Goldstone’s Hardrock interest valued at $135 million - by RBC Securities - :-) In a research paper dated August 2010 -
Goldstone Resources is a uniquely strong gold presence in the Geraldton and Beardmore camps of Northwestern Ontario, combining significant newly discovered and historic resources, exciting exploration potential, and significant assets, including an upgraded, fully-permitted permitted mill.
Active exploration at Key Lake and the Hardrock Project The first phase of a $6.5 million, 50,000-metre 2011 gold exploration program in the Geraldton campis now underway on - The Key Lake Gold Mine property, where Goldstone is seeking to add to gold resources established through a limited program in 2010 and to establish the viability of an open pit mining operation. 2010 drilling at Key Lake delineated a mineralization zone with intersections such as 3.17 g/t Au over 44.0 metres and 2.28 g/t Au over 42.7 metres.
Two rigs will drill an estimated 30,000 metres in 2011 at Key Lake. The objective is to expand the current resource base through in-fill drilling—with hole targeting assisted by a recently completed preliminary pit model—as well as to continue expanding the mineralized corridor an additional kilometer to the west. In addition, crews will be carrying out line-cutting and IP surveys on other favourable geological horizons on the property to outline further drill targets.
Key Lake borders on the The Hardrock Project, a joint venture with Premier Gold Mines Limited in which Goldstone holds a 30% carried interest.
Major discoveries were made at Hardrock in 2010 and an ambitious eight-rig program is being carried out in 2011.
In a research paper dated August 2010, RBC Securities valued Goldstone’s Hardrock interest at $135 million.
Increased drilling in Beardmore, near the Northern Empire Mill While full plans for the Beardmore camp will develop over the coming months, an additional drill rig will be employed to drill promising extensions of the Northern Empire Mine and the Sand River-Leitch Mine complex, as well as the McWilliams showing on the Northern Empire Property, which was previously drilled in the fall of 2010 and intersected a favourable gold-bearing horizon in hole NE10-03.
Goldstone’s objective in Beardmore is to develop more gold near the Northern Empire mill which could be developed sequentially with those identified at its Brookbank and Northern Empire properties.
The mill is readily expandable to 500 TPD.
Gold 1.5 million ounces of resources, and growing.
Estimates for Goldstone’s Brookbank deposit and Northern Empire Mine properties have established resources of more than 800,000 ounces of gold.
At the Hardrock project, the uncut estimate is 2.3 million ounces—30% or nearly 700,000 ounces of which belong to Goldstone through a carried interest.
A foundation of existing infrastructure Goldstone properties are close to highways, power grids, and local labour pools and benefit from extensive existing mining infrastructure above and below ground including the upgraded, fully-permitted Northern Empire mill.
A rich history of gold production -
The ten formerly productive mines on Goldstone lands—including
The Leitch Gold Mine, at one time Canada's richest—produced in excess of 4 million ounces of gold.
These mines, which were closed primarily due to a $35 gold price, remain open at depth and offer major untapped potential through extensions and parallel occurrences.