With five rigs turning on its wholly owned Ivanhoe project in Nevada,
Targeting a large, high-grade plumbing system underneath the resource, Great Basin drilled 63 core holes along strike of the vein systems. Forty-seven of these cut 101 vein intersections that average 1.06 oz. gold and 8.15 oz. silver per ton over 4.7 ft. Highlights include the following:
Hole 74 — The hole cut three mineralized veins, returning 0.32 oz. gold and 1.5 oz. silver over 6.8 ft., 9.7 oz. gold and 30.6 oz. silver over 1.7 ft., and 0.57 oz. gold and 0.4 oz. silver over 1.8 ft. The hole was collared at an angle of minus 56* and intersected the first mineralized interval at a down-hole depth of 563.0 ft.
Hole 76 — The hole cut three intervals, grading 0.67 oz. gold over 5 ft., 4.2 oz. gold and 18.5 oz. silver over 1.4 ft., and 0.42 oz. gold and 0.7 oz. silver over 1.7 ft. The hole was collared at minus 54* and intersected mineralization at a down-hole depth of 410 ft.
Hole 83 — The hole, collared at minus 52*, hit 1.3 ft. grading 0.74 oz. gold and 0.4 oz. silver at a down-hole depth of 680.1 ft.
Hole 85 — Collared at minus 46*, this hole cut 2.6 oz. gold and 6.9 oz. silver over 7 ft., and 0.57 oz. gold and 1.9 oz. silver over 2.8 ft., starting at 703 ft. down-hole.
Hole 86 — The hole cut three mineralized intervals grading 0.34 oz. gold and 1 oz. silver over 1.1 ft., 1.4 oz. gold and 0.8 oz. silver over 3.8 ft., and 2.7 oz. gold and 6.9 oz. silver over 1 ft. The hole was collared at minus 57* and intersected mineralization at a down-hole depth of 552 ft.
Situated in the Carlin trend, midway between
To date, 63 core holes have been completed, and the results confirm the existence of feeder vein systems beneath the Hollister deposit.
Although multiple styles of mineralization exist on the property, Great Basin is targeting high-grade, narrow structures at depth. The junior reports that it has intersected veins that exhibit gold grades, widths, mineralogy and age similar to those of the Ken Snyder mine, which hosts 2.7 million tons grading 1.12 oz. gold and 12.82 oz. silver per ton.
Systematic core drilling continues to outline and extend the multiple vein systems discovered at Ivanhoe. These vein systems, defined by numerous parallel veins and splays, generally trend in an east-westerly direction and dip toward the south. Two of the most primary east-west vein systems, dubbed Clementine and Gwenivere, have been confirmed over strike lengths of 1,500 ft. and 1,100 ft., respectively. Gold and silver mineralization along these trends extends to a vertical depth of 1,000 ft., and both vein systems remain open at depth and along strike. Three additional parallel vein structures exist north and south of the Clementine and Gwenivere trends.
Great Basin states that the Ivanhoe bonanza veins are accessible by conventional underground trackless ramp entry from the existing open pits of the former Hollister mine, 1,500 ft. south of the vein systems. Depths, from the present land surface to the top of the veins, ranges from 250 to 500 ft. The open pits are 300 ft. deep, and the junior believes ramp access from the pit floor would be relatively easy and inexpensive.
Drilling on the property is expected to continue throughout the year. At last report, the company had $6 million in its coffers and 25.7 million shares outstanding.
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