Gold Standard Ventures Corp. [GSV-TSX, GSV-NYSE] on Tuesday reported results from 31 reverse-circulation and 2 core holes at the Dark Star deposit on its Railroad-Pinion Project in Nevada’s Carlin Trend. Four holes in the northern portion of Dark Star intersected high grades and thicknesses. Highlights include 161.5 metres of 3.33 g/t gold, 136.6 metres of 3.36 g/t gold, 112.8 metres of 1.42 g/t gold and 92.9 metres of 1.22 g/t gold.
Gold Standard shares advanced on the news, rising 2.37% or $0.05 to $2.16. The 52-week range is $1.50 and $2.46.
These results continue to confirm the lateral and strike continuity of higher-grade gold, and the openness of this system to the north, west and at depth. The deeper zones of oxidized high grade mineralization have been a nice surprise for the company, according to a Scotiabank investment report. The company is now revising the current program to test the depth potential in those areas where structural plumbing appears to support it.
At the end of July, 2018, development drilling on Pinion and Dark Star was successfully completed with 248 holes, covering 32,806 metres. Gold Standard is now moving forward to incorporate the latest results into the Railroad-Pinion pre-feasibility study, expected later this year.
Gold Standard has large property positions on both the Carlin and Battle Mountain gold trends, the most productive gold producing areas in Nevada. The company’s flagship project, the Railroad Gold Project, is located on the Carlin Trend. It has another property, the Lewis Project, located on the Battle Mountain Trend.
Gold Standard had previously budgeted US$25.8 million in 2018 for exploration on the Railroad-Pinion project, which covers 208 square kilometres, and features the newly discovered Dark Star deposit, the near surface oxide-gold Pinion deposit and classic Carlin-style North Bullion deposit.
The program was expected to include an estimated 74,800 metres of reverse circulation and core drilling in 381 holes. Infill and development work at Dark Star and Pinion was expected to account for approximately 40,800 metres of drilling in 296 holes, while exploration should add another 34,000 metres of drilling in 85 holes, the company said.
The Pinion deposit now has a NI 43-101 compliant resource estimate consisting of an indicated mineral resource of 630,300 ounces of gold and an inferred resource of 1,081,300 ounces.
The Dark Star deposit, 2.1 kilometres to the east of Pinion, has a NI 43-101 compliant resource estimate consisting of an indicated mineral resource of 265,100 ounces gold and an inferred resource of 715,800 ounces. The North Bullion is a high-grade sulphide deposit, located 7 kilometres north of Pinion hosts 90,100 ounces gold in the indicated resource category and 805,800 ounces in the inferred category using a cut-off grade of 0.14 grams.
Gold Standard CEO Jonathan Awde recently said drilling results at the Dark Star deposit continue to show that the deposit is taking shape as a potentially exceptional opportunity. The company is hoping to prove that Railroad-Pinion can be the next successful mine on the Carlin Trend.