8 2066.8 3 2.1 0.008 0.3 <0.1 <5
2066.8 2067.5 0.7 0.5 2.720 93.3 8.20 282.0
1.0 0.6 0.313 10.7 0.01 0.2
6.8 4.4 0.116 4.0 0.00 0.1
4.3 2.8 0.104 3.6 0.00 <0.1
6.9 4.4 0.116 4.0 0.00 0.1
11.0 7.1 0.155 5.3 0.00 0.1
5.3 3.4 0.128 4.4 0.01 0.4
5.0 3.2 0.112 3.9 0.15 5.0
2.9 1.9 0.540 18.5 3.59 123.0
2.2 1.4 0.657 22.5 3.68 126.0
1.2 0.8 0.111 3.8 0.30 10.2
1.1 0.7 0.101 3.5 0.12 4.0
3.3 2.1 1.280 44.0 6.20 211.0
2.0 1.3 1.125 38.5 7.00 241.0
1.0 0.6 0.352 12.1 3.30 113.0
1.1 0.7 0.105 3.6 1.50 50.0
0.8 0.5 0.155 5.3 <0.1 <5
5.8 3.7 0.118 4.0 <0.1 <5
1.0 0.6 0.155 5.3 1.30 46.0
2.3 1.5 1.110 38.0 7.50 259.0
0.9 0.6 0.291 10.0 1.70 57.0
1.9 1.2 0.333 11.4 0.20 8.0
2.5 1.6 1.355 46.4 5.50 188.0
2.0 1.4 0.111 3.8 0.34 11.5
1.6 1.1 0.136 4.7 0.09 3.1
11.0 7.8 0.154 5.3 0.70 24.1
1815.0 1816.0 1.0 0.7 0.216 7.4 5.48 188.0
1816.0 1826.0 10.0 7.1 0.148 5.1 0.22 7.7
0.9 0.6 0.113 3.9 1.18 40.6
1.3 0.9 0.132 4.5 0.60 20.6
1.0 0.7 0.208 7.1 >5.8 >200
0.8 0.6 0.165 5.7 2.80 96.0
0.7 0.5 0.418 14.3 1.58 54.0
4.7 3.3 0.441 15.1 1.35 46.3
2.1 1.5 1.770 60.7 >5.8 >200
5.0 3.5 0.234 8.0 0.30 10.4
4.0 2.6 1.120 38.5 16.80 576.0
0.9 0.6 0.232 7.9 2.36 81.0
1.4 1.0 7.820 268.0 18.11 621.0
2.0 1.4 0.520 17.9 10.40 357.0
3.9 1.95 0.103 3.54 0.018 0.6
1.0 0.5 0.106 3.63 0.09 3.1
25.0 17.68 0.291 9.919 0.497 17.032
401.0 405.0 4.0 2.83 0.508 17.4 1.079 37
405.0 409.0 4.0 2.83 0.777 26.4 1.05 36
409.0 411.9 2.9 2.05 0.069 2.35 0.496 17
411.9 417.0 5.1 3.61 0.121 4.14 <.146 <5
417.0 421.0 4.0 2.83 0.113 3.86 0.175 6
421.0 426.0 5.0 3.54 0.172 5.88 0.204 7
*Previously Reported Results
President and CEO, Ferdi Dippenaar commented, "We have made good progress with
the exploration program at the Hatter Graben Vein System and now extended to
include the South Velvet area. The results from the South Velvet area are
significant in that this area is in close proximity to the currently developed
underground infrastructure within the Hollister Development Block. This area has
historically had many high-grade intercepts in the overlying Tertiary volcanic
rocks, so the two current holes are encouraging. The plan is to target the
source of the fluids that generated these veins, which typically originate from
vein structures in the deeper host rocks. Further exploration will be undertaken
in both areas to determine the size and extent of the mineralization following a
review of the program and once all the results have been received."
Johan Oelofse, PrEng, FSAIMM, Chief Operating Officer for the Company and a
qualified person, has reviewed this news release on behalf of Great Basin Gold.
The Company will be presenting its progress with exploration at the Hollister
Property in more detail at the Denver Gold Conference on the September 8, 2008.
The presentation will be available on the website.
Samples collected from the Hollister Development Block 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.
For additional details on Great Basin and its gold properties, please visit the
Company`s website at www.grtbasin.com or contact Investor Services:
Tsholo Serunye in South Africa 27 (0) 11 301 1800
Michael Curlook in North America +1 (604) 633 9113
Barbara Cano at Breakstone Group in the USA +1 (646) 452 2334
No regulatory authority has approved or disapproved the information contained in
this news release.
Cautionary and Forward Looking Statement Information
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, 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.
Date: 03/09/2008 12:50:22 Produced by the JSE SENS Department.
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