| Wed 29 Jul 2009, 14:30 | | GBG - Great Basin Gold - Great Basin Reports New Epithermal Vein Discoveries At |
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GBG
GBG
GBG - Great Basin Gold - Great Basin Reports New Epithermal Vein Discoveries 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 NEW EPITHERMAL VEIN DISCOVERIES AT HOLLISTER PROPERTY
July 29, 2009, Vancouver, BC - Great Basin Gold Ltd, (TSX: GBG; NYSE Amex: GBG;
JSE: GBG) announces the discovery of new epithermal veining adjacent to the
Gwenivere and Clementine systems at its Hollister gold property on the Carlin
Trend in Nevada, USA.
Underground evaluation and exploration drilling during the second quarter of
2009 continued to deliver new high grade vein intersections. During this period,
a further 29,586 feet (8,965 meters) was completed, totaling 43,163 feet (13,080
meters) for the year. Significant intersections in two newly-discovered
epithermal veins have been returned from exploration drilling conducted at end
of the west lateral development. Drilling of "Blanket-style" disseminated
mineralization, hosted within the overlying Tertiary volcanic rocks has also
returned encouraging results. Drilling continues to deliver high-grade
intersections on the Clementine and Gwenivere vein systems in the main Hollister
Development Block ("HDB") area.
Underground drilling is providing considerable definition to the strike (3000
ft/980 m) and vertical depth (1300 ft/396 m) continuity of the Clementine and
Gweneviere vein systems. Geological mapping and structural studies have led to
step-out targets northwest of these vein systems. This drilling has yielded
immediate confirmation of at least two new and separate vein systems. The main
HDB mineral system has been recently remodeled, and currently comprises 21
discrete east-west striking subvertical veins, which constitute the Clementine
and Gwenivere groups. This system is still open along strike, at depth, and in
areas up to and above the Ordovician/Tertiary Unconformity (termed "Blanket
Zone").
During the quarter, the number of active underground drilling rigs was doubled
to four. The drilling complement now comprises two stope delineation rigs, a
vein extension or cover rig, and an exploration rig.
New Vein Discoveries
To date, seven (7) boreholes have tested a target area northwest of the current
Clementine vein system. This drilling has been conducted north-westwards from
the West Lateral drill station (shown as West Lateral system in the table
below). Assay results are just being received.
HDB-307 (Azimuth = 330 deg, Inclination = -5 deg) intersected quartz veining
from 584.8 - 587.0 ft (2.2 ft/0.7 m) that grades 3.16 opt (108 g/t) Au and 19.6
opt (672 g/t) Ag. The intersection includes 1.2 ft of lattice bladed and druzy
quartz veining with visible gold and naumannite grading 5.089 opt (174 g/t) Au
and 34.315 opt (1176 g/t) Ag; and 1.0 ft of weak quartz stockwork with fragments
of quartz vein grading 0.836 opt (29 g/t) Au and 1.983 opt (68 g/t) Ag.
HDB-293 (Azimuth = 330 deg, Inclination = +12 deg) intersected quartz veining
from 599.8 - 602.0 ft (2.2 ft/0.7 m), characterized by quartz vein stockwork and
vein breccia which grades 0.154 opt (5 g/t) Au and 2.713 opt (93 g/t) Ag.
HDB-309 (Azimuth. = 330 deg, Inclination -30 deg) penetrated a significant,
previously unrecognized 16.5 ft (5 m) quartz vein zone from 783-799.5 ft (238.7-
243.7 m), located within a broader 30 ft (9 m) deformation zone. This 16.5 ft
(5 m) interval includes zones of heavy white clay and milky quartz veining cut
by veins with grey quartz and minor naumannite (Ag-selenide), quartz vein
brecciation, and two notable areas with strong adularia coating on fractures.
Silver values to 0.9 opt (28 g/t) with low gold have been received to date; the
current interpretation is that this vein setting is high up in the mineral
system.
Follow-up drilling is currently being conducted to expand the understanding of
the geological setting of the mineralisation. The first borehole, HDB-310
(Azimuth = 320 deg, Inclination -30 deg), has also intersected the northwest
strike continuity of the zone intersected in HDB-309. The borehole intersected a
zone of brecciation, quartz veining and intense adularia flooding from 1280-1340
ft (60 ft/18 m). Assay results are awaited.
Blanket Zone Drilling
Another highlight of the exploration drilling is the intersection of Blanket
Zone mineralization which is hosted in the Tertiary volcanic rocks above the
Tertiary-Ordovician Unconformity. Borehole HSD-64 intersected 31 ft (9.4 m)
grading 0.78 opt (26.61 g/t) Au. This disseminated style of mineralization is
linked to the presence of mineralized structures within the Ordovician
metasedimentary rocks and into the Tertiary volcanics, where there are
effectively "blow-outs" of mineralizing fluids. These are expressed at surface
as geysers, steam vents and chalcedonic quartz accumulations with associated
mercury mineralization. A preliminary examination of over 900l drilling
intersections in the Tertiary volcanics indicates a significant unexploited
resource in the vicinity of Hollister, as well as satellite targets such as
Butte and Velvet, The geological continuity and economic viability (grades are
generally between 1-6 g/t Au) of this zone is being assessed.
Clementine Vein System Drilling
Twenty-two (22) cover boreholes have been drilled northwards from the 4705
Decline to test the Clementine vein system. Intersections range from 0.11 opt to
4.36 opt (3.67g/t to 149.55 g/t) Au over widths 0.4 ft to 5.0 ft (0.13 m to 1.5
m).
Gwenivere Stope Delineation Drilling
Twelve (12) stope delineation boreholes were completed targeting the Gwenivere
system. The Gwenivere drilling indicates vein mineralization ranging from 0.13
opt to 9.14 opt (4.4 g/t to 313.4 g/t) Au over widths of 0.6 ft to 5.4 ft (0.1 m
to 1.6 m).
Additional details of the results are provided in the Table of Hollister
Drilling Highlights (attached) and on the Great Basin website.
Underground Geological Mapping
A program of detailed geological mapping in the underground development has been
implemented. Ore controlling structures have been identified and are being
modeled. This exercise has also exposed a number of vein targets that are being
further evaluated by diamond drilling.
Surface Exploration
No surface drilling has been undertaken during the quarter. A program to further
investigate the Hatter Graben target to the east of the Clementine - Gwenivere
vein cluster is planned. A strike extent of approximately 3,000 ft (915 m) and a
width of up to 1,320 ft (400 m) in the Hatter Graben target-area have been
tested to date.
Previous geophysical (eg airborne magnetic and radiometric, ground gravity,
Induced Polarization and resistivity) surveys on the Hollister property are
being integrated with the current drillhole data. The revised interpretations
are planned to highlight ore controlling structures, as well as assist in
prioritizing follow up targets. 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.
Ferdi Dippenaar, President and CEO, commented: "The emerging potential of the
Hollister vein system, shown by the discovery of another vein system west and
northwest of our current infrastructure, is very exciting. We have extended our
exploration activities in this new area. The ongoing exploration success at
Hollister underscores the prospectivity of the property. Our geology and
exploration work is steadily generating a predictive model for the Hollister
system which will assist with ongoing exploration as well as increasing
confidence levels in our production planning."
Phil Bentley, Pr.Sci.Nat., Great Basin Gold`s Vice President: Geology &
Exploration, a Qualified Person as defined by Canadian Securities Regulations in
National Instrument 43-101, has reviewed and approved the information in this
news release for the Company.
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
Samples collected from the Hollister Development Block Project are delivered to
Inspectorate America Corporation (Inspectorate) in Sparks, Nevada. Vein samples
are analyzed by standard fire assay procedures. 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. 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.
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.
Table of Hollister Exploration Drilling Highlights
Mineral System Drill Hole ID Vein Intersection (ft)
From To
West Lateral HDB-307 584.8 587.0
West Lateral HDB-293 599.8 602.0
West Lateral HDB-309 783.0 799.5
Blanket HSD-62 221.2 222.6
Blanket HSD-63 15.8 16.4
Blanket HSD-63 359.0 364.0
Blanket HSD-64 269.3 302.0
Blanket HSD-64 363.0 368.0
Table of Hollister Exploration Drilling Highlights
Significant Intersections
Drilled Est. True Analytical Results
Thickness (ft) Width (ft)
Au (opt) Au (g/t) Ag (opt) Ag (g/t)
2.2 2.0 3.160 108.34 19.6 672
2.2 2.0 0.154 5.28 2.7 93
16.5 14.9 No significant values
1.4 1.0 0.593 20.33 0.2 6
0.6 0.5 0.445 15.26 2.0 69
5.0 4.1 0.205 7.03 <0.1 <5
32.7 30.7 0.776 26.61 0.5 16
5.0 4.7 0.154 5.28 0.0 1
Date: 29/07/2009 14:30:01 Produced by the JSE SENS Department.
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