Vancouver, Canada — MININGREVIEW.COM — 04 September 2008 – Great Basin Gold Limited (GBG) – an emerging mid-tier gold producer listed on the Toronto and American stock exchanges – has reported additional high-grade intercepts from its surface exploration drilling programme at the Hollister Project in Nevada. The new intercepts are from its recently discovered Hatter Graben vein system, as well as the first two results from exploration undertaken in the South Velvet area.
A company news release issued here said the drill results showed that the Hatter Graben veins occurred in a robust and wide east-west trending structural zone containing several sub-parallel bonanza-grade veins similar to the Gwenivere and Clementine vein systems that the company was currently developing underground. Drilling to date had targeted the vein system down-dip and along a strike length of 122 m to the west and 457 m to the east of the initial drill holes.
The release added that with assays in from 7 of the 10 holes drilled on the Hatter Graben vein system, early results had indicated that the system was approximately 300 m deeper than the Gwenivere and Clementine vein systems located 1 524 m west of the new discovery. It appeared that these veins had been intersected at the top of the mineralised horizon and had generally improved in grade and width at depth, and had broken up into breccias and stringers at higher elevations. Drilling would continue to focus on better definition of the mineralisation down-dip and along strike.
The South Velvet area – which is in close proximity to the Clementine vein system and within the Hollister development block – was targeted for exploration earlier in the year. Results from the first two drill holes confirm the prospectivity of this area.
President and CEO Ferdi Dippenaar commented: “We have made good progress with the exploration programme at the Hatter Graben vein system, and now extended to include the South Velvet area. The results from the South Velvet area are significant in that this area is in close proximity to the currently developed underground infrastructure within the Hollister development block. It has historically had many high-grade intercepts in the overlying tertiary volcanic rocks, so the two current holes are encouraging,” he said.
The plan is to target the source of the fluids that generated these veins, which typically originate from vein structures in the deeper host rocks. “Further exploration will be undertaken in both areas to determine the size and extent of the mineralisation, following a review of the programme, and once all the results have been received,” Dippenaar explained.
Great Basin Gold will be presenting its progress with exploration at the Hollister property in more detail next week at the Denver Gold Conference.