Gold Standard Reports Increased Oxide Gold Resource and Approval of an Exploration
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/29/17 -- Gold Standard Ventures Corp. (TSX VENTURE: GSV)(NYSE MKT: GSV) ("Gold Standard" or the "Company") today announced an updated National Instrument (NI) 43-101-compliant resource estimate for its Dark Star gold deposit on its 100%-owned/controlled Railroad-Pinion Project in Nevada's Carlin Trend. The estimate was prepared by APEX Geoscience Ltd. of Edmonton, Canada ("APEX") and is dated June 9, 2017. An NI 43-101-compliant technical report will be filed with SEDAR within 45 days of the date of this news release. In its summary report, APEX estimates an Indicated Mineral Resource of 15.38 million tonnes grading 0.54 grams per tonne (g/t) gold (Au), totaling 265,100 ounces of gold, and an Inferred Resource of 17.05 million tonnes grading 1.31 g/t Au, totaling 715,800 ounces of gold, using a cut-off grade of 0.20 g Au/t (Table 1). A sensitivity analysis of the grade and tonnage relationships at a variety of cutoff grades is shown in the accompanying Table 2 below. Table 1. Dark Star NI 43-101 mineral resource estimate at a cutoff grade of 0.20 g Au/t is summarized below(i):
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Tonnage- Au (million Au Grade Capped Contained Au(ii)
Classification metric tonnes) (grams per tonne) (troy ounces)(iii)
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Indicated 15.38 0.54 265,100
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Inferred 17.05 1.31 715,800
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(i) Indicated and Inferred Mineral Resources are not Mineral Reserves.
Mineral resources which are not mineral reserves do not have
demonstrated economic viability. There has been insufficient
exploration to define the inferred resources tabulated above as an
indicated or measured mineral resource, however, it is reasonably
expected that the majority of the Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued exploration.
There is no guarantee that any part of the mineral resources discussed
herein will be converted into a mineral reserve in the future.
(ii) The recommended reported resources are highlighted in bold and have
been constrained within a $US1,250/ounce of gold optimized pit shell.
(iii) Contained ounces may not add due to rounding.
Jonathan Awde, CEO and Director of Gold Standard commented: "Our discovery of North Dark Star in 2015 has made an important tonnage contribution to this resource estimate at a very desirable grade. We are very confident that this estimate will grow with this year's aggressive drill program." Key Highlights
-- Indicated Mineral Resource of 265,100 troy ounces of gold contained in
15.38 million tonnes at an average grade of 0.54 g Au/t (at a lower
cutoff of 0.20 g Au/t). This is the first Indicated Mineral Resource at
the Dark Star deposit. A portion of the Indicated Mineral Resource crops
out at surface.
-- Inferred Mineral Resource of 715,800 troy ounces of gold contained in
17.05 million tonnes at a capped grade of 1.31 g Au/t (at a lower cutoff
of 0.20 g Au/t), up 93% over the 2015 maiden Inferred Mineral Resource
(see news release dated March 3, 2015).
-- The North Dark Star discovery and the Dark Star Main maiden resource
(see March 3, 2015 news release) are connected and form a continuous
gold zone with a strike length of approximately 1300m (see January 19,
2017 news release). Both North Dark Star and Dark Star Main are included
in this resource estimate and are referred to as a single deposit, "Dark
Star." The Indicated resource is from the former Main Dark Star deposit
which has a greater density of drilling while the Inferred resource
estimate is largely from the former North Dark Star deposit discovered
more recently.
-- Gold mineralization remains open in multiple directions. Excellent
potential exists for expansion of the resource along geologic controls
identified during the modeling of the deposit. Approximately 12,600m of
drilling will be completed in 2017 to further expand the oxide resource
(see news release dated February 2, 2017).
-- The Dark Star resource estimate noted in Table 1 includes only material
amenable to cyanide leaching. Drilling has encountered small zones of
sulfide mineralization that are not included in the resource estimate.
-- The reported resources have been constrained within an optimized pit
shell at $US1,250/ounce of gold, consistent with resource disclosure by
major companies.
-- The resource estimate is based on 135 reverse circulation (RC) holes and
23 core holes.
-- Due to the good lateral continuity of the gold zone and geologic
controls modeled from oriented core, the potential to convert inferred
resources to indicated resources with future drilling is considered
high.
-- The gold resource is hosted in Pennsylvanian-Permian collapse brecciated
debris flow conglomerate and bioclastic limestone that is oxidized,
decalcified, variably silicified. These sedimentary rocks are cut by
thin rhyolite dikes and sills, part of a north-striking zone of faults,
igneous rocks, and silicification that runs along the east side of the
Pinon range that is referred to as the Dark Star Corridor.
-- The Company recently received a Finding of No Significant Impact and
Decision Record from the U.S. Bureau of Land Management for the South
Railroad Exploration EA. The EA covers approximately 12 square miles and
provides the Company with up to 250 acres of new disturbance. Gold
Standard will bond for Phase 1 now which is 100 acres of disturbance.
The EA will allow the Company to continue to explore high priority
targets at Dark Star, the Dark Star Corridor and Pinion.
Table 2. Sensitivity analysis of the Dark Star NI 43-101 mineral resource estimate for gold at various cutoffs(i):
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Tonnage - Au Au Grade Capped Contained Au
ClassificatiAu Cutoff (grams (million metric (grams per (troy
on per tonne) tonnes) tonne) ounces)(iii)
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Indicated 0.0 15.38 0.54 265,100
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0.2(ii) 15.38 0.54 265,100
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0.3 14.91 0.54 261,000
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0.4 12.16 0.59 229,300
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0.5 7.95 0.66 168,200
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0.6 4.01 0.77 98,900
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0.7 2.02 0.89 57,800
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0.8 1.19 0.99 37,800
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0.9 0.71 1.08 24,800
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1.0 0.40 1.19 15,500
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Gold Standard Reports Increased Oxide Gold Resource and Approval of an Exploration
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