Grandview Gold Inc. undertakes IP Survey of Sanshaw-Bonanza in Red Lake
to explore extension of historic mineralization with Goldcorp/Premiere's Bonanza Deposit
January 17, 2012 - Toronto, Ontario - Grandview Gold Inc. (TSX Symbol: GVX, OTC-BB Symbol: GVGDF) ("Grandview" or the "Company") is pleased to report the deployment to the Sanshaw-Bonanza Property (the "Property") of a survey team to conduct an advanced high resolution resistivity and IP
'Earthprobe' survey, to identify potential deep structures
associated with the Company's historic Orlac Deposit and
possible extensions from the Bonanza Deposit on
Goldcorp/Premier's JV Rahill-Bonanza property, contiguous to
the east.
The advanced Earthprobe survey system, developed by Caracle
Creek, provides higher lateral resolution and deeper
resolution that traditional IP surveys by deploying
tightly-spaced electrodes over long lateral spreads, enabling
delineation of both large resistivity/chargeability anomalies
and narrow structural features down to depths between 200-300
metres.
"Surveyors are installing control lines on the ice today and
should be underway later in the week. The goal of the IP
survey and further modeling is to locate and define potential
drill targets under Red Lake, ultimately to locate and define
a geophysical extension to the mineralization identified by
Premier/Goldcorp on the Rahill- Bonanza project," says
Grandview President and CEO Paul Sarjeant, P.Geo.
Goldcorp's Bonanza Deposit has a NI 43-101 compliant inferred
mineral resource of 2,283,000 tonnes at an average grade of
6.98 g/t Au over an average width of 3.1 metres (diluted -
2,468,000 tonnes at an average grade of 6.46 g/t Au over an
average width of 3.4 metres) using a 4.0 g/t cut-off grade.
In 2008, Red Lake Mines, an affiliate of Goldcorp Inc, became
the primary operator of the Rahill-Bonanza joint venture
project, which has returned significant intersections at
depths above 400 metres, including 13.27 g/t Au across 19
metres, 8.66 g/t Au across 22 metres, and 5.05 g/t Au across
34.95 metres.
Grandview's historic Orlac Deposit, located on and northeast
of Whitehorse Island on the Property, southwest of
Rahill-Bonanza has been explored and drilled since 1937 by a
variety of operators, including Grandview, and has an
historic estimated resource of 300,000 tons @ 0.08 oz/t
(Noramco, 1988) and 175,000 tons @
0.20 oz/ton Au (Cable Mines & Oils Ltd, 1948) over an area
approximately 160 metres long, 3-5 metres wide, and 125
metres deep. Historic assays include intersections like 4.53
g/t Au over 26 metres and 4.70 g/t Au over 17.2 metres (Pure
Gold Resources 1987-88), and 3.32 g/t Au over 28.4 metres,
and 4.7 g/t Au over 17.2 metres (Noramco, 1988).
The area of mineralization associated with the historic Orlac
Deposit trends northeast to the eastern edge of the Property,
which is contiguous with the Rahill-Bonanza property to the
northeast (see map). Historic assays can be found on the
Sanshaw-Bonanza Drilling Results page of the Grandview Gold
website.
"We are excited about the survey and what it might tell us
about what is going on deep down, and whether mineralization
may extend east to the Bonanza Deposit." Concludes Mr.
Sarjeant.
The Noramco estimate constitutes a 'historical
resource' with respect to NI 43-101. The resource was
calculated after compiling and reviewing historic data for
the property and is based on primarily the 1987-88
Noramco Mining Corporation drill program, consisting of 48
holes totaling 6,637 metres, with additional data from the
subsequent, 1988-89 program with 34 holes drilled totaling
4,785 metres. There had been considerable earlier drilling
including from 1946 to 1965, by Orlac Red Lake Mines Ltd., &
from 1948 to 1965, by Cable Mines & Oils Ltd, and that data
comprises the historic resource referred to as (Cable Mines &
Oils Ltd, 1948) as compiled by Noramco. Grandview has not
completed the work required to verify these historical
estimates and is not treating these historical estimates as
being compliant with current standards under NI 43-101 and as
such these historical estimate should not be relied upon.
Grandview has 100% interest in the 14 claim and two patent
Sanshaw-Bonanza property located on the Red Lake Mine Trend
in the Red Lake Mining District, approximately five
kilometers southwest of Goldcorp's Red Lake Mine. The
Red Lake Mine is one of the richest, lowest cost production
gold mines in the world with
annual production of 600,000 ounces gold and over 11 million
ounces produced to date. The Red Lake Mining
District has produced over 30 million ounces of gold.
Grandview is a gold exploration company focused on creating
value for shareholders by balancing sustainable small-scale
mine development and gold production, with traditional major
gold camp exploration. Details of Grandview's projects are
available on the Company's website.
For further information, please contact Paul Sarjeant at
416.486.3444 or visit www.grandviewgold.com.
This document may contain forward looking statements,
relating to the Company's operations or the environment in
which it operates, which are based on Grandview Gold Inc's
operations, estimates, forecasts and projections. These
statements are not guarantees of future performance and
involve risks and uncertainties that are difficult to
predict, and/or beyond Grandview Gold Inc's control. A number
of important factors could cause actual outcomes and results
to differ materially from those expressed in these forward-
looking statements. Consequently, readers should not place
undue reliance on such forward-looking statements. Grandview
Gold Inc. disclaims any intention or obligation to update or
revise any forward- looking statements, whether as a result
of new information, future events or otherwise.
-30-
distribué par | Ce noodl a été diffusé par Grandview Gold Inc. et initialement mise en ligne sur le site http://www.grandviewgold.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-18 16:37:54 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
Documents associés | |
Grandview Gold Inc. undertakes IP Survey of Sanshaw-Bonanza in Red Lake to explore extension of historic mineralization with Goldcorp/Premiere Bonanza Deposit |