| Thu 29 Jan 2009, 15:30 | | GBG - Great Basin Gold - Great Basin Reports Continued Exploration Success At |
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GBG
GBG
GBG - Great Basin Gold - Great Basin Reports Continued Exploration Success At
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 Gold" or the "Company")
GREAT BASIN REPORTS CONTINUED EXPLORATION SUCCESS AT HOLLISTER PROPERTY
January 29, 2009, Vancouver, BC - Great Basin Gold Ltd ("Great Basin" or the
"Company"), (TSX: GBG; NYSE Alternext: GBG; JSE: GBG) announces further high-
grade exploration drilling results at its Hollister gold property on the Carlin
Trend in Nevada, USA.
Exploration and evaluation diamond drilling has continued at the Hollister
Property. During the fourth quarter of 2008, underground evaluation and
exploration drilling for other mineralized structures totaled 13,455 feet (4,101
metres) and surface diamond drilling totaled 16,084 feet (4,902 metres). The
programs continue to deliver high-grade intersections on the Clementine and
Gwenivere vein systems (see below) in the main Hollister Development Block (HDB)
area. In addition, further encouraging intersections have been returned from
drilling the most recent discovery at the Hatter Graben Veins to the east of the
HDB. Geological modeling and mineral resource estimation of these mineral
systems is currently under review.
The underground drilling is providing more information about the strike (3000
ft/ 980 m) and vertical (1300 ft / 396 m) continuity of the vein systems. In the
main Hollister area, the mineral system currently comprises 24 discrete east-
west striking subvertical veins, which constitute the Clementine and Gwenivere
groups. The system is still open along strike, at depth, and in areas up to and
above the Ordovician / Tertiary Unconformity. Sixteen (16) boreholes were
completed targeting the Gwenivere system, seven (7) targeted Clementine, and
five (5) focused on new exploration targets. Highlight intersections are
tabulated below:
Vein Drill Vein Drille Est. Analytical Results
System/ Hole Intersectio d True
Area ID n (ft) Thickn Width
Targeted ess (ft)
(ft)
From To Au Au Ag Ag
(opt (g/t (opt (g/t
) ) ) )
U/G HDB- 91.4 92.0 0.6 0.6 1.49 51.0 0.60 20
Exploration 255 0 9
HDB- 552. 554. 1.5 1.5 0.29 10.1 0.70 23
265 8 3 3.6 3.6 0 0 0.20 6
HDB- 1770 1774 0.56 19.1
265 .4 .0 0 0
Clementine HDB- 119. 128. 8.5 8.1 1.58 54.2 4.83 166
251 5 0 1.3 1.1 1 1 3.10 107
HDB- 856. 857. 2.32 79.5
251 0 3 0 4
HDB- 31.5 32.7 1.2 0.7 2.24 76.8 1.00 36
258 0 0
Gwenivere HDB- 170. 172. 1.2 1.2 2.76 94.6 11.9 407
238 8 0 0 3 0
HDB- 170. 183. 13.0 12.6 1.57 54.0 0.80 27
240 0 0 5 0
HDB- 67.2 71.0 3.8 3.6 1.53 52.6 12.0 413
246 158. 160. 2.6 2.4 5 3 0 241
HDB- 0 6 1.11 38.2 7.00
246 5 3
HDB- 87.0 95.3 8.3 6.8 1.16 39.9 6.80 232
247 190. 191. 1.3 1.1 4 1 17.4 598
HDB- 4 7 1.16 39.7 0
247 0 7
HDB- 94.2 99.0 4.8 4.1 8.21 281. 36.0 1235
249 206. 210. 3.9 3.4 5 66 0 331
HDB- 0 1 4.13 141. 9.70
249 0 60
HDB- 173. 177. 4.0 3.8 1.52 52.2 6.88 235
250 0 0 5 9
HDB- 142. 144. 2.9 1.7 3.51 120. 17.2 591
275 0 9 0 34 0
HDB- 113. 116. 3.0 1.7 1.31 44.9 10.7 362
276 0 0 5.0 3.5 0 1 0 254
HDB- 122. 127. 1.47 50.4 7.40
276 0 0 0 0
HDB- 49.7 50.6 0.9 0.7 8.17 280. 15.3 525
277 105. 113. 7.3 6.0 0 11 0 535
HDB- 7 0 2.24 76.8 15.6
277 0 0 0
A complete tabulation of the recent drilling results is available on the Great
Basin Gold website www.grtbasin.com. Of the holes completed at the main HDB: 23
holes had intersections of greater than 0.1 opt over widths of 0.5-12.6 ft and 4
had no significant intersections. Of the holes completed at the Hatter Graben:
13 holes had intersections of greater than 0.1 opt over widths of 0.5-17.7 ft,
and 7 had no significant intersections.
The wider intersections on the Gwenivere vein, e.g. HDB-240 and HDB-247, were
drilled to test the big Gwen Zone, where the veins in the Gwenivere systems are
interpreted to coalesce.
The highlight of the underground exploration drilling has been HDB-265, drilled
at a shallow angle eastwards from the end of the main lateral development and
towards the Hatter Graben prospect. At 1485-1520 feet (448.5-459.0 metres), the
borehole intersected a zone of tectonic brecciation and shearing that divides
Ordovician metasedimentary rocks and downthrown Tertiary volcanic rocks. Follow
up drilling in this area is underway, targeting below the Tertiary/Ordovician
unconformity for epithermal veining. The present interpretation is that this
structure is the East Clementine Fault which is a major north/northwest striking
main shear zone similar to the Midas Fault which hosts about two-thirds of the
resource at Newmont`s Midas Mine 18 miles to the north of Hollister.
The surface drilling program has focused on further exploration of the Hatter
Graben target, around 5,000 feet (1,667 metres) east of the Clementine -
Gwenivere vein cluster. The area hosts a number of north/northwest-
south/southeast and east-west structures, as well as Eocene to Tertiary aged
intermediate to felsic intrusive rocks. However, a number of narrow and discrete
vein intersections support an east-west trending vein swarm not unlike the
Clementine - Gwenivere vein system. The Hatter Graben target area tested now has
a strike extent of approximately 3,000 feet (915 metres) and a width of up to
1,320 feet (400 metres).
The table below highlights significant new intersections:
Vein Dril Vein Sample Drill Est Analytical Results
System l Intersect Interval ed .
Hole ion (ft) (ft) Thick Tru
ID ness e
(ft) Wid
th
(ft
)
From To Fro To Au Au Ag Ag
m (opt (g/t (opt (g/t
) ) ) )
Hatter H8- 1758 175 175 175 1.8 1.2 0.30 10.3 6.40 218
Graben 281 .0 9.8 8.0 9.8 2.4 0.8 2 5 0.60 19
H8- 1766 176 176 176 2.3 1.3 0.61 21.0 14.2 487
281 .2 8.6 6.2 8.6 2.3 1.3 5 9 0 857
H8- 1800 180 180 180 0.65 22.2 25.0
281 .0 2.3 0.0 2.3 0 9 0
H8- 1809 181 180 181 1.40 48.0
281 .3 1.6 9.3 1.6 0 0
H8- 2546 255 5.0 3.5 1.07 36.8 0.70 24
276 .0 1.0 5 6
H8- 2370 237 0.5 0.4 0.17 5.93 431. 14,7
277 .7 1.2 3 00 77
The Hatter Graben area geology is currently being reviewed to enhance the
planned 2009 work program.
Significant exploration potential remains to be tested on the surrounding claim
areas of the Hollister property. A total of sixteen (16) targets have been
identified for future exploration.
TARGET No TARGET
CLASSIFICATION
Reserve 1 Hollister
delineation Development Block
Resource 2 Gwenivere
delineation East Clementine
Advanced follow- 5 Hatter Graben
up targets East Clementine
Fault
South Velvet
Blanket zone
Big Gwen
Follow-up 4 Butte Fault
targets Heap Leach
Western Sinters
North Hatter
Identified 2 Bounding
targets structures
Regional targets 2 Other Hollister
permits
TOTAL 16
All the geospatial data for the property from historic and current exploration
is being collated, reviewed and structural targets reassessed and ranked in
order of priority.
Ferdi Dippenaar, President and CEO, commented: "The results from both the
underground drilling in the Hollister Development Block and the Hatter Graben
area continue to prove the prospectivity of the two mineralizing systems. The
number of wider intercepts accompanied by higher grades in the Gwenivere Vein
system has been encouraging. More drilling is planned to assist in improving
our understanding of the Hollister Development Block mineralization. An updated
mineral resource estimate is being prepared for the HDB which will incorporate
drilling results for 2008, and early stage work in the Hatter Graben area is
underway in preparation for a resource estimation."
-3-
Johan Oelofse, PrEng, FSAIMM, Chief Operating Officer for the Company and a
qualified person, has reviewed this news release on behalf of Great Basin. For
information on analytical procedures, see the Great Basin News Release of June
23, 2008 available on the Company`s website.
Ferdi Dippenaar
President and CEO
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 1 888 633 9332
Barbara Cano at Breakstone Group in the USA (646) 452-2334
No regulatory authority has approved or disapproved the information contained in
this news release.
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.
Date: 29/01/2009 15:30:02 Produced by the JSE SENS Department.
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