Goldstone Resources Inc.

Goldstone Resources Inc.

March 08, 2010 13:00 ET

Goldstone Reports New Zones Discovered at Hardrock, Continued Success at Depth

9.3 g/t gold over 28.4 metres(0.27 oz/ton over 93.2 feet)

TORONTO, ONTARIO--(Marketwire - March 8, 2010) - Goldstone Resources Inc. (TSX:GRC)(PINK SHEETS:GRSZF) today announced that drilling at the Hardrock Project joint venture, with Premier Gold Mines Limited (TSX-PG) as operator, has discovered two new gold zones. The "83" and "93" Zones were discovered to the south of the main mined horizons in an area where no previous drilling had been completed.

Goldstone holds a 30% carried interest in the Hardrock Project, with Premier holding the balance.

Initial intersections include 9.78 grams per tonne gold (g/t Au) across 5.0 metres (m) (0.29 ounces per ton (oz/ton) across 16.4 feet) in the 83 Zone and 12.3 g/t Au across 4.0 m (0.36 oz/ton across 13.1 feet) in the 93 Zone.

In addition to the new discoveries, hole MM093 was extended to target other known horizons at depth, intersecting 9.28 g/t Au across 28.4 m (0.27 oz/ton across 93.2 feet) including 43.50 g/t Au across 3.0 m (1.27 oz/ton across 9.8 feet) down plunge from the historically mined F-Zone.

The new zones are within 200 m of surface, located west of, and to the south of, all previously mined zones at Hardrock. The "83 Zone" is located at a favourable porphyry-iron formation contact, similar to some of the main zones mined historically at the nearby Hardrock Mine including the "F Zone" from which approximately 1.4 million ounces of gold was mined. The "93 Zone" is located within the southern conglomerate suite of rocks and represents a new target area for the Property. Drilling to date suggests a strike length of some 200 metres and the zones remain wide open at depth.

"This new discovery, another addition beyond the discoveries amalgamated in the recent 43-101 report for near-surface discoveries at the Hardrock Project, bode well for the future of the Geraldton-Beardmore camp and for our 100%-owned properties," said J. Patrick Sheridan, Goldstone Chief Executive Officer. "We look forward to further results from the joint venture and from our own 2010 drilling program." 

Owing to the continued success at Hardrock, additional drills have been added with five now active delineating this new discovery and expanding other mineralized zones on the Property. Table 1 provides a summary of significant results from initial assays received from drilling at the new discovery.

Table 1 –Assay Results For 83 and 93 Zones
Hole-ID UTM Coordinates (m) Dip/
Azimuth (degrees)
val (m)
Grade (oz/
MM083 * 5502724 N 503300 E -66/360 60.2 61.5 1.3 2.36 4.3 0.07 93
255.7 258.1 2.4 11.43 7.9 0.33 83
MM093 5502754 N 503397 E -66/360 52.0 56.0 4.0 12.32 13.1 0.36 93
including 200.5 204.0 3.5 8.14 11.5 0.24 83
  564.1 592.5 28.4 9.28 93.2 0.27 F
including 588.0 591.0 3.0 43.50 9.8 1.27 F
MM098 5502775 N 503400 E -65/360 5.5 10.0 4.5 1.67 14.8 0.05 93
171.0 176.0 5.0 9.78 16.4 0.29 83
True widths estimated at approximately 70% of the intersection width 
* - Previously released hole

The Hardrock Project is host to several past-producing mines, which collectively produced nearly 3.0 million ounces of gold from depths within 600 metres of surface between 1938 and 1968. The Hardrock Project benefits from development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through, or proximal to, the centre of the property. Significant potential exists for developing resources in several areas including: open pit-style mineralization; high-grade, narrow-vein targets, such as the new discoveries; and mineralization below the historically mined zones (below the 600m Level).

On March 4, 2010 Goldstone and Premier announced an initial resource, containing significant indicated and inferred resources for the near-surface (open pit style) zones at Hardrock based on drilling completed as of the end of 2009. The joint-venture expects to complete more that 70,000 metres of drilling in 2010 following which a revised resource will be completed for both the open pit and underground zones. 

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.

About Goldstone:

Formed by a 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 Geraldton-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 from high grade ore before being shut down primarily as a result of a $35 gold price.

Further information is available on the Company's website at and on SEDAR under the Company's profile at

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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