Goldsource drills new 50.9 m coal zone at Border
2009-02-09 08:29 ET - News Release
Mr. J. Scott Drever reports
GOLDSOURCE UPDATES BORDER WINTER DRILL PROGRAM; INTERCEPTS NEW 50 METRE COAL ZONE AT BORDER PROJECT
Goldsource Mines Inc. has presented the following update on exploration progress and current drill results at its Border project located near Hudson Bay, Saskatchewan.
A total of 18 core holes (1,828 metres) has been drilled using two drill rigs since the commencement of the winter program. The holes drilled to date are proximate to the discovery holes BD08-03 and BD08-06 in an area designated as the Chemong subbasin. Thick coal intercepts have been encountered in five of the holes. The most significant coal intervals were found in hole BD09-20 with approximately 50.9 metres of dull to bright coal with minor partings and hole BD09-22 with 47.0 metres of similar visual coal characteristics. Holes BD09-20 and BD09-22 were step-out holes to test a specific geophysical target approximately 2,500 metres to the south and west of the BD08-03 discovery hole. The coal zone intercepts of 50.9 metres and 47.0 metres respectively have identified a new area of interest within the Border project.
SUMMARY OF VISUAL COAL ZONE INTERCEPTS
Coal zone(i)
Hole Subbasin From To width (m) Note
BD09-13 Chemong 79.5 126.2 46.7 Mudstone parting 92.0 m to 99.2 m
BD09-18 Chemong 46.4 49.6 3.2 Carbonaceous sandstone parting
47.3 m to 48.5 m
BD09-20 Chemong 95.5 147.4 50.9 3 partings totalling 6.27 m
BD09-22 Chemong 74.5 121.5 47.0 6 partings totalling 17.4 m
BD09-24 Chemong 89.0 136.0 47.0 Carbonaceous parting 106 m to 121 m
(i) Coal zone contains both coal and partings.
Numbering of the drill holes for this phase of exploration continues sequentially beginning at BD09-10.
J. Scott Drever, president, stated: "Our overall plan has been to identify the priority areas that contain sufficient quantities of coal such that we can delineate resources that may be economically developed. The two new intercepts adds to the number of areas that require further definition drilling and are significant not only for the extraordinary coal widths encountered but that the existing geophysics was utilized to identify the target. The relationship of the geology, the subbasins and the apparent deposition of the coal encountered to date is somewhat more complex than first anticipated but the current drill results, airborne geophysics and down-hole geophysics are being utilized to develop a comprehensive geological model that enable us to modify the winter drill program as the model develops.
"Drill holes BD09-10, 11, 12, 14-17, 19, 21, 23 and 25-27 contained no significant coal intercepts. These holes were drilled to test the potential boundaries of the identified subbasins proximal to discovery holes BD08-03 and BD08-06 and to test new potential coal locations. From the holes drilled to date, the broader subbasins appear to consist of discrete features containing significant coal thickness up to approximately 50 metres with their limits defined by certain geophysical signatures and the underlying Devonian limestone. The contours of underlying Devonian limestone continue to be a critical factor in defining the subbasins.
"This phase of drilling is expected to complete approximately 38 drill holes in the Chemong and Pasquia subbasins, and approximately 15 holes to test three other potentially broader basins to the south and east. Road building has been completed to all the proposed sites and as many holes as possible will be completed prior to spring breakup in March. In order to expedite the drilling a third rig will be added as soon as it can be mobilized."
Initial identification of the intervals of the coal zone in the table is based on visual characteristics. The company cautions against placing undue reliance on the visual observations of the coal until the results of the analytical work have been announced. Sampling and laboratory test work at Loring Labs in Calgary have started with initial results anticipated in March. Down hole geophysics has been completed on all holes and adjustments to coal seam thickness may be completed for the purpose of reporting of final results. It should be noted that in some instances in previous holes reported, the analyses showed certain portions of the coal zone based on visual characteristics to have raw ash values in excess of 25 per cent. Generally, good thermal coal is carbonaceous material with less than 25 per cent ash and it is on this basis that the clean coal intervals were reported in previous holes.
N. Eric Fier, CPG, PEng, a qualified person for this news release, has reviewed and approved its contents.
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