| Tue 27 Feb 2007, 7:51 | | GBG - Great Basin - Update on underground drilling |
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GBG
GBG
GBG - Great Basin - Update on underground drilling & feasibility
study for Hollister development block project
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")
1020 - 800 West Pender Street
Vancouver, BC Canada V6C 2V6
Tel 604 684?6365
Fax 604 684?8092
Toll Free 1 800 667?2114
www.greatbasingold.com
GREAT BASIN UPDATE ON UNDERGROUND DRILLING & FEASIBILITY STUDY FOR HOLLISTER
DEVELOPMENT BLOCK PROJECT
February 26, 2007, Vancouver, BC - Great Basin Gold Ltd. (TSX: GBG; AMEX: GBN;
JSE: GB Gold) ("Great Basin Gold" or the "Company") announces further results
from underground drilling and progress on other feasibility work at the
Hollister Development Block ("HDB") Project on the Carlin Trend in Nevada, USA.
As recently announced, Great Basin Gold will purchase Hecla Mining Company`s 50%
earn-in rights to the HDB. Good progress has been made toward the completion of
the feasibility study which is expected at the end of June 2007. Dependent on
the outcome of the study and with the benefit of having substantial surface
facilities established and underground development in place, the Company is
well positioned to advance rapidly toward the optimal development of the mine.
One hundred percent of the planned 55,000 ft (16,750 m) of underground drilling
has now been completed. Drilling has taken place at 100 ft (30 m) spacing to
fill in gaps from surface drilling within the Clementine and Gwenivere vein
systems. Over the past twelve months since drilling began, Great Basin Gold has
announced excellent results from the program. Currently there is a backlog, but
the Company anticipates releasing additional results as they become available in
the coming weeks.
Results for 37 holes, shown in the attached Table of Assay Results - Underground
Drilling, are mainly from drill holes in the Clementine vein system. Highlights
include:
Gwenivere
* Hole HDB-069 intersected 2.3 ft (0.7 m) grading 0.86 oz/t (29.49 g/t) Au
and 16.51 oz/t (566.1 g/t) Ag from 207.1-209.6 (63.3-63.9 m).
Clementine
* Hole HDB-060 intersected 2.3 ft (0.7 m) grading 2.75 oz/t (94.29 g/t) Au
and 7.04 oz/t (241.37 g/t) Ag from 245.6-248.3 ft (74.9-75.7 m).
* Hole HDB-067 intersected 3.9 ft (1.2 m) grading 15.29 oz/t (524.23 g/t) Au
and 32.24 oz/t (1105.38 g/t) Ag from 302.1-307.4 ft (93.2-93.7 m).
* Hole HDB-077 intersected 2.7 ft (0.8 m) grading 4.36 oz/t (149.49 g/t) Au
and 36.63 oz/t (1255.9 g/t) Ag from 183.3-186.3 ft (55.9-56.8 m).
* Hole HDB-081 intersected 1.9 ft (0.6 m) grading 14.34 oz/t (491.66 g/t) Au
and 58.69 oz/t (2012.2 g/t) Ag from 277.7-279.8 ft (84.6-85.2 m).
* Hole HDB-095 intersected 8.0 ft (2.4 m) grading 0.94 oz/t (32.22 g/t) Au
and 1.04 oz/t (35.66 g/t) Ag from 251.8-261.1 ft (76.7-79.6 m).
* Hole HDB-096 intersected 5.7 ft (1.7 m) grading 1.79 oz/t (61.37 g/t) Au
and 0.79 oz/t (27.09 g/t) Ag from 288.2-294.9 ft (87.8-89.9 m).
* Hole HDB-099 intersected 2.0 ft (0.6 m) grading 4.81 oz/t (164.9 g/t) Au
and 48.4 oz/t (1676.6 g/t) Ag from 186.4-188.5 ft (56.8-57.5 m).
* Hole HDB-101 intersected 7.0 ft (2.1 m) grading 2.64 oz/t (90.5 g/t) Au and
23.96 oz/t (821.5 g/t) Ag from 166.9-175.2 ft (50.9-53.4 m).
* Hole HDB-103 intersected 4.9 ft (1.5 m) grading 2.65 oz/t (90.85 g/t) Au
and 8.11 oz/t (278.06 g/t) Ag from 203.2-208.2 ft (61.9-63.5 m).
Work on other aspects of the feasibility study has also progressed, with the
following activities being advanced:
* Development of the geological resource model;
* Continuation of underground test mining, including tests for split
blasting, drifting and raising in the different vein systems. Rock
mechanics investigations have taken place to assess the efficacy of
backfilling and to test backfill materials. Mine planning has also
encompassed evaluation of different options for a second underground access
route (there is currently only one access decline).
* Assessment of underground water parameters and development of plans for
dewatering and permitting;
* Evaluation of general infrastructure, mine services and transportation, in
particular, shorter access routes;
* Completion of metallurgical test work and evaluation of ore treatment
alternatives; and
* Development of the environmental and reclamation sections of the
feasibility study, and strategies for permitting that will factor into the
overall project schedule.
Winters, Dorsey & Company has been appointed as the independent consultants to
review and sign off on the feasibility study.
Gernot Wober, P.Geo., a qualified person and Exploration Manager of Great Basin
Gold, is monitoring the program on behalf of Great Basin and has reviewed this
news release.
Great Basin Gold has two advanced stage gold projects in two of the world`s best
gold environments: the Hollister property on the Carlin Trend of Nevada, USA,
and the Burnstone Gold Project in the Witwatersrand Goldfield of South Africa.
For more information on Great Basin and its projects, please visit the Company`s
website at www.greatbasingold.com or call Investor Services at 604-684-6365 or
within North America at 1-800-667-2114.
Ferdi Dippenaar
President and CEO
Samples collected from the Hollister Development Block Project are stored in
Hecla`s 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 submitted by Hecla, duplicate fire assays, and
Inspectorate`s internal standards and blanks. Coarse blanks (barren rhyolite or
landscape marble) and assay standards are inserted by Hecla 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, delay in the completion of the feasibility study,
continuity of mineralization, 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 20-F filing with the United
States Securities and Exchange Commission and its home jurisdiction filings that
are available at www.sedar.com.
HOLLISTER DEVELOPMENT BLOCK UNDERGROUND DRILLING ASSAYS RESULTS
Drill Hole Vein From To Drilled Est. Au Ag (opt)
Thickness True (opt)
(ft) Width
(ft)
HDB -060 Clementine 140.0 144.0 4.0 2.1 0.243 0.27
166.9 167.3 0.4 0.3 0.171 0.24
175.9 176.3 0.4 0.3 0.565 1.85
206.4 207.2 0.8 0.6 0.259 2.94
245.6 248.3 2.7 2.3 2.749 7.04
HDB-066 Clementine 205.9 221.6 15.7 10.6 0.192 0.30
Incl. 208.0 214.6 6.6 4.5 0.424 0.62
273.3 276.0 2.7 1.5 0.001 0.20
HDB-067 Gwenivere 283.9 287.6 3.7 3.2 0.191 >0.79
Incl. 283.9 287.3 3.4 2.9 0.152 0.34
And 287.3 287.6 0.3 0.3 0.566 >200 ppm
299.5 302.1 2.6 1.8 2.240 >200 ppm
302.1 307.2 5.3 3.9 15.287 32.34
Incl. 302.1 304.3 2.2 1.4 26.722 55.25
And 304.3 305.8 1.5 1.1 0.043 0.26
And 305.8 307.4 1.6 1.4 15.830 39.94
HDB-068 Gwenivere 197.6 198.5 0.9 0.7 0.018 0.92
198.5 200.3 1.8 1.6 0.004 0.03
200.3 201.4 1.1 1.0 0.033 0.12
201.4 206.0 4.6 4.4 0.007 0.07
206.0 208.8 2.8 2.7 0.180 3.02
HDB-069 Gwenivere 207.1 209.6 2.5 2.3 0.863 16.51
245.9 249.1 3.2 3.0 0.467 0.76
358.0 362.3 4.3 4.2 0.392 0.31
HDB-070 Gwenivere 235.1 236.7 1.6 1.5 0.972 2.94
HDB-071 Gwenivere 293.0 297.0 4.0 4.0 0.214 0.19
HDB-072 137.6 138.6 1.0 0.7 0.186 2.52
225.6 228.4 2.8 1.4 0.523 2.49
HDB-073 93.7 94.7 1.0 0.9 0.758 2.90
Clementine 160.0 161.3 1.3 1.3 0.162 0.19
185.9 186.6 0.7 0.7 0.860 7.10
Clementine 274.3 278.3 4.0 2.7 0.002 0.06
HDB-074 Clementine 130.0 148.3 18.3 15.0 0.011 0.23
148.3 148.7 0.4 0.3 0.057 2.27
194.3 197.3 3.0 2.3 0.270 2.56
197.3 198.8 1.5 1.5 0.440 1.30
HDB-075 Clementine 101.3 102.0 0.7 0.7 0.341 26.53
156.4 158.6 2.2 1.4 0.348 20.51
158.6 167.9 9.3 6.0 0.112 4.60
202.7 205.0 2.3 2.2 0.032 0.74
HDB-076 Clementine 170.2 172.7 2.5 2.3 1.271 4.65
237.5 239.0 1.5 1.4 0.065 3.59
HDB-077 Clementine 180.6 183.3 2.7 2.4 0.079 3.24
183.3 186.3 3.0 2.7 4.361 36.63
HDB-067 186.3 188.5 2.2 1.4 0.016 1.48
270.9 272.0 1.1 1.0 0.242 2.18
HDB-078 Clementine 271.8 275.2 3.4 2.2 0.004 0.05
275.2 279.0 3.8 1.5 0.009 Nil
279.0 283.0 4.0 1.5 0.023 0.21
481.9 483.0 1.1 0.7 0.016 1.07
483.0 488.0 5.0 3.4 0.005 0.99
488.0 491.3 3.3 2.2 0.008 1.28
491.3 497.3 6.0 4.3 0.001 Nil
497.3 499.0 1.7 1.3 0.010 0.18
499.0 503.0 4.0 2.4 0.003 0.22
HDB-079 Clementine 267.3 268.7 1.4 0.9 0.016 0.17
268.7 272.8 4.1 3.1 0.014 0.34
272.8 274.5 1.7 1.5 0.007 0.06
350.5 351.7 1.2 0.8 13.537 40.79
HDB-080 294.6 305.0 10.4 4.3 0.101 1.47
Incl. 294.9 297.3 2.7 0.9 0.128 1.91
And 297.3 303.9 6.6 2.8 0.033 0.45
And 303.9 305.0 1.1 0.6 0.376 6.53
HDB-081 Clementine 231.9 232.5 0.6 0.6 0.008 0.10
277.7 279.8 2.1 1.9 14.342 58.69
HDB-082 Clementine 259.2 260.9 1.7 1.6 7.280 28.36
HDB-083 28.0 29.7 1.7 1.7 0.552 4.37
Clementine 210.8 212.5 1.7 1.6 2.50 1.39
Incl. 210.8 211.7 0.9 0.85 0.670 0.27
And 211.7 212.5 0.8 0.75 4.574 2.66
258.5 259.0 0.6 0.5 2.145 18.45
HDB-084 Clementine 215.1 216.3 1.2 1.0 1.975 0.78
261.5 262.3 0.8 0.8 2.112 10.68
HDB-085 Clementine 259.2 262.5 3.3 2.5 0.425 3.64
HDB-086 Clementine 211.2 213.0 1.8 1.5 0.071 8.54
HDB-087 Clementine 202.0 205.3 3.3 2.7 0.009 29.18
205.3 206.6 1.3 1.1 23.071 103.92
HDB-089 Clementine 230.0 232.3 2.3 1.9 5.757 19.33
HDB-090 Clementine 315.1 318.6 3.5 2.9 0.301 1.21
HDB-091 No significant intercepts
HDB-092 Clementine 317.3 318.1 0.8 0.6 0.026 0.51
HDB-093 Clementine 274.7 275.6 0.9 0.6 0.001 Nil
HDB-094 Clementine 284.9 286.1 1.2 1.1 2.846 9.27
HDB-095 Clementine 251.8 261.1 9.3 8.0 0.941 1.04
Incl. 251.8 253.0 1.2 1.0 0.637 0.87
And 253.0 260.2 7.2 6.2 0.119 0.37
And 260.2 261.1 0.9 0.8 7.905 6.59
HDB-096 Clementine 288.2 294.6 6.7 5.7 1.785 0.79
288.2 291.6 3.4 2.9 3.115 1.26
HDB-096 291.6 294.9 3.3 2.8 0.416 0.30
HDB-099 Clementine 186.4 188.5 2.1 2.0 4.814 48.40
230.0 235.5 5.5 4.9 0.004 0.10
HDB-100A Clementine 219.7 220.6 0.9 0.9 0.236 6.25
242.5 244.5 2.0 1.7 6.237 11.84
HDB-101 Clementine 166.9 175.2 8.3 7.0 2.637 23.96
166.9 169.3 2.4 2.0 1.648 3.86
169.3 171.7 2.4 2.0 0.326 2.31
171.7 175.2 3.5 3.0 4.900 52.58
HDB-102 Clementine 182.3 186.3 4.0 4.0 1.053 10.19
186.3 189.8 3.5 2.7 0.009 1.70
HDB-103 Clementine 198.7 203.2 4.5 4.1 0.015 0.71
203.2 208.2 5.0 4.9 2.651 8.11
HBD-105 No significant intercepts
Date: 27/02/2007 07:51:37 Produced by the JSE SENS Department.
