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Faymar Gold Mine Property -
Through its amalgamation with Faymar, Goldstone owns a 100%
interest in 26 patented claims, totaling 399 hectares
(985.5 acres) in Deloro Township near -
The Dome Gold Mine in Timmins.
http://en.wikipedia.org/wiki/Dome_Mine
A 1% net smelter return royalty is payable to the vendors
of the property.
The patents contain the past producing
Faymar Gold Mine
which produced 119,181 tons at an average recovered grade
of 0.183 ounces of gold per ton
and 0.11 ounces of silver per ton
between 1940 and 1942.
A total of 44,028 tons were also processed in
the Faymar mill
from the nearby Fuller property at an average recovered
grade of 0.148 ounces of gold per ton.
The Faymar patents are located in the Porcupine gold camp
and are underlain by Archean supracrustal rocks of
the Abitibi Greenstone Belt.
On the property, they predominantly consist of andesite and
basalt flows of the Deloro Group with minor iron formation.
A large body of dunite ultramafic occurs in the northwest
corner of the property and east-striking quartz-feldspar
porphyry dykes intrude the volcanic rocks and dunite.
Several faults occur on the property and are splays from
the nearby Destor-Porcupine Fault, a large regional structure
important in localizing gold in the Timmins area.
Gold on the Faymar property is hosted in a series of quartz
veins and shears, marginal to porphyry dykes.
An old asbestos deposit is also located in the ultramafic rocks.
An airborne magnetic and electromagnetic survey flown over
the Timmins area in 1987 detected a series of linear magnetic
and electromagnetic anomalies on the Faymar patents and
no follow-up work has been carried out to test their potential.
Goldstone (Ontex) announced encouraging results on the 2002 exploration
program on the Faymar Property in Deloro Township.
A mapping program re-discovered 60-year old workings along a
NW trending, high-grade gold-quartz vein from which samples
returned values up to 56 g/t Au.
Goldstone, however, was primarily interested in examining
the untested PGE potential of the ultramafic rocks that lie
to the west of the Faymar Gold Mine.
Surface samples from the ultramafic rocks returned values
up to 0.5 g/t Pt Platinum + Pd Paladium and 0.6% Ni Nickel.
A follow-up 2,419m (13 hole) diamond drill program yielded
concentrations up to 0.96 g/t Pt+Pd over 1.6m and 0.7% Ni.
http://www.grcmines.com/faymar.php
The Dome Gold Mine
Was the first producing gold mine in Timmins.
In the spring of 1909, a prospecting team led by Harry Preston
and Jack Wilson uncovered a mound or dome of golden crusted
quartz.
They staked their claims and called it “The Big Dome”.
The mine started as an underground operation and expanded
to include the super pit. It consists of many buildings
including the head frame (building with the red top),
mill, shops, and office building.
To date, it has produced over 15 million ounces of gold.
Not only was it one of the first mines to be discovered,
but it is Canada’s longest running gold mine.
Pamour Mine/Porcupine Joint Venture
Its ore body was first staked in 1909 by a prospector named
A.C. Brown, but for a variety of reasons, such as
the Great Fire of July 11, 1911, World War I, and
the stock market crash of 1929, along with a general lack
of funds, the mine had a difficult start-up.
In 1935, a deal was made between Noranda Mines Ltd. and
Pamour Porcupine Mines Ltd. to bring the mine into production
with Quebec Gold as the manager.
The name Pamour comes from a combination of the names of
two prospectors, Firman La Palme, and Wilfrid D’Amour who
were connected to the property at various times.
The Porcupine Joint Venture,
a joint development project by
Placer Dome Ltd. and Kinross Gold Corp
saw the Pamour pit
back in operation in 2005.
The relocation of Highway 101 allowed for the expansion of
the super pit and rerouted traffic to the south side of
Three Nations Lake.
Reserves are estimated at 1.8 million ounces of gold.
Porcupine Gold Mines Camp -
- 100th Anniversary Video -
Hardrock Joint-Venture
Goldstone has 30% carried interest -
GRC original owner -
given an option of 70% to Premier Gold Mine -
http://www.premiergoldmines.com/s/Hardrock.asp
The Hardrock Project, located in the Beardmore -- Geraldton Greenstone Belt of Northwestern Ontario, is consistent with all the hallmarks of Premier's business model and is a core holding in its exploration portfolio. Premier owns a 70% interest in the project. Many past-producing sites in Canada are undergoing a renaissance and today are being recognized for their exceptional potential to host future world class discoveries. Recent discoveries in Red Lake (Red Lake Gold Mines, Bruce Channel) and at Malartic underscore the importance of exploration in such historic camps.
The Hardrock Project comprises approximately a 15-kilometre long property package that overlies more than 3.0 million ounces of past gold production in a district that has historic production in excess of 4.0 million ounces. The property lies only a few kilometers south of the Town of Geraldton, which is serviced by the Trans-Canada Highway, Trans-Canada Pipeline, and Hydroline. Exploration is conducted year round.
NI43-101 Compliant Mineral Resources
On March 4, 2010 the Company announced that it had received a National Instrument (NI) 43-101 compliant Mineral Resource estimate on the Hardrock Project for the near surface mineralization amenable to open pit mining.
Highlights of the Hardrock Area Mineral Resource estimate include:
* Indicated Resources of 11.6 million tonnes at an average grade of 1.82 grams per tonne (g/t Au) (2.43 g/t Au uncut) hosting 675,000 ounces Au cut (905,000 ounces Au uncut)
* Inferred Resources of 7.3 million tonnes at an average grade of 1.81 g/t Au (3.52 g/t Au uncut) hosting 425,000 ounces Au cut (830,000 ounces Au uncut)
The following table presents the tonnes and grades for the block model used for the Mineral Resource estimate at a range of cut-off grades in order to demonstrate the sensitivity of the estimates. The cut-off value of 1.0 g/t Au was derived from recent technical reports filed on SEDAR and in-house technical data from RCI for similar deposit types.
Indicated Resources
Cut-off Grade Tonnes (Millions) Grade gpt Au (cut) Grams Au Cut
(Millions) Ounces Au Cut Grade gpt Au (uncut) Grams Au uncut
(Millions) Ounces Au Uncut
0.6 gpt Au 22.9 1.30 29.7 955,000 1.65 37.8 1,215,000
0.8 gpt Au 16.1 1.56 25.0 805,000 2.03 32.5 1,045,000
1.0 gpt Au 11.6 1.82 21.1 675,000 2.43 28.1 905,000
1.2 gpt Au 8.5 2.08 17.7 570,000 2.86 24.3 780,000
1.4 gpt Au 6.3 2.35 14.9 475,000 3.33 21.0 675,000
Inferred Resources
Cut-off Grade Tonnes (M) Grade gpt Au (cut) Grams Au Cut
(Millions) Ounces Au Cut Grade gpt Au (uncut) Grams Au uncut
(Millions) Ounces Au Uncut
0.6 gpt Au 16.1 1.25 20.1 645,000 2.39 38.4 1,085,000
0.8 gpt Au 11.0 1.51 16.5 530,000 3.03 33.1 955,000
1.0 gpt Au 7.4 1.81 13.2 425,000 3.92 28.8 830,000
1.2 gpt Au 4.9 2.15 10.6 340,000 5.06 24.9 730,000
1.4 gpt Au 3.3 2.57 8.6 275,000 6.49 21.7 640,000
1. The above table includes an adjustment to account for excavation voids by subtracting 975,000 T @ 1.8 gpt (1.1M grams) from the Indicated material reported and by subtracting 625,000 T @ 1.8 gpt (1.7 M grams) from the Inferred material reported. All drilling used for the estimate was done subsequent to mining and there are no drillhole intervals used for the estimates that are from mined out areas.
2010 Exploration Plans
In 2010, Premier has planned an aggressive $10 to $12 million exploration program with the goal of tabling a second NI43-101 compliant mineral resource estimate amenable to underground mining after its completion. In order to achieve this, we have planned the following exploration program:
* Some 50,000 metres of diamond drilling in delineation and exploration configurations.
* Focus within 300 to 1200 metres from surface.
* Target areas of existing mineralization & those with high potential for discovery based on our geological model.
Given the pace at which our 2010 program is being conducted, shareholders and potential shareholders can anticipate press releases updating results and progress on the Hardrock Project on a regular (bi-weekly to monthly) basis.
Assay Results
(as of June 17, 2009)
NN Zone North Zone
MAPS
click to enlarge
Plan View
click to enlarge
NN Zone
click to enlarge
North Zone
click to enlarge
EP North Limb
click to enlarge
EP North Limb B
click to enlarge
EP North Limb C
click to enlarge
EP South Limb
click to enlarge
EP South Limb B
click to enlarge
EP South Limb C
click to enlarge
Tenacity TN1
click to enlarge
Tenacity TN2
click to enlarge
HGV
click to enlarge
SP Zone
Photos
click to view
Historic Mine Photos
click to view
NYBob Thanks you for those very interesting figures. Holding on to my gold. Hey funny thing one of my gold caps just came off today. Do I keep it and cap with plastic, thus avoid having to remove them when gold reaches the moon and they are worth more for their gold content then to cap my teeth or leave them for the undertaker?
Goldstone Resources (GRSZF) fiat$1.1862 UP $0.202 +20.52%
Volume: 100,600 @ 3:43:38 PM ET
The Big Question: What gold price would be legislated to reflate the U.S. and global economy?
I can’t tell you what gold price the G-20 would ultimately agree to.
But here’s what they will be looking at …
e.g.,
* To monetize 100% of the outstanding public and private sector debt in the U.S., the official government price of gold would have to be raised to about $53,000 per ounce.
* To monetize 50%, the price of gold would have to be raised to around $26,500 an ounce.
* To monetize 20% would require a gold price a hair over $10,600 an ounce.
* To monetize just 10%, gold would have to be priced just over $5,300 an ounce.
Those figures are just based on the U.S. debt structure and do
not factor in global debts gone bad.
But since the U.S. is the world’s largest debtor and the
epicenter of the crisis, the G-20 will likely base their
final decision mostly on the U.S. debt structure.
So how much debt do I think would be monetized via an executive
order that raises the official price of gold?
What kind of currency devaluation would I expect as a result?
I would not be surprised to see the G-20 monetize at least 20%
of the U.S. debt markets. THAT MEANS …
* Gold would be priced at over $10,000 an ounce.
* Currencies would be devalued by a factor of at least 12
to 1, meaning it would take 12 new dollars or euros
to equal 1 old dollar or euro.
The return of the Gold Standard?
“But Larry,” you ask, “how could this be accomplished when we
no longer have a gold standard?
Further, are you advocating a gold standard?”
If the G-20 monetizes at least 20% of the U.S. debt markets,
gold could easily hit $10,000 an ounce.
If the G-20 monetizes at least 20% of the U.S. debt markets,
gold could easily hit $10,000 an ounce.
My answers:
First, you don’t need a gold standard to accomplish a devaluation
of currencies and revaluation of the monetary system.
By offering to pay over $10,000 an ounce for gold, central banks
can effectively accomplish the same end goal —
monetizing and reducing the burden of debts, via inflating
asset prices in fiat money terms.
Naturally, hoards of gold investors will cash in their gold.
The central banks will pile it up.
At the same time, other hoards of investors will not sell
their gold, even at $10,000 an ounce.
But the actual movement of the gold will not matter.
It is the psychological impact and the devaluation
of paper currencies that matters.
Second, I do NOT advocate a fully convertible gold standard.
Never have.
There isn’t enough gold in the world to make currencies
convertible into gold.
It would end up backfiring, restricting the supply of money
and credit.
What should you do to prepare for these possibilities?
It’s obvious:
Make sure you own some core gold, as much as 25% of your
investable funds.
Also, as I’ve noted in past Money and Markets issues,
you will want to own key natural resource stocks,
and even select blue-chip stocks that will participate
in the reflation scheme ...
Best wishes,
by Larry
Ultimately this would be a good thing, but what happens to gold prices in the mean time?
World Bank chief calls for The New Gold Standard -
HONG KONG (MarketWatch) –- The president of the World Bank said in a newspaper editorial Monday that;
the Group of 20 leading economies should consider adopting
a global reserve currency based on gold as part of structural
reforms to the world’s foreign-exchange regime...
http://www.marketwatch.com/story/world-bank-chief-calls-for-new-gold-standard-2010-11-07?dist=beforebell
Morning Update/ Market Thread 11/4 QE2 and YOU!
Good Morning,
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56325474
by tickettoride thanks good info smile
Member Profile tickettoride
Official US Deficit Put At Staggering $202 Trillion -
the fiat$ bankrupt -
http://www.eutimes.net/2010/08/official-us-deficit-put-at-staggering-202-trillion/
The Birth of the U.S. Federal Reserve Bank - How usury destroyed America
Pour a favorite beverage for yourself, sit back, listen and brush up on your history!
Where does money come from? Where does it go? Who makes it? The money magician's secrets are unveiled. Here is a close look at their mirrors and smoke machines, the pulleys, cogs, and wheels that create the grand illusion called money. A boring subject? Just wait. You'll be hooked in five minutes. It sounds like a detective story, which it really is, but it's all true. Based on Mr. Griffin's book of the same title, this address will shatter your old ideas about money and change the way you view the world. 1998 lecture.
http://video.google.com/videoplay?docid=-8484911570371055528&q=creature+jeckyll&ei=c8kMSKSjJZPE2AKU2826BA#
by PanicButton thanks good info
God Bless
QE2 is breaking it loose, maybe I'll keep all my gold stocks and sell the other junk!
GOLD close to 1400 level, here in germany you would say
"jetzt ist polen offen" (which means something like
"now can happen everygthing" ) i think GRC is about to
be reevaluated completly different now and might
reach 2$ in no time. the real big money has not even
started to move into mining stocks.
i was on a resource investment conference over here
in Frankfurt this wednesday, and let me tell you
only 60 people where there mostly institunionals,
while at soem inv. conf. for solar power or somthing
thousands of retail people hamng around.
THIS showns me one thing:
the real bull market has not even started.
teatime
PS: PG was also there in Frankfurt
posted by
Teatimenow3
11/4/2010 3:50:07 PM |
Great day KING, well we have a long hike back UP
a strong breakout will get us a good start
http://tmx.quotemedia.com/article.php?newsid=35405106&qm_symbol=GRC
NYBob I got a great feeling about this one. I may sell BRD and put it here, but BRD looks like it may break out of a cup and handle big time.
Hardrock Project Drilling: Best Results To-Date
F-Zone Delineation: 7.92 g/t Au across 114.5 m,
including 23.56 g/t Au across 31.0 m
TORONTO, ONTARIO, Nov. 4, 2010 (Marketwire) --
Goldstone Resources Inc. -
(TSX:GRC) (PINK SHEETS:GRSZF)
today announced that drilling by
Premier Gold Mines Limited (TSX:PG) as operator continues to delineate significant gold mineralization in multiple horizons at the Hardrock Joint Venture Project in Northwestern Ontario. There are currently eleven drill rigs operational on the property testing for extensions of previously mined zones and exploring new target areas.
Goldstone holds a 30% carried interest in the Hardrock Project.
Recent highlights include:
-- 7.92 g/t gold (Au) across 114.5 metres (m) (0.23 oz/t across 375.6 feet)
including 23.56 g/t Au across 31.0 m (0.69 oz/ton across 101.7 feet) in
hole MM179C conducting initial resource confirmation drilling in the F-
Zone.
-- 18.49 g/t Au across 20.5 m (0.54 oz/t across 67.2 feet) in hole MM170
located approximately 500 metres west of the limits of previous
exploration.
-- Recent exploration drilling has intersected strong mineralization in new
areas on the property - assays are expected in the near future.
"We have ramped up our drilling due to unparalleled success in multiple areas. Expansion of historically mined zones and multiple new discoveries are expected to add materially to the current gold resource at Hardrock," stated Ewan Downie, President and CEO of Premier. "This continued success demonstrates the potential to define a multi-million ounce gold deposit".
"We continue to be gratified by results at the joint venture with Premier, while aggressively pursuing drilling programs on our 100%-owned properties in the Geraldton-Beardmore camp, including the Key Lake property, contiguous to the Hardrock Project," added Philip Cunningham, Goldstone Chairman and Interim CEO.
F Zone Resource Delineation
The F-Zone is the largest of the past-producing mine zones at Hardrock which produced more than 1.4 million ounces utilizing bulk underground methods with widths often exceeding 30 metres (100 feet).
Importantly, when the mine closed in 1960's, a 600-metre plunge length of ore was left unmined.
Hole MM179C is the first of several holes to confirm this mineralization and upgrade it to NI43-101 resource standards (see Figure 1 and
Table 1) This intercept returned the following assays:
Table 1 New Intercepts from F Zone delineation drilling (Mother
hole with multiple wedge holes)
-----------------------------------------------------------------------
UTM Dip/
Coordinates Azimuth From To
Hole-ID (m) (degrees) (m) (m)
-----------------------------------------------------------------------
MM179 5502965 N
502300 E -82/360 NSV
-----------------------------------------------------------------------
MM179A 5502965 N
502300 E -82/360 did not reach target
-----------------------------------------------------------------------
MM179B 5502965 N
502300 E -82/360 did not reach target
-----------------------------------------------------------------------
(i)MM179C 616.5 731.0
------------- -------------------------
including 5502965 N 672.0 703.0
------------- -------------------------
including 502300 E -82/360 688.0 689.5
-----------------------------------------------------------------------
----------------------------------------------------------------------------
Interval Grade Interval Grade
Hole-ID (m) (g/tonne) (ft) (oz/ton) Zone
----------------------------------------------------------------------------
MM179
----------------------------------------------------------------------------
MM179A
----------------------------------------------------------------------------
MM179B
----------------------------------------------------------------------------
(i)MM179C 114.5 7.92 375.6 0.23 F Zone
----------------------------------------------------------------------------
including 31.0 23.56 101.7 0.69
----------------------------------------------------------------------------
including 1.5 329.00 4.9 9.61
----------------------------------------------------------------------------
(i) Intersection includes 8m of mine workings at zero grade, which is part
of the developed openings within the F Zone.
- True widths are estimated at approximately 60-70% of intersection.
Western Mine Extension (F Zone)
Recent drilling has intersected mineralization to the west of, and below the limits of historical mining at Hardrock which was mined to a maximum depth of 600 metres. This drilling is located in a previously untested area more than 500 metres to the west of the western-most mined area at Hardrock (See Figure 1). Hole MM170, a step-out from previously released hole MM157, returned 18.49 g/t Au across 20.5 m (0.54 oz/t across 67.2 feet) including 348.00 g/t Au across 0.8 m (10.16 oz/ton across 2.6 feet).
Wedge drilling in this new area has been completed with assays pending.
New drill results from the western extension area are contained in Table 2.
Table 2 New Sub Zone Intercepts from Western Extension drilling
-----------------------------------------------------------------------
UTM Coordinates Dip/Azimuth
Hole-ID (m) (degrees) From (m) To (m)
-----------------------------------------------------------------------
MM170 5502819 N 958.3 978.8
------------- -------------------------
including 501348 E -80/360 960.0 960.8
-----------------------------------------------------------------------
----------------------------------------------------------------------------
Grade Interval Grade
Hole-ID Interval (m) (g/tonne) (ft) (oz/ton) Zone
----------------------------------------------------------------------------
MM170 20.5 18.49 67.2 0.54 F zone
----------------------------------------------------------------------------
including 0.8 348.00 2.6 10.16
----------------------------------------------------------------------------
- True widths estimated at approximately 60-70% of intersection.
To view, "Figure 1: Longitudinal Section of recent F_Zone drill-hole pierce points," please visit the following link: http://media3.marketwire.com/docs/GRCnovFIG1.pdf.
Other Hardrock Drilling
Drilling continues to delineate mineralization within the NN Zone and the SP Zone target areas with results expected to be released in the future.
Additionally, drilling is testing several new exploration target areas on the Property, recently intersecting favourable structures and mineralization including visible gold in multiple locations - assays are pending.
Follow-up drilling at these intersection sites is underway.
The Hardrock Project is host to several past-producing mines which collectively produced nearly 3.0 million ounces of gold from 1938-1968 primarily from shallow depths within 600 metres of surface (considered to be shallow for an Archean gold deposit).
The Hardrock Project benefits from development advantages with the Trans-Canada Highway, TransCanada PipeLine, and major power lines running through the center of the property.
A revised resource calculation is expected to be completed following the 2010 drill program containing both open pit and underground style mineralization.
Stephen McGibbon, 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. Assay results are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Ancaster, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
About Goldstone
Formed by a late 2009 merger of Ontex Resources and Roxmark Mines, Goldstone Resources is a gold exploration and development company operating in the historically significant Geraldton-Beardmore camp of Northwestern Ontario and focused on gold exploration and deposit delineation at its Key Lake, Brookbank, Northern Empire and Leitch-Sand River gold properties, and as a partner in the Hardrock Project joint venture with Premier Gold. A preliminary assessment of the Brookbank deposit is being carried out by Micon International. The camp is host to several past producers in a district that has historical production of more than 4.1 million ounces of gold from high grade ore before being shut down primarily as a result of a $35 gold price-and to Goldstone's fully permitted, expandable 200-TPD Northern Empire mill.
Further information is available on the Company's website at http://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.
Neither Toronto Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Goldstone Resources Inc.
Chairman and Interim CEO (416) 860-1636
http://www.grcmines.com
http://tmx.quotemedia.com/article.php?newsid=35405106&qm_symbol=GRC
NYBob Thanks looking to pick some up for my wife's IRA.
Goldstone Resources (GRC) fiat$0.7 UP 0.01 +1.45%
Volume: 127,548 @ 3:17:36 PM ET
Bid Ask Day's Range
0.68 0.7 0.68 - 0.7
Gov. Debt - MOAB - Mother Of All Fiat Bubbles -
http://monetaadvisors.com/?p=67
Gold has replaced every fiat currency for the past 3000 years -
http://www.kwaves.com/fiat.htm
http://www.canadiancontent.net/commtr/fiat-currency-fall-dollar_958.html
Goldstone Appoints Whitton as Director -
TORONTO, ONTARIO, Oct. 18, 2010 (Marketwire) --
Goldstone Resources Inc.
(TSX:GRC)(PINK SHEETS:GRSZF) today announced the appointment
of John F. Whitton, B.Sc., PGeo,. as a director of the Company.
Mr. Whitton holds an Honours Bachelor of Science degree
in Geology from Trinity College in Dublin, Ireland and has
been extensively involved in mineral exploration projects
in Canada, U.S. and the British Isles, focusing primarily
on gold and other precious metals for the past thirty years.
He is experienced in all levels of exploration and development,
including mine and mill design, mine construction and operations.
Mr. Whitton has been a director of Sabina Gold & Silver Corp.
(TSX:SBB) since 1987 and is a registered Professional
Geoscientist in the Province of Ontario.
From 2007 until 2008, when the company was sold to Goldcorp
Inc., he was Project Manager/Chief Geologist for
Gold Eagle Mines Limited.
A longtime resident of Red Lake, Ontario, he is currently under
contract to Goldcorp (Red Lake Gold Mines) there as
Manager of Community Relations.
"We are pleased to have John join the board and Executive
Committee of Goldstone and look forward to his assistance as
we endeavour to enhance shareholder value", stated
Mr. Philip Cunningham, Chairman and Interim CEO of Goldstone.
"His deep mining experience and knowledge of the Geraldton-
Beardmore camp, will be of particular benefit to our Company
as we move forward."
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
camp of Northwestern Ontario and focused on gold exploration
and deposit delineation at its 100%-owned
Key Lake,
Brookbank,
Northern Empire
and Leitch-Sand River gold properties-in
addition to its 30% carried interest in the Hardrock Project
joint venture with Premier Gold Mines Limited.
A preliminary economic assessment of the Brookbank deposit
is being finalized by Micon International.
The Camp is host to several past producers in a district
that has historical production of more than 4.1 million ounces
of gold from high grade ore before being shut down primarily
as a result of a $35 gold price.
Goldstone's fully permitted, expandable 200-TPD mill is
located next to the Northern Empire Mine.
Further information is available on the Company's website at
http://www.grcmines.com
and on SEDAR under the Company's profile at www.sedar.com.
Forward-Looking Statements
This news release may contain forward-looking information under applicable securities laws concerning Goldstone's business, operations, financial performance, condition and prospects, as well as management's objectives, strategies, beliefs and intentions. Forward looking information is frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "intend" and similar words referring to future events and results. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, delay or inability to raise additional financing on satisfactory terms, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions and changes in conditions in the financial markets. Readers are cautioned not to place undue reliance on this forward-looking information as actual results may differ materially from those expressed or implied in the forward looking information. Goldstone does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
Goldstone Resources Inc. Chairman and Interim Chief Executive Officer (416) 860-1636 begin_of_the_skype_highlighting (416) 860-1636 end_of_the_skype_highlighting
(416) 360-7355 (FAX)
http://www.grcmines.com
GRC Insider buying today -
http://www.tmxmoney.com/HttpController?GetPage=InsiderTradeMarker&Market=T&Language=en
328,600 shares bought buy insiders today.
I wonder if it was the big blocks bought
at the end of the day by National Bank?
Cunningham has been known to put in large market orders
through National Bank in the past.
Are the insiders loading up before the PEA is released?
Nice to see the guys on the inside showing some confidence
Golstone Resources (GRSZF) $0.703 UP $0.0751 +11.96%
Volume: 14,533 @ 12:04:20 PM ET
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=55367831
see you all at a buck very soon!
MD looks thin on the sell side.
Maybe the Conn has dumped his last few shares!
LAst trade 74 cents up 8
Bid
Orders - Volume - Price
3 - 24,500 - 0.71
1 - 10,000 - 0.70
3 - 33,000 - 0.69
2 - 6,000 - 0.67
1 - 50,000 - 0.66
Ask
Price - Volume - Orders
0.74 - 1,000 - 1
0.75 - 24,600 - 4
0.76 - 8,000 - 1
0.77 - 5,000 - 1
0.78 - 26,500 - 2
by miliondollar thanks good info
Eyes have turned toward the Fed, other nations have
also been embarking on monetary easing measures in
attempts to support their exporters.
This has also led to buying in gold as a broader
alternative currency.
"Everyone's trying to devalue their currencies;
no one's sure who's going to win," said Craig Ross,
vice president of ApexFutures.
"So do you want to be in paper, or in a metal that
at least isn't going to hurt you no matter who wins?" -
The COMEX December gold futures contract closed up $10.30 Friday
at $1345.30, trading between $1325.60 and $1350.80
The Leitch Gold Mine -
The Leitch Gold Mine -
was once Canada's richest.
The Sand River/Leitch complex -
produced more than 900,000 ounces of gold.
Like other Goldstone mines -
in both Camps, it remains open at depth.
The Leitch Mine (now 100% owned by Goldstone)
was one of Ontario’s highest grade and most profitable gold
mines, producing 860,648 ounces from 906,395 tons of ore
at an average recovered grade of 0.91 oz.Au/ton.
Even more impressively, the average recovered grade over
the last ten years of the mine’s operation was 1.15 oz.Au/ton.
GOLDSTONE RESOURCES (TSE:GRC)
Gold is coming very soon -
- a golden opportunity -
This is now looking like my investment in BRD before their merger, it just keeps gaining traction.
JV-partner PG operator of Hardrock gold project -
11 drillrigs going
Backtrack..Ontex Resources - CEO Interview - August 14, 2008 -
Beautiful move up on gold - Goldstone is living up
to it name with that kind of drill showings -
GOLDSTONE RESOURCES (TSE:GRC) bottom fishing
http://investorshub.advfn.com/boards/board.aspx?board_id=1499
The Jellicoe Consolidated Gold Mine -
history often repeat itself -
The Jellicoe Consolidated gold mine -
It resulted from the amalgamation of Whitegorse Gold Mines, Ltd.,
and Jellicoe Gold Mining Company, Ltd.,
situated directly west of
the Tombill Gold Mine -
and Bankfield Gold Mine properties -
on the eastern portion of the Lindsley Township.
Jellicoe Consolidated Gold Mines Limited
was incorporated in 1936.
Shaft sinking began in 1937.
In 1938, the company suspended operations,
and -
in 1939, the new company
Jellicoe Mines Limited
was incorporated and the production
of gold and silver was started.
GRC - NEWS - Goldstone Chairman, CEO, Philip Cunningham -
"These are encouraging results on which we will be actively
following up between now and he end of the year,"
said Goldstone Chairman and Interim CEO, Philip Cunningham.
The Key Lake horizon has an approximate strike length of 2.5km.
The initial Phase 1
of drilling was concentrated on about a 1.5km strike length
which hosted the former Jelex Mine.
Historic drilling by Cyprus in the mid-90's outlined
a 40-50m wide zone of disseminated gold
with a higher grade core comprised of a
quartz-feldsapr 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 within
NI 43-101 for Goldstone Resources.
Mr. Kilbourne prepared this release and states,
"Drill hole KL10-22
is one of the best intersections to date on
the Key Lake property and is located 700m west of
the old Jelex Mine
in an area which has received little attention.
Recent modeling of the entire drill data set will aid us
tremendously in our Phase 2 drilling efforts and increase
our success rate."
An additional 20 holes
for approximately 3500m
have been planned and are currently underway.
"In the meantime, we continue to assess results from exploration
on our Northern Empire
and Leitch-Sand River properties
in the Beardmore area."
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=55285530
http://www.grcmines.com/index.php
NYBob beautiful move up on gold. Goldstone is living up to it name with that kind of drill showings.
GRC - NEWS - Goldstone Chairman, CEO, Philip Cunningham -
"These are encouraging results on which we will be actively
following up between now and he end of the year,"
said Goldstone Chairman and Interim CEO, Philip Cunningham.
The Key Lake horizon has an approximate strike length of 2.5km.
The initial Phase 1
of drilling was concentrated on about a 1.5km strike length
which hosted the former Jelex Mine.
Historic drilling by Cyprus in the mid-90's outlined
a 40-50m wide zone of disseminated gold
with a higher grade core comprised of a
quartz-feldsapr 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 within
NI 43-101 for Goldstone Resources.
Mr. Kilbourne prepared this release and states,
"Drill hole KL10-22
is one of the best intersections to date on
the Key Lake property and is located 700m west of
the old Jelex Mine
in an area which has received little attention.
Recent modeling of the entire drill data set will aid us
tremendously in our Phase 2 drilling efforts and increase
our success rate."
An additional 20 holes
for approximately 3500m
have been planned and are currently underway.
"In the meantime, we continue to assess results from exploration
on our Northern Empire
and Leitch-Sand River properties
in the Beardmore area."
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=55285530
http://www.grcmines.com/index.php
Highlight: Gold 3.17 g/t Over 44.0 m -
Great result at shallow level -
News
Goldstone Announces Further Key Lake Results -
http://www.grcmines.com/news_.php?url=http%3A%2F%2Fcnrp.marketwire.com%2Fclient%2Fgoldstone_resources%2Frelease_xml.jsp%3FactionFor%3D1331492
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 1.5km
strike length which hosted the former Jelex Mine.
Historic drilling by Cyprus in the mid-90's outlined a 40-50m wide zone
of disseminated gold with a higher grade core comprised of a
quartz-feldsapr 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 within NI 43-101
for Goldstone Resources.
Mr. Kilbourne prepared this release and states, "Drill hole KL10-22
is one of the best intersections to date on the Key Lake property
and is located 700m west of the old Jelex Mine in an area which
has received little attention.
Recent modeling of the entire drill data set will aid us tremendously
in our Phase 2 drilling efforts and increase our success rate."
An additional 20 holes for approximately 3500m have been planned
and are currently underway.
Key Gold Lake Mine - make the trend to be your friend
http://www.grcmines.com/key-lake.php
Goldstone Resources (USOTC:GRSZF) fiat(USD) $0.6051
Change ? 0.0036 (0.60%)
Bid -
Ask -
Volume 39,497
Days Range 0.554 - 0.6051
Last Trade 10/5/2010 3:06:53 PM
Goldstone Resources (TSE:GRC)(USD) fiat$0.59 UP $0.01 +1.72%
Bid 0.59
Ask 0.62
Volume 306,015
Days Range 0.57 - 0.62
Last Trade 10/5/2010 3:55:33 PM
Detailed GRC Stock Quote
Gold futures settled above $1,340 for the first time
as investors fled paper currencies in favor of the metal
as a perceived store of value.
The gains came amid growing expectations the Federal Reserve
will embark on another round of monetary easing and as other
central banks soften their policies, leading some to forecast
currency devaluation and longer-term increases
in consumer prices.
Of course, gold can go higher
http://laboussole2012.wordpress.com/2010/09/27/of-course-gold-can-go-higher/
NYBob I bet there's got to be 2 million oz Au plus
in these new zones, sounds very rich.
thanks good info
NYBob I bet there's got to be 2 million oz Au plus in these new zones, sounds very rich.
Do you follow TSX-V: PCY they are having a conference call tomorrow because of the very rich drill results released on 09/27/10. The price has not taken off yet. If you have time please give an Opinion on them.
http://www.prophecyresource.com/news_2010_sep29.php
Goldstone-Premier Joint Venture Drilling Expands Deep Gold Zones at Hardrock Project
5.49 g/t Au Across 53.0 m Including 11.34 g/t Au Across 19.5 m
http://www.grcmines.com/news_.php?url=http%3A%2F%2Fcnrp.marketwire.com%2Fclient%2Fgoldstone_resources%2Frelease_xml.jsp%3FactionFor%3D1326347
TORONTO, ONTARIO--(Marketwire - Sept. 28, 2010) -
GOLDSTONE RESOURCES INC.
(TSX:GRC)(PINK SHEETS:GRSZF) today announced that deep drilling by
its joint venture partner Premier Gold Mines Ltd. as operator
continues to delineate significant gold mineralization in multiple
horizons below historically mined zones where more than 2.1 million
ounces was produced to maximum depths of only 600 metres at the
Hardrock Project in Northwestern Ontario.
Goldstone holds a 30 percent carried interest in the Hardrock Project.
Because of continued success, additional drills are being added
such that eleven drill rigs will be operational on the property
in the coming weeks. Recent highlights include:
* Deep drilling in the F-Zone, following up a previously released
intersection of 9.28 g/t Gold (Au) across
28.4 metres (m) (0.27 oz/t across 93.2 feet) in MM093,
has returned 5.49 g/t Au across
53.0 m (0.16 oz/t across 173.9 feet) including 11.34 g/t Au across
19.5 m (0.33 oz/ton across 64.0 feet), and 4.36 g/t Au across
17.8 m (0.13 oz/ton across 58.4 feet) in MM172.
* Deep drilling to the west of historical mine workings in the F-zone returned multiple gold intersections including 4.36 g/t Au across 17.8 m (0.13 oz/t across 58.4 feet) and including 8.36 g/t Au across 4.3 m (0.24 oz/t across 14.1 feet) in MM157. Of note, this intersection is located 300 metres west of, and 50 metres below the deepest and western-most mining.
* Deep drilling in the North Zone and F-Zone continues to intersect strong gold values suggesting excellent resource potential proximal to and below existing mine workings.
"Our deep drilling below the historic mine workings is returning impressive results in three separate areas. This is very significant for the project because it confirms that the historic zones extend to depth and are wide open for expansion" stated Tim Twomey, Exploration Manager for Premier. "Drilling at Hardrock continues to deliver strong results in multiple zones that are expected to add materially to our current gold resource".
"We continue to be pleased with the progress at Hardrock and the excellent results obtained to date, which we believe underscore the unrealized value of both Goldstone and the Beardmore-Geraldton Camp", added Philip Cunningham, Goldstone Chairman and Interim CEO.
F Zone
The F-Zone is the largest of the past-producing mine zones at Hardrock which produced more than 1.4 million ounces utilizing bulk underground methods with widths often exceeding 30 metres (100 feet). Importantly, hole MM172 tested up-plunge of an area where high grade gold mineralization was identified below the F-Zone on the bottom mine level (Level 13) but was never mined. This target, which is interpreted to represent a second lense of the F-Zone, remains wide open for expansion. Current drilling is focusing on defining mineralization proximal to and below the lower levels of the mine. To-date, five holes have been drilled over a 250 metre strike length (complete results presented in Table 1), successfully intersecting high-grade gold mineralization including:
* 9.28 g/t Au across 28.4 m (0.27 oz/ton across 93.2 feet) including 43.50 g/t Au across 3.0 m (1.27 oz/ton across 9.8 feet) in hole MM093.
* 5.49 g/t Au across 53.0 m (0.16 oz/t across 173.9 feet) including 11.34 g/t Au across 19.5 m (0.33 oz/ton across 64.0 feet) in hole MM172. This intercept is located approximately 100 metres below the limits of mining of the F-Zone on this section.
Table 1 New Sub Zone Intercepts from F-Zone Deeps - * denotes previously released drill holes
Hole-ID UTM
Coordi-
nates (m) Dip/
Azi-
muth
(de-
grees) From
(m) To
(m) Inter-
val
(m) Grade
(g/
tonne) Inter-
val
(ft) Grade
(oz/
ton) Zone
MM093* 5502754 N -66/360 564.1 592.5 28.4 9.28 93.2 0.27 F
including 503397 E 588.0 591.0 3.0 43.50 9.8 1.27 F
MM100* 5502754 N
503189 E -65/360 660.0 694.5 34.5 2.10 113.2 0.06 F
750.2 759.5 9.3 4.71 30.5 0.14 F
MM116
extension 5502675 N
503300 E -65/360 816.0 817.5 1.5 9.70 4.9 0.28 F
MM025
extension
5502721 N
-65/360
709.1
732.4
23.3
2.08
76.4
0.06
F
including 503500 E 709.1 710.3 1.2 8.49 3.9 0.25 F
including 728.6 732.4 3.8 5.31 12.5 0.16 F
MM172 5502660 N 503600 E -66/360 640.5 693.5 53.0 5.49 173.8 0.16 F
including 674.0 693.5 19.5 11.34 64.0 0.33 F
True widths estimated at approximately 70% of intersection
Note that gaps in hole numbers in these tables are due to 10 different drill rigs assigned the next sequential drill-hole number as each hole is completed. These are being drilled in five separate areas within the Hardrock Project. Other hole numbers can be considered to carry no significant values or are included in other zones, some of which may have already been released.
Hardrock Western Deeps F Zone
One drill is currently testing for mineralization to the west of, and below the limits of historical mining at Hardrock which was mined to a maximum depth of 600 metres. This is considered to be shallow for an Archean gold deposit, with more than 2.1 million ounces having been recovered. The new drilling is located approximately 300 metres to the west of, and 50 metres below, the western-most mined area at Hardrock. Two gold zones were intersected in hole MM157 with assays of 4.36 g/t Au across 17.8 m (0.13 oz/ton across 58.4 feet) including 8.36 g/t Au across 4.3 m (0.24 oz/t across 14.1 feet) and a second zone that returned 5.44 g/t Au across 4.5 m (0.16 oz/t across 14.8 feet). Additional drilling in this new area is ongoing. New drill results from the western extension area are contained in Table 2.
Table 2 New Sub Zone Intercepts from Western Extension drilling
Hole-ID UTM
Coordi-
nates
(m) Dip/
Azi-
muth
(de-
grees) From
(m) To
(m) Inter-
val
(m) Grade
(g/
tonne) Inter-
val
(ft) Grade
(oz/
ton) Zone
MM157 899.5 924.0 24.5 3.21 80.4 0.09 F
including 5502887 N -80/360 904.7 922.5 17.8 4.36 58.4 0.13 F
including 501427 E 904.7 909.0 4.3 8.36 14.1 0.24 F
938.5 943.0 4.5 5.44 14.8 0.16 F
True widths estimated at approximately 70% of intersection
North Zone
Drilling is also focused on expanding mineralization below the bottom level of the historically mined North Zone which remained open at the time of closure. New drill results from the North Zone are contained in Table 3. Of note, hole MM164A, which represents the deepest hole drilled to-date within the North Zone target approximately 570 metres down plunge of the bottom level of the mine (13th Level), has returned 12.25 g/t Au across 2.4 m (0.36 oz/t across 7.9 feet). Ongoing drilling with four drill rigs is continuing to expand mineralization in this area. An X-Zone in MM155D that grades 29.10 g/t over 1.5 m is a quartz vein that will require close-spaced drilling, likely from underground, to measure its potential. It is nearby to MM073, which returned 17.70 g/t over 1.5 m.
Table 3 New Sub Zone Intercepts from North Zone and F-Zone Deeps
Hole-ID UTM
Coordi-
nates
(m) Dip/
Azi-
muth
(de-
grees) From
(m) To
(m) Inter-
val
(m) Grade
(g/
tonne) Inter-
val
(ft) Grade
(oz/
ton) Zone
MM106E 776.5 781.9 5.4 3.61 17.7 0.11 North A
including 5503397 N 781.0 781.9 0.9 7.29 3.0 0.21 North A
503577 E -80/180 790.5 792.7 2.2 4.24 7.2 0.12 North B
799.8 801.0 1.2 5.17 3.9 0.15 North C
807.4 811.7 4.3 4.53 14.1 0.13 North D
MM155 5503404 N -82/180 551.3 554.8 3.5 42.00 11.5 1.23 X
503500 E
MM155A 5503404 N 722.0 724.0 2.0 10.66 6.6 0.31 X
-82/180 908.5 911.5 3.0 5.97 9.8 0.17 North D
503500 E 917.5 919.2 1.7 3.84 5.6 0.11 North E
MM155B 5503404 N -82/180 hole
abandoned North
503500 E
MM155C 839.8 840.9 1.1 5.12 3.6 0.15 North A
5503404 N -82/180 853.5 855.0 1.5 4.05 4.9 0.12 North B
503500 E 877.5 885.5 8.0 4.83 26.2 0.14 North C
including 882.5 884.0 1.5 15.90 4.9 0.46 North C
534.0 535.5 1.5 29.10 4.9 0.85 X
5503404 N
MM155D 503500 E -82/180 849.3 850.4 1.1 6.41 3.6 0.19 North A
863.8 865.5 1.7 6.68 5.6 0.20 North C
5503404 N 800.0 801.5 1.5 5.38 4.9 0.16 North A
MM155E 503500 E -82/180 849.1 850.5 1.4 6.72 4.6 0.20 North C
857.7 858.3 0.6 7.66 2.0 0.22 North D
862.0 865.5 3.5 4.71 11.5 0.14 North E
5503404 N 825.7 829.1 3.4 5.95 11.2 0.17 North B
MM155F 503500 E -82/180 840.4 844.5 4.1 3.21 13.4 0.09 North C
854.4 855.4 1.0 12.40 3.3 0.36 North D
MM164A 5503409 N 951.4 953.8 2.4 12.25 7.9 0.36 North A
including 503289 E -82/180 951.4 952.8 1.4 19.94 5.2 0.58 North A
962.5 964.0 1.5 14.00 4.9 0.41 North B
MM165 5502820 N -56/360 403.0 406.7 3.7 8.23 12.1 0.24 North A
504250 E 513.0 517.0 4.0 16.66 13.1 0.49 North D
True widths estimated at approximately 70% of intersection
Missing holes can be considered to carry no significant value or will be included with other zones
NN Zone Drilling
Recent drilling continues to define mineralization within the NN Zone, down-plunge and at depth below the previously announced, near-surface, NI43-101 resource estimate at Hardrock. Drilling in the NN Zone is shifting from a focus on open-pit style mineralization to defining narrower, underground style resources. Recent drilling has returned numerous significant intersections (previously released) including 9.62 g/t Au across 5.8 m (0.28 oz/t across 19.0 feet) in hole MM160, 4.93 g/t Au across 10.5 m (0.14 oz/t across 34.4 feet), 22.97 g/t Au across 24.8 m (0.67 oz/t across 81.4 feet) and 8.14 g/t Au across 9.0 m (0.24 oz/t across 29.5 feet). Follow-up drilling down-plunge of these intersections is underway.
The Hardrock Project is operated under a joint venture with Goldstone Resources Inc. (TSX:GRC) (Premier holds a 70% interesting the project). The Hardrock Project is host to several past-producing mines which collectively produced nearly 3.0 million ounces of gold from 1938-1968 primarily from shallow depths within 600 metres of surface.. The Hardrock Project benefits from development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through the center of the property. A revised resource calculation is expected to be completed following the 2010 drill program containing both open pit and underground style resources.
Stephen McGibbon, 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. Assay results are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Ancaster, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
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 camp of Northwestern Ontario and focused on gold exploration and deposit delineation at its Key Lake, Brookbank, Northern Empire and Leitch-Sand River gold properties. A preliminary economic assessment of the Brookbank deposit is being finalized by Micon International. The Camp is host to several past producers in a district that has historical production of more than 4.1 million ounces of gold from high grade ore before being shut down primarily as a result of a $35 gold price. Goldstone's fully permitted 200-TPD Northern Empire mill is expandable to 1000 TPD.
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.
Neither Toronto Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Former Fed Chief Volcker Says Financial System is Insolvent
and Broken
2010 Sep 27
Paul Volcker, former head of the American central bank Federal Reserve,
announced last Thursday at a conference of the Federal Reserve Bank of
Chicago that the US financial system is largely insolvent and "broken".
Volcker indicated that not only the banks are to blame for this
situation, but also the federal regulators.
During the last few years, they could have tried a lot harder to stop
the investment banks from turning the global markets into a casino.
The investment banks were also responsible for attracting large parts
of the former core business of the commercial banks, which consequently
led to major problems, as everyone could now see.
Thus, Volcker considered that the credit business generally had taken
a negative path.
The size of the losses from toxic assets so far hidden by banks
would not be assessable anymore.
Therefore it would not be hard to imagine that the present situation
holds big risks for the future stability of the financial system
as well as for the broader economy.
He blamed the international central banks of overshooting the mark,
when trying to acquire skills that were not part of their original
fields of activity.
Additionally, a lax monetary policy stirred up the existing
problems instead of tackling them.
Volcker added that he was not sufficiently content with the new
financial markets bill, since the legislation, known as Dodd-Frank,
and the included Volcker rule, was strongly diluted
by individual lobbies.
Nowadays it was not the financial regulators, who provided the
banks and lenders with rules that generally had to be observed.
In fact, a major part of the market participants resented the
financial authorities, since they find the regulations disruptive
and bad for business.
He lambasted a lack of respect that led to a refusal to obey
the federal rules and to fully execute them.
Volcker described the American mortgage market as "completely broken".
It would take a long time to get the problems of the housing
market under control and to reinstall an economic equilibrium.
This situation would weigh on the economic development for a long time,
since it causes a big problem for the American consumer and has
already led to huge wealth destruction.
by Roman Baudzus writes --
Published by GoldMoney
Goldstone Announces Management Change and Appointment of Director
http://www.marketwire.com/press-release/Goldstone-Announces-Management-Change-and-Appointment-of-Director-TSX-GRC-1325224.htm
That's the "Start Flag" We've all been waiting for!
Europe's central banks halt gold sales
By Jack Farchy, FT.com
September 27, 2010 -- Updated 0541 GMT (1341 HKT)
(FT) -- Europe's central banks have all but halted sales of their gold reserves, ending a run of large disposals each year for more than a decade.
The central banks of the eurozone plus Sweden and Switzerland are bound by the Central Bank Gold Agreement, which caps their collective sales.
In the CBGA's year to September, which expired on Sunday, the signatories sold 6.2 tonnes, down 96 per cent, according to provisional data.
The sales are the lowest since the agreement was signed in 1999 and well below the peak of 497 tonnes in 2004-05.
The shift away from gold selling comes as European central banks reassess gold amid the financial crisis and Europe's sovereign debt crisis.
In the 1990s and 2000s, central banks swapped their non- yielding bullion for sovereign debt, which gives a steady annual return. But now, central banks and investors are seeking the security of gold.
The lack of heavy selling is important for gold prices both because a significant source of supply has been withdrawn from the market, and because it has given psychological support to the gold price. On Friday, bullion hit a record of $1,300 an ounce.
"Clearly now it's a different world; the mentality is completely different," said Jonathan Spall, director of precious metals sales at Barclays Capital.
European central banks are unlikely to sell much more gold in the new CBGA year, according to a survey by the Financial Times.
Although many central banks declined to detail their sales plans, the responses of some, along with numerous interviews with bankers and consultants, suggest it is unlikely there will be a return to the trend of the past decade, when CBGA signatories sold on average 388 tonnes a year.
The central banks of Sweden, Slovakia, Ireland and Slovenia said they had no plans to sell, while Switzerland reiterated a previous statement to the same effect.
The CBGA was first signed after gold miners protested that central banks' rush to sell was depressing prices.
In previous years signatories haggled for individual allowances to sell under the CBGA, but the most recent renewal of the agreement in 2009 contained no such quotas, according to Darko Bohnec, vice governor of Slovenia's central bank.
The Financial Times Limited 2010
Goldstone Announces Management Change and Appointment of Director
http://www.marketwire.com/press-release/Goldstone-Announces-Management-Change-and-Appointment-of-Director-TSX-GRC-1325224.htm
BROOKBANK! near 500,000 oz.!
BROOKBANK! Go! Go! GO! WOOOOW!
Goldstone Resources Inc. Exploration Update
TSX: GRC
PINK SHEETS: GRSZF
Goldstone Resources Inc.
Sep 24, 2010 19:03 ET
Goldstone Resources Exploration Update
TORONTO, ONTARIO--(Marketwire - Sept. 24, 2010) -
Goldstone Resources Inc.
("Goldstone" or the "Company") (TSX:GRC)(PINK SHEETS:GRSZF) is pleased to announce the immediate resumption of its diamond drilling program in the Beardmore-Geraldton gold camp. Drilling will concentrate at Key Lake and at various prospects in the Beardmore area.
KEY LAKE
A total of 29 holes have been completed to date totaling 6,800m.
An additional 17 holes have been planned so far for Phase 2, totaling 3300m.
Recent modeling of the Key Lake drill results, which includes recent and historical data, has aided in strategically placed drill holes to test gold mineralizing trends.
Complete results are still outstanding for Phase 1.
NORTHERN EMPIRE MINE
A recent review of regional data in the vicinity of the Northern Empire claim group in Beardmore has emphasized a series of closely spaced quartz veins which has seen limited drilling.
A stratigraphic drill section is planned to ascertain if mineralization across the veins plus host rock will yield a bulk minable scenario.
Four holes are planned in this region for 600m.
CREEK VEIN
Recent prospecting in the region of the Creek Vein has yielded a
new gold-bearing showing which warrants drilling.
Recent trenching and grab samples have revealed anomalous gold values. Three holes are planned for this target for a total of 450m.
A review of the historic drilling in the Creek Vein area shows
considerable gold mineralization over core widths in excess of 40 feet.
Five diamond drill holes totaling 1000m will test the plunge of the
mineralized zone.
BROOKBANK
A preliminary economic assessment of the Brookbank deposit has been
completed by Micon International. Goldstone is currently reviewing
the results which will be forthcoming in a following press release. Discovered in the early 1980's, the Brookbank Deposit was a major asset
of Ontex Resources.
Following the merger with Roxmark Mines late in 2009 to form Goldstone
Resources, the Northern Empire Mill provided a synergy between the
deposit and possible production.
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).
The exploration program is managed by Goldstone Resources under
the supervision of Mike Kilbourne, P.Geo, Vice President of
Exploration and the qualified person for Goldstone Resources.
Mike Kilbourne has reviewed and approved the technical information
in this press release.
Further information is available on the Company's website at
http://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.
For more information, please contact
Goldstone Resources Inc.
J. Patrick Sheridan
President & Chief Executive Officer
(647) 401-8965 begin_of_the_skype_highlighting (647) 401-8965 end_of_the_skype_highlighting
(647) 401-8965
(416) 628-5935 (FAX)
http://www.grcmines.com
http://www.marketwire.com/press-release/Goldstone-Resources-Exploration-Update-TSX-GRC-1324980.htm
----
The Leitch Gold Mine - (now on Goldsone (Roxmark) land)
was the # 1 of Ontario & Canada's Gold producers
richest highest grade of gold and most profitable Gold mine -
producing 860,648 ounces from 906,395 tons of ore
at an average recovered grade of 0.91 oz.Au/ton.
Even more impressively, the average recovered Gold grade -
over the last ten years of the mine’s Gold operation -
was 1.15 oz.Au/ton.
The Leitch Mine was once Canada's richest.
The Sand River/Leitch complex produced more than 900,000 ounces of gold.
Like other Goldstone (Roxmark) mines in both Camps,
it remains open at depth.
Leitch Mine
Mineral Development Home | History | Current exploration | Data downloads
http://www.gedc.ca/article/mineral-development-initiative-238.asp
http://www.gedc.ca/article/leitch-mine-392.asp
Owner:
GOLDSTONE RESOURCES (TSE:GRC)
(Roxmark Mines Ltd.}
Commodity:
Gold (Au)
Operation:
1936-1968
Ore mined:
920,745 tons
Gold produced:
847,690 oz. (24031588g*)
Recovered grade:
0.92 OPT** (31.5g/t***)
Mine type:
Underground Narrow vein Quartz
Mining method:
Resuing
Status of modeling:
Status:
Exploration for re-opening
* 1 Ounce = 28.3495 g
** OPT = Ounces per tonne
*** 1 OPT = 34.2818 g/t (g/t = grams per tonne)
image View Mine locations in Google Earth™ (.kmz)
( Download/install Google Earth™ - its free!)
History
A past producer within the Eva Township, the Leitch Mine property was first staked in 1901. Exploration for iron was conducted on its claims by a number of companies between 1910 to 1923. Finally, in 1934, R. and J. Cryderman prospected the strike extension of the Sand River Mine's No.1 vein which lead to the discovery of the Leitch's No.1 vein.
Leitch Mine became one of the richest gold producers in Canada, operating continuously from 1937 to 1965, processing a total of 861,982 ounces of gold at an average grade of 0.92 ounces per tonne of ore milled.
Portions of the Leitch dump continuted to be milled throughout the 1980's. The Leitch Mine was serviced by a three-compartment shaft to 3,006 feet, with a winze from the 19th or 2,875-foot level to the 30th level.
Current operations
In 2003, Roxmark acquired from Teck Cominco Limited an approximate 63% interest in the Leitch property, consisting of 10 patented claims covering 1,276 acres in Eva and Summers Townships. The property is governed by a Joint Venture agreement dated June 30, 1987 between Teck and San Paulo Exploration Inc., now AdvanteXCEL.com Communications Corp., as amended April 30, 1990 and October 30, 1990. The other Joint Venture party holds the balance of approximately 37%. Roxmark is the operator.
Furthermore in 2003, Roxmark acquired from Kinross Mines a 55.25% interest in the East Leitch Property covering 20 claims held under a 21-year lease on 832 acres in Summers Township. The property is governed by a Joint Venture Agreement dated September 1987 between Falconbridge Limited (now Kinross) and Minerals Anodor Inc. (now Afri-Can Marine Mineral Corporation). In January 2005, Roxmark acquired the remaining 29.75% interest from African Marine.
In 2009, Roxmark acquired the remaining 27% interest in the Leitch property. Roxmark mines now owns 100% interest.
Sand River Mine
Mineral Development Home | History | Current exploration | Data downloads
Owner:
Roxmark Mines Ltd.
Commodity:
Gold (Au)
Operation:
1937-1942
Ore mined:
157,870 tons
Gold produced:
50,065 oz. (1419318g*)
Recovered grade:
0.32 OPT** (11g/t***)
Mine type:
Underground Narrow vein Quartz
Mining method:
Status of modeling:
Status:
Exploration for re-opening
* 1 Ounce = 28.3495 g
** OPT = Ounces per ton
*** 1 OPT = 34.2818 g/t (g/t = grams per tonne)
image View Mine locations in Google Earth™ (.kmz)
( Download/install Google Earth™ - its free!)
NYBob Came across this because I own PYTO a biotech that is not doing well. PYTO has entered into a Non-Binding Memorandum of Intent (MOI) to acquire Standard Gold Corp.
It looks like Standard G. Corp is not a public company and is held by insiders. They have an interesting project that they belive contains 4M oz. . Not 43-101 defined. They have a large data base of previously developed projects and intend to acquire them.
PYTO under accumulation after this news.
http://standardgoldcorp.com/techteam.html
UPDATE: PhytoMedical Continues Negotiations for Acquisition of Standard Gold Corp.
Font size: A | A | A
4:47 PM ET 9/22/10 | BusinessWire
PhytoMedical Technologies, Inc., today announced that is continuing its negotiations with Standard Gold Corp., as per the Memorandum of Intent (MOI) entered into on August 25, 2010.
On August 25, 2010 PhytoMedical Technologies, Inc. entered into a Non-Binding Memorandum of Intent (MOI) with Standard Gold Corp., pursuant to which PhytoMedical and Standard Gold will explore the possibility of the Company's acquisition of all issued and outstanding stock of Standard Gold. Either party may terminate the MOI upon notice to the other. The MOI will terminate on December 31, 2010.
Pursuant to the terms of the MOI, PhytoMedical and Standard Gold simultaneously entered into a Bridge Loan Agreement (Loan) pursuant to which PhytoMedical loaned Standard Gold $30,000 in order for Standard Gold to maintain in good standing its rights to mineral claims. The Loan is evidenced by a promissory note, which is due and payable on December 31, 2010.
Standard Gold Corp. is a junior mineral exploration company based in Nevada. Additional information on Standard Gold is available at its website, www.StandardGoldCorp.com. PhytoMedical Technologies does not assume responsibility for the accuracy or completeness of information at this website.
There is no assurance that the transactions contemplated by the MOI, including, but not limited to the negotiation and execution of a definitive agreement will in fact be consummated.
About PhytoMedical Technologies, Inc.
PhytoMedical Technologies, Inc. (OTCBB: PYTO; Frankfurt Stock Exchange: ET6), together with its wholly owned subsidiaries, is a pharmaceutical company focused on research, development and commercialization of pharmaceutical products. On August 25, 2010 PhytoMedical entered into a Non-Binding Memorandum of Intent to explore the possibility of the Company's acquisition of all issued and outstanding stock of Standard Gold Corp.
There is no assurance that the transactions contemplated by the MOI, including, but not limited to the negotiation and execution of a definitive agreement will in fact be consum
Very sweet prospects!
The Leitch Gold Mine - (now on Goldsone (Roxmark) land)
was the # 1 of Ontario & Canada's Gold producers
richest highest grade of gold and most profitable Gold mine -
producing 860,648 ounces from 906,395 tons of ore
at an average recovered grade of 0.91 oz.Au/ton.
Even more impressively, the average recovered Gold grade -
over the last ten years of the mine’s Gold operation -
was 1.15 oz.Au/ton.
The Leitch Mine was once Canada's richest.
The Sand River/Leitch complex produced more than 900,000 ounces of gold.
Like other Goldstone (Roxmark) mines in both Camps,
it remains open at depth.
Leitch Mine
Mineral Development Home | History | Current exploration | Data downloads
http://www.gedc.ca/article/mineral-development-initiative-238.asp
http://www.gedc.ca/article/leitch-mine-392.asp
Owner:
GOLDSTONE RESOURCES (TSE:GRC)
(Roxmark Mines Ltd.}
Commodity:
Gold (Au)
Operation:
1936-1968
Ore mined:
920,745 tons
Gold produced:
847,690 oz. (24031588g*)
Recovered grade:
0.92 OPT** (31.5g/t***)
Mine type:
Underground Narrow vein Quartz
Mining method:
Resuing
Status of modeling:
Status:
Exploration for re-opening
* 1 Ounce = 28.3495 g
** OPT = Ounces per tonne
*** 1 OPT = 34.2818 g/t (g/t = grams per tonne)
image View Mine locations in Google Earth™ (.kmz)
( Download/install Google Earth™ - its free!)
History
A past producer within the Eva Township, the Leitch Mine property was first staked in 1901. Exploration for iron was conducted on its claims by a number of companies between 1910 to 1923. Finally, in 1934, R. and J. Cryderman prospected the strike extension of the Sand River Mine's No.1 vein which lead to the discovery of the Leitch's No.1 vein.
Leitch Mine became one of the richest gold producers in Canada, operating continuously from 1937 to 1965, processing a total of 861,982 ounces of gold at an average grade of 0.92 ounces per tonne of ore milled.
Portions of the Leitch dump continuted to be milled throughout the 1980's. The Leitch Mine was serviced by a three-compartment shaft to 3,006 feet, with a winze from the 19th or 2,875-foot level to the 30th level.
Current operations
In 2003, Roxmark acquired from Teck Cominco Limited an approximate 63% interest in the Leitch property, consisting of 10 patented claims covering 1,276 acres in Eva and Summers Townships. The property is governed by a Joint Venture agreement dated June 30, 1987 between Teck and San Paulo Exploration Inc., now AdvanteXCEL.com Communications Corp., as amended April 30, 1990 and October 30, 1990. The other Joint Venture party holds the balance of approximately 37%. Roxmark is the operator.
Furthermore in 2003, Roxmark acquired from Kinross Mines a 55.25% interest in the East Leitch Property covering 20 claims held under a 21-year lease on 832 acres in Summers Township. The property is governed by a Joint Venture Agreement dated September 1987 between Falconbridge Limited (now Kinross) and Minerals Anodor Inc. (now Afri-Can Marine Mineral Corporation). In January 2005, Roxmark acquired the remaining 29.75% interest from African Marine.
In 2009, Roxmark acquired the remaining 27% interest in the Leitch property. Roxmark mines now owns 100% interest.
Sand River Mine
Mineral Development Home | History | Current exploration | Data downloads
Owner:
Roxmark Mines Ltd.
Commodity:
Gold (Au)
Operation:
1937-1942
Ore mined:
157,870 tons
Gold produced:
50,065 oz. (1419318g*)
Recovered grade:
0.32 OPT** (11g/t***)
Mine type:
Underground Narrow vein Quartz
Mining method:
Status of modeling:
Status:
Exploration for re-opening
* 1 Ounce = 28.3495 g
** OPT = Ounces per ton
*** 1 OPT = 34.2818 g/t (g/t = grams per tonne)
image View Mine locations in Google Earth™ (.kmz)
( Download/install Google Earth™ - its free!)
NYBob thanks for your report, slow and steady now, but there will be an explosion with a horde of buyers all trying to crowd in at once.
RE: RBC Report
2 dollars a share looks to be the new bottom for GRC.
However we have to get there first and I hope Mr. Cunningham
is talking to the right people and doing the right things to
get us there.
I not even including Key Lake or the Brookbank.
This is such an undervalued stock:
it just needs to promoted in a professional way.
Then it will take off.
How can it not.
by richkat thanks good info
thanks for reading
Goldstone On the Move
Looks amazing!
I have a feeling that you have the conn group selling and maybe
sheridan (i think he has sold all his stock).
The buying is very impressive.
This is all occuring without mr C really promoting it (i think).
Wait till he starts to put in place a detailed investor relations
program!
GRC will probably already be over a buck by that time!
Anyhow, i am liking the new management team so far.
I am still waiting for the next announcements:
1) Conn hopefully retiring and
2) Sheridan hopefully saying goodbye
All in my opinions
by milliondollar thanks good info
thanks for reading
Bid
Orders - Volume - Price
2 - 25,000 - 0.62
2 - 18,500 - 0.61
5 - 115,000 - 0.60
2 - 85,000 - 0.59
2 - 10,500 - 0.58
Ask
Price - Volume - Orders
0.63 - 40,000 - 4
0.64 - 108,666 - 4
0.65 - 121,766 - 5
0.67 - 4,500 - 1
0.69 - 18,689 - 2
Royal Report on PG ,although a little light with the old estimate numbers..
held just a little more confirmation that we are headed
in the right direction..
--Volume is increasing and price is increasing..
---Our thoughts in PG are, that it will, with out any doubt at all ,
be able to show us all a lot more ounces of gold then what was
mentioned in that Royal Report and what was mentioned in their
last resource estimate .
--- With all the drilling that Premier has done this year with
4- 5 machines, drilling 7 days a week and 24 hrs per day,
stopping only to change bits, or to move to a new collar
location for another hole.
---With the price of Gold increasing and perhaps $ 1400 / ounce
dollars by the end of his year
--- looking at the known Brookbank ounces, the former Roxmark Mill,
the new Key Lake historic estimate, and all the other properties.
---And with adding all this readily available information....
now almost entering the factual stage.
... My estimate maybe a little conservative... but I see GRC with
2 million ounces in hand by year end ...an having a insitu value
of 130 per ounce.. for a total of $ 260,000,000 market cap ..
that gives us a good future at approx. $ 2.50-2.60 per share...
and in any take-over move
...more in the $3.25 to $ 3. 50 per share range.
.. I also notice that it's not been near so lonely buying GRC lately ..
Nice to have the company...
Even our chat lines are growing their numbers..
by fulogas thanks good info
..thanks for reading
Goldstone Resources (TSE:GRC)(USD)$0.63 UP $0.05 (+8.62%
Bid 0.62
Ask 0.63
Volume 589,428 strong demand
Days Range 0.55 - 0.63
Last Trade 9/20/2010 4:27:38 PM
Detailed GRC Stock Quote
RBC Research Report - Hardrock - Link -
http://www.torontocondo.com/account/46af577a08eceb95/pdfs/RBC_Research_Report___Hardrock.pdf
http://www.grcmines.com/hardrock.php
The GRC team should take the RBC report and run with it.
If promoted in the right way they should be able to
at least double the share price in a short space of time.
GRC is vastly undervalued and the stock buying world
should be made known of its vast appeal.
Mr. Cunningham the ball is now in your court:
take us to the promised land.
http://www.grcmines.com
RBC Research Report - Hardrock - Link -
http://www.torontocondo.com/account/46af577a08eceb95/pdfs/RBC_Research_Report___Hardrock.pdf
http://www.grcmines.com/hardrock.php
The GRC team should take the RBC report and run with it.
If promoted in the right way they should be able to
at least double the share price in a short space of time.
GRC is vastly undervalued and the stock buying world
should be made known of its vast appeal.
Mr. Cunningham the ball is now in your court:
take us to the promised land.
http://www.grcmines.com
dayneyus' welcome back to 'Goldstone Resourc (USOTC:GRSZF TSX:GRC)
nice to hear from you well, GOLD is HOT bull starting to move UP -
still at a fiat bargain
the fair value soon at moon compared to printed fiat papers -
GRC is at a bottom bargain steal
..the old rich Canadian gold producers mines at a lowest price ever -
Got GRC golden Au producers dd...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=54442695
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The Leitch Mine (now 100% owned by Goldstone) was one of Ontario’s highest grade and most profitable gold mines, producing 860,648 ounces from 906,395 tons of ore at an average recovered grade of 0.91 oz.Au/ton.
Even more impressively, the average recovered grade over the last ten years of the mine’s operation was 1.15 oz.Au/ton.
Welcome to Goldstone Resources Inc. new website -
The community with “a heart of gold”, Geraldton was founded originally as a gold mining camp known as Little Long Lac
in the early 1930’s. Ten gold mines fed the fires of a booming local economy for more than 30 years.
The MacLeod-Cockshutt Mining Headframe is now an historical landmark standing in Geraldton today.
Gold chart LT 2nd bull wave and most peaks in gold are
covered by a war ...
..in case of WW the gold producer -
need to be in strategic LT safest place -
www.goldstoneresourcesinc.com/
Roxmark Mines Ltd..
MacLeod-Cockshutt Gold Mine -
The Northern Empire mine was operated successfully by Newmont Mines, producing 149,053 ounces of gold from 425,866 tons with a recovery of 0.35 oz. in gold per ton. It is serviced with a shaft to 2,460 feet with development above and below a major flat diabase sill. The mine ceased mining operations in 1942.
The Mine itself has been re-evaluated for additional ore potential, in particular a parallel vein structure to the north of the mined Power Zone called the Contact Zone.
In the 1980's a 200 ton per day mill was built on the property for the purpose of cutom milling old waste piles from the Leitch and Northern Empire mines. This mill is expandable to 500 tons per day and has recently been upgraded for running of varying base metal ores in addition to the original gold.
Mineral Development Home | History | Current exploration | Data downloads
Owner: | |
Commodity: | Gold (Au) |
Operation: | 1934-1941 |
Ore mined: | 425,866 tons |
Gold produced: | 149,053 oz (4225578 g*) |
Recovered grade: | 0.35 OPT** ( 12 g/t***) |
Mine type: | Underground Narrow vein Quartz |
Mining method: | Resuing |
Status of modeling: | In progress - near completion ( View data ) |
Status: | Exploration for re-opening |
* 1 Ounce = 28.3495 g |
The Northern Empire mine was operated successfully by Newmont Mines, producing 149,053 ounces of gold from 425,866 tons with a recovery of 0.35 oz. in gold per ton. It is serviced with a shaft to 2,460 feet with development above and below a major flat diabase sill. The mine ceased mining operations in 1942.
The Mine itself has been re-evaluated for additional ore potential, in particular a parallel vein structure to the north of the mined Power Zone called the Contact Zone.
In the 1980's a 200 ton per day mill was built on the property for the purpose of cutom milling old waste piles from the Leitch and Northern Empire mines. This mill is expandable to 500 tons per day and has recently been upgraded for running of varying base metal ores in addition to the original gold.
2007 and 2008 saw extensive drilling which has identified more than 25000 ounces of gold (43-101 compliant) reserves with the new Contact Zone as well as un-mined areas of the Power Zone.
Currently, Roxmark is evaluating the economics of re-opening the mine in the near future.
Hardrock Mine was first discovered in 1931 by “Hardrock” Bill Smith and Stan Watson on Discovery Point of Kenogamisis Lake . A village grew up at Hard Rock in 1934. Shaft sinking began in 1935, and Hard Rock Gold Mines, Ltd., became the third producing gold mine in the Little Long Lac gold camp by January, 1938.
Two shafts were sunk between 1934 and 1951; No. 1 to 475 feet, No.2 to 1,410 feet; connected to each other at 475-foot level. A cianide mill, capacity 200 tons per day was installed, capacity was later increased to 500 tons per day. In total the Hard Rock Mine produced 269,081 ounces of gold and 9,009 ounces of silver. The mine began operating in January 1938, and tonnage rose each year until it peaked in 1942. As with other mines, the war years meant difficulty in keeping miners.
The Hard Rock Mine closed in 1951 after having given up 269,081 ounces at an average grade of 0.18 OPT. When the enterprise closed, Mosher Longlac purchased the plant and equipment.
Current operations
Currently Premier Gold mines is drilling the property to identify additional gold resources.
Mineral Development Home | History | Current exploration | Data downloads
Owner: | |
Commodity: | Gold (Au) |
Operation: | 1938-1951 |
Ore mined: | 1,458,375 tonnes |
Gold produced: | 269,081 oz (7628312 g*) |
Recovered grade: | 0.18 OPT** (6.2 g/t***) |
Mine type: |
|
Mining method: |
|
Status of modeling: | In progress |
Status: | Exploration for re-opening |
* 1 Ounce = 28.3495 g |
There were 14 past producing gold mines in the Greenstone region operating between 1934
and 1968. While other gold belts have seen decades of new exploration and new mines, the Beardmore/Geraldton gold belt has been fogotten, until recently.
Today there is renewed interest in both the past producing gold mines as well as new
potential mines in the region.
View Mine locations in Google Earth™ (.kmz) - Februray 2009
( Download/install Google Earth™ - its free!)
Past Producers(1934-1968) | Tons Milled | Average Grade of Gold (oz/ton) | Gold Produced (oz) |
1. Leitch Mine | 920,745 | 0.92 | 847,690 |
157,870 | 0.32 | 50,065 | |
425,866 | 0.35 | 149,493 | |
4. Magnet Mine | 359,912 | 0.42 | 152,089 |
1,780,516 | 0.34 | 605,499 | |
231,009 | 0.29 | 66,417 | |
7. Hard Rock | 1,458,375 | 0.18 | 269,081 |
10,337,229 | 0.14 | 1,475,728 | |
2,710,657 | 0.12 | 330,265 | |
10. Talmora-Long Lac | 6,634 | 0.21 | 1,417 |
11. Jellicoe Mine | 10,620 | 0.40 | 4,238 |
12. Tombill Mine | 190,622 | 0.36 | 69,120 |
3,525 | 0.70 | 2,460 | |
145,123 | 0.51 | 73,438 | |
Total Beardmore-Geraldton | 18,738,703 | 0.30 | 4,097,000 |
The Little Longlac Gold Mine -
1934. The mine produced 605,000 oz of Gold -
from 1.8 million tons of ore.
Mineral Development Home | History | Current exploration | Data downloads
Owner: | |
Commodity: | Gold (Au) |
Operation: | 1934-1954, 1956 |
Ore mined: | 1,780,516 tons |
Gold produced: | 605,499 oz. (17165594 g*) |
Recovered grade: | 0.34 OPT** (12g/t***) |
Mine type: |
|
Mining method: |
|
Status of modeling: | In progress |
Status: | Exploration for re-opening |
* 1 Ounce = 28.3495 g |
In February of 1933, Little Long Lac Gold Mines, Ltd., was incorporated and by March of the same year, the company commenced sinking of a three-compartment shaft. The Little Long Lac Mine was the first gold producer in the Geraldton area. In 1935, the first full year of operation, the mine milled 62,073 tons (averaging 0.507 ounces of gold per ton) to produce 31,454 ounces of gold and 2,710 ounces of silver.
In 1953, its last year of production, the Little Long Lac Mine produced 23,037 ounces of gold, grading 0.277 ounces per tonne.
In 1995, Roxmark acquired from Algoma Steel Inc. the Little Longlac Mine Property, which consists of 39 patented mining claims and licensed occupation leases on 1,538 acres in Errington and Ashmore Townships. The property is under a 99-year lease from January 1, 1974 and produced 605,000 ounces of gold from 1.8 million tons at an average recovered grade of 0.34 oz. in gold per ton. Development included a shaft and winze to a depth of 3,950 feet.
Currently Premier Gold mines is actively exploring the area for new gold resources.
The Magnet Gold Mine -
(1936) The Mine produced 152,000 oz. of Gold
from 360,000 tons of ore.
Mineral Development Home | History | Current exploration | Data downloads
Owner: | |
Commodity: | Gold (Au) |
Operation: | 1938-1943, 1946-1952 |
Ore mined: | 359,912 tons |
Gold produced: | 152,089 oz. (4311647g*) |
Recovered grade: | 0.42 OPT** (14g/t***) |
Mine type: |
|
Mining method: |
|
Status of modeling: | In progress |
Status: | Exploration for re-opening |
* 1 Ounce = 28.3495 g |
Acquired in 1980, Roxmark’s 100% interest in the Magnet Mine property (formerly held by Magnet Consolidated Mines Limited) consists of 27 mining claims under a 21-year renewable lease covering 974 acres located in Errington Township. Also included in the 27 mining leases are a total of 19 claims covering 812 acres which includes surface rights to leases on the property.
The Magnet Mine property is equipped with headframe, production hoist, compressors, certain mining equipment, generator, hydro substation, shop, dry, office, etc. Roxmark drilled an exploratory hole from the shaft station at the 11th level south through the Bankfield Tombill Fault. It encountered a high grade intersection averaging 1.32 oz. in gold over 4.4 feet. The intersection will be followed up by drilling from the mine workings west on the 11th level and east of the shaft on the 7th level. This zone will probably surface on the Company-controlled McLellan Joint Venture property. This intersection is not included in the potential resources. The mine was inactive since 1988.
Currently Premier Gold mines is exploring the property for additional gold resources.
The Bankfield Gold Mine -
produced nearly 70,000 oz. of Gold -
from ore mined at shallow depths.
Mineral Development Home | History | Current exploration | Data downloads
Owner: | |
Commodity: | Gold (Au) |
Operation: | 1937-1942, 1944-1947 |
Ore mined: | 231,009 tonnes |
Gold produced: | 66,417 oz. (1882889 g*) |
Recovered grade: | 0.29 OPT** (9.9g/t***) |
Mine type: | Underground Narrow vein Quartz |
Mining method: |
|
Status of modeling: |
|
Status: | Exploration for re-opening |
* 1 ounce = 28.3495g |
Bankfield Mine was found in 1931 by Tom Johnson and Bob Wells at the Errington Township on the southwestern part of Magnet Lake . Bankfield Gold Mines, Ltd., came into existence with 14 claims totalling approximately 600 acres.
Operations at the mine were run by a staff of 68 men employed under John Mackenzie’s lead. Eleven men worked underground, with the remaining workers being dispersed throughout the power-house, a blacksmith shop, the assay office, a two-storey cook house, the stables, a powder-house, and the operations office. A 100-ton cyanide mill was also constructed. From 1934 to 1936 a shaft was sunk to a depth of 552 feet with levels at 150, 275, and 525 feet. Bankfield’s first gold brick was poured in 1937. Between 1936 and 1942, a winze was sunk from the 525-foot level to a depth of 1,297 feet from the surface. Drifting totaled 14,516 feet and crosscutting 7,832 feet.
Production for the mine first occurred between 1937 until 1942, and then from 1944 until 1947. A total of 66,417 ounces of gold were produced during that time, along with 7,590 ounces of silver. Recovery of gold averaged 0.29 ounces per ton of ore milled.
In 1992, Roxmark acquired from Golden Trio Minerals Ltd. a 100% interest in 18 patented mineral claims covering 844 acres located in Errington and Lindsley Townships.
The property produced 66,000 ounces of gold from 229,000 tons for an average grade of 0.29 oz. of gold per ton. The mine was serviced from a shaft and a winze to a depth of 1,275 feet. Based on historical data, Roxmark believes that exploration chances are excellent, including the depth extension.
ROXMARK Video presentation by chairman Philip F. Cunningham -
has been a director of the company since August 2004 -
and Chairman since May 2005. Mr. Cunningham is executive vice
president of Mackenzie Financial Corporation and
chairman of Mackenzie Financial Services Inc.
He joined the Mackenzie organization in 1982 -
http://www.roxmark.com/videos/roxvideo.html
Mackenzie -
offers more than 100 investment funds in Canada and
the United States -
Mackenzie - manages more than $45 billion -
for over 1,000,000 investors and their financial advisors...
as major shareholder for Roxmark Mines Limited -
Roxmark Mines Limited -
http://www.roxmark.com/index.html
In its first production phase —
closed Gold production primarily because of a $35 fixed Gold
gov. bureaucratic manipulated price and issues related to
fragmented land holdings at the time —
The Geraldton-Beardmore Gold camp ranked among the top five
producing areas in Canada, generating 4.1 million ounces of
Gold from 19.5 million tons of ore for an average recovered
grade of 0.21 oz.Au/ton.
Roxmark’s current holdings, which consolidate key properties
in the camp… eliminating boundary issues and maximizing
effective use of existing infrastructure, include six of
the camp’s former producing mines.
These six formerly producing Gold mines accounted for
1,890,045 ounces of Gold produced from 3.98 million tons
of milled ore with an average recovered grade of 0.46oz. Au/ton.
This represented 20.4 percent of the tonnage milled and
46.1 percent of the Gold recovered in the camp.
To cite one specific example;
The Leitch Gold Mine -
(now on Roxmark land) was the # 1 of Ontario & Canada's
highest grade and most profitable Gold mines -
producing 860,648 ounces from 906,395 tons of ore
at an average recovered grade of 0.91 oz.Au/ton.
Even more impressively, the average recovered Gold grade -
over the last ten years of the mine’s Gold operation -
was 1.15 oz.Au/ton.
The Leitch Mine was once Canada's richest. The Sand River/Leitch complex produced more than 900,000 ounces of gold. Like other Roxmark mines in both Camps, it remains open at depth.
Mineral Development Home | History | Current exploration | Data downloads
Owner: | |
Commodity: | Gold (Au) |
Operation: | 1936-1968 |
Ore mined: | 920,745 tons |
Gold produced: | 847,690 oz. (24031588g*) |
Recovered grade: | 0.92 OPT** (31.5g/t***) |
Mine type: | Underground Narrow vein Quartz |
Mining method: | Resuing |
Status of modeling: |
|
Status: | Exploration for re-opening |
* 1 Ounce = 28.3495 g |
A past producer within the Eva Township, the Leitch Mine property was first staked in 1901. Exploration for iron was conducted on its claims by a number of companies between 1910 to 1923. Finally, in 1934, R. and J. Cryderman prospected the strike extension of the Sand River Mine's No.1 vein which lead to the discovery of the Leitch's No.1 vein.
Leitch Mine became one of the richest gold producers in Canada, operating continuously from 1937 to 1965, processing a total of 861,982 ounces of gold at an average grade of 0.92 ounces per tonne of ore milled.
Portions of the Leitch dump continuted to be milled throughout the 1980's. The Leitch Mine was serviced by a three-compartment shaft to 3,006 feet, with a winze from the 19th or 2,875-foot level to the 30th level.
In 2003, Roxmark acquired from Teck Cominco Limited an approximate 63% interest in the Leitch property, consisting of 10 patented claims covering 1,276 acres in Eva and Summers Townships. The property is governed by a Joint Venture agreement dated June 30, 1987 between Teck and San Paulo Exploration Inc., now AdvanteXCEL.com Communications Corp., as amended April 30, 1990 and October 30, 1990. The other Joint Venture party holds the balance of approximately 37%. Roxmark is the operator.
Furthermore in 2003, Roxmark acquired from Kinross Mines a 55.25% interest in the East Leitch Property covering 20 claims held under a 21-year lease on 832 acres in Summers Township. The property is governed by a Joint Venture Agreement dated September 1987 between Falconbridge Limited (now Kinross) and Minerals Anodor Inc. (now Afri-Can Marine Mineral Corporation). In January 2005, Roxmark acquired the remaining 29.75% interest from African Marine.
In 2009, Roxmark acquired the remaining 27% interest in the Leitch property. Roxmark mines now owns 100% interest.
Mineral Development Home | History | Current exploration | Data downloads
Owner: | |
Commodity: | Gold (Au) |
Operation: | 1937-1942 |
Ore mined: | 157,870 tons |
Gold produced: | 50,065 oz. (1419318g*) |
Recovered grade: | 0.32 OPT** (11g/t***) |
Mine type: | Underground Narrow vein Quartz |
Mining method: |
|
Status of modeling: |
|
Status: | Exploration for re-opening |
* 1 Ounce = 28.3495 g |
The Sand River Mine was discovered by Russell Cryderman in 1934. It was located just south of the Leitch Mine in Eva Township. The vein system was extended to the northeast onto the Leitch Mine property in 1935. Servicing was done by a three-compartment shaft to 2,656' depth. This past producer operated from 1937 to 1942 and produced 50,065 ounces of gold and 3,628 ounces of silver. Sand River Resources processed 157,870 tons with a recovery grade of 0.32 oz. of gold per tonne of ore milled.
In 2000, Roxmark acquired a 100% interest from Rio Fortuna Exploration Corp. in the Sand River Property, 37 contiguous mining leases covering 1,692 acres in Eva Township.
Roxmark, is a Canadian-based junior integrated Gold -
& Moly mining company involved in exploration and
development of Gold and Molybdenum properties
in the Geraldton-Beardmore area
of Northern Ontario, Canada -
Roxmark’s 12 mining properties total nearly 400 claims and
leases. They include an important new high grade -
Gold & Molybdenum project on which underground
development and mining of Moly was Re-Commissioned -
before the end of 2006 —
well next on the agenda;
will reactivate six formerly producing mines which
generated nearly two million ounces of Gold.
Existing infrastructure, including a recently upgraded on-site
Gold and Molybdenum mill, will provide important advantages
in developing parallel Gold structures in 2007 and beyond.
Management is also optimistic about the potential for new
Gold discoveries at current and greater depths.
http://www.roxmark.com/properties.html
http://www.roxmark.com/prop_gold.html
In 2005 - 2006, Roxmark generated revenue and demonstrated the
capability of the mill by bulk sampling and processing gold
ore from the East Leitch property. In addition, a diamond
drilling program was completed on the Nortoba-Tyson
molybdenum/gold property, expanding the size of the known
molybdenum mineralization. In early 2006, management
intends to follow up with a molybdenum bulk sampling program
with two objectives:
to generate cash flow to support other exploration and
development programs and to set the stage for early
underground development of the moly resource.
In recent years, Roxmark has completed self-administered
private equity placements which raised nearly $5 million
in funding, without incurring brokerage commissions.
For more information go to:
http://www.roxmark.com
http://www.gold.org/value/spotprice.html
Northern Empire Mine & Mill & Roxmark has:
* upgraded its onsite Northern Empire Mill -
(from 200 TPD, expandable to 500 TPD) -
to enable processing of both Gold and Molybdenum -
adding a Knelson gravity concentrator -
and new flotation circuit -
and dryer to maximize efficiency
Roxmark - conducted an 1,865-metre large-core diamond
drilling program on -
the Nortoba-Tyson property which further delineated -
the molybdenum mineral deposit, located the diabase -
sill, and assessed the structural -
characteristics of the veins and rock wall.
In 1996, Roxmark acquired a 100% interest in -
The Northern Empire Mine and Mill -
from Pancontinental Mining (Canada) Ltd.
and Ateba Mines Inc.
The Northern Empire Mine -
consists of 72 patented and leased claims covering 2,644 acres
in McComber and Summers Townships, and includes
a permitted mill complex.
The Northern Empire Mine mill -
currently has a capacity of 200 tons-per-day, but has been
designed for expansion to 500 TPD.
It has been upgraded and readied to process bulk Gold and
Molybdenum ores from -
Roxmark’s Nortoba-Tyson Mine -
Sand River/Leitch and East Leitch Mines projects -
The Northern Empire Mine -
property has produced 149,053 ounces of Gold -
from 425,866 tons with a recovery -
of 0.35 oz. in gold per ton.
It is serviced with a shaft and a winze to 2,400 feet
with development above and below a major flat diabase sill.
Roxmark's 200 TPD Northern Empire Mill -
upgraded to modern state of the art mill facility -
expandeable to 500 TPD.
Roxmark also announced that it is planning to reopen -
the Northern Empire Mine -
and develop the resources from underground workings.
The Northern Empire Mine -
was operated successfully by Newmont Mines -
from 1934 to 1941.
The mine was serviced by a shaft to a depth of 2,460 feet and
produced 149,000 ounces of gold from 426,000 tons of ore
at a recovered grade of 0.35 oz/t Au.
The on-site 200TPD mill (expandable to 500TPD) was built in 1982
and upgraded and permitted by Roxmark.
It processed gold and molybdenum ores in 2005 and 2006,
respectively.
Roxmark add the richest Gold Mine in Canada to RMK Gold mines holdings -
Roxmark with Record # 1 in Au Richest grades per tonnage -
will still be mined 100 yrs after we gone? -
Roxmark add another billion$fiatz + in value for the
some of the other rich old gold mines RMK owns? -
http://www.roxmark.com/properties.html
Northern Empire Gold Mine - made Newmont NEM lots of Gold -
NEM become very rich - richest in US Gold mining -
Its plenty of new rich Gold ore found -
http://www.roxmark.com/pics/n-empire_longitudinal.pdf
it was a very rich Gold mine in the first case -
and the oldtimers only got a sniff of
the Au bullion treasures bellow -
its no bottom in sight - its gets richer and richer -
the further done we go -
Canadian Roxmark Mines -
bought Northern Empire Gold Mine back into Canadian RMK -
but do the Cnadians know the value GOLD or how buy RMK? -
will it be mostly US goldbugs superred to buy RMK -
and buy it all back behind the red curtains of Canadians? -
RMK Au LT Gold strategic Safety -
Got RMK Roxmark Mines -
Northern Empire Gold LT strategic bargain -
Plenty of new Gold ore has been discovered -
http://www.roxmark.com/pics/n-empire_longitudinal.pdf
Rougher moly concentrate flotation at the Northern Empire mill.
Would not be surprized if Rio Tinto does a bid for Roxmark -
http://www.riotinto.com/library/376_video_library_5045.asp?videofile=wmp_high
at Roxmark's East - Leitch Gold Mine property -
800 tons of Gold Ore - were bulk sampled
and run it through the mill
To cite one example; The Leitch Gold Mine -
(now on Roxmark owned land) was one of Ontario’s highest grade
and most profitable Gold Mines -
producing 860,648 ounces Gold from 906,395 tons of ore
at an average recovered grade of Gold 0.91 oz.Au/ton.
Even more impressively, the average recovered grade
over the last ten years of the mine’s operation
was Gold 1.15 oz.Au/ton. is one of the richest
Gold Mines in Canada -
Bulk sampled Gold ore was processed through Roxmark's mill
to generate cash flow.
The road from Nortoba-Tyson Mine -
to the Northern Empire Mill was upgraded in 2006.
High grade Moly ore from Nortoba-Tyson Mine -
is currently being processed for sale.
Air-Trac is used to drill blasting holes in the rock at Nortoba-Tyson Mine properties.
Rock removed at Nortoba-Tyson Mine -
later some waste used for reclamation of the site.
Ex. of a Molybdenum vein -
on the face of a footwall at Nortoba-Tyson Mine.
Miners prepare to blast as part of bulk sampling -
in pit 2 at Nortoba-Tyson Mine.
Presentation to Investors - October 18. 2006 -
http://www.roxmark.com/presentations/Roxmark%20Investors%2006-10-18.pdf
Pouring gold At Empire mill - Picture on website -
Welcome to Goldstone Resources Inc. new website -
http://www.grcmines.com/
Latest News Releases |
January 14, 2010 Goldstone Reports Additional High-grade Gold Results at Hardrock Project January 12, 2010 Goldstone Updates Hardrock Project Exploration Program January 5, 2010 Goldstone Reports Deep Drilling at Hardrock Intersects High Grade Gold December 22, 2009 Ontex Resources Limited and Roxmark Mines Limited Shareholders Approve Merger |
View More… |
An Exciting Future Built on a Productive Past |
Goldstone Resources Inc. is a major force in gold exploration and development, combining significant historic and newly discovered resources and exploration potential in the Beardmore-Geraldton Camp in Northwestern Ontario. Formed late in 2009 by the merger of Ontex Resources Ltd. and Roxmark Mines Ltd, the company benefits from extensive existing infrastructure above and below ground including an upgraded, fully-permitted mill. In addition to gold resources and exploration targets on its 100% owned properties, Goldstone enjoys a 30% carried interest in The Hardrock Project, a joint venture with Premier Gold Mines Limited as operator. Goldstone’s Brookbank and Northern Empire Mine properties both have NI 43-101 compliant resource estimates, containing a combined total of indicated and inferred resource in excess of one million ounces of gold. Overall, the ten formerly productive mines on Goldstone lands — including the Leitch Mine, at one time, Canada’s richest — produced in excess of 4 million ounces of gold, remained open at depth, and offer major untapped potential through extensions and parallel occurrences. Goldstone is currently planning an aggressive, multi-rig drilling program for 2010 and awaiting a NI 43-101 report to be issued early in the year by Premier Gold Mines, summarizing results of the exploration and drilling efforts on The Hardrock Project. Goldstone Resources Inc trades on the Toronto Stock Exchange under the symbol GRC Learn more about Ontex Resources Ltd.Learn more about Roxmark Mines Ltd. |
|
A strong presence across the Belt |
Web Site:
Properties:
Roxmark Properties
Roxmark’s high grade gold and molybdenum properties are located in the Beardmore and Geraldton mining camps in Northwestern Ontario. Exploration and development are currently focused on the Nortoba-Tyson property in the Beardmore camp. Properties with an asterisk contain historically productive mines. (Note: Mosher, Macleod-Cockshutt, and Hard Rock mines, all past producers, are being added to this list.)
Beardmore Molybdenum and Gold Project
Nortoba-Tyson Project
Beardmore Gold Properties
Northern Empire Mine Property*
Sand River Mine Property*
Leitch Mine Property*
East Leitch Property
Geraldton Gold Properties
Hardrock Project*
Placer Dome-Key Lake Property
Gold: Beardmore Camp – 100% owned
1. Northern Empire
In 1996, Roxmark acquired a 100% interest in the Northern Empire property from Pancontinental Mining (Canada) Ltd. and Ateba Mines Inc. The property consists of 72 patented and leased claims covering 2,644 acres in McComber and Summers Townships, and includes a permitted mill complex. The mill currently has a capacity of 200 tons-per-day, can be expanded to 1,000 TPD. It has been upgraded and readied to process gold and molybdenum ores.
Historically, the Northern Empire mine was operated successfully by Newmont Mines, producing 149,493 ounces of gold from 425,866 tons with a recovery of 0.35 oz. in gold per ton. It is serviced with a shaft to 2,460 feet with development above and below a major flat diabase sill. The mine was inactive since 1988.
In 2007 and 2008, Roxmark carried out a 103-hole, 11,096-metre diamond drilling program at the Mine, described in a NI 43-101 report dated November 2008, which established resources for the top two mine levels of indicated 86,652 tons grading 10.70 g/t Au (0.34 oz/t Au) for 927,113 g Au (29,807 ozs Au) and inferred 64,748 tons grading 9.95 g/t Au (0.32 oz/t Au) for 644,446 g Au (20,719 oz Au).
An independent study by SRK Consulting Geologists concluded in 2006 that the mine offers excellent exploration potential containing 150,000 ounces of gold (non-Ni 43-101 compliant).
Roxmark’s current plan is to develop the eastern strike length of the Northern Empire mine by a decline and mine the area to the second level. Preliminary study indicates that production can begin within six months of completing development work. This program will be followed up by dewatering the 2,460 feet shaft and installing a headframe, hoist and ancillary equipment on surface and underground.
2. Sand River Mine Property
In 2000, Roxmark acquired a 100% interest from Rio Fortuna Exploration Corp. in the Sand River Property, 37 contiguous mining leases covering 1,692 acres in Eva Township.
The Sand River-Leitch discovery was made on the Sand River Mine in 1934 and the vein system was extended to the northeast onto the Leitch Mine in 1935. Servicing was by a three-compartment shaft to 2,656' depth. Sand River Resources processed 157,870 tons with a recovery grade of 0.32 oz. of gold per ton yielding 50,065 oz. gold.
3. Leitch Property
In 2003, Roxmark acquired from Teck Cominco Limited an approximate 63% interest in the Leitch property, consisting of 10 patented claims covering 1,276 acres in Eva and Summers Townships. Roxmark owns now 100% interest in the property subsequent to acquiring the balance of interest early in 2009. Operated continuously over a period of nearly 30 years and producing 847,900 oz with an average ore grade of .92 ounces per ton, the Leitch Mine was shut down in 1965 as a result of $35 gold and boundary disputes which Roxmark has eliminated by acquiring the Sand River Mine. At just over 3000 feet, The Leitch Mine was shallow by the standards of top producers in nearby camps. It never ran out of gold at depth and both ore grade and vein width increased with depth. Mining records of the time record several drill assays of more than two ounces per ton over 2 feet located 100 feet below the 30th level.
The Mine was serviced by a three-compartment shaft to 3,006', with a winze from the 19th or 2,875' level to the 30th or 4,525' level. It operated continuously from 1937 to 1965, processing 920,745 tons with a recovery of 0.92 oz. of gold per ton yielding 847,690 oz. gold at US$35/oz. The Mine was shut down in 1965 as a result of $35 gold and boundary disputes which Roxmark has eliminated through consolidation and acquisition of Sand River Mine.
4. East Leitch Property
In 2003, Roxmark acquired from Kinross Mines a 55.25% interest in the East Leitch Property covering 20 claims held under a 21-year lease on 832 acres in Summers Township. In January 2005, Roxmark acquired the remaining 29.75% interest from African Marine. During 2006, Roxmark conducted a small bulk sample from the property and recovered 125 ounces of gold from processing 800 tons. The property is adjoining the Leitch-Sand River Mine
Gold: Geraldton Camp
1. Hardrock Project – 30% carried interest
The Hardrock Project, located in the Beardmore–Geraldton Greenstone Belt of Northwestern Ontario. The project is operated by Premier Gold Mines Limited (PG-TSX) which is cauurntly earning 70% interest and Roxmark is being carried at 30% interest, The Hardrock Project comprises approximately a 15-kilometre long property package that overlies more than 3.0 million ounces of past gold production in a district that has historic production in excess of 4.0 million ounces. The property lies only a few kilometers south of the Town of Geraldton, which is serviced by the Trans-Canada Highway, Trans-Canada Pipeline and the Canadian National Railway.
The Hardrock Project contains some 1 million ounces of historic (non-NI43-101 compliant) gold resources having potential to be mined in part by both open pit and underground methods. Premier believes that these historic resources, while attractive in their own right, are only an indication of the true potential of this district. We regard the Hardrock Project as having potential to host multiple discoveries of 1 million ounces or more.
In 2009, Premier, as operator is conducting an aggressive $8 to $10 million exploration program with the goal of tabling a NI43-101 compliant mineral resource estimate of 1 million to 1.5 million ounces of gold, occurring in multiple, closely-spaced deposits, potentially amenable to open-pit mining. In order to achieve this, we have planned the following exploration program:
Some 50,000 metres of diamond drilling in delineation and exploration configurations.
Focus within 300 metres of surface.
Target areas of existing mineralization & those with high potential for discovery based on our geological model.
2. Placer Dome-Key Lake Property
Between 1995 and 1997, Roxmark earned from Placer Dome Canada Limited and Key Lake Explorations Limited a 100% interest in 26 patented claims and mining leases (of which 10 claims are freehold with surface rights) on 1,339 acres in Lindsley Township. To earn the interest Roxmark earned a 100% interest in the property by investing a total of $2 million of exploration expenditures.
In 1997, Cyprus Canada Inc. completed an exploration program comprising 13 holes and 2,270 metres drilled, with five holes intersecting visible gold. The drilling was part of a Cyprus program to determine the possibility of developing open pit gold mines in the Geraldton area. In 1997, Cyprus determined that the property contained a total of 150,000 ounces of gold (non-NI 43-101 compliant).
Drilling focused on either side of a three-compartment shaft with three underground levels. It confirmed the presence of gold mineralization and added to the extensive drilling previously carried out in the area, including 87 holes by Placer Dome.
Figure 1:
Inferred crustal levels of gold deposition showing the different types of gold deposits and the inferred deposit clan (from Dubé et al., 2001; modified from Poulsen et al., 2000).
Figure 2:
World distribution of greenstone-hosted quartz-carbonate vein deposits containing at least 30 tonnes of Au.
Figure 3:
Simplified geological map of the Abitibi greenstone belt showing the distribution of major fault zones and gold deposits. Modified from Poulsen et al. (2000).
Figure 4:
Tonnage and grade repartition for gold deposits in the world containing at least 30 tonnes of Au.
Figure 5:
Tonnage vs. grade relationship of Canadian and worldAu deposits containing at least 30 tonnes of Au.
Figure 6:
(A) Quartz-breccia vein, Main Break, Kirkland Lake. (B) High-grade quartz veinlets, hosted by syenite with visible gold, disseminated pyrite, and traces of tellurides, Main Break, Kirkland Lake.
Figure 7:
(A) Laminated fault-fill veins, Pamour Mine, Timmins. (B) Closed up, laminated fault-fill veins showing iron-carbonatized wall-rock clasts. (C) Boudinaged fault-fill vein, section view, Dome Mine. (D) Arrays of extensional quartz veins, Pamour Mine. (E) Extensional quartz-tourmaline “flat vein” showing multiple stages of mineral growth perpendicular to the vein walls, Sigma Mine (from Poulsen et al., 2000). (F) Tourmaline-quartz vein, Clearwater deposit, James Bay area.
Figure 8:
Schematic diagram illustrating the geometric relationships between the structural element of veins and shear zones and the deposit-scale strain axes (from Robert, 1990).
Figure 9:
(A) Large boudinaged iron-carbonate vein, Red Lake district. (B) Iron carbonate pervasive replacement of an iron-rich gabbroic sill, Tadd prospect, Chibougamau. (C) Green carbonate rock showing fuchsite-rich replacement and iron-carbonate veining in a highly deformed ultramafic rock, Larder Lake. (D) Green carbonate alteration showing abundant green micas replacing chromite-rich ultramafics, Baie Verte, Newfoundland.
Figure 10:
(A) Diopside vein in biotite-actinolite-microcline-rich gold-bearing alteration, Madsen Mine, Red Lake. (B) Auriferous metasomatic hydrothermal layering with actinolite-rich and biotite-microcline-rich bands, MadsenMmine, Red Lake. (C) Gold-rich No. 8 vein showing visible gold in a carbonate-actinolite-diopside-rich vein, Madsen Mine, Red Lake.
Figure 11:
(A) Mylonitic foliation, Cadillac-Larder Lake Break, Val d'Or. (B) Close-up showing mylonitic foliation within Cadillac-Larder Lake Break, Val d'Or.
Figure 12:
(A) Vertical section of shear bands indicating a reverse-oblique sense of motion recorded by the gold-bearing Cape Ray fault zone, Newfoundland (from Dubé et al., 1996). (B) Section view showing reverse-oblique mylonite, Cape Ray fault zone, Newfoundland. (C) Section view showing auriferous quartz vein hosted by a second-order reverse shear zone, Cooke Mine, Chapais, Quebec (from Dubé and Guha, 1992).
Figure 13:
(A) Section view showing the 25 M oz Kirkland Lake Main Break. (B) Kirkland Lake Main Break in section view, note the brittle nature of the structure.
Figure 14:
(A) Timiskaming conglomerate, Kirkland Lake. (B) Mineralized quartz veins hosted by a carbonatized Timiskaming conglomerate, Pamour Mine, Timmins. (C) Mineralized quartz vein hosted by a discrete brittle-ductile high-strained zone hosted by weakly deformed Timiskaming conglomerate, Kirkland Lake. (D) Variolitic basalt, Vipond Formation, Tisdale Assemblage, Timmins.
Figure 15:
(A) Boudinaged ankerite vein with late quartz veins cutting the Paymaster porphyry, Dome Mine. (B) Boudinaged ankerite veins with syndeformation late extensional quartz veins, Dome Mine. (C) Massive ankerite Kurst vein cut by late gold-bearing extensional quartz vein, Dome Mine area. (D) Ankerite vein clast within Timiskaming conglomerate, Dome Mine (from Dubé et al., 2003). (E) Close-up of photo D (from Dubé et al., 2003). (F) Deformed quartz vein hosted by folded Timiskaming argillites, Dome Mine.
Figure 16:
Location of Canadian greenstone-hosted quartz-carbonate vein districts.
Figure 17:
Fine-grained chloritized albitite dyke on the 4175 foot level of the McIntyre Mine, intruding sericitized Pearl Lake porphyry. Both the albitite dyke and the altered porphyry are cut by quartz-ankerite-albite veins (from Brisbin, 1997; photograph by Nadia Melnik-Proud, caption after Melnik-Proud, 1992; photo obtained by B. Dubé from D. Brisbin).
Figure 18:
Schematic diagram illustrating the setting of greenstone-hosted quartz-carbonate vein deposits (from Poulsen et al., 2000).
Date Modified: 2009-08-17
Figure 27:
Foliated chlorite-pyrrhotite at base of vent complex. From Leitch et al., 2000.
The Hardrock Project, located in the Beardmore -- Geraldton Greenstone Belt of Northwestern Ontario, is consistent with all the hallmarks of Premier's business model and is a core holding in its exploration portfolio. Premier owns a 70% interest in the project.
Many past-producing sites in Canada are undergoing a renaissance and today are being recognized for their exceptional potential to host future world class discoveries.
Recent discoveries in Red Lake (Red Lake Gold Mines, Bruce Channel) and at Malartic underscore the importance of exploration in such historic camps.
The Hardrock Project comprises approximately a 15-kilometre long property package that overlies more than 3.0 million ounces of past gold production in a district that has historic production in excess of 4.0 million ounces. The property lies only a few kilometers south of the Town of Geraldton, which is serviced by the Trans-Canada Highway, Trans-Canada Pipeline, and Hydroline. Exploration is conducted year round.
NI43-101 Compliant Mineral Resources
On March 4, 2010 the Company announced that it had received a National Instrument (NI) 43-101 compliant Mineral Resource estimate on the Hardrock Project for the near surface mineralization amenable to open pit mining.
Highlights of the Hardrock Area Mineral Resource estimate include:
The following table presents the tonnes and grades for the block model used for the Mineral Resource estimate at a range of cut-off grades in order to demonstrate the sensitivity of the estimates. The cut-off value of 1.0 g/t Au was derived from recent technical reports filed on SEDAR and in-house technical data from RCI for similar deposit types.
Cut-off Grade | Tonnes (Millions) | Grade gpt Au (cut) | Grams Au Cut (Millions) | Ounces Au Cut | Grade gpt Au (uncut) | Grams Au uncut (Millions) | Ounces Au Uncut |
0.6 gpt Au | 22.9 | 1.30 | 29.7 | 955,000 | 1.65 | 37.8 | 1,215,000 |
0.8 gpt Au | 16.1 | 1.56 | 25.0 | 805,000 | 2.03 | 32.5 | 1,045,000 |
1.0 gpt Au | 11.6 | 1.82 | 21.1 | 675,000 | 2.43 | 28.1 | 905,000 |
1.2 gpt Au | 8.5 | 2.08 | 17.7 | 570,000 | 2.86 | 24.3 | 780,000 |
1.4 gpt Au | 6.3 | 2.35 | 14.9 | 475,000 | 3.33 | 21.0 | 675,000 |
Cut-off Grade | Tonnes (M) | Grade gpt Au (cut) | Grams Au Cut (Millions) | Ounces Au Cut | Grade gpt Au (uncut) | Grams Au uncut (Millions) | Ounces Au Uncut |
0.6 gpt Au | 16.1 | 1.25 | 20.1 | 645,000 | 2.39 | 38.4 | 1,085,000 |
0.8 gpt Au | 11.0 | 1.51 | 16.5 | 530,000 | 3.03 | 33.1 | 955,000 |
1.0 gpt Au | 7.4 | 1.81 | 13.2 | 425,000 | 3.92 | 28.8 | 830,000 |
1.2 gpt Au | 4.9 | 2.15 | 10.6 | 340,000 | 5.06 | 24.9 | 730,000 |
1.4 gpt Au | 3.3 | 2.57 | 8.6 | 275,000 | 6.49 | 21.7 | 640,000 |
2010 Exploration Plans
In 2010, Premier has planned an aggressive $10 to $12 million exploration program with the goal of tabling a second NI43-101 compliant mineral resource estimate amenable to underground mining after its completion. In order to achieve this, we have planned the following exploration program:
Given the pace at which our 2010 program is being conducted, shareholders and potential shareholders can anticipate press releases updating results and progress on the Hardrock Project on a regular (bi-weekly to monthly) basis.
(as of June 17, 2009)
NN Zone | North Zone |
Plan View | NN Zone |
North Zone | EP North Limb |
EP North Limb B | EP North Limb C |
EP South Limb | EP South Limb B |
EP South Limb C | Tenacity TN1 |
Tenacity TN2 | HGV |
SP Zone |
Gold target being to around $1,950 per ounce -
Au 2nd LT bullwave to run
http://www.grcmines.com/
The only caveat is please no attacking each other personally.
Welcome to Goldstone forum to keep on the issue and enjoy it -
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