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Wednesday, 23rd August 2006 (5355 views)

Great Basin has announced that good progress is being made at its site in Nevada USA.

The Hollister Development Block (HDB) project, located on the Carlin Trend, is part of the Hollister gold-silver prospect. The company is relinquishing a 50 per cent share of the site to Hecla, the underground mining company who are funding and undertaking the mining work

Because of the reported good progress, Great Basin plans to carry out further surface exploration work, not only at the HDB but also on the wider Hollister property. They plan to do future exploration without the aid of any other companies.

The current work at HDB is being implemented so that the company can complete feasibility study of the project by the middle of 2007.

Mining work has progressed over 6,139 feet to date, allowing for detailed surveying and drilling in of the Gwenivere vein. The average grading found at the vein was 29.8 grams per tonne of gold (g/t Au) over 1.08 metres. Approximately 30 per cent of the entire drilling plan has now been completed , with additional mining work still to be completed at the Gwenivere and south Clementine veins.

Great Basin president Ferdi Dippenaar commented: "We are pleased with the progress made on the drilling and other underground programs at the Hollister Development Block Project.

"It is significant to note that the results from the Clementine veins are comparable to those from the Gwenivere vein system.

"Following the excellent progress made on this project, the board of Great Basin recently approved an amount of CDN$3 million, to be spent on additional exploration inside the Hollister Development Block, which comprises some five per cent of the Hollister Property and on targeted areas on the remainder of the property that is solely owned by Great Basin."

 

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