Greystar Reports-Step-Out Drilling Confirms Eastern Expansion
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 15, 2006) - Greystar
Resources Ltd. (TSX:GSL)(AIM:GSL) is pleased to report that step-out
drilling 250 metres beyond the previously known limits of the
mineralization in the Veta de Barro area of its wholly-owned,
multi-million ounce Angostura gold-silver deposit in northeastern
Colombia has returned 1.35 grams gold per tonne over 74 metres.
Hole VBE05-01 was collared 250 meters east of the most easterly string
of the Veta de Barro holes and intersected five significant structures
including 2.41 grams gold per tonne over 28.1 metres in Vein 551, 2.06
grams gold per tonne over 11.6 metres in Vein 552, plus 11.3 metres
grading 2.09 grams gold per tonne in Vein 560. In addition, the
intercept for Veins 553 to 556 mentioned above yielded 1.35 grams gold
per tonne over 74 metres.
Moving 250 metres to the south-southwest, hole VBE05-02 intersected four
mineralized structures marking a cumulative width of 48 metres that
contains a higher-grade core running 9.7 grams gold per tonne over 5.5
metres. Importantly, the oxidation in this hole extends to a depth of
150 metres from the surface.
"These results have important implications for potentially increasing
the size of the overall Angostura deposit as geological mapping in the
area between the previously defined limits of mineralization in the Veta
de Barro, La Alta and Los Laches areas have revealed numerous structures
exhibiting favourable alteration that correlate well with the known
structures of the La Alta, Veta de Barro and Los Laches zones," explains
Greystar's Executive Vice President, Frederick Felder. "This new area
defined for evaluation extends for 400 by 800 metres with soil and rock
geochemical surveys currently underway."
The prospective new area lies to the southeast and is contiguous to the
main Cristo Rey geochemical anomaly with the total area requiring
further exploration between the eastern extensions of the Veta de Barro,
La Alta, Cristo Rey areas and the main Cristo Rey geochemical anomaly
covering approximately 70 hectares. Four drills are also currently
testing these targets, and as additional machines are freed up from the
infill drilling this will be increased to five.
On the reconnaissance front, the drilling of three holes within the most
northerly narrow geochemical target in the Cristo Rey area approximately
1-km northeast of the centre of the Veta de Barro area intercepted only
narrow structures.
In the central Diamante- La Alta area, hole Al05-29 encountered two
higher grade shoots yielding 35.97 grams gold per tonne over 2.65 metres
and 6.25 grams gold per tonne over 16.8 metres, while 50 metres to the
west, hole DM05-29 intersected 1.75 grams gold per tonne over 48 metres,
including a 19 metre section running 2.98 grams gold per tonne.
In the prospective central Silencio area, hole SI06-02 cut numerous
known structures including Vein 13/55 that returned 22.8 metres grading
1.71 grams gold per tonne, Vein 14 that returned 32 metres grading 1.72
grams gold per tonne and Vein 320 that cut 11 metres containing 0.53
gram gold per tonne. A higher grade shoot was also encountered yielding
9.39 grams gold per tonne over 3.75 metres.
Underground drilling in the Silencio area also continued to return
promising results with hole USI05-27 intersecting a higher grade
structure averaging 8.01 grams gold per tonne over 5 metres below a zone
averaging 0.87 gram gold per tonne over 27.25 metres. Partial results
are also in for hole UAL06-01 that was collared 400 metres to the
northwest in the Diamante-La Alta area. Here, the hole intersected Veins
22 and 23 that contained 0.78 gram gold per tonne over 51.5 metres and
0.89 gram gold per tonne over 11 metres, respectively.
"The discovery of significant mineralization east of the previously
defined limits in the Veta de Barro area, combined with a much greater
depth of oxidation, clearly indicates the prospects for further resource
growth at Angostura," states Greystar's President, David Rovig. "While
the definition of the mineralizing limits to the north will allow us to
outline the potential pit limits in that direction."
The latest drill results include:
---------------------------------------------------------------------
From To Interval Gold Silver
Hole Intercept (m) (m) (m(iii)) gm/t gm/t
---------------------------------------------------------------------
AL05-28 V7 0.6 7.0 6.4 1.49 0.8
---------------------------------------------------------------------
V4/V66 66.35 69.0 2.65 35.97 8.7
AL05-29 -----------------------------------------------------------
V324 285.0 301.8 16.8 6.25 26.9
---------------------------------------------------------------------
7.0 10.0 3.0 2.47 9.7
CR05-04 -----------------------------------------------------------
161.0 165.0 4.0 1.63 19.0
---------------------------------------------------------------------
NEW 150.0 170.5 20.5 1.05 3.4
-----------------------------------------------------------
V323 349.0 365.0 16.0 1.66 2.9
DM05-29 -----------------------------------------------------------
V20-V21 387.0 435.0 48.0 1.75 4.0
-----------------------------------------------------------
V22 448.5 468.0 19.5 1.14 6.8
---------------------------------------------------------------------
SI05-23 V459 168.0 171.75 3.75 2.42 9.3
---------------------------------------------------------------------
V13/V55 20.9 43.7 22.8 1.71 7.9
-----------------------------------------------------------
V14 66.0 98.0 32.0 1.72 28.6
-----------------------------------------------------------
V320 110.0 121.0 11.0 0.53 5.6
SI06-02 -----------------------------------------------------------
NEW 237.0 357.0 30.0 0.66 2.1
-----------------------------------------------------------
V465/V316HW 362.25 366.0 3.75 9.39 74.0
-----------------------------------------------------------
V316FW 374.2 385.0 10.8 1.41 2.8
---------------------------------------------------------------------
V12HW 91.75 119 27.25 0.87 3.6
USI05-27 -----------------------------------------------------------
V12FW 119.0 124.0 5.0 8.01 83.7
---------------------------------------------------------------------
V22 17.5 39.0 21.5 1.12 5.4
UAL06-01 -----------------------------------------------------------
V23 58.0 69.0 11.0 0.89 8.4
---------------------------------------------------------------------
V551 200.0 228.1 28.1 2.41 2.3
-----------------------------------------------------------
V552 256.5 268.1 11.6 2.06 3.9
VBE05-01 -----------------------------------------------------------
V553-V556 283.0 357.0 74.0 1.35 17.9
-----------------------------------------------------------
V560 384.7 396.0 11.3 2.09 7.6
---------------------------------------------------------------------
V502 172.0 194.0 22.0 0.5 4.8
-----------------------------------------------------------
V509 194.0 199.5 5.5 9.7 8.6
VBE05-02 -----------------------------------------------------------
V512 199.5 220.0 20.5 0.88 6.8
-----------------------------------------------------------
V564-V67 385.8 405.0 19.2 0.6 1.5
---------------------------------------------------------------------
Note: m(iii) - Down-hole width, not corrected but based on drill
holes and structural dip of the mineralization, the interval is
considered to be close to true width.
Based on 112,797 metres of drilling, the August 2005 resource
calculation for the Angostura deposit came in at 5.83 million ounces of
gold and 24.6 million ounces of silver within an indicated resource of
148.14 million tonnes grading 1.22 grams gold per tonne and 5.17 grams
silver per tonne, plus another 4.47 million ounces of gold and 21.5
million ounces of silver within an inferred resource of 123.3 million
tonnes grading 1.13 grams gold per tonne and 5.42 grams silver per tonne
using a cut off of 0.4 gram gold for oxide and 0.55 gram gold for
sulphide (Press Release August 16, 2005). A location map of the
Angostura drilling, along with a map of the underground tunnel work, can
be accessed from our home page link at Greystar's website:
www.greystarresources.com.
REVIEW BY QUALIFIED PERSON, QUALITY CONTROL AND REPORTS
The results of the Company's drilling program have been reviewed,
verified (including sampling, analytical and test data) and compiled by
the Company's geological staff (which includes a qualified person,
Frederick Felder, P.Geo., for the purpose of National Instrument 43-101,
which outlines standards of disclosure for mineral projects).
The Company has implemented a quality control program to ensure sampling
and analysis of all exploration work is conducted in accordance with the
best possible practices. Under these quality assurance measures, drill
core is sawn in quarters (HQ) or halves (NQ), with one quarter or one
half of the core samples shipped to ALS-Chemex Laboratory (ISO 9002
registered) in Vancouver, B.C. for analysis. The remainder of the core
is retained for future assay verification. Gold analysis is conducted by
fire assay (one assay tonne) using an atomic absorption finish. The
laboratory reassays using the ALS-Chemex protocol, and additional checks
may be run on anomalous values. Greystar has independent re-analysis and
sample preparation checks run at other accredited laboratories. The
Company also introduces background blanks prepared from previously
analyzed core samples from the Angostura Project.
Forward-Looking Statement
Some statements in this report contain forward-looking information.
These statements address future events and conditions and, as such,
involve inherent risks and uncertainties. Actual results could be
significantly different from those projected.
All dollar amounts are in Canadian dollars, unless otherwise stated.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Greystar Resources Ltd. - Canada Contact
Mr. David Rovig
President
(406) 245-9520
drovig@greystarresources.com
www.greystarresources.com
or
Parkgreen Communications - London Contact
Annabel Leather
+44 (0) 20 7493 3713
Annabel.leather@parkgreenmedia.com
or
Ocean Equities - London Contact
Will Hodson
+44 (0) 20 7786 4376
will.hodson@oceanequities.co.uk
No Stock Exchange has reviewed or accepts responsibility for the
adequacy or accuracy of this news release. |
