Results from ongoing drilling at the Ivanhoe gold project in Nevada have increased the strike lengths of the Clementine and Gwenivere gold-bearing vein systems to 1,800 ft.
Highlights from the first six holes are as follows:
– hole 57 cut 7.7 ft. grading 0.57 oz. gold and 1.4 oz. silver per ton;
– hole 58 cut 3.4 ft. of 1.52 oz. gold and 3.2 oz. silver;
– hole 61 cut 2.8 ft. of 0.45 oz. gold and 3.3 oz. silver;
– hole 64 cut 24.5 ft. of 1.08 oz. gold and 3.6 oz. silver;
– hole 65 cut 5 ft. of 0.36 oz. gold and 1.3 oz. silver; and
– hole 67 cut 5 ft. grading 0.21 oz. gold and 0.4 oz. silver.
The company has also received results from six reverse-circulation holes that were drilled to prepare for core drilling at depth. Results include 15 ft. grading 1.09 gold and 8.1 oz. silver in hole 75, and 5 ft. of 0.67 oz. gold in hole 76. Great Basin believes these pre-collar gold intersections indicate a potential to extend the veins up into the Tertiary-aged volcanic cap rocks.
The Ivanhoe project comprises 14.7 sq. miles in the Carlin trend, midway between
To date, Great Basin has received assay results for 59 holes, and the results confirm the existence of feeder vein systems beneath the Hollister deposit. Systematic core drilling continues to outline and extend the multiple vein systems discovered. These systems, which are defined by numerous parallel veins and splays, generally trend towards the east and west and dip toward the south.
The Clementine and Gwenivere systems have been confirmed over strike lengths of 1,800 ft. each. Three additional parallel vein structures exist north and south of these trends.
The company has $6 million in its coffers and 25.7 millions shares outstanding.
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