Thursday, 19th June 2008 (550 views)

Great Basin Gold has announced developments from their Hollister project in Nevada.

Recent underground drilling has upgraded the resources at the project from one million to 1.6 million ounces, according to the company. This is an increase of 60 per cent.

Mineral resources increased overall by 15 per cent to 2.3 million ounces.

A feasibility study from January this year found "680,000 gold equivalent ounces are contained in an inferred resource of 1,252,000 tons at a grade of 0.51 ounce per ton".

Great Basin Gold is focusing surface exploration on Hatter Graben, East Clementine and South Velvet, 13 holes have so been drilled at these sites.

The company has so far invested $14 million in exploration at the Hollister mine.

President and chief executive officer of the mining company, Ferdi Dippenaar, said that the recent results may extend the estimated life of the mine plan which is currently six years.

Hollister was 100 per cent acquired by Great Basin Gold in 1998.

 

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