Goldstake Explorations Inc.
TSX : GXP
FRANKFURT : GOO

Goldstake Explorations Inc.

March 02, 2010 09:00 ET

Goldstake Drilling on Gold, Copper, Silver Project

TORONTO, ONTARIO--(Marketwire - March 2, 2010) - Goldstake Explorations Inc. (TSX:GXP)(FRANKFURT:GOO) is pleased to report that diamond drilling has successfully been completed on the gold, copper, silver "Clay Property" near Virginiatown, Ontario, 30 km east of Kirkland Lake. 

The "Clay Property" is in the southern Abitibi Greenstone Belt and is 2 km from the Kerr-Addison Mine, which produced 11 million oz. of gold. The Kerr-Addison mine holds the record for gold production from a single shaft in Canadian history.

Goldstake owns 60% of the Clay Property and is earning an additional 15% from Transpacific Resources Inc. with the expenditure of a further $500,000 by Dec. 31, 2010.

The December 2009 diamond-drilling project focused on defining the gold, copper, and silver contents of the Instant Pond South Zone and is a continuation of Goldstake's ongoing effort to establish a resource in compliance with NI43-101 requirements. Intervals of gold mineralizations exceeding 0.1 oz/t found during the 2009 drilling campaign at the Instant Pond South Zone are listed below: 

Drill Hole # From (m) To (m) Interval (m) g/t Au oz/t Au
IP-09-01 48.75 49.40 0.65 5.6 0.18
  52.00 53.20 1.20 3.2 0.10
IP-09-03 81.10 81.85 0.75 6.65 0.21
IP-09-05 136.50 136.80 0.30 5.45 0.17
  149.25 150.00 0.75 4.46 0.14
IP-09-07 11.90 12.60 0.70 3.30 0.11
  88.00 88.60 0.60 4.84 0.16
IP-09-08 5.70 6.15 0.45 4.29 0.14
  103.00 104.00 1.00 3.24 0.10
  118.35 118.85 0.50 8.59 0.28
  122.70 123.50 0.80 6.01 0.19
  124.70 125.40 0.70 4.15 0.13
IP-09-09 79.00 79.90 0.90 17.1 0.55
  88.30 88.80 0.50 3.60 0.12
  95.00 95.45 0.45 3.30 0.11
IP-09-10 98.92 99.30 0.38 4.59 0.15
  99.85 100.15 0.30 16.73 0.54
IP-09-14 68.45 68.75 0.30 10.59 0.34
  86.08 86.45 0.37 16.87 0.54
  105.07 105.20 0.13 11.40 0.37

True widths have not been calculated.

Assays were performed by Etate de compte de Laboratoire Expert Inc of Val-d'Or, Quebec.

Structural measurements on chalcopyrite-rich veins associated with gold in orientated diamond drill cores indicate a stacked series of three major and at least three minor gold-bearing veins that trend southeast and dip north at about 45°. This vein set extends for approximately 100m laterally and to a depth of at least 130m below surface.

Significant silver and copper values were found in the following drill holes:

Drill Hole # From (m) To (m) Interval (m) g/t Ag % Cu
IP-09-03 81.1 81.85 0.75 5.0 0.84
IP-09-08 118.35 118.85 0.50 4.1 0.54
IP-09-09 88.30 88.80 0.50 1.6 0.24
IP-09-10 98.92 99.30 0.38 4.8 0.15
  99.65 99.85 0.20 1.8 0.44
  99.85 100.15 0.30 6.4 0.81
IP-09-14 68.45 68.75 0.30 10.4 0.76
  86.08 86.45 0.37 3.9 0.17
  105.07 105.20 0.13 3.1 0.38

On February 16, 2010 Goldstake received a letter from the Toronto Stock Exchange stating that "The Company is being reviewed under the Remedial Review Process and has been granted 120 days to comply with all requirements for continued listing. If the Company cannot demonstrate that it meets all TSX requirements set out in Part V11 of The Toronto Stock Exchange Company Manual on or before June 16 2010, the Company's common shares will be delisted 30 days from such date."

A news release to this effect from the TSX was issued on February 17, 2010.

There is no guarantee that the Company will be able to comply with the TSX request and the Company's shares may be delisted.

In the event that this happens, the Company will seek a listing on an alternative exchange to try to preserve the capability of shareholders to trade the Company's shares if they are so inclined. There is no guarantee that an alternative listing will be achieved.

The Company has a number of valuable assets at varying stages of exploration and development, and is seeking funding to put these projects into production.

At this stage there is no guarantee that the Company will be able to continue as a going concern unless it can raise capital or sell part of its assets in the next 60 to 90 days.

An application to the TSX in November 2009 to allow a private placement of up to $1 million for shares at 4 cents per share, under the "Financial Hardship Rules", was unable to proceed.

Goldstake Explorations Inc. is a Canadian exploration and development company with gold, base metal, uranium and diamond projects in Canada, the USA and Australia.

This press release was approved by Geologist Dr. Alan L. Watchman, P.Geo, acting qualified person for Goldstake as defined by National Instrument 43-101.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks. Actual events or results could differ materially from the Company's expectations and projections.

Contact Information

  • For further information on any of Goldstake's mineral
    properties, corporate structure and corporate vision:
    Goldstake Explorations Inc.
    Robert Cleaver
    416-201-9223
    rcleaver@goldstake.com
    or
    Goldstake Explorations Inc.
    Goldstake Office
    905-829-3393