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!)
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!)
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
