Goldstone Resources Inc.
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Goldstone Resources Inc.

August 25, 2010 12:04 ET

Goldstone Resources Announces Joint Venture Partner Premier Gold Drilling Continues to Expand Near-Surface Gold Zones at Hardrock

TORONTO, ONTARIO--(Marketwire - Aug. 25, 2010) - GOLDSTONE RESOURCES INC. (TSX:GRC)(PINK SHEETS:GRSZF) is pleased to announce that ongoing drilling continues to delineate significant near-surface gold mineralization in multiple zones at the Hardrock Project in Northwestern Ontario. Current drilling is focused on expanding and defining near-surface, open pit style, mineralization in addition to defining multiple zones of higher grade mineralization that are expected to comprise resources amenable to underground mining methods. Highlights from recent drilling include:

  • The identification of two primary high-grade lenses within the NN Zone horizon. Intersections in the newly identified "East Lense" have returned up to 13.05 grams per tonne Gold (g/t Au) across 4.1 metres (m) or 0.38 ounces per ton (oz/t) across 13.5 feet.
  • Infill and expansion drilling further defines the EP Zone (open-pit) target with intersections of up to 3.16 g/t Au across 16.5 m (0.09 oz/t across 54.1 feet), 7.10 g/t Au across 9.0 m (0.21 oz/t across 29.5 feet) and 5.43 g/t Au across 10.2 m (0.16 oz/t across 33.5 feet).
  • Deep drilling in the North and F-Zone continues to intersect impressive gold values suggesting excellent resource potential proximal to and below existing mine workings. Further results from this drilling are expected in the near future.

NN Zone Drilling

The near-surface portion of the NN Zone has now attained a strike length of approximately 600 metres. Recent drilling has been focused on defining narrower, underground style mineralization down-plunge and at depth below the previously announced, near-surface, NI43-101 resource estimate at Hardrock. Of particular significance, drilling has identified two lenses of higher-grade gold mineralization, both of which remain wide open for expansion (see Figure 1). Highlight intersections include 13.05 g/t Au across 4.1 m (0.38 oz/t across 13.5 feet) in hole MM160 from the new eastern high-grade lense that was identified when following-up a previously drilled intersection of 4.93 g/t Au across 10.5 m (0.14 oz/t across 34.4 feet), and previously announced intersections within the main NN zone that returned 22.97 g/t Au across 24.8 m (0.67 oz/t across 81.4 feet) and 8.14 g/t Au across 9.0 m (0.24 oz/t across 29.5 feet). Follow-up drilling down-plunge of these intersections is underway. New drill results from the NN Zone are contained in Table 1.

Table 1 New Sub Zone Intercepts from NN Zone

Hole-ID UTM
Coordin-
ates
(m)
Dip/
Azimuth
(deg-
rees)
From
(m)
To
(m)
Inter-
val
(m)
Grade
(g/
tonne)
Inter-
val
(ft)
Grade
(oz/
ton)
Zone
MM143 5502849 N
503650 E
-50/360 265.0 267.0 2.0 3.29 6.6 0.10 NN
MM146 5502802 N
503649 E
-50/360 325.0 330.0 5.0 3.23 16.4 0.09 NN
includ-
ing
326.0 327.0 1.0 11.20 3.3 0.33 NN
MM148 5502850 N
503600 E
-55/360 367.0 369.2 2.2 3.05 7.2 0.09 NN
MM160 5502852 N
504249 E
-50/360 291.7 322.8 31.1 2.74 102.0 0.08 Upper
NN
includ-
ing
309.0 313.1 4.1 13.05 13.4 0.38 Upper
NN
MM165 5502818 N
504246 E
-56/360 360.3 367.5 7.2 1.57 23.6 0.05 Upper
NN
403.0 405.2 2.2 13.15 7.2 0.38 NN
True widths estimated at approximately 70% of intersection widths
 
Missing holes can be considered to carry no significant value or will be included with other zones.

To view Figure 1 NN Zone Longitudinal Section (Looking North), please visit the following link: http://media3.marketwire.com/docs/HardRockInZone.pdf.

EP Zone Drilling

Infill and expansion drilling in the EP Zone continues to define high-grade, open-pit style and underground style gold mineralization. The EP Zone comprises much of the current near-surface gold resource at Hardrock and drilling is aimed at converting inferred resources to indicated status. A highlighted selection of drill results deemed to be significant from the EP Zone is contained in Table 2.

Table 2 New Sub Zone Intercepts from the EP Zone

Hole-ID UTM
Coordin-
ates
(m)
Dip/
Azimuth
(deg-
rees)
From
(m)
To
(m)
Inter-
val
(m)
Grade
(g/-
tonne)
Inter-
val
(ft)
Grade
(oz/
ton)
Zone
EP121 5503061 N
504450 E
-45/360 140.2 146.0 5.8 1.77 19.0 0.05 NLB
173.7 176.0 2.3 8.28 7.5 0.24 NLC
EP122 5503060 N
504400 E
-45/360 201.9 207.1 5.2 4.36 17.1 0.13 X
EP123 5503031 N
504399 E
-45/360 218.5 229.5 11.0 2.19 36.1 0.06 NLB
includ-
ing
218.5 219.6 1.1 16.80 3.6 0.49 NLB
  237.2 244.5 7.3 1.75 23.9 0.05 X
EP127 5503111 N
504550 E
-38/360 49.6 60.5 10.9 0.91 35.8 0.03 NL
127.5 136.5 9.0 2.32 29.5 0.07 X
EP131 5502887 N
504400 E
-50/360 240.8 247.8 7.0 1.37 23.0 0.04 SLB
261.4 264.6 3.2 1.63 10.5 0.05 SL
294.0 305.7 11.7 1.04 38.4 0.03 NL
369.6 371.0 1.4 6.48 4.6 0.19 NLB
382.0 382.8 0.8 12.20 2.6 0.36 NLC
EP134 5502910 N
504449 E
-50/360 303.0 319.5 16.5 3.16 54.1 0.09 NL
327.9 331.5 3.6 3.82 11.8 0.11 NLC
357.7 360.0 2.3 11.00 7.5 0.32 X
Hole-ID UTM
Coordin-
ates
(m)
Dip/
Azimuth
(deg-
rees)
From
(m)
To
(m)
Inter-
val
(m)
Grade
(g/
tonne)
Inter-
val
(ft)
Grade
(oz/
ton)
Zone
EP139 5502990 N
504500 E
-60/360 111.5 113.0 1.5 5.28 4.9 0.15 SLC
156.5 166.7 10.2 5.43 33.5 0.16 SLB
246.0 249.0 3.0 2.98 9.8 0.09 NLB
400.8 402.0 1.2 47.80 3.9 1.40 X
EP141 5502990 N
504600 E
-60/360 152.0 154.0 2.0 3.46 6.6 0.10 SLC
268.0 270.6 2.6 11.67 8.5 0.34 NLB
288.0 303.0 15.0 3.11 49.2 0.09 NLC
EP142 5503000 N
504700 E
-60/360 190.5 192.0 1.5 7.00 4.9 0.20 SL
202.5 208.5 6.0 3.25 19.7 0.09 NL
219.0 240.0 21.0 2.37 68.9 0.07 NLB
253.5 254.5 1.0 9.55 3.3 0.28 NLC
EP143 5502940 N
504750 E
-60/360 289.5 314.2 24.7 2.94 81.0 0.09 NLC
includ-
ing
310.4 314.2 3.8 8.42 12.5 0.25 NLC
EP145 5504980 N
504900 E
-60/360 204.0 213.0 9.0 7.10 29.5 0.21 SL
281.0 282.0 1.0 22.80 3.3 0.67 NLB
True widths estimated at approximately 70% of intersection widths
 
Missing holes can be considered to carry grades and widths consistent with management's expectations or contain no significant values. 

Hardrock Deeps

Three drills are currently defining mineralization in several areas below the limits of historical mining at Hardrock, from which more than 2.1 Million ounces of gold was mined to a maximum depth of 600 metres, shallow for an Archean gold deposit. Results from this drilling are expected to be released in the near future.

"Our drilling both proximal to and below the historic mine workings is returning impressive results in multiple areas. This is very significant for the project because it confirms that the historic zones extend to depth and several targeted resource blocks remain wide open for expansion" stated Tim Twomey, Exploration Manager for Premier. "Our drilling continues to identify gold mineralization in new areas with consistent plunges to depth. This continued success has the potential to add materially to our current mineral resource."

The Hardrock Project is operated under a joint venture with Goldstone Resources Inc.(TSX:GRC) (Premier holds a 70% interest in the project). The Hardrock Project is host to several past-producing mines which collectively produced nearly 3.0 Million ounces of gold primarily from shallow depths within 600 metres of surface from 1938-1968. The Hardrock Project benefits from development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through the center of the property. A revised mineral resource estimate is expected to be completed following the 2010 drill program, potentially containing both open pit and underground style resources.

Stephen McGibbon, P. Geo., is the Qualified Person for the information contained in this press 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 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.

Contact Information

  • Goldstone Resources Inc.
    J. Patrick Sheridan, Jr.
    President & Chief Executive Officer
    (416) 864-6332
    (416) 628-5935 (FAX)
    www.grcmines.com