Gold Standard Ventures Corp. today announced an updated National Instrument (NI) 43-101-compliant resource estimate for its Pinion 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 and is dated March 10, 2016. 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 31.61 million tonnes grading 0.62 grams per tonne (g/t) gold (Au), totaling 630,300 ounces of gold and an Inferred Resource of 61.08 million tonnes grading 0.55 g/t Au, totaling 1,081,300 ounces of gold, using a cut-off grade of 0.14 g Au/t (Table 1). This is the same cut-off grade used by APEX in its maiden resource estimate for Pinion released in September, 2014. A sensitivity analysis of the grade and tonnage relationships at a variety of cutoffs grades is shown in the accompanying Table 2 below. Click the following link for a Pinion resource map. http://goldstandardv.com/lp/pinion-resource-update-march-2016/ ).
Jonathan Awde, CEO and Director of Gold Standard commented: "This new estimate achieves three important objectives. First, we have successfully upgraded inferred resources to indicated. Second, we have more than replaced the inferred resources that we upgraded. Third, and most important, this study has confirmed a number of high priority targets for further resource expansion and provides valuable direction on the work required to achieve this goal in this year's program at Pinion. Some of the best exploration results from last year's program should add to resources this year as we generate more data on these new targets. We expect drilling to begin next month."
- Indicated Mineral Resource of 630,300 troy ounces of gold contained in 31.61 million tonnes at an average grade of 0.62 g Au/t (at a lower cutoff of 0.14 g Au/t). The updated Indicated Mineral Resource represents a 49% increase in ounces over the 2014 maiden Indicated Mineral Resource (see news release dated September 10, 2014).
- Inferred Mineral Resource of 1,081,300 troy ounces of gold contained in 61.08 million tonnes at a grade of 0.55 g Au/t (at a lower cutoff of 0.14 g Au/t), up 5.8% from 2014.
- More than 98% of the block modeled material is considered oxide mineralization.
- The reported resources have been constrained within an optimized pit shell at $US1,250/ounce of gold and $US21.50/ounce of silver, consistent with resource disclosure by major companies.
- The "in-pit" optimized resources account for approximately 70% of the volume of the drilled and mineralized wire frame area at the Pinion Deposit. APEX notes there is potential, based upon existing drilling, to add 21 to 27 million tonnes at a grade of 0.5 to 0.6 g Au/t. Although the target is defined by wide spaced drilling, the potential size and grade are considered conceptual in nature and there is insufficient drilling and exploration to define the target as a resource and it is uncertain if further exploration including additional drilling will result in any part of the target becoming a resource or a mineral reserve.
- The resource estimate is based on 481 reverse circulation holes and 24 diamond core holes.
- The gold resource is hosted in a multilithic, dissolution collapse breccia within which gold mineralization exhibits very predictable lateral and strike continuity.
- 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 12,400m of drilling will be completed in 2016 to further expand the oxide resource (see news release dated February 23, 2016).
- Due to the good lateral continuity of the breccia hosted mineralization and the identification of additional targets, the potential to convert inferred resources to indicated resources with future drilling is considered high.