Great Basin expands gold-silver system at Ivanhoe property

Partners Great Basin Gold (GBG-V) and Cornucopia Resources (CNP-T) have released more positive drill results from the Hollister area of the Ivanhoe property in north-central Nevada.

The property comprises 14.7 sq. km in the Carlin trend, between the Goldstrike mine of Barrick Gold and the Ken Snyder mine of Franco-Nevada Mining and Euro-Nevada Mining. Great Basin has a 75% operating interest, with the remainder held by Cornucopia.

Drill crews have been focusing on a northwesterly trending vein feeder

system known as the Clementine zone. Previous drill results, released in late February, highlighted hole IH-4, which pierced 4.6 ft. of high-grade mineralization averaging 11.13 oz. gold and 103.4 oz. silver per ton, within a thicker, 10.6-ft. interval that assayed 4.96 oz. gold and 47.8 oz. silver.

The Vancouver-based junior believes high-grade gold and silver feeder structures below the Hollister deposit resemble the Ken Snyder gold-silver deposit, 14 miles to the northwest.

Recently, holes IH-8, 9 and 9A were collared roughly 250 ft. northeast of the 6-hole discovery area and drilled towards the southwest.

Hole 8 did not intersect the main feeder zone, hitting values in the range of 0.2 oz. gold over 4 ft.

Hole IH-9 intersected 11.4 ft. grading 2.94 oz. gold and 1.42 oz. silver starting at a down-hole depth of 546.1 ft. This included a higher-grade intercept that averaged 8.6 oz. gold and 3.3 oz. silver over 3.7 ft., starting at a down-hole depth of 546.1 ft.

Hole IH-9 cut a 5-ft. interval of 0.95 oz. gold and 6.15 oz. silver, starting at a depth of 780 ft. down-hole. At a depth of 800 ft. down-hole, the hole cored 5.4 ft. of mineralization averaging 0.3 oz. gold and 7.46 oz. silver.

Holes IH-10, 11 and 12 were collared 250 ft. southwest of the discovery.

Hole IH-11 was drilled to the north and intersected 15 ft. grading 0.14 oz. gold starting at a depth of 185 ft. down-hole. Farther down-hole, at a depth of 643 ft., a 3.5-ft. interval hit 2.6 oz. gold and 9.06 oz. silver. Another intercept was hit 745.5 ft. down-hole; it averaged 4.8 oz. gold and 1.99 oz. silver over 4.3 ft. At 913.5 ft. down-hole, a 1.5-ft. intercept averaged 0.51 oz. gold and 1.7 oz. silver.

Hole IH-12 was drilled toward the northeast and intersected 5 ft. grading 0.21 oz. gold starting at a depth of 440 ft. down-hole. At a depth of 701 ft. down-hole, a 3.5-ft. mineralized interval averaged 0.14 oz. gold and 0.52 oz. silver.

Hole 10 did not intersect the main feeder zone, and, like hole 8, cut values in the range of 0.2 oz. gold over 4 ft.

Great Basin says it will continue stepout drilling along the Clementine structure, moving progressively to the southeast.

Only key intercepts from the initial 6-hole fence were reported in March. The remaining significant intercepts from this program are as follows:

* Hole IH-2 cut 4.4 ft. grading 0.29 oz. gold and 0.3 oz. silver starting at a depth of 731.4 ft. Farther down-hole, starting at the 912-ft. level, another intercept assayed 0.21 oz. gold and 0.5 oz. silver over 9 ft.

* Hole IH-4 hit a 3.9-ft. interval at a depth of 829.1 ft., which averaged 0.31 oz. gold and 6 oz. silver.

* Hole IH-5 intersected a 2.7-ft. interval at a depth of 581.2 ft., which assayed 1.24 oz. gold and 10.1 oz. silver.

All six holes in the discovery fence were drilled vertically and spaced at 25-ft. intervals. Great Basin has 16.8 million shares outstanding, 18 million shares fully diluted, and a working capital of $3.1 million.