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Gold Standard raises C$25mln to advance the Pinion Railroad project

Friday, October 21, 2016 5:46
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(Before It's News)

Gold Standard Ventures Corp (CVE:GSV) has raised around C$25mln through a placement of shares at C$3.17 a pop.

Gold Standard’s shares closed at C$3.40, up 2.1% on the day, last night.

Sector peer Goldcorp Inc (TSE:G) supported the share issue, agreeing to purchase 4.73mln of the 7.89mln shares Gold Standard is issuing for around C$15mln.

Proceeds received from the share issue will be used to acquire certain royalty interests on the company’s flagship Pinion-Railroad Gold Project in Nevada, purchase land claims in close proximity to the project, continue exploration on the project and for general working capital purposes.

“Our focus is expanding the high grade North Dark Star Deposit with mineralization now continuous over approximately 270m in a north-south direction and approximately 100m east-west. The deposit remains open in multiple directions. In addition, we believe the North Bullion Deposit has the potential to be a prolific high-grade, collapse breccia-hosted deposit,” revealed Jonathan Awde, who is not only president of Gold Standard but also chief executive officer and director of the company.

The Pinion deposit now has an NI-43-101-compliant resource estimate consisting of an indicated mineral resource of 31.61 million tonnes grading 0.62 grams per tonne (g/t) gold (Au), totaling 630,300 ounces of gold, and an inferred resource of 61.08 million tonnes grading 0.55 g/t Au, totaling 1,081,300 ounces of gold, using a cut-off grade of 0.14 g/t Au.

The Dark Star deposit, 2.1 km to the east of Pinion, has a NI 43-101 compliant resource estimate consisting of an inferred mineral resource of 23.11 million tonnes grading 0.51 g/t Au, totaling 375,000 ounces of gold, using a cut-off grade of 0.14 g/t Au.

Story by ProactiveInvestors

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