Goldsource's Border has 19,814 ad kj/kg calorific value
2009-06-25 08:31 ET - News Release
Mr. J. Scott Drever reports
GOLDSOURCE ANNOUNCES COAL QUALITY RESULTS; COMMENCES DRILLING PROGRAM AT BORDER COAL PROJECT
Goldsource Mines Inc. has released the composited quality results for six areas (subbasins) within the Border coal project near Hudson Bay, Sask. In addition, the summer drilling program is now under way.
All the proximate analyses for 405 samples from the winter drilling program have now been received from Loring Labs in Calgary, Alta. The samples are being compiled for interpretive purposes and will be incorporated into the geological model for resource estimates. The weighted-average analytical results from the coal intervals within holes in the Pasquia, Chemong and Split Leaf areas are complete and are shown in the accompanying table. The coal at Border has been previously ranked by Loring Labs as subbituminous A to C. The areas or subbasins have been named according to the hole number of the discovery hole drilled in that particular area.
WEIGHTED-AVERAGE PROXIMATE ANALYSIS
Weighted-
average
coal Calorific
Area thick- Moisture Ash Sulphur value BTU/lb
(sub- ness (%) (%) (%) (kj/kg) (kg/kj)
basin) (m) (ar) (ad) (ar) (ad) (ar) (ad) (ar) (ad) (ar) (ad)
Pasquia 02 27.8 29.6 6.5 17.0 22.6 1.5 2.0 14,924 19,847 6,417 8,534
Pasquia 05 9.1 30.0 5.3 22.0 29.7 2.1 2.9 13,457 18,237 5,786 7,842
Chemong 03 35.0 33.4 7.0 12.1 16.5 1.6 2.2 15,751 22,095 6,773 9,501
Chemong 06 20.0 30.2 8.1 16.8 21.8 1.8 2.4 15,118 20,019 6,501 8,608
Chemong 20 21.9 33.0 9.2 17.6 23.6 2.1 2.9 14,481 19,702 6,227 8,472
Split
Leaf 39 26.9 28.2 4.3 18.8 24.9 1.6 2.2 14,705 19,688 6,323 8,466
---- ---- --- ---- ---- --- --- ------ ------ ----- -----
Total/
average 23.4 30.4 6.6 17.5 23.4 1.7 2.4 14,709 19,814 6,325 8,520
---- ---- --- ---- ---- --- --- ------ ------ ----- -----
Best hole
BD-09-40
Chemong 03 61.2 38.5 4.2 7.8 12.0 1.6 2.5 15,860 24,748 6,819 10,642
Please note that "ar" equals "as received," "ad" equals "air dried" and
"kj/kg" equals "kilojoule per kilogram."
The number of holes used for the composites totalled 38 and involved 889 metres of total coal thickness. A plan and cross-section for the Pasquia 02 area show good coal continuity based on analysis and downhole geophysical logs over an area of approximately 800 metres by 1,100 metres. The average thickness of the coal in the Pasquia 02 area is 27.8 metres. In the Chemong 03 area, however, the average thickness is approximately 35 metres and reaches a maximum true thickness of 100 metres. These extraordinary thicknesses can provide large tonnages within a relatively small area. More detailed information, including interpretive cross-sections and plans for each of the subbasin areas, will be released on an area-by-area basis once the data have been compiled and interpreted.
Fugro Geophysics is currently completing approximately 5,000 line kilometres of new Geotem electromagnetic (EM) airborne survey over areas not previously flown at Border, Ballantyne, Pine River and a number of other separate target areas within Saskatchewan and Manitoba. These data are being reviewed, with priority targets to be included in this year's drill program. Each of the known coal deposits within the Border project area are identifiable with a distinctive geophysical signature, allowing potential targets to be prioritized with a reasonably high degree of certainty.
Drilling has commenced at Border and 10 to 15 holes are expected to be completed on new targets within this project area during the summer program. Approximately 10 holes are planned for the Ballantyne project in Saskatchewan and about 15 holes for the Pine River project for late summer or early fall depending on the receipt of work permits in Saskatchewan and the granting of quarry permits in Manitoba.
J. Scott Drever, president, stated: "The coal quality is substantially consistent within the six significant coal deposits drilled to date and produces raw coal calorific values that are comparable to much of the coal mined in other parts of Canada. There is no coal of this quality currently being produced in Saskatchewan. We are also pleased to have recommenced the exploration at the Border coal project and to have identified additional targets within this project area which have the potential for significant additional coal discoveries. We believe we are still on target for completion of our independently estimated, NI 43-101-qualified coal resource at the Border coal project by the end of the third quarter of this year. Goldsource is well financed and we are looking forward to productive summer and fall exploration programs."
N. Eric Fier, CPG, PEng, and qualified person for this news release, has reviewed and approved its contents.
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