Goldstone Reports New Discovery at Hardrock Project, Provides Mid-Year Update
June 29 2011 - 5:20PM
Marketwired
Goldstone Resources Inc. (TSX: GRC) (PINK SHEETS: GRSZF) today
announced that drilling at the Hardrock Project joint venture by
Premier Gold Mines Limited (TSX: PG) as operator has discovered a
new zone at Tenacity South with confirmed high-grade mineralization
in hole HR054 up to 10.89 grams per tonne gold (g/t Au) across 10.0
metres (m) (0.32 oz/t across 32.8 feet) including 45.40 g/t Au
across 2.0 m (1.33 oz/t across 6.6 feet), and hole HR053
intersections of 37.49 g/t Au across 2.1 m.
Earlier in 2011, Goldstone and Premier released a NI43-101
compliant gold resource estimate for the Hardrock Project. Numerous
zones remain wide open for expansion and the western-most hole
drilled to-date (MM170) intersected 18.49 g/t Au across 20.5m or
0.54 ounces per ton (oz/t) across 67.2 feet.
Ongoing 2011 drilling has realized numerous successes that are
expected to add materially to the current resource. Expansion of
the SP and F Zones, more recently identified horizons including the
P and K Zones, and new discoveries including the Tenacity South
Zone auger well for the future economics of the project. Other
highlights from the 2011 drill program include:
-- Expansion drilling in the SP Zone with intercepts up to 11.25 g/t Au
across 8.2 m and 6.02 g/t Au across 15.0 m
-- Further expansion of the F-Zone deposit with intersections of up to
6.97g/t Au across 5.0 m
-- Continued success in the recently discovered K-Zone with new assays of
up to 10.16 g/t Au across 3.1 m
-- Several returning high-grade vein style mineralization within the main
porphyry unit (P Zone) with intercepts as high as 7.15 g/t Au across 6.0
m.
"We continue to very optimistic about the development potential
of the Hardrock Project, " said Goldstone Chairman and Interim CEO
Philip Cunningham. "We also believe our adjoining, 100-owned Key
Lake property, for which we announced latest drilling results this
morning, will benefit from its proximity to Hardrock."
The following tables provide highlights from 2011 drilling so far at
Hardrock:
----------------------------------------------------------------------
UTM
Coordinates Dip/Azimuth
Hole-ID (m) (degrees) From (m) To (m)
----------------------------------------------------------------------
MM203B 5502700 N
501700 E -65/360 911.4 915.0
----------------------------------------------------------------------
MM209C 5502724 N
including 501806 E -70/360 879.0 894.5
----------------------------
879.0 884.0
----------------------------------------------------------------------
MM222A 5502770 N
including 502148 E -72/360 867.2 871.3
----------------------------
868.3 871.3
----------------------------------------------------------------------
MM203D 5502700 N
including 501700 E -65/360 1005.0 1009.1
----------------------------
1007.1 1009.1
----------------------------------------------------------------------
MM212 5502676 N
501599 E -70/360 1096.9 1104.3
----------------------------------------------------------------------
MM221 5502900 N
including 502050 E -70/360 853.0 859.0
----------------------------
854.7 857.7
----------------------------------------------------------------------
MM221E 5502900 N
502050 E -70/360 679.0 680.2
----------------------------------------------------------------------
MM225 5502875 N
501846 E -65/360 657.5 660.6
----------------------------------------------------------------------
(i) True widths are estimated at approximately 60-70% of intersection
widths
----------------------------------------------------------------------
UTM
Coordinates Dip/Azimuth
Hole-ID (m) (degrees) From (m) To (m)
----------------------------------------------------------------------
MM189A 5502941 N
501900 E -80/360 779.5 785.5
----------------------------------------------------------------------
MM192B 5502957 N
including 502200 E -75/360 699.5 714.0
----------------------------
748.0 749.0
----------------------------------------------------------------------
MM192D 5502957 N
502200 E -75/360 712.0 717.5
----------------------------------------------------------------------
MM222 5502770 N
502148 E -72/360 797.0 808.5
----------------------------------------------------------------------
MM209 5502723 N
501806 E -70/360 869.0 873.5
----------------------------------------------------------------------
MM209A 5502723 N
including 501806 E -70/360 836.5 851.5
----------------------------
845.0 851.5
----------------------------------------------------------------------
MM209C 5502723 N
501806 E -70/360 847.0 851.0
-------------- ----------------------------
including 849.0 851.0
----------------------------------------------------------------------
MM221 5502900N
including 502050E -70/360 676.9 685.1
----------------------------
676.9 680
----------------------------------------------------------------------
HR053 5502370 N
504950 E -55/360 149.9 152.0
----------------------------------------------------------------------
HR054 5502320 N
including 504950 E -55/360 275.0 285.0
----------------------------
276.0 278.0
----------------------------------------------------------------------
HR055 5502270 N
504950 E -55/360 Assays pending
----------------------------------------------------------------------
HR056 5502270 N
504950 E -55/360 340.1 346.7
----------------------------------------------------------------------
HR053 5502370 N
504950 E -55/360 416.4 420.3
----------------------------------------------------------------------
HR054 5502320 N
504950 E -55/360 495.3 498.0
----------------------------------------------------------------------
HR056 5502270 N
504950 E -55/360 Assays pending
----------------------------------------------------------------------
The following tables provide highlights from 2011 drilling so far at
Hardrock:
----------------------------------------------------------------------------
Grade Interval Grade
Hole-ID Interval(m) (g/tonne) (ft) (oz/ton) Zone
----------------------------------------------------------------------------
MM203B 3.6 5.35 11.8 0.16 F
----------------------------------------------------------------------------
MM209C
including 15.5 2.88 50.8 0.08 F
--------------------------------------------------------------
5.0 6.97 16.4 0.20 F
----------------------------------------------------------------------------
MM222A
including 4.1 4.13 13.4 0.12 F
--------------------------------------------------------------
3.0 6.79 9.8 0.20 F
----------------------------------------------------------------------------
MM203D
including 4.1 4.46 13.4 0.13 K
--------------------------------------------------
2.0 8.60 6.6 0.25
----------------------------------------------------------------------------
MM212 7.4 3.16 24.3 0.09 K
----------------------------------------------------------------------------
MM221
including 6.0 4.99 19.7 0.15 K
--------------------------------------------------
3.0 8.67 9.8 0.25
----------------------------------------------------------------------------
MM221E 1.2 14.70 3.9 0.43 K
----------------------------------------------------------------------------
MM225 3.1 10.16 10.2 0.30 K
----------------------------------------------------------------------------
(i) True widths are estimated at approximately 60-70% of intersection widths
----------------------------------------------------------------------------
Grade Interval Grade
Hole-ID Interval(m) (g/tonne) (ft) (oz/ton) Zone
----------------------------------------------------------------------------
MM189A 6.0 7.15 19.68 0.21 P
----------------------------------------------------------------------------
MM192B
including 14.5 4.89 47.6 0.14 P
--------------------------------------------------
1.0 93.80 3.3 2.74
----------------------------------------------------------------------------
MM192D 5.5 4.23 18.04 0.12 P
----------------------------------------------------------------------------
MM222 11.5 4.36 37.72 0.13 P
----------------------------------------------------------------------------
MM209 4.5 6.90 14.8 0.20 SP
----------------------------------------------------------------------------
MM209A
including 15.0 6.02 49.2 0.18 SP
--------------------------------------------------------------
6.5 10.91 21.3 0.32 SP
----------------------------------------------------------------------------
MM209C
4.0 6.17 13.1 0.18 SP
----------------------------------------------------------------------------
including 2.0 10.30 6.6 0.30 SP
----------------------------------------------------------------------------
MM221
including 8.2 11.25 26.90 0.33 SP
--------------------------------------------------------------
3.1 18.80 10.17 0.55 SP
----------------------------------------------------------------------------
HR053 2.1 37.49 6.9 1.09 TNS
----------------------------------------------------------------------------
HR054
including 10.0 10.89 32.8 0.32 TNS
--------------------------------------------------------------
2.0 45.40 6.6 1.33 TNS
----------------------------------------------------------------------------
HR055 Assays pending TNS
----------------------------------------------------------------------------
HR056 6.6 6.43 21.6 0.19 TNS
----------------------------------------------------------------------------
HR053 3.9 4.08 12.8 0.12 TN1
----------------------------------------------------------------------------
HR054 2.7 5.53 8.9 0.16 TN1
----------------------------------------------------------------------------
HR056 Assays pending TN1
----------------------------------------------------------------------------
(i) True widths are estimated at approximately 50-70% of intersection widths
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, or to
Accurassay Laboratories, an accredited mineral analysis laboratory
in Thunder Bay, Ontario, for preparation and analysis utilizing
both fire assay and screen metallic methods.
Hardrock Deposit
The Hardrock Project is located approximately 4 kilometres south
of the town of Geraldton, Ontario and is host to several
past-producing mines which collectively produced more than 3
million ounces of gold from depths primarily within 600 metres of
surface between 1938 and 1968. Underground resources are located
proximal to and below the historic mine workings. New discoveries
including the High-Grade North Zone and the F2 East Zone will be
the focus of the planned underground drill program. The current
Mineral Resource estimate uses 11 identified mineralized domains to
develop a combination potential open pit and underground mineral
resource. The Hardrock Project benefits from development advantages
with the Trans-Canada Highway, Trans-Canada Pipeline, and major
power lines running through, or in close proximity to, the Project
site. Significant services and a skilled labour pool exist with
several communities located within 30 kilometres. Goldstone holds a
30% carried interest in the Hardrock Project
About Goldstone
Goldstone Resources Inc. is a gold exploration and development
company operating in the historically significant
Geraldton-Beardmore camp of Northwestern Ontario. On June 21, 2011,
Goldstone and Premier Gold jointly announced that they have entered
into a definitive agreement whereby Premier will acquire, by way of
a plan of arrangement, all of the outstanding common shares of
Goldstone.
Goldstone is focusing on gold exploration and deposit
delineation at its Key Lake, Brookbank, Northern Empire and
Leitch-Sand River gold properties, and as a partner in the Hardrock
Project joint venture with Premier Gold. Goldstone's 100%-owned NI
43-101 compliant resources in the Beardmore area. In April 2011,
Premier announced an updated NI 43-101resource estimate for the
Hardrock Project in the Geraldton area of which Goldstone has a 30%
interest. The camp is host to several mines which historically
produced 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-and to Goldstone's fully permitted, expandable 200-TPD
Northern Empire mill.
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 may contain forward-looking information under
applicable securities laws concerning Goldstone's business,
operations, financial performance, condition and prospects, as well
as management's objectives, strategies, beliefs and intentions.
Forward looking information is frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "intend" and
similar words referring to future events and results. This
forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to
differ materially from those implied by the forward-looking
information. Factors that may cause actual results to vary
materially include, but are not limited to, inaccurate assumptions
concerning the exploration for and development of mineral deposits,
delay or inability to raise additional financing on satisfactory
terms, unanticipated operational or technical difficulties, changes
in laws or regulations, the risks of obtaining necessary licenses
and permits, changes in general economic conditions and changes in
conditions in the financial markets. Readers are cautioned not to
place undue reliance on this forward-looking information as actual
results may differ materially from those expressed or implied in
the forward looking information. Goldstone does not assume the
obligation to revise or update this forward-looking information
after the date of this release or to revise such information to
reflect the occurrence of future unanticipated events, except as
may be required under applicable securities laws.
Neither Toronto Stock Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Goldstone Resources Inc. Philip Cunningham Chairman
and Interim CEO (416) 860-1636 www.goldstoneresourcesinc.com
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