Goldstone Resources Inc.
TSX : GRC
PINK SHEETS : GRSZF

Goldstone Resources Inc.

August 31, 2010 09:38 ET

Goldstone Resources Key Lake Results

TORONTO, ONTARIO--(Marketwire - Aug. 31, 2010) - Goldstone Resources Inc. ("Goldstone" or "the Company") (TSX:GRC)(PINK SHEETS:GRSZF) is pleased to announce the additional results from its 100% owned Key Lake drilling program located just west of Geraldton, Ontario. The Key Lake Property is contiguous to the Premier Gold/Goldstone Resources Hard Rock Project in Geraldton, Ontario where diamond drilling by the Company's partner, Premier Gold (TSX:PG), has established a significant gold resource at surface as well as high grade intersections at depth. The Company's current Key Lake drill program, estimated to total 15,000 metres, will focus on finding near surface gold mineralization amenable to open pit mining.

A total of 29 holes have been completed to date totaling 6,800m.

Results received from the additional 6 holes are presented in the table below:

Hole No. UTM N UTM E Azi Dip Au g/t    Drilled
Interval
From To
                 
KL 10-04 5506267 492308 192 -47 0.75 14 72 86
KL 10-05 5506344 492325 192 -58 1.18 21 157 178
KL 10-06 5506299 492213 192 -47 1.08 19 84 103
KL 10-7B 5506331 492219 192 -53 1.45 28 50 78
KL 10-08 5506355 492225 192 -61 1.10 30 160 190
          1.29 29 212 241
KL 10-14 5506339 491915 12 -47 1.21 28 75 103

Complete results for the remainder of the holes are still outstanding. Holes drilled were not in numeric order due to logistics and planning. True width of the zone is approximately 70% of drilled interval.

ABOUT KEY LAKE

The Key Lake horizon has an approximate strike length of 2.5km. The initial Phase 1 of drilling was concentrated on about a 1km strike length which hosted the former Jelex Mine. Historic drilling by Cyprus in the mid-90's outlined a 40-50m wide zone of disseminated gold with a higher grade core comprised of a quartz-feldspar porphyry. The initial drilling of Goldstone's program was aimed at twinning historical holes and filling in gaps along the corridor at 100m intervals.

The exploration program is managed by Goldstone Resources under supervision of Mike Kilbourne, P.Geo, Vice President of Exploration and the qualified person for Goldstone Resources. Mr. Kilbourne prepared this release and states, "Key Lake has been a primary drill target since the amalgamation of Ontex Resources and Roxmark Mines. We are very pleased with the additional results and by the continued success of the drill program."

On-site Quality Assurance/Quality Control Measures

All samples have been shipped to ACTLABS preparation laboratory in Geraldton Ontario, with analyses performed in the ACTLABS laboratory in Thunder Bay, Ontario. All core samples were selected by Goldstone site geologists, and were cut in half by diamond core saw. Individual samples were labeled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags that were labeled and secured by tape for shipping. The remaining coarse reject portions of the samples remain in storage at the ACTLABS preparation laboratory storage facility in Geraldton as required in the event that further work is needed.

Independent Quality Assurance and Quality Control Protocol

A QA/QC program has been implemented to monitor all assays from the current drilling program. Samples are assembled in numbered batches of 35 samples. Included in each batch of 35 samples are two certified reference standards, two laboratory duplicates, one blank sample comprised of silica sand and one core duplicate sample. This QC program was set up for Goldstone Resources by Tracy Armstrong, P. Geo, of T.J. Armstrong Geological Consulting Inc. Ms. Armstrong is a qualified geologist in the Provinces of Ontario, Quebec and British Columbia.

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
    (416) 628-5930
    (416) 628-5935 (FAX)
    www.grcmines.com