Goldstone Announces Initial 2011 Key Lake Drilling Results Highlights: Near Surface Grading 1.56 g/t Au Over 24 m May 30, 2011 (Marketwire Canada) -- TORONTO, ONTARIO --
Goldstone Resources Inc. (TSX:GRC) (PINK SHEETS:GRSZF) today announced first results from the 2011 drilling program at its Key Lake property where the Company is focused primarily on obtaining enough drilling information for the purposes of estimating a NI 43-101 compliant mineral resource and establishing the viability of an open pit mining operation.
Located just west of Geraldton, Ontario, Key Lake is contiguous to the Hardrock Project where eight rigs will be active in 2011 and where diamond drilling by the Company's joint venture partner, Premier Gold Mines Ltd. (TSX:PG), as operator, has established a significant gold resource near surface as well as high grade intersections at depth. Goldstone holds a 30% carried interest in the Hardrock Project and a 100% interest in Key Lake and its other properties.
To date in the 2011 Key Lake drilling program, 42 holes have been completed for a total of 9,000 metres along a strike in excess of 800 metres. Complete assay results have been received for 27 holes. Drilling is primarily focused on identifying near surface gold mineralization amenable to open pit mining. All holes drilled to-date have intersected gold mineralization, including hole KL-11-92 which encountered gold grading 49.3 g/t over 0.65 metres (a photograph of the core with visible gold is posted at http://www.goldstoneresourcesinc.com
Additional holes not yet assayed have also encountered visible gold. Results for these holes will be published in a future press release.
Drilling suggests the potential for defining open-pit style with wide zones such as in KL-11-68 that intersected 24 m at 1.56 g/t Au. Approximately 30,000 metres of drilling are planned for this year along the main Key Lake corridor, including testing new anomalies identified by the IP geophysical survey carried out earlier this year. The current program is capitalizing on the success of a 12,000-meter drilling program in 2010 which outlined significant gold mineralization, including 3.17 g/t over 44 metres and 2.28 g/t over 42.7 metres.
2011 Significant results received to date are as follows:
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 applicable securities laws concerning Goldstone's business, operations, ---- 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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