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NSRS PR
North Springs Resources Announces Drilling to Commence Imminently at Goldstar Property in Arizona
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North Springs Resources Corp. (OTCBB:NSRS)(PINKSHEETS:NSRS) (the "Company" or "North Springs") is pleased to announce that final property and drill site preparations have been completed at the Company's 20% owned Goldstar/One Arm Joe Gold Project (the "Goldstar Property" or "Goldstar") located near Wickenburg, Arizona, USA. North Springs earned its 20% interest in the Goldstar Property by already funding $500,000 towards the current exploration and development program. The Company also has the right to acquire an additional 15% interest in the Goldstar Property by supplying $3,000,000 in funding for further exploration and development.
Wilcox Professional Services, LLC, the third-party engineering firm contracted to conduct and supervise the drill program at Goldstar, expects that a diamond core drilling rig will arrive at the property on Monday, with drilling to commence immediately after rig setup and testing. North Springs expects that a total of 15 holes will be drilled as part of this program to confirm and expand the known gold mineralization at Goldstar.
"This is going to be an incredibly exciting week for North Springs shareholders as we get ready to start drilling at Goldstar," stated Harry Lappa, President of North Springs Resources. "The potential of the project is enormous. We are confident that the planned exploration work Goldstar could quickly prove up and expand the current gold estimate of 350,000 ounces and put us on track to build the next great high-grade gold mine in Arizona."
The Goldstar Property consists of 9,000 feet of gold bearing quartz veins in two zones (Goldstar: 6,000 feet and One Arm Joe: 3,000 feet) over nine (9) claim blocks totaling 180 acres. A small section of the 6,000 foot long Goldstar quartz vein zone is adjacent to the entire southern border of the Grijalva Mine, a former underground gold-silver-copper mine with production from quartz veins over a 29 year period between 1908 and 1936. The Goldstar Property is also located 20 miles northeast of the famous Vulture Mine, which became the most productive gold mine in Arizona history, producing 340,000 ounces of gold and 260,000 ounces of silver from high-grade quartz veins.
Previous exploration at the Goldstar Property, including extensive surface sampling (500+), mapping, trenching, assaying, and metallurgy, assisted in calculating the property's estimated reserve of 500,000 tons with an average grade of 0.7oz gold per ton - which could yield approximately 350,000 ounces of gold. Based on current gold spot prices, the Goldstar Property may contain over $550 million in gross mineral value and could possibly be the largest hardrock gold mine in Arizona history.
Further information regarding the Goldstar/One Arm Joe Gold Project and other North Springs business will be made as additional information becomes available.
GDSM PR
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Gold Coast Mining Agrees to Pursue Gold Star Mine Joint Venture
Date : 01/19/2012 @ 11:50AM
Source : PR Newswire
Stock : Gold Coast Mining Corp Fl (PC) (GDSM)
Quote : 0.0018 0.0001 (5.88%) @ 5:00PM
Gold Coast Mining Agrees to Pursue Gold Star Mine Joint Venture
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Gold Coast Mining Corp Fl (PC) (USOTC:GDSM)
Intraday Stock Chart
Today : Thursday 19 January 2012
Gold Coast Mining Corp. (Pink Sheets: GDSM), is pleased to announce today that the Company has agreed to pursue a joint venture with Western Sierra Mining ("WSRA") on the Gold Star Mine. The Gold Star Mine, currently owned by WSRA, consists of up to 5 unpatented claims on over 300 acres near Prescott, Arizona.
The claims show Ore Reserves of 6.75 million cubic yards of ore. The average ore tenor is 0.025 oz/yd. or 168,750 total ounces of gold. An unusual and significant attribute of the Gold Star property is that the mineralized black sands, unlike most, appear to contain substantial gold values. Limited testing has shown these values to be fairly uniform across the claims.
According to the Jenkins Technical Summary: "If the hi-bar deposits contain (mineralized black sand) gold values throughout, the potential may be staggering, and could far outweigh the free gold placer material."
Gold Coast Mining and Western Sierra Mining have executed a Memorandum of Understanding ("MOU") in which the parties have agreed to finalize the terms and execute the final joint venture agreement within the next 10 days. In the meantime, the companies are working together to secure the necessary funding, as part of the final joint venture, to move the Gold Star Mine to the production phase.
The Company maintains the position that while it may need to issue shares as debt is settled and as part of securing funding for the joint venture, management has been and remains committed to no reverse splits and/or toxic financings as part of this process. The issued and outstanding stock remains currently at 579,887,086. The Company intends to update shareholders on any share issuances that may occur going forward, along with the purpose behind any issuance.
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