Gold Standard Ventures Corp. (GSV:TSX.V; GSV:NYSE) expanded its 2020 exploration and development program at its South Railroad project in Nevada's Carlin Trend, it announced in a news release.
With the approximately US$10.05 million program, which is to include 67 reverse circulation and core drill holes over about 10,457 meters, the company expects to finalize the reserves to be included in a feasibility study for South Railroad, advance that study and file the plan of operations to commence the project permitting process.
"We see enhanced potential for improvement over our prefeasibility study of last year from reserve expansion, better processing options and a deeper understanding of the most efficient project design and operating parameters," CEO and Director Jonathan Awde said in the release.
Other program objectives are to convert Pinion phase 4 drilling ounces to the Measured and Indicated category to boost reserves, to extend near-surface oxide mineralization at the Dark Star and Pod/Sweet Hollow deposits to increase resources, and to drill test various new targets in the district.
"We expect some exciting developments as we seek to optimize shareholder value in a rising gold environment," Awde said.
Gold Standard expects that by November, it will have submitted to the U.S. Bureau of Land Management the plan of operations for the reserves at Pinion and Dark Star. Subsequently, it can start working on the environmental impact statement.
Funding for this expanded campaign came from the July investment from Orion Mine Finance and from Gold Standard's recent at-the-market equity offering. With the latter program, the company issued 15 million common shares, which yielded gross proceeds of US$15,678,000. It now has about CA$28.3 million on the balance sheet, the company reported.
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