Gold Standard Ventures Corp. [GSV-TSX, NYSE] on Thursday October 29 said drilling at the LT oxide gold discovery on its 100%-owned Railroad-Pinion Project on Nevada’s Carlin Trend has confirmed its potential to make an important contribution to feasibility mine plans at the project.
Optimism is based on results of 10 reverse circulation drill holes (1,324 metres), which have been completed so far this year at the LT oxide discovery. Highlights include 30.5 metres of 0.78 g/t gold, including 7.6 metres of 1.58 g/t gold in hoe LT20-08. The objective of the drilling includes testing structural and strategic targets to the north of a 2019 RC hole that recently intersected 12.2 metres of 1.58 g/t gold.
Gold Standard shares advanced on the news, rising 3.3% or $0.03 to 95 cents in light. The shares are currently trading in a 52-week range of $1.50 and 46 cents.
Gold Standard’s flagship project, the Railroad-Pinion Gold Project, is located on the Carlin Trend. “The LT target is opening up into a valuable deposit which has the potential to add oxide resources to our feasibility mine plans now in progress,” said Gold Standard CEO Jonathan Awde.
The Railroad-Pinion Project has two adjacent parts: the North Railroad portion, which includes the POD, Sweet Hollow, and North Bullion deposits, collectively known as the North Bullion Deposit, and the South Railroad portion, which includes the Dark Star, the Pinion Deposit, and the Jasperoid Wash Deposit.
Gold Standard is hoping Railroad-Pinion can be the next successful mine on the Carlin Trend. It plans to achieve that goal by advancing the South Railroad portion of the project through permitting and feasibility study towards a potential production decision.
The Pinion deposit has proven reserves of 23,000 ounces and a probable reserve of 341,000 ounces.
The Dark Star deposit, 2.1 km east of Pinion, has a NI 43-101 compliant resource estimate consisting of probable reserves of 640,000 ounces of gold and proven reserves of 243,000 ounces of gold.