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Message: More Geraldton Gold..but not ours..
Goldstone Resources Inc.
TSX: GRC
PINK SHEETS: GRSZF
Jan 14, 2010 11:34 ET
Goldstone Reports Additional High-Grade Gold Results at Hardrock Project
26.30 g/t (0.77 oz/ton) gold across 4.0m (13.1 feet)
<!-- <h2>26.30 g/t (0.77 oz/ton) gold across 4.0m (13.1 feet)</h2> -->TORONTO, ONTARIO--(Marketwire - Jan. 14, 2010) - Goldstone Resources Inc. (TSX:GRC)(PINK SHEETS:GRSZF) today announced drill results for the final holes drilled in 2009 testing the Hardrock Project's NN (open pit) Zone by Premier Gold Limited (TSX:PG).
Goldstone holds a 30 percent carried interest in the Hardrock Project, a joint venture with Premier in the Geraldton Camp of the Beardmore-Geraldton Greenstone Belt, through its wholly-owned subsidiary Roxmark Mines Limited.
Drilling continues to expand the NN Zone westward such that, combined with the EP Zone, mineralization in this open pit target area has been intersected over a strike length of 1,400 metres where it remains open.
These holes, the final results that will be included in an upcoming NI 43-101 mineral resource estimate for the Hardrock Project, continue to reveal multiple gold zones having broad intersections and high gold grades. Of particular note is hole MM090, the westernmost (and near surface) hole in the NN Zone which returned two intersections including 9.08 grams per tonne gold (g/t Au) across 12.8 metres (m) (0.27 oz/ton across 42.0 feet) and 16.72 g/t Au across 4.2m (0.49 oz/ton across 13.8 feet). The NN Zone horizon remains open for expansion to the west of MM090. Additionally, a portion of the EP Zone remains open to the northwest, and favourable structures along strike to the east of, and within the same horizon as, the EP Zone remain untested.
In 2009, more than 90,000 metres of drilling was completed at Hardrock, successfully identifying multiple open pit and underground style gold zones, with a resource estimate relating to the near-surface (open pit) zones expected in mid-February. Highlights from final 2009 drilling in the NN Zone include:
- 26.30 g/t Au across 4.0m (0.77 oz/ton across 13.1 feet) in MM088
- 9.08 g/t Au across 12.8m (0.27 oz/ton across 42.0 feet) including 27.59 g/t Au across 3.5m (0.81 oz/ton across 11.5 feet) in MM090
- 16.72 g/t Au across 4.2m (0.49 oz/ton across 13.8 feet) in MM090
- 13.55 g/t Au across 3.0m (0.40 oz/ton across 9.8 feet) in MM080
- 11.44 g/t Au across 4.5m (0.33 oz/ton across 14.8 feet) in MM081.
The Hardrock Project is host to several past-producing mines which collectively produced more than 3.0 million ounces of gold, primarily from depths within 600 metres (2000 feet) of surface. The productive zones remained wide open at depth and existing historic resources were left in place within the workings at the time mine production ceased.
Stephen McGibbon, Premier's Executive VP and COO, said, "Hardrock continues to exceed even our optimistic expectations. These solid results bode well for our forthcoming resource estimate and our ongoing aggressive drilling program. During 2010 we are eager to continue to further outline both the open pit and underground potential of Hardrock."
"We are very pleased with the progress and the excellent results obtained to date. It definitely underscores the value of the Beardmore-Geraldton Camp", said Patrick Sheridan, Jr., Goldstone's Chief Executive Officer.
Drilling is focused on delineating both open pit and underground zones with the goal of identifying a multi-million ounce gold resource that can be advanced quickly toward development. The Project offers development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through the centre of the property.
Significant potential for developing resources in several areas has been identified including:
1) Open pit-style mineralization proximal to the main zones previously mined by underground methods;
2) Discoveries including bonanza-style gold zones;
3) Down-plunge of historically mined zones including the SP and North Zones; and,
4) Mineralization along strike from historically mined zones in the NN and North Zone areas.
New results from drilling in the NN Zone, which will be part of the upcoming open pit resource relating to near-surface (open pit) gold zones at Hardrock, are presented in Table 1.
Table 1 NN Zone Diamond Drilling Results
------------------------------------------------------------------------
UTM
Hole-ID Coordinates Dip/Azimuth From (m) To (m)
(m) (degrees)
------------------------------------------------------------------------
180.0 181.4
5502869 N ----------------------------
MM080 504024 E -52/360 205.0 208.0
----------------------------
221.5 224.5
------------------------------------------------------------------------
5502869 N 196.2 200.7
MM081 503980 E -50/360 ----------------------------
196.2 200.7
------------------------------------------------------------------------
121.5 132.6
MM082 5502930 N ----------------------------
503950 E -45/360 205.5 210.0
----------------------------
including 205.5 206.6
------------------------------------------------------------------------
166.5 172.8
5502872 N ----------------------------
MM084 503949 E -50/360 201.5 204.7
----------------------------
222.0 225.0
------------------------------------------------------------------------
141.0 145.5
5502941 N ----------------------------
MM086 503900 E -50/360 202.0 203.5
----------------------------
210.7 218.3
------------------------------------------------------------------------
5502870 N 210.7 213.0
MM088 503900 E -50/360 ----------------------------
229.5 233.5
------------------------------------------------------------------------
5502910 N 181.1 184.3
MM089 503850 E -50/360 ----------------------------
215.0 220.7
------------------------------------------------------------------------
23.8 28.0
----------------------------
35.5 37.0
MM090 ----------------------------
5502970 N 102.2 105.0
504024 E -45/360 ----------------------------
120.4 133.2
----------------------------
including 123.5 127.0
----------------------------
147.7 149.7
------------------------------------------------------------------------
5502980 N
MM091 504100 E -45/360 54.2 56.4
------------------------------------------------------------------------
------------------------------------------------------------------------
Hole-ID Interval Grade Interval Grade Zone
(m) (g/tonne) (ft) (oz/ton)
------------------------------------------------------------------------
1.4 2.67 4.6 0.08 Upper NN
------------------------------------------------------------
MM080 3.0 5.23 9.8 0.15 X
------------------------------------------------------------
3.0 13.55 9.8 0.40 NN
------------------------------------------------------------------------
4.5 11.44 14.8 0.33 Upper NN
MM081 ------------------------------------------------------------
4.5 5.82 14.8 0.17 NN
------------------------------------------------------------------------
11.1 1.20 36.4 0.04 NN
MM082 ------------------------------------------------------------
4.5 3.48 14.8 0.10 X
------------------------------------------------------------
including 1.1 10.20 3.6 0.30 X
------------------------------------------------------------------------
6.3 1.66 20.7 0.05 Upper NN
------------------------------------------------------------
MM084 3.2 2.93 10.5 0.09 Upper NN
------------------------------------------------------------
3.0 5.67 9.8 0.17 NN
------------------------------------------------------------------------
4.5 1.92 14.8 0.06 Upper NN
------------------------------------------------------------
MM086 1.5 2.56 4.9 0.07 Upper NN
------------------------------------------------------------
7.6 2.75 24.9 0.08 NN
------------------------------------------------------------------------
2.3 2.77 7.5 0.08 Upper NN
MM088 ------------------------------------------------------------
4.0 26.30 13.1 0.77 NN
------------------------------------------------------------------------
3.2 1.37 10.5 0.04 Upper NN
MM089 ------------------------------------------------------------
5.7 3.09 18.7 NN
------------------------------------------------------------------------
4.2 16.72 13.8 0.49 NN
------------------------------------------------------------
1.5 4.29 4.9 0.13 X
MM090 ------------------------------------------------------------
2.8 4.79 9.2 0.14 X
------------------------------------------------------------
12.8 9.08 42.0 0.27 NN2
------------------------------------------------------------
including 3.5 27.59 11.5 0.81 NN2
------------------------------------------------------------
2.0 5.36 6.6 0.16 X
------------------------------------------------------------------------
MM091 2.2 3.46 7.2 0.10 NN
------------------------------------------------------------------------
- True widths estimated at 70% of intersection widths
Stephen McGibbon, P. Geo., is the Qualified Person for the information contained in this news release and is a Qualified Person within the meaning of National Instrument 43-101. Assay results are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Ancaster, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/GRC114Fig1map.pdf
About Goldstone
Formed by late 2009 merger of Ontex Resources and Roxmark Mines, Goldstone Resources is a well funded gold exploration and development company operating in the historically significant Geraldton-Beardmore area of Northwestern Ontario and focused on gold exploration and deposit delineation at its Brookbank, Northern Empire, Leitch-Sand River and Key Lake gold properties in the Beardmore Camp. 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.
In addition, Goldstone has a 30% carried interest in the Hardrock Project in the Geraldton Camp, a joint venture with Premier Gold Limited, with Premier as operator. Both Goldstone and Premier will be mounting aggressive exploration programs in 2010.
Further information is available on the Company's website at www. goldstoneresourcesinc.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.
Neither Toronto Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
Goldstone Resources Inc.J. Patrick Sheridan, Jr.
Chief Executive Officer
(416) 628-5936
(416) 628-5935 (FAX)
www.goldstoneresourcesinc.com
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