News release out this morning
TORONTO, Nov. 25 /CNW/ - Goldstake Explorations Inc. (GXP-T) announced
today that drilling has commenced on the second hole of its 25-hole diamond
drilling program on the Soreang concession in Java Indonesia. The Company is
drilling on the 99.6 Ha granted exploitation KP -- a mining license. That is,
the joint venture already has approval from the Mines Department of Indonesia
to mine within the area of the exploitation KP.
As with the first hole, the second hole is being drilled into the side of
the ridge on a 55 degree downward angle to assess the width and depth within
the ridge of the mineralized area. The second drill hole is sited at the same
elevation as the first hole, on a 220 m step out to the West.
All the core from the first hole, including the material from the wide
band of brecciation and quartz veining, has been cut and is in the assay
process. The assay lab is on target to produce results in the next 10 days to
two weeks.
In addition, sections of the drill core from the first hole have been
sent for petrological and clay alteration/mineralogy studies to refine the
location of the optimum temperature levels for gold mineralization. Various
studies circa 1988 on previous drill holes established that the gold
intersections were low temperature and higher up in the system within the
ridge. Therefore, Goldstake's current drilling program is designed to
penetrate the higher temperature levels lower in the system, i.e. 250
degrees C, where it is expected that higher concentrations of gold should
occur.
Goldstake is using a Longyear 44 rig with PQ and HQ rods and a triple
tube assembly, to ensure maximum core recovery. This configuration is
typically used at the mine development and production level, to provide a
large volume of rock for assay which in turn produces very reliable ore grade
and tonnage calculations. Hole number 1 was completed at 343 m in 14 days, an
average daily drilling length of over 20 m. Goldstake expects similar
performance on the current hole.
Concurrently with the drilling program, the detailed regional exploration
program is continuing. The regional exploration program covers the entire
concession, both the 99.6 Ha exploitation KP and the 2,700 granted exploration
KP -- an exploration license. The program consists of geological mapping and
soil sampling and detailed trenching and channel sampling.
For further information: Geoff Foulds, (416) 966-3939
The stock is down .55.
Can anyone decipher this news?
Ricki |
