Vancouver, Canada — MININGREVIEW.COM — 25 June 2008 – Great Basin Gold Limited (GBG) – an emerging mid-tier gold producer listed on the Toronto and American stock exchanges – announced today that the company’s surface exploration drilling has discovered a previously unrecognised vein system in the Hatter Graben area, located about 2km from the current decline infrastructure at its Hollister development project in Nevada, in the United States.
A company news release issue here said drilling in the Hatter Graben was targeting shallow east-west trending resistivity anomalies. Eight holes had been completed on the newly discovered Hatter Graben vein system. Final assay results had been received for three of the holes and were pending on the remaining five holes.
GBG president and CEO Ferdi Dippenaar commented: “The discovery of the new vein system has exceeded our expectations, as this could have a significant impact on the size of the Hollister property resource. Our decision to embark on an extended exploration programme is delivering the planned results,” he added.
“We have three rigs currently drilling on this discovery, focused on confirming the strike and extent of the vein system,” Dippenaar revealed, “and we expect to have a holistic geological view of the Hollister development project area and immediate vicinity by the end of the year.”
The company also owns and controls the US$153 million (R1.2 billion) Burnstone project in South Africa, which is scheduled to produce an average of 214 000 oz per annum of gold from 2011 for at least 14 years.