Goldstone Announces Further Encouraging Key Lake Drilling Results
29 Giugno 2011 - 2:48PM
Marketwired Canada
Goldstone Resources Inc. (TSX:GRC)(PINK SHEETS:GRSZF) today announced additional
results from the ongoing 2011 drilling program at its Key Lake property,
bordering on the Company's Hardrock Project joint venture with Premier Gold
Mines Limited (TSX:PG)(PINK SHEETS:PIRGF) near Geraldton, Ontario. The program
is focused primarily on obtaining sufficient drilling information to support a
NI 43-101 compliant mineral resource estimate and on establishing the viability
of an open pit mining operation. Most holes were completed to a depth of
approximately 200 metres, with the exception of two drilled to more than 400 m.
All encountered gold mineralization.
To date in the 2011 Key Lake drilling program, 58 holes have been completed for
a total of 13,200 metres along a distance in excess of 1,200 metres. Complete
assay results have been received for 11 holes in addition to the 27 holes
previously announced on May 30, 2011. Several holes drilled in the western part
of the deposit encountered visible gold, including hole KL-11-109 which
intersected 148.0 g/t Au over 0.30 metre; hole KL-11-91 (38.60 g/t over 0.30 m);
as well as holes such as KL-11-87 (126.0 g/t over 1.0 m) and hole KL-11-108
(229.0 g/t over 0.50 metres). Complete results for these holes have not yet been
received, and will be published as soon as they are available. The current
program is capitalizing on the success of a 12,000-meter drilling program in
2010 which outlined significant gold mineralization, including 3.17 g/t over 44
metres and 2.28 g/t over 42.7 metres.
Current drilling is part of a planned 30,000-metre program for this property.
Overall, Goldstone's exploration budget for the year is approximately $6.5
million, covering approximately 50,000 metres of drilling at Key Lake and in the
Beardmore camp where a third drill rig is currently at work on the Leitch-Sand
River property.
Additional 2011 significant results for Key Lake received to date are as follows:
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Hole UTM UTM From To Interval Au
No. N E Azi Dip (m) (m) (m) (g/t)
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KL-11-89 5506400 492095 197 -48 125.00 130.00 5.00 2.31
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143.45 145.50 2.05 1.89
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157.00 162.00 5.00 2.12
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179.00 184.25 5.25 2.39
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includes 183.25 183.75 0.50 16.10
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KL-11-91 5506394 492072 197 -61 135.75 138.00 2.25 1.24
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156.90 163.10 6.20 3.29
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includes 162.10 162.40 0.30 38.60
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198.00 210.00 12.00 0.83
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KL-11-96 5506491 491986 197 -62 130.00 133.00 3.00 2.17
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197.00 213.00 16.00 1.15
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223.00 230.00 7.00 1.48
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244.00 247.00 3.00 2.40
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251.00 257.00 6.00 0.96
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KL-11-97 5506479 492620 197 -48 110.50 114.80 4.30 2.26
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138.00 147.00 9.00 0.98
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KL-11-98 5506479 491960 197 -60 125.00 130.00 5.00 5.94
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includes 126.00 127.00 1.00 16.60
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145.00 188.00 42.00 1.36
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KL-11-103 5506134 491834 7 -47 247.50 248.45 1.40 1.76
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254.00 256.00 2.00 3.12
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276.00 278.70 2.70 1.24
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368.00 370.00 2.00 1.21
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385.00 387.00 2.00 1.05
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400.40 402.00 1.60 2.00
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KL-11-105 5506497 491886 197 -54 56.40 58.50 2.10 1.56
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106.00 110.00 4.00 2.78
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121.50 124.50 3.00 4.46
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includes 123.50 124.50 1.00 7.75
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147.00 153.00 6.00 2.37
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KL-11-109 5506524 491868 197 -47 116.00 146.80 30.80 1.41
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154.00 164.00 10.00 0.89
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170.60 170.90 0.30 8.63
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190.00 195.00 5.00 1.19
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KL-11-112 5506537 491845 197 -47 69.40 72.50 3.10 22.01
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includes 69.97 70.27 0.30 148.00
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124.00 134.00 10.00 2.13
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150.90 151.85 0.95 4.41
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162.00 166.00 4.00 1.26
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196.50 201.00 4.50 0.80
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KL-11-113 5506537 491845 197 -59 158.00 160.00 2.00 1.83
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186.10 188.45 2.35 2.21
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222.00 223.40 1.40 5.08
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includes 223.00 223.40 0.40 14.00
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KL-11-128 5506179 492054 7 -48 93.80 95.30 3.89 1.50
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150.45 152.30 1.85 1.74
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159.90 162.00 2.10 1.23
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200.00 201.00 1.00 4.96
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(i)True width of the zone is between approximately 20 to 85% of drilled
interval.
(ii) Holes not drilled in sequence, (iii)Samples are typically 1 m lengths
of NQ core
Tracy Armstrong, P.Geo. is the Qualified Person for the technical information
contained in this news release and is a Qualified Person within the meaning of
National Instrument 43-101.
"We continue to be encouraged by the assay results at Key Lake which,
hole-by-hole, are contributing to what we believe will be a very significant
resource." said Philip Cunningham, Goldstone Chairman and Interim Chief
Executive Officer. "In addition to the current infill drilling, we look forward
to testing new anomalies identified by our IP program earlier this year."
About Key Lake
The Key Lake property hosts the former Jelex Mine which had historical
production of 5,675 oz of recovered gold. The Key Lake deposit is hosted in
altered greywackes, with a higher grade core comprised of quartz-feldspar
porphyry, with alteration, quartz veining, and disseminated arsenopyrite and
pyrite. The deposit dips sub-vertically, and is currently defined in multiple
mineralized envelopes along a strike in excess of 2.5 km. While visible gold is
a frequent occurrence, the majority of mineralization is disseminated.
By the end of 2010, over 200 holes had been drilled over a 3 km long
north-northwest trending zone to a depth of about 200 m with horizontal spacing
of 25-50 m in the eastern two-thirds and spacing of 25-100 m in the western
third.
On-site Quality Assurance/Quality Control Measures
All samples were shipped to Activation Laboratories ("Actlabs") for analysis.
Actlabs has laboratories internationally, and its Quality System is accredited
to international quality standards. Samples were shipped to the Actlabs'
facility in Geraldton, Ontario for preparation. Pulps were forwarded from the
Geraldton lab to the Thunder Bay lab, where analyses were performed using fire
assay with Atomic Absorption (AA) finish. Samples yielding in excess of 3.0 g/t
Au were reanalyzed using fire assay with a gravimetric finish. Samples with
visible gold were analyzed using the metallic screen method, which separates out
the coarse and fine fractions, and weighs and analyzes them separately before
recombining for a weighted average gold grade.
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 for shipping.
Independent Quality Assurance and Quality Control Protocol
A QA/QC program was implemented in 2010, and continues to monitor all assays
from the current drilling program. Samples are assembled in numbered batches.
Included in each batch of 38 are 32 core samples, two certified reference
standards, one coarse reject and one pulp duplicate, one blank sample comprised
of silica sand and one core duplicate sample. This QC program was set up for
Goldstone 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 gold exploration and development company operating
in the historically significant Geraldton-Beardmore camp of Northwestern
Ontario. On June 21, 2011, Goldstone and Premier Gold jointly announced that
they have entered into a definitive agreement whereby Premier will acquire, by
way of a plan of arrangement, all of the outstanding common shares of Goldstone.
Goldstone is focusing 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. Goldstone's
100%-owned NI 43-101 compliant resources in the Beardmore area total more than
800,000 ounces. In April 2011, Premier announced an updated NI 43-101resource
estimate for the Hardrock Project in the Geraldton area of 3.6 million ounces of
gold of which Goldstone has a 30% interest, or more than 1 million ounces. The
camp is host to several mines which historically produced 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.goldstoneresourcesinc.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 or to
obtain additional financing, 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.
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