Great Basin Gold Ltd.: Positive Results Continue from Underground Drilling at Hollister Development Block Project in Nevada
Wednesday June 21, 9:15 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 21, 2006 -- Great Basin Gold Ltd. (TSX:GBG.TO - News)(AMEX:GBN - News) announces additional excellent results from the underground drilling program at the Hollister Development Block Project at the Ivanhoe Property, located on the Carlin Trend, about 75 km northwest of Elko. Hecla Mining Company is operating the underground exploration and development program under an earn-in agreement.
The Hollister Development Block hosts the Gwenivere, South Gwenivere and Clementine high-grade gold-silver vein systems. The vein systems consist of multiple steeply dipping, banded quartz and quartz stockwork veins and vein breccias. A 50,000-foot underground drilling program began in February, designed to upgrade the mineral resources at the Hollister Development Block. To early June, 31 holes, totaling 11,500 ft (3,500 m), have been drilled. All results reported to date are on available on the Great Basin website: www.greatbasingold.com.
Results for eleven holes are shown in the attached Table of Assay Results. These holes intersected multiple veins with some outstanding intersections, particularly in holes HDB-008, 017, 018, 029 and 030, highlighted below.
- Hole HDB-008 intersected a 0.5 ft (0.15 m) vein grading 49.30 oz/ton (1,690 gram/tonne - g/t) gold with the silver assay pending. The hole also intersected 1.5 feet (0.46 m) grading 0.69 oz/ton (23.70 g/t) gold and 8.16 oz/ton (280 g/t) silver within a longer interval, also of good grade, in the Gwenivere vein and 1.7 ft (0.52 m) grading 0.25 oz/ton (8.57 g/t) and 2.32 oz/ton (79.5 g/t) silver in the Clementine vein.
- Hole HBD-017 intersected 3.2 ft (0.98 m, including an internal block of wall rock) with an average grade 1.78 oz/ton (61.0 g/t) gold and 20.17 oz/ton (692 g/t) silver.
- Hole HDB-018 intersected two veins within the Clementine system: the first grading 6.33 oz/ton (217 g/t) gold and 73.85 oz/ton (2,532 g/t) silver over 1.9 ft (0.58 m) and the second grading 0.24 oz/ton (8.23 g/t) gold and 16.20 oz/ton (555 g/t) silver over 2.6 ft (0.79 m).
- Hole HDB-029 intersected two veins in the Clementine system: one grading 3.29 oz/ton (371 g/t) gold and 39.45 oz/ton (1,352 g/t) silver over 3.4 ft (1.04 m) and the other grading 0.21 oz/ton (7.2 g/t) gold and 12.94 oz/ton (444 g/t) silver over 5.0 ft (1.52 m).
- Hole HDB-030 intersected eight veins with significant gold and silver values; three of these are Clementine veins.
- Best results for the Clementine veins are 8.02 oz/ton (275 g/t) gold and 44.04 oz/ton (1,510 g/t) silver over 1.2 ft (0.36 m) and 1.48 oz/ton (50.7 g/t) gold and 11.90 oz/ton (408 g/t) silver over 1.5 ft (0.46 m).
- Best results for the other veins are 0.70 oz/ton (24.0 g/t) gold and 89.27 oz/ton (3,061 g/t) silver over 1.5 ft (0.46 m) and 1.11 oz/ton (38.1 g/t) gold and 25.77 oz/ton (884 g/t) silver over 0.7 ft (0.21 m).
The definition drilling is part of a two-stage underground exploration and development program designed to take the Project through feasibility and potentially to commercial production. Prior to the completion of the drilling, about 5,600 feet of decline and underground development, including associated cross-cuts and diamond drill stations, will be completed. Mining of approximately 5,000 tons of bulk sample is also planned. Site engineering, environmental and socioeconomic studies are underway. The feasibility study program is targeted for completion by the end of the first quarter of 2007.
President and CEO Ferdi Dippenaar said:
"We are pleased with these results that have been forthcoming from the drilling program at the Hollister Development Block. Aside from the obvious grade and thickness information, it will allow for a better understanding of the mineralized structures, as well achieving our objective of converting the high grade gold and silver "resource" to "reserve" categories."
Samples collected from the Hollister Development Block Project are stored in Hecla's secured facility until picked up by Inspectorate America Corporation (Inspectorate) of Sparks, Nevada. Vein sample preparation consists of drying and jaw-crushing the entire sample to 90% passing 10-mesh, taking a 1000 g sub-sample using a rotary splitter, and then pulverizing the 1000 g sub-sample to 90% passing 150-mesh using a large capacity ring and puck pulverizer. Gold and silver determinations are by metallic screen analysis, with two 1 assay-ton (30 g) fire assays completed on the fine fraction; the coarse fraction is fire assayed in its entirety. All metal determinations are by gravimetric finish. Laboratory Quality Assurance/Quality Control (QA/QC) is monitored using coarse reject blanks and assay standards submitted by Hecla, duplicate fire assays, and Inspectorate's internal standards and blanks. Coarse reject blanks (barren rhyolite) and the assay standards are inserted by Hecla into the sample sequence as blind samples prior to submitting the samples to the laboratory. Inspectorate also inserts assay standards and blanks into the sample stream. QA/QC results are within acceptable limits.
Dave Copeland, P.Eng., a qualified person and director of Great Basin Gold Ltd., is monitoring the program on behalf of Great Basin and has reviewed this news release.
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