AI
Goldstone Resources Exploration Update
TORONTO, ONTARIO--(Marketwire - May 13, 2010) -
Goldstone Resources Inc.
("Goldstone" or "the Company") (TSX:GRC)(PINK SHEETS:GRSZF)
is pleased to provide an update on our exploration efforts in
the Beardmore-Geraldton area of northern Ontario.
Following the merger of Ontex Resources and Roxmark Mines in
late 2009 to form Goldstone, a large geological and historical
production database has been examined to prioritize exploration
targets.
KEY LAKE, GERALDTON
The Key Lake property will be the focus of approximately 15,000m
of diamond drilling, scheduled to start on June 1st.
Historical drilling by Cyprus Amax and Placer Dome in the 80's
and 90's has outlined a 2.5 km long band of gold mineralization
that appears to have low grade open pit potential.
Goldstone plans to twin some of these historical holes and
systematically drill along the 2.5km strike length to explore
this potential.
This property is located approximately 14km west of
the Hardrock Project, where Premier Gold (in joint venture
with Goldstone) has announced impressive open pit and
underground results.
LEITCH-SAND RIVER MINE, BEARDMORE
In the Beardmore area, compilation and prioritization of targets
is ongoing.
Several promising areas with limited exploration on strike
from the high grade Leitch-Sand River mines will be the focus
of diamond drilling later in the fall.
Additional programs of ground geophysics, trenching and mapping
will be conducted on targets in the area that exhibit structural
and geological similarities to the historical high grade deposits.
Mike Kilbourne (P.Geo) is the Qualified Person for the information
contained in this press release, and is a Qualified Person within
the meaning of National Instrument 43-101.
About Goldstone
Formed by late 2009 merger of Ontex Resources and Roxmark Mines,
Goldstone Resources is a well funded gold exploration and
development company operating in the historically significant
Geraldton-Beardmore area of Northwestern Ontario and focused
on gold exploration and deposit delineation at its
Brookbank,
Northern Empire,
Leitch-Sand River and
Key Lake gold properties in the Beardmore Camp.
At a 3.4 g/t gold cut-off grade, drilling has established
1.36 million tonnes grading 9.7 g/t gold containing
424,400 ounces of indicated resource and 1.09 million tonnes
grading 7.9 g/t gold containing 276,600 ounces of
inferred resource at Brookbank.
(See National Instrument 43-101 technical report –"Technical
Report on the Brookbank Gold Deposit,
Beardmore – Geraldton Area, Northern Ontario, Canada"
by Scott Wilson RPA Inc. dated May 4, 2009, as filed on SEDAR).
In addition, Goldstone has a 30% carried interest in
the Hardrock Project in the Geraldton Camp, a joint venture
with Premier Gold Limited, with Premier as operator.
Goldstone Resources Inc.
Further information is available on the Company's website at 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
(416) 864-6332
(416) 628-5935 (FAX)
http://www.grcmines.com
Click here to see all recent news from this company
http://www.marketwire.com/press-release/Goldstone-Resources-Exploration-Update-TSX-GRC-1259505.htm
http://investorshub.advfn.com/boards/board.aspx?board_id=1499
RE:
KEY LAKE GOLD MINE, GERALDTON
The Key Lake property will be the focus of approximately 15,000m
of diamond drilling, scheduled to start on June 1st.
Historical drilling by Cyprus Amax and Placer Dome in the 80's
and 90's has outlined a 2.5 km long band of gold mineralization
that appears to have low grad eopen pit potential.
Goldstone plans to twin some of these historical holes and
systematically drill along the 2.5km strike length to explore
this potential.
This property is located approximately 14km west of
the Hardrock Project, where Premier Gold (in joint venture
with Goldstone) has announced impressive open pit and
underground results.
FYI; for your info, short snippet ex.
from past exploration and
developments:
On January 15, 1996
Cyprus Canada Inc. signed a Mining Venture Agreement with
Roxmark Mines Limited where by Cyprus may earn an interest in
the Roxmark property by completing a 32.0 million work expenditure
and making annual cash
payments totalling S250,000 by January 15, 2000.
Cyprus has the option to increase it's
interest , by agreeing to fund Roxmark's share of Exploration and
Development costs from the commencement of commercial production at
a rate of prime plus
20xk.
Underlying NSR's range between 2 and 3 percent.
The 115 claims comprising the property encompass
approximately 2,288 hectares in the Errington and Lindsley
townships in the Geraldton area of north-western Ontario
This is the html version of the file
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/42E10NW0009//42E10NW0009.Pdf.
A short summary of previous exploration work conducted in
Lindsley and Errington townships is given below:
Lindsley Township:
1934:
Jelicoe Gold Mining Company acquired land to the west of the Bankfield
Mine, as well as land along the projected strike of a gold bearing zone
located at Magnet Lake. Stripping and diamond drilling revealed a
auriferous zone on present claim TB12406.
1936:
Jelicoe Consolidated Gold Mines Ltd. drilled 4,391 metres outlying a
small low-grade deposit on claim TB12149.
1937-1940: Jelcoe Mines (1939) Ltd. mines out the deposit.
1963:
Jelicoe Mines (1939) Ltd. changed its name to Jelex Mines Ltd.
1973:
Old mine records are re-examined. Ground magnetometer and V.L.F.
surveys were performed. Two diamond drill holes tested resulting
targets. No significant results were encountered
1978:
Jelex Mines Ltd. changed its name to Key Lake Explorations Ltd.
1982:
Dome Exploration Canada Ltd. options property.
100m interval grid was cut with ground magnetometer survey.
1983-1984: IP. and V.L.F. surveys were carried out over the property.
1983-1990: Placer Dome Inc. drilled 87 diamond drill holes outlining
a very low grade potential deposit.
1996:
Cyprus Canada Inc. drilled 13 diamond drill holes confirming the
grade deposit but the POG price of gold was going lower to 2001.
..corrections in the bull runs often gives good
buying opportunities
Great old goldy producers are my bargain play
http://investorshub.advfn.com/boards/board.aspx?board_id=1499
TORONTO, ONTARIO--(Marketwire - May 13, 2010) -
Goldstone Resources Inc.
("Goldstone" or "the Company") (TSX:GRC)(PINK SHEETS:GRSZF)
is pleased to provide an update on our exploration efforts in
the Beardmore-Geraldton area of northern Ontario.
Following the merger of Ontex Resources and Roxmark Mines in
late 2009 to form Goldstone, a large geological and historical
production database has been examined to prioritize exploration
targets.
KEY LAKE, GERALDTON
The Key Lake property will be the focus of approximately 15,000m
of diamond drilling, scheduled to start on June 1st.
Historical drilling by Cyprus Amax and Placer Dome in the 80's
and 90's has outlined a 2.5 km long band of gold mineralization
that appears to have low grade open pit potential.
Goldstone plans to twin some of these historical holes and
systematically drill along the 2.5km strike length to explore
this potential.
This property is located approximately 14km west of
the Hardrock Project, where Premier Gold (in joint venture
with Goldstone) has announced impressive open pit and
underground results.
LEITCH-SAND RIVER MINE, BEARDMORE
In the Beardmore area, compilation and prioritization of targets
is ongoing.
Several promising areas with limited exploration on strike
from the high grade Leitch-Sand River mines will be the focus
of diamond drilling later in the fall.
Additional programs of ground geophysics, trenching and mapping
will be conducted on targets in the area that exhibit structural
and geological similarities to the historical high grade deposits.
Mike Kilbourne (P.Geo) is the Qualified Person for the information
contained in this press release, and is a Qualified Person within
the meaning of National Instrument 43-101.
About Goldstone
Formed by late 2009 merger of Ontex Resources and Roxmark Mines,
Goldstone Resources is a well funded gold exploration and
development company operating in the historically significant
Geraldton-Beardmore area of Northwestern Ontario and focused
on gold exploration and deposit delineation at its
Brookbank,
Northern Empire,
Leitch-Sand River and
Key Lake gold properties in the Beardmore Camp.
At a 3.4 g/t gold cut-off grade, drilling has established
1.36 million tonnes grading 9.7 g/t gold containing
424,400 ounces of indicated resource and 1.09 million tonnes
grading 7.9 g/t gold containing 276,600 ounces of
inferred resource at Brookbank.
(See National Instrument 43-101 technical report –"Technical
Report on the Brookbank Gold Deposit,
Beardmore – Geraldton Area, Northern Ontario, Canada"
by Scott Wilson RPA Inc. dated May 4, 2009, as filed on SEDAR).
In addition, Goldstone has a 30% carried interest in
the Hardrock Project in the Geraldton Camp, a joint venture
with Premier Gold Limited, with Premier as operator.
Goldstone Resources Inc.
Further information is available on the Company's website at 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
(416) 864-6332
(416) 628-5935 (FAX)
http://www.grcmines.com
Click here to see all recent news from this company
http://www.marketwire.com/press-release/Goldstone-Resources-Exploration-Update-TSX-GRC-1259505.htm
http://investorshub.advfn.com/boards/board.aspx?board_id=1499
RE:
KEY LAKE GOLD MINE, GERALDTON
The Key Lake property will be the focus of approximately 15,000m
of diamond drilling, scheduled to start on June 1st.
Historical drilling by Cyprus Amax and Placer Dome in the 80's
and 90's has outlined a 2.5 km long band of gold mineralization
that appears to have low grad eopen pit potential.
Goldstone plans to twin some of these historical holes and
systematically drill along the 2.5km strike length to explore
this potential.
This property is located approximately 14km west of
the Hardrock Project, where Premier Gold (in joint venture
with Goldstone) has announced impressive open pit and
underground results.
FYI; for your info, short snippet ex.
from past exploration and
developments:
On January 15, 1996
Cyprus Canada Inc. signed a Mining Venture Agreement with
Roxmark Mines Limited where by Cyprus may earn an interest in
the Roxmark property by completing a 32.0 million work expenditure
and making annual cash
payments totalling S250,000 by January 15, 2000.
Cyprus has the option to increase it's
interest , by agreeing to fund Roxmark's share of Exploration and
Development costs from the commencement of commercial production at
a rate of prime plus
20xk.
Underlying NSR's range between 2 and 3 percent.
The 115 claims comprising the property encompass
approximately 2,288 hectares in the Errington and Lindsley
townships in the Geraldton area of north-western Ontario
This is the html version of the file
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/42E10NW0009//42E10NW0009.Pdf.
A short summary of previous exploration work conducted in
Lindsley and Errington townships is given below:
Lindsley Township:
1934:
Jelicoe Gold Mining Company acquired land to the west of the Bankfield
Mine, as well as land along the projected strike of a gold bearing zone
located at Magnet Lake. Stripping and diamond drilling revealed a
auriferous zone on present claim TB12406.
1936:
Jelicoe Consolidated Gold Mines Ltd. drilled 4,391 metres outlying a
small low-grade deposit on claim TB12149.
1937-1940: Jelcoe Mines (1939) Ltd. mines out the deposit.
1963:
Jelicoe Mines (1939) Ltd. changed its name to Jelex Mines Ltd.
1973:
Old mine records are re-examined. Ground magnetometer and V.L.F.
surveys were performed. Two diamond drill holes tested resulting
targets. No significant results were encountered
1978:
Jelex Mines Ltd. changed its name to Key Lake Explorations Ltd.
1982:
Dome Exploration Canada Ltd. options property.
100m interval grid was cut with ground magnetometer survey.
1983-1984: IP. and V.L.F. surveys were carried out over the property.
1983-1990: Placer Dome Inc. drilled 87 diamond drill holes outlining
a very low grade potential deposit.
1996:
Cyprus Canada Inc. drilled 13 diamond drill holes confirming the
grade deposit but the POG price of gold was going lower to 2001.
..corrections in the bull runs often gives good
buying opportunities
Great old goldy producers are my bargain play
http://investorshub.advfn.com/boards/board.aspx?board_id=1499
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