Today, Gold Standard Ventures Corp. (TSX-V: GV; shares issued & outstanding: 61 million) announced to have drilled 4.3 g/t gold over 56 m at a depth of only 169 m including an interval of 7 g/t gold over 18 m. Apparently, this gold mineralization is flat-lying which means that the mentioned intervals are likely to be the (approximate) true widths. This mineralization zone encountered at this depth is likely to be mineable via an open-pit and has become a probable company maker today.
The assays from this discovery hole (RR11-16) have been received to a depth of 268 m, whereas the rig continues to drill deeper as we speak currently having reached a depth of 549 m. Thus, further sensational assays are likely to be published over the next days or weeks, especially when considering that the real high-grade feeder zone typically occur at much greater depths – just as being mined out in the near-by operations from Newmont and Barrick.
In today`s news release, Dave Mathewson, vice president of exploration, commented as follows:
“Our exploration model of large, Carlin-style gold-mineralized dissolution collapse breccias in the footwall of a major graben-bounded gold system has held up very well, and we therefore see the potential for even better results as the drilling continues… The North Bullion Fault Zone (NBFZ) hosts a very large, mineralized breccia body that we discovered in late 2010 and explored through 2011.We believe this breccia was mineralized by multiple high-grade gold feeder zones which are blind targets within the more dispersed lower-grade portions of the breccias. Over the last year, we have narrowed down the search, obtaining increasingly better drill results while defining a major north-south-trending fault complex. RR11-16 is located in the footwall of this complex, angled toward a major east-flanking graben-bounded structure. The character of the rock we see suggests that we may not yet be in a feeder zone…we may have encountered mineralization which is on the flank, or possibly above, a feeder zone. We therefore expect to continue this hole through the graben-bounded structure and into tertiary rocks which mark the edge of the zone of interest.”
Dave Mathewson is one of the most renowned and respected geologists when it comes to Nevada – not only because he was the yhead of exploration for Newmont in Nevada and now already having an experience of >35 years focusing on that single US state. Numerous discoveries in the prolific Rain District on the Carlin Trend are credited directly to his hands-on work and knowledge. He also developed the famous and now commonly-used “Rain Model” on the prerequisites for the existence of Carlin-type gold deposits.