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Tests Reveal High Gold Recoveries for Nevada Project
Research Report

Source: Streetwise Reports (9/28/17)

A PI Financial analyst reported on "robust metallurgical test work" from a miner's Nevada flagship project.

In a Sept. 25 corporate update, PI Financial analyst Brian Szeto reviewed Gold Standard Ventures Corp.'s (GSV:TSX.V; GSV:NYSE) "metallurgical results from its Dark Star deposit, which is part of its flagship 100%-owned/controlled Railroad-Pinion project," in Nevada.

Szeto discussed the two different-size fractions tested using bottle rolls on "a total of 62 samples representative of the gold deposit" at Dark Star. "Gold recoveries for oxide and transitional in the coarse -10 mesh, bottle rolls of material ranged from 60-98%, with an average gold recovery of 88%. In the finer -200 mesh, bottle rolls gold recovery ranged from 75-98%, with an average gold recovery of 91%."

Szeto noted that "overall, we view the results positively as it continues to support our thesis that the project will be mined via a low capex open-pit heap-leach scenario. . .and that these results are better than the previously announced results at the Pinion deposit (located two kilometres to the west) which had average recoveries of 69% for -10 mesh and 80% for -200 mesh." He highlighted that the "results are coming in significantly better than the 70% gold recoveries that we have modelled in our valuation."

"The Company is continuing to advance its highly anticipated PEA which is expected in late Q417," Szeto added.

Szeto explained that the "NAV estimate remains at CA$3.40/sh. We continue to apply a multiple of 1.2x (unchanged) to the operating portion of our NAV, which represents a takeout premium, to arrive at our target price of CA$4.00/sh (unchanged). We are maintaining our Buy recommendation and Speculative risk rating."

Gold Standard Ventures is currently trading at around CA$1.96 per share.

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Gold Standard Ventures Corp.

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Disclosure:
1) Melissa Farley compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or members of her immediate household or family own, securities of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Gold Standard Ventures Corp. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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Additional disclosures about the sources cited in this article

Disclosures from PI Financial, Gold Standard Ventures, Corporate Update, Sept. 25, 2017

I, Brian Szeto, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.

Research Disclosures:
1) PI Financial Corp. and its affiliates’ holdings in the subject company’s securities, in aggregate exceeds 1% of each company’s issued and outstanding securities. No

2) The analyst(s) responsible for the report or recommendation on the subject company, a member of the research analyst’s household, and associate of the research analyst, or any individual directly involved in the preparation of this report, have a financial interest in, or exercises investment discretion or control over, securities issued by the following companies. No

3) PI Financial Corp. and/or its affiliates have received compensation for investment banking services for the subject company over the preceding 12-month period. Yes

4) PI Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company. Yes

5) PI Financial Corp. and/or its affiliates have managed or co-managed a public offering of securities for the subject company in the past 12 months. No

6) The following director(s), officer(s) or employee(s) of PI Financial Corp. is a director of the subject company in which PI provides research coverage. No

7) A member of the research analyst’s household serves as an officer, director or advisory board member of the subject company. No

8) PI Financial Corp. and/or its affiliates make a market in the securities of the subject company. No

9) Company has partially funded previous analyst visits to its projects. Yes

10) Additional disclosure: No

Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is amongst other factors determined by revenue generated directly or indirectly from various departments including Investment Banking. Evaluation is largely on an activity-based system that includes some of the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and investment guidance, and client feedback. Analysts and all other Research staff are not directly compensated for specific Investment Banking transactions.

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