Great Basin Gold Spikes 4.5% on Mineral Resource and Reserve Update

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Great Basin Gold Ltd. ( GBG ) is up more than 4% at around $0.25 and has touched a day high $0.27 as investors continue to react to yesterday's update on the company's mineral resource and reserve estimates for its Hollister Gold Project on the Carlin Trend in Nevada.

The updated mineral resources and reserves reflect depletion in excess of 370,000 tons which yielded approximately 400,000 gold equivalent ounces since the start of trial mining in 2008. The underground drilling program over the past 18 months has been focused on increasing confidence in the estimates of mineral resources and reserves to allow for improved mine planning and forecasting. In addition, the underground drilling focused on delineating material from the Tertiary volcanic-hosted disseminated gold mineralization and the basement meta-sediment hosted gold-silver low sulfidation epithermal veins. Future drilling will seek to increase the mineral resource and reserves to extend the life of the project.

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This article appears in: Investing , Commodities

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