Goldstone Resources Inc. (TSX: GRC) (PINK SHEETS: GRSZF) today
announced final results of Phase 2 of the 2010 drilling program on
its 100% owned Key Lake property located just west of Geraldton,
Ontario.
The Key Lake property is contiguous to the Hardrock Project
where diamond drilling by the Company's joint venture partner,
Premier Gold Mines Ltd. (TSX: PG) as operator, has established a
significant gold resource near surface as well as high grade
intersections at depth. Goldstone holds a 30% carried interest in
the Hardrock Project.
The 2010 Key Lake drilling program, which totaled 12,430 metres,
was focused on identifying near surface gold mineralization
amenable to open pit mining.
A summary of significant Phase 2 intersections:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole No. UTM UTM AZI Dip From To Interval Au
N E (m) (m) (m) (g/t)
----------------------------------------------------------------------------
KL-10-28 5506232 492381 192 -47 62.0 75.5 13.5 1.07
----------------------------------------------------------------------------
KL-10-29 5506183 492237 12 -47 89.6 119.0 29.4 0.44
----------------------------------------------------------------------------
KL-10-31 5506289 492260 192 -60 22.0 34.0 12.0 2.07
----------------------------------------------------------------------------
102.0 121.0 19.0 3.58
---------------------------------
including 106.5 108.0 1.5 39.90
----------------------------------------------------------------------------
KL-10-32 5506086 492215 12 -54 247.3 251.6 4.3 1.05
----------------------------------------------------------------------------
KL-10-33 5506502 491553 12 -47 74.0 81.0 7.0 1.92
----------------------------------------------------------------------------
KL-10-34 5506456 491492 12 -47 129.0 145.0 16.0 2.92
----------------------------------------------------------------------------
KL-10-35 5506456 491492 12 -62 176.6 180.0 3.4 0.66
----------------------------------------------------------------------------
KL-10-36 5506173 492148 12 -47 99.0 121.0 22.0 0.56
----------------------------------------------------------------------------
KL-10-37 5506221 492159 12 -60 67.0 86.7 19.7 1.10
----------------------------------------------------------------------------
117.0 127.8 10.8 0.74
----------------------------------------------------------------------------
KL-10-38 5506195 492125 12 -47 113.0 127.0 14.0 0.51
----------------------------------------------------------------------------
KL-10-39 5506195 492125 12 -58 115.0 191.0 76.0 0.94
----------------------------------------------------------------------------
including 115.0 134.0 19.0 1.12
---------------------------------
including 162.0 191.0 29.0 1.36
----------------------------------------------------------------------------
KL-10-40 5506203 492106 12 -47 96.0 136.4 40.4 0.69
----------------------------------------------------------------------------
KL-10-41 5506217 492030 12 -47 43.8 68.9 25.1 0.77
----------------------------------------------------------------------------
KL-10-43 5506280 491991 12 -47 100.0 121.0 21.0 0.80
----------------------------------------------------------------------------
KL-10-44 5506337 491950 12 -47 135.0 150.0 15.0 2.06
----------------------------------------------------------------------------
KL-10-45 5506337 491950 12 -65 133.0 141.0 8.0 1.09
----------------------------------------------------------------------------
KL-10-46 5506304 491870 12 -47 133.0 164.6 31.6 1.54
----------------------------------------------------------------------------
KL-10-47 5506340 491827 12 -47 96.0 129.0 33.0 1.13
----------------------------------------------------------------------------
KL-10-48 5506340 491827 12 -61 125.0 191.0 66.0 0.71
----------------------------------------------------------------------------
including 125.0 147.0 22.0 0.87
----------------------------------------------------------------------------
including 172.0 191.0 19.0 1.29
----------------------------------------------------------------------------
KL-10-49 5506534 491792 192 -47 130.0 149.0 19.0 0.52
----------------------------------------------------------------------------
KL-10-50 5506534 491792 12 -61 159.0 204.0 45.0 1.60
----------------------------------------------------------------------------
KL-10-51 5506332 491775 12 -60 68.0 74.0 6.0 2.46
----------------------------------------------------------------------------
183.0 190.0 7.0 0.90
---------------------------------
225.0 239.0 14.0 2.45
----------------------------------------------------------------------------
KL-10-52 5506363 491712 12 -47 155.0 156.0 1.0 26.80
----------------------------------------------------------------------------
KL-10-53 5506363 491712 12 -64 195.0 199.0 4.0 7.72
----------------------------------------------------------------------------
KL-10-54 5506406 491687 12 -61 135.0 140.0 5.0 1.29
----------------------------------------------------------------------------
(i)True width of the zone is between approximately 70 to 85% of drilled
internal.
Mike Kilbourne, P.Geo., is the Qualified Person for the
information contained in this news release and is a Qualified
Person within the meaning of National Instrument 43-101.
2010 drilling at Key Lake was completed on approximately 1,000
metres of the 2.5 Km of mineralized horizon with the joint
objectives of twinning historical holes drilled in the 1990s by
Placer Dome and Cyprus Canada and on filling in gaps and exploring
more of the zone's strike length. Recent and historical drilling
has confirmed the presence and continuity of near surface gold
mineralization between clusters of drill holes. In addition,
drilling has established the existence of high grade gold
mineralization , with hole KL-10-31 grading 39.90g/t (1.29 oz/t)
over 1.50 m and hole KL-10-52 intersecting 26.80g/t (0.86 oz/t)
over 1 m.
"We are encouraged by these results, particularly given the
relatively modest amount of drilling we have done at Key Lake,"
said Goldstone Chairman and Interim CEO, Philip Cunningham. "With
the $6.5 million in funding provided by our December 2010
financing, we plan to follow up with a significantly more intensive
program in 2011 beginning in the first quarter, based on results to
date and a preliminary open-pit model we are developing. Our
continuing objective is to establish the viability of an open pit
mining operation at Key Lake and to build a NI 43-101
resource."
"At the same time, in 2011 we will be committing significant
resources to our 100%-owned Northern Empire and Leitch-Sand River
properties in the Beardmore camp and are planning a far more
intensive drilling program for this year to pursue several
promising targets identified by aeromagnetic survey, historical
data, and recent exploration."
"Last year, due to lack of funding, just six holes were drilled
on these properties with no significant results, but we are
learning more as we go. For example, the McWilliams prospect south
of the Northern Empire Mine returned 0.78 g/t over 9.9m in hole
NE-10-03. We will be following up with additional drilling on this
horizon, which has an apparent strike length of over 1,000
meters."
"As we've said before, our objective in Beardmore is to develop
more gold resources near our Northern Empire mill which could be
developed sequentially with those identified at our Brookbank and
Northern Empire properties", Cunningham stated. "In the meantime,
we will continue to assess a number of other factors which
influence the economics of development for these properties before
proceeding with a comprehensive study."
Overall this year Goldstone plans to drill approximately 50,000
metres at its Key Lake and Beardmore properties, about four times
as much as last year.
About Key Lake
The Key Lake property hosts the former Jelex Mine and has an
approximate strike length of 2.5km, of which 1.5 Km has seen
limited drilling. Historic drilling by Cyprus Canada in the mid-
1990's outlined a 40-50m wide zone of disseminated gold with a
higher grade core comprised of quartz-feldspar porphyry. The most
significant historical assay from the Cyprus drilling was for hole
195-94 which intersected 1.10 g/t over 86 metres. The Jelex Mine
had historical production of 5,675 oz of gold recovered from
milling 14,722 tons of ore graded 0.38 oz Au/t.
On-site Quality Assurance/Quality Control Measures
All samples have been shipped to Activation Laboratories, an
accredited mineral analysis laboratory in Geraldton, Ontario.
Analyses were performed using fire assays in the Activation
Laboratories in Thunder Bay, Ontario All core samples were selected
by the Goldstone site geologist, and were cut in half by diamond
core saw. Individual samples were labeled, placed in plastic sample
bags and sealed. Groups of samples were then placed into durable
rice bags that were secured by project security tags for shipping.
The remaining coarse reject portions of the samples remain in
storage at the Activation Laboratories storage facility in
Geraldton as required in the event that further work is needed.
Independent Quality Assurance and Quality Control Protocol
A QA/QC program has been implemented to monitor all assays from
the current drilling program. Samples are assembled in numbered
batches. Included in each batch of 38 samples are two certified
reference standards, two laboratory duplicates, one blank sample
comprised of silica sand and one core duplicate sample. This QC
program was set up for Goldstone Resources by Tracy Armstrong, P.
Geo, of T.J. Armstrong Geological Consulting Inc. Ms. Armstrong is
a qualified geologist in the Provinces of Ontario, Quebec and
British Columbia.
About Goldstone
Goldstone Resources Inc. is a well-financed gold exploration and
development company operating in the historically significant
Geraldton-Beardmore camp of Northwestern Ontario and focused on
gold exploration and deposit delineation at its Key Lake,
Brookbank, Northern Empire and Leitch-Sand River gold properties,
and as a partner in the Hardrock Project joint venture with Premier
Gold. A preliminary assessment of the Brookbank deposit is being
carried. The camp is host to several past producers in a district
that has historical production of more than 4.1 million ounces of
gold from high grade ore before being shut down primarily as a
result of a $35 gold price-and to Goldstone's fully permitted,
expandable 200-TPD Northern Empire mill.
Further information is available on the Company's website at
www.grcmines.com and on SEDAR under the Company's profile at
www.sedar.com.
Forward-Looking Statements
This news release may contain forward-looking information under
applicable securities laws concerning Goldstone's business,
operations, financial performance, condition and prospects, as well
as management's objectives, strategies, beliefs and intentions.
Forward looking information is frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "intend" and
similar words referring to future events and results. This
forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to
differ materially from those implied by the forward-looking
information. Factors that may cause actual results to vary
materially include, but are not limited to, inaccurate assumptions
concerning the exploration for and development of mineral deposits,
delay or inability to retain a senior exploration and/or operating
officer, unanticipated operational or technical difficulties,
changes in laws or regulations, the risks of obtaining necessary
licenses and permits, changes in general economic conditions and
changes in conditions in the financial markets. Readers are
cautioned not to place undue reliance on this forward-looking
information as actual results may differ materially from those
expressed or implied in the forward looking information. Goldstone
does not assume the obligation to revise or update this forward-
looking information after the date of this release or to revise
such information to reflect the occurrence of future unanticipated
events, except as may be required under applicable securities
laws.
Neither Toronto Stock Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Goldstone Resources Inc. Philip Cunningham Chairman
and Interim CEO (416) 860-1636 www.grcmines.com
Grafico Azioni Gold Springs Resource (TSX:GRC)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Gold Springs Resource (TSX:GRC)
Storico
Da Giu 2023 a Giu 2024
