A New Vein System Discovered on Great Basin Gold's Hollister Property
June 23, 2008, Vancouver, BC - Great Basin Gold Ltd. (TSX: GBG; AMEX: GBN; JSE: GBG), ("Great Basin" or the "Company"), announced today that surface exploration drilling has discovered a previously unrecognized vein system in the Hatter Graben area, located approximately two kilometers from the current decline infrastructure at its Hollister Development Project in Nevada, USA.
Drilling in the Hatter Graben is targeting shallow east-west trending resistivity anomalies. Eight holes have been completed on the newly discovered Hatter Graben vein system. Final assay results have been received for three of the holes and are pending on the remaining five holes (see attached table of assays).
The first hole, H8-264, drilled into this target intercepted a high-grade banded quartz vein with visible gold and a stockwork zone from 2059.0 ft - 2067.7 ft (627.6 m - 630.2 m). This vein has a composited grade of 5.5 ft (1.68 m) @ 0.54 oz/t (18.55 g/t) gold. Additionally, an upper breccia zone was encountered at 1570 ft - 1825 ft (478.5 m - 556.3 m) down the hole with an estimated true thickness of 180 ft. This zone contains gold bearing quartz stockwork/breccias, quartz veining, and sulfidically healed breccias with several high-grade intercepts.
Hole H8-265 targeted veins and breccias intersected in H8-264 but 150 ft (45.75 m) lower in elevation. Similar high-grade intercepts were encountered that correlate with H8-264. This hole was drilled 700 ft (213 m) deeper than H8-264 and encountered a second discrete high-grade vein containing visible gold and grading 1.6 ft (0.5 m) @ 1.36 oz/t (46.4 g/t) gold at 2583.0 – 2585.5 ft (787.3 m – 788.1 m) down the hole. Additionally, a 100 ft (30 m) zone of highly anomalous gold intercepts was encountered in the overlying volcanic rocks from 1019.0 ft (310.6 m) to 1121.7 ft (341.9 m).
Anomalous mineralization encountered in hole H7-233 represents disseminated gold mineralization in the volcanic rocks overlying Hollister’s deeper sedimentary host rocks. This may represent a deeper vein structure channeling mineralizing fluids into the overlying volcanic strata at this location. This mineralized zone will be drilled deeper to test for the presence of bonanza veins in the sedimentary host rocks.
Drill results show the Hatter Graben veins exist in a robust and wide east-west trending structural zone and contain several sub paralleling bonanza-grade veins similar to the Gwenivere and Clementine vein systems that the Company is currently developing from underground. Three holes are currently being drilled to offset the vein system down-dip and step out along strike 400 ft (122 m) to the west and 1500 ft (457 m) to the east.
|
Vein System |
Drill Hole ID |
|
Significant Intercepts |
||||||||
|
Vein Intersection (ft) |
Sample Interval (ft) |
Drilled Thickness (ft) |
Est. True Width (ft) |
Analytical Results |
|||||||
|
From |
To |
From |
To |
Au |
Au (g/T) |
Ag |
Ag (g/T) |
||||
|
(opt) |
(opt) |
||||||||||
|
Hatter |
H8-264 |
1570.0 |
1571.0 |
|
|
1.0 |
0.7 |
0.179 |
6.12 |
1 |
34 |
|
Graben |
|
1580.2 |
1581.0 |
|
|
0.8 |
0.6 |
0.088 |
3.03 |
1.9 |
66 |
|
|
|
1581.0 |
1585.6 |
|
|
4.6 |
3.3 |
0.013 |
0.44 |
<0.1 |
<5 |
|
|
|
1585.6 |
1586.3 |
|
|
0.7 |
0.5 |
1.98 |
67.8 |
8.2 |
282 |
|
|
|
1595.6 |
1596.4 |
|
|
0.8 |
0.6 |
2.22 |
76 |
6.5 |
223 |
|
|
|
1610.0 |
1613.0 |
|
|
3.0 |
2.1 |
0.236 |
8.1 |
1.3 |
45.7 |
|
|
|
|
|
1610.0 |
1610.9 |
0.9 |
0.6 |
0.391 |
13.4 |
2.3 |
78 |
|
|
|
|
|
1610.9 |
1612.0 |
1.1 |
0.8 |
0.012 |
0.41 |
<0.1 |
<5 |
|
|
|
|
|
1612.0 |
1613.0 |
1.0 |
0.7 |
0.343 |
11.8 |
1.7 |
59 |
|
|
|
1645.7 |
1647.8 |
|
|
2.1 |
1.5 |
0.594 |
20.4 |
4.2 |
145 |
|
|
|
1686.0 |
1686.6 |
|
|
0.6 |
0.4 |
0.017 |
0.57 |
<0.1 |
<5 |
|
|
|
1709.5 |
1710.5 |
|
|
1.0 |
0.7 |
0.333 |
11.4 |
3 |
102 |
|
|
|
1741.9 |
1742.4 |
|
|
0.5 |
0.4 |
0.006 |
0.21 |
<0.1 |
<5 |
|
|
|
1748.6 |
1749.3 |
|
|
0.7 |
0.5 |
0.128 |
4.38 |
0.7 |
23 |
|
|
|
1780.5 |
1784.2 |
|
|
3.7 |
2.6 |
0.214 |
7.34 |
1.7 |
78.1 |
|
|
|
|
|
1780.5 |
1781.3 |
0.8 |
0.6 |
0.12 |
4.1 |
0.6 |
21 |
|
|
|
|
|
1781.3 |
1783.5 |
2.2 |
1.6 |
0.032 |
1.09 |
0.2 |
7 |
|
|
|
|
|
1783.5 |
1784.2 |
0.7 |
0.5 |
0.895 |
30.7 |
7.6 |
261 |
|
|
|
2059.7 |
2067.5 |
|
|
7.8 |
5.5 |
0.54 |
18.55 |
3.9 |
115.8 |
|
|
|
|
|
2059.7 |
2061.0 |
1.3 |
0.9 |
0.073 |
2.51 |
10.7 |
366 |
|
|
|
|
|
2061.0 |
2062.4 |
1.4 |
1.0 |
0.095 |
3.25 |
2.1 |
71 |
|
|
|
|
|
2062.4 |
2063.8 |
1.4 |
1.0 |
1.47 |
50.5 |
5.4 |
184 |
|
|
|
|
|
2063.8 |
2066.8 |
3.0 |
2.1 |
0.008 |
0.28 |
<0.1 |
<5 |
|
|
|
|
|
2066.8 |
2067.5 |
0.7 |
0.5 |
2.72 |
93.3 |
8.2 |
282 |
|
Hatter |
H8-265 |
1019.0 |
1020.0 |
|
|
1.0 |
0.6 |
0.313 |
10.72 |
0.005 |
0.2 |
|
Graben |
|
1020.0 |
1021.7 |
|
|
1.7 |
1.0 |
0.043 |
1.47 |
0.00 |
0.1 |
|
|
|
1021.7 |
1028.5 |
|
|
6.8 |
4.4 |
0.116 |
3.96 |
0.00 |
0.1 |
|
|
|
1077.7 |
1082.0 |
|
|
4.3 |
2.8 |
0.104 |
3.575 |
0.00 |
<0.1 |
|
|
|
1102.1 |
1109.0 |
|
|
6.9 |
4.4 |
0.116 |
3.96 |
0.00 |
0.1 |
|
|
|
1109.0 |
1110.7 |
|
|
1.7 |
0.8 |
0.014 |
0.048 |
0.00 |
0.1 |
|
|
|
1110.7 |
1121.7 |
|
|
11.0 |
7.1 |
0.155 |
5.33 |
0.00 |
0.1 |
|
|
|
1139.0 |
1144.3 |
|
|
5.3 |
3.4 |
0.128 |
4.402 |
0.01 |
0.4 |
|
|
|
1459.0 |
1464.0 |
|
|
5.0 |
3.2 |
0.112 |
3.85 |
0.15 |
5.0 |
|
|
|
1472.6 |
1475.5 |
|
|
2.9 |
1.9 |
0.54 |
18.5 |
3.59 |
123.0 |
|
|
|
1484.2 |
1486.4 |
|
|
2.2 |
1.4 |
0.657 |
22.52 |
3.68 |
126.0 |
|
|
|
1537.8 |
1539.0 |
|
|
1.2 |
0.8 |
0.111 |
3.8 |
0.30 |
10.2 |
|
|
|
1563.9 |
1565.0 |
|
|
1.1 |
0.7 |
0.101 |
3.457 |
0.12 |
4.0 |
|
|
|
1663.5 |
1666.8 |
|
|
3.3 |
2.1 |
1.28 |
44.0 |
6.2 |
211.0 |
|
|
|
1687.0 |
1689.0 |
|
|
2.0 |
1.3 |
1.125 |
38.5 |
7.0 |
241.0 |
|
|
|
1769.4 |
1770.4 |
|
|
1.0 |
0.6 |
0.352 |
12.05 |
3.3 |
113.0 |
|
|
|
1771.5 |
1772.6 |
|
|
1.1 |
0.7 |
0.105 |
3.6 |
1.5 |
50.0 |
|
|
|
1907.1 |
1907.9 |
|
|
0.8 |
0.5 |
0.155 |
5.31 |
<0.1 |
<5 |
|
|
|
1948.2 |
1954.0 |
|
|
5.8 |
3.7 |
0.118 |
4.03 |
<0.1 |
<5 |
|
|
|
2094.0 |
2095.0 |
|
|
1.0 |
0.6 |
0.155 |
5.32 |
1.3 |
46.0 |
|
|
|
2160.2 |
2162.5 |
|
|
2.3 |
1.5 |
1.11 |
38.0 |
7.5 |
259.0 |
|
|
|
2224.5 |
2225.4 |
|
|
0.9 |
0.6 |
0.291 |
9.97 |
1.7 |
57.0 |
|
|
|
2334.5 |
2336.4 |
|
|
1.9 |
1.2 |
0.333 |
11.4 |
0.2 |
8.0 |
|
|
|
2583.0 |
2585.5 |
|
|
2.5 |
1.6 |
1.355 |
46.4 |
5.5 |
188.0 |
|
Hatter |
H7-233 |
1400.5 |
1402.5 |
|
|
2.0 |
1.4 |
0.111 |
3.8 |
0.335 |
11.5 |
|
Graben |
|
1755.8 |
1757.4 |
|
|
1.6 |
1.1 |
0.136 |
4.67 |
0.09 |
3.1 |
|
South |
|
1815.0 |
1826.0 |
|
|
11.0 |
7.8 |
0.154 |
5.28 |
0.70 |
24.1 |
|
|
|
|
|
1815.0 |
1816.0 |
1.0 |
0.7 |
0.216 |
7.39 |
5.48 |
188 |
|
|
|
|
|
1816.0 |
1826.0 |
10.0 |
7.1 |
0.148 |
5.07 |
0.22 |
7.7 |
|
|
|
1888.3 |
1889.2 |
|
|
0.9 |
0.6 |
0.113 |
3.86 |
1.18 |
40.6 |
|
|
|
2041.3 |
2042.6 |
|
|
1.3 |
0.9 |
0.132 |
4.51 |
0.60 |
20.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
President and CEO of Great Basin, 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 program is delivering the planned results. We have three rigs currently drilling on this discovery, focused on confirming the strike and extent of the vein system. Infill drilling is also planned to determine if this system is an extension of the Gwenivere and Clementine vein systems. With the additional drilling on the North/South structures, bounding the Gwenivere and Clementine vein systems also underway. We expect to have a holistic geological view of the Hollister Development Project area and immediate vicinity by the end of the year.”
Johan Oelofse, Pr.Eng., FSAIMM, Chief Operating Officer of Great Basin Gold Ltd., and a qualified person, has reviewed and approved this news release.
Ferdi Dippenaar
President and CEO
For additional details on Great Basin Gold Ltd. and its gold properties, please visit the Company’s website at www.grtbasin.com or contact Investor Services:
Tsholofelo Serunye
Great Basin Gold : Investor Relations Officer
Office: +27 11 301 1800
Fax: +27 11 301 1840
tsholos@gbgold.co.za
or
Ann Rippon
North America
Tel: +1 604 633 9113
Fax: +1 604 633 0190
Email: annr@gbgold.co.za
or
Barbara Cano
Office: +1 646 452 2334
Fax: +1 646 452 2331
bcano@breakstone-group.com