Goldstone Files NI 43-101 Technical Report for Hardrock Project
May 18, 2011 (Marketwire Canada) -- TORONTO, ONTARIO --
Goldstone Resources Inc. (TSX:GRC)(PINK SHEETS:GRSZF)announced the filing of an updated NI 43-101 Mineral Resource Estimate for the Hardrock Project on SEDAR.
The effective of the report is dated April 5, 2011 and is available for review under the Company's profile at www.sedar.com.
The report was prepared by Micon International Limited and lists the following as Qualified Persons for the purposes of NI 43-101: Charley Murahwi, P.Geo., Sam Shoemaker, Jr., B.Sc., MAusIMM., Reg.Mem. SME., and Richard Gowans, P.Eng.
The Hardrock Project is a joint venture located just south of the town of Geraldton, Ontario in which Goldstone holds a 30% carried interest and Premier Gold Mines Limited (TSX:PG), as operator, holds a 70% interest.
About Goldstone
Goldstone Resources Inc. 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.
Goldstone's 100%-owned NI 43-101 resources in the Beardmore area total more than 800,000 ounces. In April 2011, Premier announced an updated NI43-101 resource estimate for the Hardrock Project in the Geraldton area of 3.6 million ounces of gold in which Goldstone has a 30% interest (more than 1 million ounces). 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
This news release may contain forward-looking information under applicable securities laws ---- except as may be required under applicable securities laws.
Neither the 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
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.
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.
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 April 6, 2011 the Company announced that it had received an updated National Instrument (NI) 43-101 compliant Mineral Resource for the Hardrock Project. This resource included near surface mineralization, including that contained in the original open pit resource estimate completed in 2010, and deeper mineralization identified in the 114,000m of drilling that was completed in 2010.
Highlights of the Hardrock Resource include:
* A 269% increase in Measured and Indicated resources to 2.5 million ounces.
* A 164% increase in Inferred resources to 1.1 million ounces.
* A 30% increase in the "potential open pit" Measured and Indicated resource grade to 2.37 grams per tonne gold (g/t Au).
* A 37% increase in the "potential open pit" Inferred resource grade to 2.48 g/t Au.
* Some 40% of the Measured and Indicated resource ounces are categorized as "Measured."
* A "Whittle-Pit" analysis suggesting a strip ratio on potential open pit mineral resources of 2.1 to 1.
* The Kailey ("potential open pit") Deposit resource is included and contains 127,000 ounces of Measured and Indicated Resources at 1.57 g/t Au and 10,000 ounces of Inferred resources at 1.48 g/t Au.
The mineral resources estimated for the Hardrock project (both the Hardrock and Kailey Deposits) are set out in Table 1 below. They have been subdivided into potentially underground or open pit mineable resources and reported using different cutoff grades.
Rig Onsite, Drilling at Leitch-Sand River, as Goldstone Begins 2011 Beardmore Exploration Program
Goldstone Resources Inc. (News - Market indicators)(PINK SHEETS:GRSZF) today announced that a rig is now onsite and drilling at the Company's Leitch-Sand River property as the first step in an estimated 20,000-metre 2011 program in the Beardmore camp of the Geraldton-Beardmore Greenstone Belt.
Exploration at Beardmore is in addition to an ongoing 30,000-metre drill program at Goldstone's Key Lake property in the Geraldton camp.
The drilling program at Leitch-Sand River will consist of 19 holes for a total of approximately 12,000 metres.
The target area extends over two kilometres to the west of the Sand River mine shaft covering the Leitch-Sand River No. 2 vein system, the No. 16 vein system, and the Creek vein area.
The program is designed to evaluate some 14 targets on the property.
Historically, the No. 16 vein system was exposed on the 8th level (900 feet) of the Leitch Gold Mine and graded 1.53 oz/t Au over 0.63 feet, with a strike length of 805 feet.
Historical mine records indicate that a total of nearly 3,600 tons grading 0.56 oz/t were mined and milled from the No. 16 vein.
The exploration program is planned and executed by George Langstaff, Ph.D., P.G., P. Geo. (Temp.) and supervised by Tracy Armstrong, P. Geo. Ms. Armstrong is a Qualified Person within the meaning of National Instrument 43-101, and is actively involved in Goldstone's 2011 exploration program.
"Drawing on results from recent and historic drilling and from both surface exploration and a 2010 aeromagnetic survey, we have established initial targets for 2011 Beardmore drilling at both our Leitch-Sand River and Northern Empire Mine properties," said Philip Cunningham, Chairman and Interim Chief Executive Officer. "Our goal remains one of expanding our Beardmore resources in areas that could potentially be developed sequentially along with the NI 43-101 compliant resource established at our Brookbank property."
"Logistical considerations have dictated that we drill first at Leitch-Sand River, rather than at the McWilliams showing on the Northern Empire property, which was previously drilled in the fall of 2010, intersecting a favourable gold-bearing horizon in hole NE10-03. McWilliams will be another focal point in 2011," he added.
About Leitch-Sand River Property
The formerly producing Leitch-Sand River Mine is located seven kilometres from Goldstone's Northern Empire mill, which is a fully permitted, expandable 200-TPD complex, located in Beardmore, Ontario.
Historically, the Leitch Mine produced 861,900 oz with an average ore grade of 0.92 ounces per ton.
The deepest level of the Leitch Mine was level 30 (4,525 ft. or 1,380 m). Drifting was completed on this level in order to provide access to drill test possible depth extensions of Vein #2, with historical mine records indicating several drill hole intercepts of more than two ounces per ton over widths of up to 19 inches, located between 130 and 300 feet below the 30th level.
About Goldstone
Goldstone Resources Inc. is a gold exploration company operating in the historically significant Geraldton-Beardmore camp of Northwestern Ontario and is focused on gold exploration and deposit delineation at its Key Lake, Brookbank, Northern Empire and Leitch-Sand River gold properties.
Goldstone is also a partner in the Hardrock Project joint venture with Premier Gold.
The Geraldton-Beardmore camp is host to several past producers yielding historical production of more than 4.1 million ounces of gold. The majority of the mines in the camp were shut down primarily as a result of the $35/oz gold price.
Further information is available on the Company's website at http://www.goldstoneresourcesinc.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 ---- to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws. Neither Toronto Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Goldstone Resources Inc. Philip Cunningham Chairman and Interim CEO (416) 860-1636
The Leitch Mine (now 100% owned by Goldstone) was one of Ontario’s highest grade and in Canada 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.
The Leitch Gold Mine had one of the first electical underground trains in Canada -
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