Gold Standard Ventures Corp. (GSV:TSX.V; GSV:NYSE) announced in a news release the initial mineral resource estimate of the Virgin gold-silver deposit at its 2,161 hectare Lewis project in Nevada's Battle Mountain Trend.
The estimate consists of an Inferred mineral resource of 7.74 million tons. The gold grade is 0.83 grams per ton (0.83 g/t) for a total of 205,800 gold ounces, and the silver grade is 14.22 g/t, totaling 3,537,300 silver ounces (at a lower cutoff, of 0.2 g/t silver).
The maiden resource is based on 193 reverse circulation holes, 33 diamond core holes and 4 unknown holes and was prepared by APEX Geoscience in Edmonton, Canada.
"Additional shallow gold and silver resource potential exists to the east and west in related subparallel or separate structural zones, with extensions to the Virgin deposit open to the north and at depth," the release noted.
The resource estimate report indicates two known high value exploration targets at Lewis. One is the Southwest skarn target where Barrick Gold's drill hole FWL-30 intersected 17m of 5.7 g/t gold, and that intercept remains open in multiple directions. The other target is the Buena-Vista Meagher corridor just north of Nevada Gold Mines' Phoenix mine.
Gold Standard believes that mineralization at the south end of Lewis' Virgin deposit is a continuation of the mineralization at Phoenix-Fortitude, now being mined at the Phoenix mine.
Jonathan Awde, CEO and director of Gold Standard, stated: "In our view, the Lewis Project is important to the ongoing success of Nevada Gold Mine's Phoenix mine immediately to the south, for three reasons. . .the value of the layback provides room for Phoenix to mine to the limits of the currently permitted pit, the added value of the mineral resource estimate which is continuous with the Phoenix mineralization, including the mineral resource estimate helps offset stripping costs for the expansion of the Phoenix operations, and the Lewis Project has its own resource expansion potential to the north along the Virgin Fault, the main feeder for the Phoenix deposit."
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