Goldstone Resources Inc. (TSX: GRC)(PINK SHEETS: GRSZF) today
released a summary of the 114,000-metre 2010 Hardrock Project Joint
Venture exploration program carried out by Premier Gold Mines
Limited (TSX: PG) as operator, along with an update on the 2011
exploration campaign.
Goldstone holds a 30% carried interest in the Hardrock Project
which is contiguous to the Company's Key Lake property where an
estimated 30,000 metres of drilling will be carried out in 2011.
Hardrock is host to several past-producing mines which collectively
produced more than 3.0 million ounces of gold, from shallow depths
within 600 metres of surface. The mined zones remained wide open at
depth at the time mining ceased and developed historic resources
were left in place within the existing mine workings.
Since the acquisition of the core part of the Project late in
2008, numerous successes have been realized including new
discoveries and the delineation of significant mineralization in
both open pit and underground style gold zones. Highlights
include:
-- Early in 2010, a large resource was announced based solely on open pit
style mineralization. This resource is currently being updated,
including underground style mineralization and is expected to be
completed in late Q1 2011.
-- Drilling has expanded the footprint of the North Zone (historic
production grade of 0.22 oz/ton (7.54g/t Au)) more than 300 metres below
the bottom level of the Hardrock Mine where it remains wide open for
expansion.
-- Drilling has successfully delineated and expanded the F-Zone with
intersections up to 7.92 g/t Au across 114.5 metres (m) (0.23 oz/t
across 375.6 feet) including 23.56 g/t Au across 31.0 m (0.69 oz/ton
across 101.7 feet) within the historic F-Zone resource area and 18.49
g/t Au across 20.5 m (0.54 oz/t across 67.2 feet) in step-out drilling
approximately 400 metres west of the limits of previous exploration.
-- New discoveries were made including the K-Zone, located just below the
F-Zone
-- Drilling intersected mineralization in the SP Zone over a plunge length
of more than 3.5 kilometres.
In March of 2010, an initial NI 43-101 compliant Mineral
Resource estimate was completed following one year of extensive
drilling at Hardrock. This resource, calculated solely from
mineralization contained within conceptual open pit shells, is
presented in Table 1 below.
Table 1 - Initial Resource Estimate
Indicated Resources
Grade
gpt Grams Grade Grams
Cut-off Tonnes Au Au Cut Ounces gpt Au Au uncut Ounces
Grade (Millions) (cut) (Millions) Au Cut (uncut) (Millions) Au Uncut
0.6 gpt Au 22.9 1.30 29.7 955,000 1.65 37.8 1,215,000
0.8 gpt Au 16.1 1.56 25.0 805,000 2.03 32.5 1,045,000
1.0 gpt Au 11.6 1.82 21.1 675,000 2.43 28.1 905,000
1.2 gpt Au 8.5 2.08 17.7 570,000 2.86 24.3 780,000
1.4 gpt Au 6.3 2.35 14.9 475,000 3.33 21.0 675,000
Inferred Resources
Grade
gpt Grams Grade Grams
Cut-off Tonnes Au Au Cut Ounces gpt Au Au uncut Ounces
Grade (M) (cut) (Millions) Au Cut (uncut) (Millions) Au Uncut
0.6 gpt Au 16.1 1.25 20.1 645,000 2.39 38.4 1,085,000
0.8 gpt Au 11.0 1.51 16.5 530,000 3.03 33.1 955,000
1.0 gpt Au 7.4 1.81 13.2 425,000 3.92 28.8 830,000
1.2 gpt Au 4.9 2.15 10.6 340,000 5.06 24.9 730,000
1.4 gpt Au 3.3 2.57 8.6 275,000 6.49 21.7 640,000
1. The above table includes an adjustment to account for excavation voids
by subtracting 975,000 T @ 1.8 gpt (1.1M grams) from the Indicated
material reported and by subtracting 625,000 T @ 1.8 gpt (1.7 M grams)
from the Inferred material reported. All drilling used for the estimate
was done subsequent to mining and there are no drillhole intervals used
for the estimates that are from mined out areas.
In 2010, 114,611 metres of drilling was completed at Hardrock.
This drilling was focused on further defining open pit style
resource in addition to defining underground style resources in
preparation for an updated resource estimate that is in the process
of being completed and is expected to be released late in Q1
2011.
The primary focus of the 2010 drilling campaign, and the ongoing
program, was to delineate significant underground resources in
preparation for advanced exploration including underground
definition drilling. Mineralization is being defined in multiple
zones including below the historic mine workings. Since the
acquisition, several new discoveries have been made including the
recent discovery of the K Zone.
The K Zone represents a new discovery in an area that has no
previous drilling below, and parallel to, the historic F Zone.
Early indications suggest mineralization over a plunge length of
some 750 metres and the zone is open both up and down dip.
Highlights from drilling to-date include 13.59 g/t Au across 3.0
metres (m) (0.40 oz/t across 9.8 feet) and 10.92 g/t Au across 5.8
m (0.32 oz/ton across 19.0 feet). Further K Zone results are
presented in Table 2.
Table 2 - Selected Recent K Zone Results
----------------------------------------------------------------------------
UTM Dip/ Inter- Grade Inter- Grade
Hole- Coordinates Azimuth From To val (g/ val (oz/
ID (m) (degrees) (m) (m) (m) tonne) (ft) ton) Zone
----------------------------------------------------------------------------
MM179D 5502965 N
502300 E -82/360 783.7 790.0 6.3 4.87 20.7 0.14 K
----------------------------------------------------------------------------
MM184 5502950 N
502100 E -80/360 844.8 847.8 3.0 13.59 9.8 0.40 K
----------------------------------------------------------------------------
MM184B 5502950 N
502100 E -80/360 882.0 886.0 4.0 6.34 13.1 0.19 K
----------------------------------------------------------------------------
MM187E 5502945 N
502000 E -81/360 881.4 887.2 5.8 10.92 19.0 0.32 K
----------------------------------------------------------------------------
MM192C 5502957 N
502200 E -75/360 857.0 861.0 4.0 6.19 13.1 0.18 K
----------------------------------------------------------------------------
(i) True widths are estimated at approximately 60-70% of intersection widths
The SP Zone was partially mined in the upper levels at Hardrock
with 264,354 tonnes (291,428 tons) of ore extracted at an average
grade of 8.37g/t Au (0.244 oz/t).
Recent drilling has intersected multiple lenses down-plunge from
this, with highlights including 55.80 g/t Au across 4.5 meters
(1.63 oz/ton across 14.8 feet) and 6.14 g/t Au across 12.0 meters
(0.18 oz/ton across 39.4 feet). Table 3 details some previously
unreleased intercepts from the SP Zone.
Table 3 - Selected Recent SP Zone Results
----------------------------------------------------------------------------
UTM Dip/ Inter- Grade Inter- Grade
Hole- Coordinates Azimuth From To val (g/ val (oz/
ID (m) (degrees) (m) (m) (m) tonne) (ft) ton) Zone
----------------------------------------------------------------------------
MM182C 5502790 N
503430 E -80/360 522.0 526.3 4.3 7.42 14.1 0.22 SP
----------------------------------------------------------------------------
MM184C 5502949 N
502100 E -78/360 651.5 656.0 4.5 55.80 14.8 1.63 SP
----------------------------------------------------------------------------
MM189C 5502941 N
501900 E -80/360 738.0 747.0 9.0 5.47 29.5 0.16 SP
----------------------------------------------------------------------------
MM192F 5502957 N
502200 E -75/360 659.9 668.4 8.5 6.04 27.9 0.18 SP
----------------------------------------------------------------------------
MM192G 5502957 N
502200 E -75/360 629.0 641.0 12.0 6.14 39.4 0.18 SP
----------------------------------------------------------------------------
(i) True widths are estimated at approximately 60-70% of intersection widths
The F-Zone was the most prolific of the past-producing mine
zones at Hardrock with more than 1.4 million ounces produced
utilizing bulk underground mining methods with widths often
exceeding 30 metres (100 feet). Importantly, when the mine closed
in 1960's, a 600-metre plunge length of developed historic
resources was left unmined. Numerous holes have been drilled to
confirm this mineralization and upgrade it to NI43-101 resource
standards.
Highlight results from recent drilling include 8.43g/t Au across
22.5 meters (0.25 oz/ton across 73.8 feet) and 6.22 g/t across 27.2
meters (0.18 oz/ton across 89.2 feet). Table 4 provides selected,
previously unreleased results from the F Zone.
Table 4 - Selected Recent F Zone Results
----------------------------------------------------------------------------
UTM Dip/ Inter- Grade Inter- Grade
Hole- Coordinates Azimuth From To val (g/ val (oz/
ID (m) (degrees) (m) (m) (m) tonne) (ft) ton) Zone
----------------------------------------------------------------------------
MM182D 5502790 N
503430 E -80/360 750.0 772.5 22.5 8.43 73.8 0.25 F
---------------------------------------
including 768.0 772.5 4.5 28.09 14.8 0.82
----------------------------------------------------------------------------
MM187D 5502945 N
502000 E -80/360 805.0 814.0 9.0 4.23 29.5 0.12 F
----------------------------------------------------------------------------
MM189G 5502941 N
501900 E -80/360 737.5 759.0 21.5 5.53 70.5 0.16 F
----------------------------------------------------------------------------
MM192D 5502957 N
502200 E -75/360 727.5 745.5 18.0 3.56 59.0 0.10 F
---------------------------------------
including 727.5 730.0 2.5 16.79 8.2 0.49
----------------------------------------------------------------------------
MM192F 5502957 N
502200 E -75/360 698.8 726.0 27.2 6.22 89.2 0.18 F
---------------------------------------
including 714.8 719.0 4.2 23.30 13.8 0.68
----------------------------------------------------------------------------
(i) True widths are estimated at approximately 60-70% of intersection widths
The North Zone was previously mined to a depth of 610 metres
(2,000 feet) with production of 2.97 million tons at a recovered
grade of 0.22 oz/ton (7.54g/t Au). The 2010 drilling has
demonstrated that the North Zone continues up to 300 meters below
the historical mine workings, intersecting mineralization over a
strike length of 700 meters down plunge. This zone remains wide
open at depth for expansion.
Recent highlights include 6.97g/t Au across 22.5 meters (0.20
oz/ton across 73.8 feet). Table 5 provides selected, previously
unreleased results from the North Zone.
Table 5 - Selected Recent North Zone Results
----------------------------------------------------------------------------
UTM Dip/ Inter- Grade Inter- Grade
Coordinates Azimuth From To val (g/ val (oz/
Hole-ID (m) (degrees) (m) (m) (m) tonne) (ft) ton) Zone
----------------------------------------------------------------------------
MM164F 5503409 N
503289 E -82/180 838.5 843.0 4.5 9.09 14.8 0.27 North
----------------------------------------------------------------------------
MM171A 5503400 N
503430 E -82/180 1017.0 1021.5 4.5 10.10 14.8 0.29 North
----------------------------------------------------------------------------
MM175E 5503388 N
503357 E -83/180 811.0 814.0 3.0 11.75 9.8 0.34 North
----------------------------------------------------------------------------
MM182D 5502790 N
503430 E -80/360 845.0 867.5 22.5 6.97 73.8 0.20 North
----------------------------------------------------------------------------
MM190A 5503400 N
503430 E -79/180 896.2 903.0 6.8 4.99 22.3 0.15 North
----------------------------------------------------------------------------
(i) True widths are estimated at approximately 60-70% of intersection widths
Drilling continues to intersect narrow, high-grade vein zones as
highlighted in:
drill hole MM192G that intersected 199.0 g/t Au across 1.0 m
(5.80 oz/ton across 3.3 feet) and hole MM204 that intersected 251.0
g/t Au across 1.0m (7.32 oz/ton across 3.3 feet). Full results from
2010 drilling can be seen at www.grcmines.com.
"We look forward to seeing the results of active 2011 drilling
programs on both the Hardrock Project and our neighbouring Key Lake
property, "said Goldstone Chairman and Interim CEO Philip
Cunningham. "We believe that this will be an important year in the
development of the Geraldton camp-and for our other 100 percent
owned properties in the Beardmore camp."
Stephen McGibbon, P. Geo., is the Qualified Person for the
information contained in this press release and is a Qualified
Person within the meaning of National Instrument 43-101. Assay
results are from core samples sent to Activation Laboratories, an
accredited mineral analysis laboratory in Ancaster, Ontario, or to
Accurassay Laboratories, an accredited mineral analysis laboratory
in Thunder Bay, Ontario, for preparation and analysis utilizing
both fire assay and screen metallic methods.
About Goldstone
Goldstone Resources Inc. is 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
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