Goldstone Resources Key Lake Results
Wednesday August 4, 12:00 pm ET
Highlight: 2.28 g/t over 42.7m
TORONTO, ONTARIO--(Marketwire - 08/04/10) - Goldstone Resources Inc. ("Goldstone" or "the Company") (TSX:GRC - News)(PINK SHEETS:GRSZF - News) is pleased to announce the initial results from its 100% owned Key Lake drilling program located just west of Geraldton, Ontario. The Key Lake Property is contiguous to the Premier Gold/Goldstone Resources Hard Rock Project in Geraldton, Ontario where diamond drilling by the Company's partner, Premier Gold (TSX:PG - News), has established a significant gold resource at surface as well as high grade intersections at depth. The Company's current Key Lake drill program, estimated to total 15,000 metres, will focus on finding near surface gold mineralization amenable to open pit mining.
The first phase of drilling, totaling 26 holes is complete with the results of the first 12 holes received.
A summary of the results received to date are presented in the table below:
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Drilled
Hole No. UTM N UTM E Azi Dip Au g/t Interval m. From m. To m.
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KL 10-01 5506221 492401 185 -45 1.16 32.8 29.2 62
including 1.79 17.5 44.5 62
KL 10-02 5506054 492364 192 -47 0.86 45 81 126
KL 10-03A 5506301 492418 192 -47 1.17 22 138 160
KL 10-03B 5506301 492418 192 -57 0.94 10.5 115.5 126
KL 10-09 5506254 492101 12 -47 1.35 10 59 69
KL 10-10 5506201 492090 12 -47 1.77 17 99 116
KL 10-12 5506241 491996 12 -47 1.78 9 50 59
1.23 30 162 192
KL 10-13 5506241 491996 12 -47 1.47 11 70 81
KL 10-23 5506236 492352 192 -47 0.56 26.5 26 52.5
KL 10-24 5506274 492361 192 -47 1 34 84 118
KL 10-25 5506312 492369 192 -47 2.78 8 70 78
2.28 42.7 114.3 157
KL 10-26 5506312 492369 192 -57 1.04 23 172 195
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Complete results for the remainder of the holes are still outstanding. Holes drilled were not in numeric order due to logistics and planning. True width of the zone is approximately 70% of drilled interval.
ABOUT KEY LAKE
The Key Lake horizon has an approximate strike length of 2.5km. The initial Phase 1 of drilling was concentrated on about a 1km strike length which hosted the former Magnet Mine. Historic drilling by Cyprus Canada Inc. in the mid-90's outlined a 40-50m wide zone of disseminated gold with a higher grade core comprised of a quartz-feldspar porphyry. The initial drilling of Goldstone's program was aimed at twinning historical holes and filling in gaps along the corridor at 100m intervals.
The exploration program is managed by Goldstone Resources under supervision of Mike Kilbourne, P.Geo, Vice President of Exploration and the qualified person for Goldstone Resources. Mr. Kilbourne prepared this release and states, "Key Lake has been a primary drill target since the amalgamation of Ontex Resources and Roxmark Mines. We are encouraged by the initial results and look forward to receiving additional promising values and continuing the drill program". Thus far the initial 15,000m of drilling is 40% complete.
On-site Quality Assurance/Quality Control Measures
All samples have been shipped to ACTLABS preparation laboratory in Geraldton Ontario, with analyses performed in the ACTLABS laboratory in Thunder Bay, Ontario. All core samples were selected by Goldstone site geologists, 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 labeled and secured by tape for shipping. The remaining coarse reject portions of the samples remain in storage at the ACTLABS preparation laboratory storage facility in Geraldton as required in the event that further work is needed.
Independent Quality Assurance and Quality Control Protocol
A QA/QC program has been implemented to monitor all assays from the current drilling program. Samples are assembled in numbered batches of 38 samples. Included in each batch of 38 samples are two certified reference standards, two laboratory duplicates, one blank sample comprised of silica sand and one core duplicate sample. This QC program was set up for Goldstone Resources 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:
Formed by a 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.
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) 628-5930
(416) 628-5935 (FAX)
www.grcmines.com |
