Goldstone Resources Exploration Update
Thursday May 13, 8:00 am ET
ca.us.biz.yahoo.com
TORONTO, ONTARIO--(Marketwire - 05/13/10) - Goldstone Resources Inc. ("Goldstone" or "the Company") (TSX:GRC - News)(PINK SHEETS:GRSZF - News) is pleased to provide an update on our exploration efforts in the Beardmore-Geraldton area of northern Ontario. Following the merger of Ontex Resources and Roxmark Mines in late 2009 to form Goldstone, a large geological and historical production database has been examined to prioritize exploration targets.
KEY LAKE, GERALDTON
The Key Lake property will be the focus of approximately 15,000m of diamond drilling, scheduled to start on June 1st. Historical drilling by Cyprus Amax and Placer Dome in the 80's and 90's has outlined a 2.5 km long band of gold mineralization that appears to have low grade open pit potential. Goldstone plans to twin some of these historical holes and systematically drill along the 2.5km strike length to explore this potential. This property is located approximately 14km west of the Hardrock Project, where Premier Gold (in joint venture with Goldstone) has announced impressive open pit and underground results.
LEITCH-SAND RIVER MINE, BEARDMORE
In the Beardmore area, compilation and prioritization of targets is ongoing. Several promising areas with limited exploration on strike from the high grade Leitch-Sand River mines will be the focus of diamond drilling later in the fall. Additional programs of ground geophysics, trenching and mapping will be conducted on targets in the area that exhibit structural and geological similarities to the historical high grade deposits.
Mike Kilbourne (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.
About Goldstone
Formed by late 2009 merger of Ontex Resources and Roxmark Mines, Goldstone Resources is a well funded gold exploration and development company operating in the historically significant Geraldton-Beardmore area of Northwestern Ontario and focused on gold exploration and deposit delineation at its Brookbank, Northern Empire, Leitch-Sand River and Key Lake gold properties in the Beardmore Camp. At a 3.4 g/t gold cut-off grade, drilling has established 1.36 million tonnes grading 9.7 g/t gold containing 424,400 ounces of indicated resource and 1.09 million tonnes grading 7.9 g/t gold containing 276,600 ounces of inferred resource at Brookbank. (See National Instrument 43-101 technical report -"Technical Report on the Brookbank Gold Deposit, Beardmore - Geraldton Area, Northern Ontario, Canada" by Scott Wilson RPA Inc. dated May 4, 2009, as filed on SEDAR).
In addition, Goldstone has a 30% carried interest in the Hardrock Project in the Geraldton Camp, a joint venture with Premier Gold Limited, with Premier as operator.
Goldstone Resources Inc.
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 includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Contact:
Contacts:
Goldstone Resources Inc.
J. Patrick Sheridan
President & Chief Executive Officer
(416) 864-6332
(416) 628-5935 (FAX)
www.grcmines.com
Source: Goldstone Resources Inc. |
