Goldstone Resources Inc.
TSX : GRC
PINK SHEETS : GRSZF

Goldstone Resources Inc.

September 24, 2010 19:03 ET

Goldstone Resources Exploration Update

TORONTO, ONTARIO--(Marketwire - Sept. 24, 2010) - Goldstone Resources Inc. ("Goldstone" or the "Company") (TSX:GRC)(PINK SHEETS:GRSZF) is pleased to announce the immediate resumption of its diamond drilling program in the Beardmore-Geraldton gold camp. Drilling will concentrate at Key Lake and at various prospects in the Beardmore area.

KEY LAKE

A total of 29 holes have been completed to date totaling 6,800m. An additional 17 holes have been planned so far for Phase 2, totaling 3300m. Recent modeling of the Key Lake drill results, which includes recent and historical data, has aided in strategically placed drill holes to test gold mineralizing trends. Complete results are still outstanding for Phase 1.

NORTHERN EMPIRE MINE

A recent review of regional data in the vicinity of the Northern Empire claim group in Beardmore has emphasized a series of closely spaced quartz veins which has seen limited drilling. A stratigraphic drill section is planned to ascertain if mineralization across the veins plus host rock will yield a bulk minable scenario. Four holes are planned in this region for 600m. 

CREEK VEIN

Recent prospecting in the region of the Creek Vein has yielded a new gold-bearing showing which warrants drilling. Recent trenching and grab samples have revealed anomalous gold values. Three holes are planned for this target for a total of 450m. A review of the historic drilling in the Creek Vein area shows considerable gold mineralization over core widths in excess of 40 feet. Five diamond drill holes totaling 1000m will test the plunge of the mineralized zone.

BROOKBANK

A preliminary economic assessment of the Brookbank deposit has been completed by Micon International. Goldstone is currently reviewing the results which will be forthcoming in a following press release. Discovered in the early 1980's, the Brookbank Deposit was a major asset of Ontex Resources. Following the merger with Roxmark Mines late in 2009 to form Goldstone Resources, the Northern Empire Mill provided a synergy between the deposit and possible production. 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).

The exploration program is managed by Goldstone Resources under the supervision of Mike Kilbourne, P.Geo, Vice President of Exploration and the qualified person for Goldstone Resources. Mike Kilbourne has reviewed and approved the technical information in this press release.

Further information is available on the Company's website at www.grcmines.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.

Contact Information

  • Goldstone Resources Inc.
    J. Patrick Sheridan
    President & Chief Executive Officer
    (647) 401-8965
    (416) 628-5935 (FAX)
    www.grcmines.com