Gold Standard Ventures Commences Drilling at Railroad Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/02/11 -- Gold Standard Ventures Corp. ('Gold Standard') (TSX VENTURE: GV)(OTCQX: GDVXF) announced today that core drilling has commenced at Gold Standard's flagship Railroad project on the Carlin Trend in Nevada.
The first hole to be drilled will be the completion of RR10-16 in the North Bullion Fault Zone which was partially drilled in late 2010 to a depth of 900 feet using a reverse circulation (RC) rig. This hole bottomed in the strongest gold mineralization encountered in the 2010 reconnaissance program. As surface ground conditions continue to improve, a larger RC drill will be added to the Railroad program, to expedite results. The RC rig will be used to drill more quickly and inexpensively to the target depth where the hole will be re-entered and completed using the core rig which provides more geological information and more accurate assay data.
Newly obtained data from 1500 soil samples taken in 2010 have been compiled with results from 7000 earlier soil samples. This work has confirmed and increased the size of several of the prospects targeted in the 2011 drill program. Additional detailed gravity work has also been completed on the four new Railroad project sections acquired by lease from Newmont in early May of this year and new target opportunities have emerged.
Commenting on the program, VP of Exploration Dave Mathewson stated that, 'Now that access conditions allow, we are very excited to re-commence our drilling program at Railroad which was terminated late last year due to weather. Our top priority is to follow-up drilling on the thick intercepts of gold mineralization encountered late last year within the North Bullion Fault Zone. We will also be conducting the first focused drill testing of the Railroad Fault Zone, a target analogous to the prolific Rain Fault Zone in Newmont's Rain district just to the north. In addition, we will soon be drill testing several new targets in the historic Bullion Mining district of our Railroad project,' Mathewson said.
While waiting for ground conditions at Railroad to improve, Gold Standard is using one of the core rigs intended for Railroad to provide an early-stage drill test of targets at its nearby, wholly-owned Safford project in Eureka County, Nevada. Safford has untested characteristics which suggest bulk-mineable silver potential. Several hundred tons of ore reported to grade about 50 ounces of silver per ton were mined in the 1880's from the Onondago mine on the property. Surface sampling has identified widespread breccia-hosted silver mineralization ranging from 1 to 10 ounces of silver per ton. The initial drill hole was designed to test the downward extension of mineralization below the 1880's mining that reached a maximum of 150 feet below surface, assays are awaited. Gold Standard Ventures' Safford and nearby North Crescent Valley projects are located within the volcanic rock hosted gold-silver bonanza vein belt immediately west of the Carlin Gold Trend.
The Company's Vice President of Exploration, David C. Mathewson, M.Sc., a non-independent Qualified Person (as defined by NI 43-101 for the purpose of Disclosure for Mineral Properties) has verified the information and evaluated interpretations contained in this news release.
ABOUT GOLD STANDARD VENTURES - Gold Standard Ventures is focused on the acquisition and exploration of gold projects in North Central Nevada. Gold Standard currently holds a portfolio of projects totaling approximately 20,000 acres of prospective ground within North Central Nevada of which 9,064 acres comprise the flagship Railroad Gold Project.
On behalf of the Board of Directors of Gold Standard,
Jonathan Awde, President and Director
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Gold Standard Ventures
Jonathan Awde
President
604-669-5702
www.goldstandardv.com