Great Basin Gold Ltd. (fka GBGLF)

[OriginalFred]

Hecla making progress on Hollister

http://biz.yahoo.com/bw/060802/20060802005335.html?.v=1

About 30% of the planned underground drilling has been completed at the Hollister Development Block gold-silver exploration property in northern Nevada's prolific Carlin Trend. The project is an earn-in to a 50/50 joint venture with Great Basin Gold (GBG). The exploration program is on track to allow a decision early next year on whether the deposit is economically mineable. The East lateral drift was completed in the second quarter, with the West lateral drift scheduled for completion in the fourth quarter. Total project-to-date underground development totals 6,139 feet. About 160 feet of drifting was completed on the Gwenivere vein, where the mineralized structure averaged approximately 0.8 ounce of gold per ton and 12 ounces of silver per ton over an average width of 3.8 feet (undiluted). Additional drifting on the Gwenivere vein and both the South and Central Clementine veins is planned in the fourth quarter to generate a bulk sample for metallurgical and mill testing.

To date, 42 drill holes have been completed for a total of 15,440 feet, out of the 55,000 feet planned for the total program. A second drill has arrived and is operating underground at the site, and diamond drilling is slated for completion by the end of the year. Intercepts have returned gold and silver grades generally ranging from mildly anomalous up to 8 ounces of gold per ton and 200 ounces of silver per ton. While there is not enough information yet to determine the economic viability of the deposit, drilling in some areas is generally verifying the grades, thicknesses and variability expected from previous drilling. The feasibility study for the project is on schedule for completion in the second quarter of 2007.