Goldstone Resources Inc.
TSX : GRC
PINK SHEETS : GRSZF

Goldstone Resources Inc.

February 02, 2010 08:00 ET

Goldstone Drilling Expands Gold Mineralization at Brookbank Deposit

Intersections as high as 21.10 g/t Au over 10.6 metres

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2010) - Goldstone Resources Inc. (TSX:GRC) (PINK SHEETS:GRSZF) today announced encouraging drilling results from its 2009 program on its Brookbank Gold Deposit property in the Beardmore-Geraldton area of northern Ontario. 

As a result of the 19,520-metre program, the Brookbank Deposit – which is within 11 km of the Company's Northern Empire Mill in Beardmore – has been expanded to the west and gold mineralization has now been intersected down to a depth of 1,250 metres, where it remains open. The program included six wedge holes.

All of the holes targeting the Brookbank deposit and its periphery intersected good widths of altered, brecciated Brookbank shear zone containing quartz + sericite + pyrite stringers. All but one hole returned gold values and all but three holes returned gold values in excess of 1.0 gram per tonne (g/t) as outlined in the table below. 

The 2009 drill program, increased by 30% from the originally planned 15,000 metres, totaled 49 drill holes. Assay results of the first 11 holes to B-09-10, including a wedge B-09-05WD which totaled 5,057 metres of drilling, were reported in a news release dated July 9, 2009. Significant intersections include:

  • 21.10 g/t over 10.6m in B-09-10
  • 17.25 g/t over 1.50m in B-09-07
  • 11.64 g/t over 7.80m and 12.81 g/t over 2.80m in B-09-08
  • 11.40 g/t over 0.50m in B-09-32
  • 8.50 g/t over 4.10m in B-09-15
  • 8.04 g/t over 5.00m in B-09-37.

Drilling continues to expand the Brookbank zone westward with two contiguous holes, B-09-02 and B-09-22, assaying 3.88 g Au/t over 1.6m and 4.01 g Au/t over 1.8 m respectively. A third adjacent hole, B-09-20, assayed low grade mineralization in the Brookbank zone, but over 33.0 metres.

A total of 11 holes (B-09-05, 07, 18, 33, 42 and wedges) tested the down dip extension of the Brookbank structural zone between 850 metres and 1,250 metres vertically below surface. All holes intersected the altered and brecciated structural zone over true widths varying from approximately 2.5 metres up to 29 metres in the deepest hole (B-09-18WB). The structure rolls vertically at these depths and continues as a strong structure.

A structurally complex, sheared and brecciated quartz vein rich area in the hanging wall volcanics located about 700 metres east of the main Brookbank Deposit was mechanically stripped and chip sampled and four drill holes (B-09-29 to 32) tested the down dip extent of the gold mineralization. The best mineralization was outlined in the younger of the two sets of oblique trending veins where grab samples were obtained up to 23 g/t (news release July 9, 2009). Values of 2.59 g Au/t, 3.57 g Au/t, 0.85 g Au/t and 11.4 g Au/t over core lengths of 0.5 to 1.0 metres were intersected in the drill holes at shallow depths.

Overall, the 2009 diamond drilling program targeted the main Brookbank Deposit to the west (11 holes), the central part of the deposit (11 holes), to the east (9 holes) and at depth (11 holes) between 850 metres and 1,250 metres below surface. The program also targeted a structure in the volcanics a few hundred metres to the east of Brookbank (2 holes) as well as the Brookbank East showing (BBE) further to the east which was stripped, sampled in detail and drilled (4 holes).

"These solid results will contribute to expanding the resource base at the Brookbank property," said J. Patrick Sheridan, Goldstone Chief Executive Officer. "We look forward to capitalizing on them to further delineate the deposit in the coming year."

A table of gold intersections from the 2009 diamond drilling on the Brookbank property follows:

Hole No. Dip From To Core Length Au Zone
  (degrees) (m) (m) (m) (g/t)  
B-09-01 -52 89.2 98.8 9.6 0.71 Brookbank
B-09-02 -52 124.5 133.0 8.5 1.96 Brookbank
    158.2 160.8 2.6 3.88 Brookbank
B-09-03 -60 183.4 186.2 2.8 0.47 Brookbank
B-09-04 -67 318.0 319.3 1.3 1.33 Brookbank
B-09-05 -74 1031.6 1032.0 0.4 1.26 Brookbank
B-09-05WD -74 1011.5 1012.5 1.0 5.06 Brookbank
B-09-06 -60 414.3 429.6 15.3 5.39 Brookbank
B-09-07 -65 963.0 964.5 1.5 17.25 Brookbank
B-09-07WD -65 1043.7 1062.3 18.6 3.04 Brookbank
B-09-07WE -65 970.6 978.6 8.0 1.78 Brookbank
B-09-08 -77 300.2 303.0 2.8 12.81 Brookbank
B-08-08   308.6 316.4 7.8 11.64 Brookbank
B-09-09 -72 261.7 272.1 10.4 5.99 Brookbank
B-09-10 -65 548.2 558.8 10.6 21.10 Brookbank
B-09-11 -66 548.7 549.9 1.2 2.40 Brookbank
B-09-12 -70 599.3 600.8 1.5 1.31 Brookbank
B-09-13 -70 174.7 180.1 5.4 2.91 Brookbank
    187.1 192.5 5.4 2.54 Brookbank
B-09-14 -71 204.8 206.2 1.4 6.26 Brookbank
B-09-15 -66 345.8 349.9 4.1 8.50 Brookbank
B-09-17 -69 257.0 258.2 1.2 4.01 Brookbank
B-09-18 -70 1236.0 1240.5 4.5 2.58 Brookbank
B-09-18WA -70 1166.1 1173.4 7.3 1.08 Brookbank
B-09-18WB -70 1365.7 1366.8 1.1 1.39 Brookbank
B-09-19 -55 131.7 151.4 19.7 1.98 Brookbank
B-09-20 -60 183.5 216.5 33.0 0.55 Brookbank
B-09-21 -70 242.7 243.5 0.8 4.56 Brookbank
B-09-22 -45 127.7 130.2 2.5 4.01 Brookbank
B-09-23 -62 284.3 293.7 9.4 0.33 E of Brookbank
B-09-24 -45 160.0 161.0 1.0 0.88 E of Brookbank
B-09-26 -45 258.0 258.6 0.6 5.37 Brookbank
    268.9 270.7 1.8 1.78 Brookbank
B-09-27 -61 336.0 338.2 2.2 3.61 Brookbank
B-09-28 -63 319.5 326.8 7.3 1.86 Brookbank
B-09-29 -45 37.2 37.9 0.7 2.59 BBE Showing
B-09-30 -65 40.1 41.1 1.0 3.57 BBE Showing
B-09-31 -45 85.7 86.6 0.9 0.85 BBE Showing
B-09-32 -62 110.2 110.7 0.5 11.40 BBE Showing
B-09-33 -70 1188.5 1189.9 1.4 1.54 Brookbank
B-09-33WA -70 1203.9 1204.9 1.0 2.46 Brookbank
B-09-34 -46 83.0 88.5 5.5 0.87 Brookbank
B-09-35 -53 179.4 181.2 1.8 2.46 Brookbank
B-09-36 -63 372.0 376.3 4.3 1.94 Brookbank
B-09-37 -69 249.7 254.7 5.0 8.04 Brookbank
B-09-38 -56 162.4 172.1 9.7 1.06 Brookbank
B-09-39 -46 133.2 144.0 10.8 1.06 Brookbank
B-09-40 -57 252.0 254.9 2.9 2.18 Brookbank
B-09-41 -45 120.3 142.4 22.1 1.93 Brookbank
B-09-42 -70 1251.1 1260.0 8.9 1.21 Brookbank
  Note: 1) Dip angle is dip at collar.      
  Note: Note: True width varies from 25% to 80% of core length.    

Goldstone's Brookbank drilling program was its most aggressive program to date, as the Company continues to expand the mineralized zone on the 100% owned Brookbank Gold Deposit. In 2010 Goldstone plans to focus on evaluating the east side of the Brookbank Deposit, drill testing the new showing BBE and ramping up exploration on the 35 km long property looking for additional gold mineralized zones. In addition, the Company will be actively drilling at the Leitch Mine and other properties in the Beardmore Camp, utilizing results from a 2009 aeromagnetic survey and preliminary drilling carried out late last year.

Drill core was logged and split on site and half-core samples analyzed employing the appropriate gold fire assaying techniques at two independent laboratory, Swastika Laboratories of Swastika Ontario and Activation Laboratories Ltd., Thunder Bay, Ontario. A QA/QC program was employed consisting of duplicate samples, insertion of known standards and check assaying.

The data herein and the contents of this news release have been reviewed by John P. Thompson, P.Eng., who is a Qualified Person within the meaning of NI 43-101, with the ability and authority to verify the authenticity and validity of the data.

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. The Camp is host to several past producers in a district that has historical production of more than 4.1 million ounces of gold.

At a 3.4 g gold per tonne cut-off grade, with assays uncut, drilling has established 1.33 million tonnes grading 9.8 g gold per tonne containing 418,500 ounces of indicated resource and 1.09 million tonnes grading 8.0 g gold per tonne containing 260,000 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.

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