Goldstone Resources Inc. (TSX: GRC)(PINK SHEETS: GRSZF) today
announced a third set of results from the ongoing 2011 drilling
program at its Key Lake property, bordering on the Company's
Hardrock Project joint venture with Premier Gold Mines Limited
(TSX: PG)(PINK SHEETS: PIRGF) near Geraldton, Ontario. The program
is dedicated primarily to obtaining sufficient drilling information
to support a NI 43-101 compliant mineral resource estimate, and to
establishing the viability of an open pit mining operation.
Recently drilled holes encountered encouraging deeper gold
intersections, which will be followed up on by at least one deep
hole to test down plunge of the currently defined mineralized
envelope.
To date in the 2011 Key Lake drilling program, 72 holes have
been completed for a total of 16,000 metres along a distance of
more than 1,200 metres. Visible gold continues to be encountered in
several holes drilled in the western part of the deposit, including
KL-11-117 which intersected 420 g/t (12.25 oz/t Au) over 0.38 m;
KL-11-108 (229 g/t - 6.68 oz/t Au - over 0.50 metre); and KL-11-87
(123.50 g/t - 3.60 oz/t Au - over 1.0 m).
The recently completed IP geophysical survey at Key Lake,
conducted on two grids outside the area currently being drilled,
outlined three significant anomalies. As a follow up to drill test
these anomalies, Goldstone is planning a set of eight holes to be
drilled over the coming weeks for a total of 1,625 metres.
Current drilling is part of a planned 30,000-metre program for
this property. Overall, Goldstone's exploration budget for the year
is approximately $6.5 million, covering approximately 50,000 metres
of drilling at Key Lake and in the Beardmore camp where a third
drill rig is currently at work on the Leitch-Sand River property.
The Company is planning to add a fourth drill shortly at
Leitch-Sand River.
Additional 2011 significant results received to date for Key Lake are as
follows:
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Hole UTM UTM From To Interval Au
No. N E Azi Dip (m) (m) (m) (g/t)
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KL-11-60 5506226 492672 192 -60 38.00 40.00 2.00 1.50
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190.00 199.00 9.00 1.80
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270.00 274.00 4.00 1.52
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KL-11-87 5506361 492139 197 -60 129.00 133.00 4.00 3.84
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147.00 157.00 10.00 0.64
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169.50 172.50 3.00 1.81
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185.00 196.00 11.00 12.31
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includes 187.00 188.00 1.00 123.50
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includes 193.00 194.00 1.00 9.43
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202.00 207.00 5.00 0.81
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KL-11-108 5506531 491893 197 -62 67.00 69.00 2.00 1.52
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148.00 152.00 4.00 1.78
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190.00 192.00 2.00 1.60
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214.00 218.00 4.00 2.23
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222.00 229.00 7.00 18.09
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includes 227.00 227.50 0.50 229.00
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235.00 247.00 12.00 1.87
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258.00 267.00 9.00 1.51
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271.00 274.50 3.50 1.14
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KL-11-114 5506537 491845 197 -66 162.00 167.00 5.00 1.07
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200.50 246.00 45.50 1.19
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KL-11-116 5506568 491802 197 -47 153.00 158.50 5.50 1.10
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175.00 181.00 6.00 1.17
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196.00 200.50 4.50 2.10
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KL-11-117 5506568 491802 197 -59 212.00 234.00 22.00 0.78
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243.50 247.00 3.50 46.36
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includes 244.26 244.64 0.38 420.00
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259.50 261.00 1.50 3.36
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272.20 272.70 0.50 29.30
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KL-11-118 5506636 491815 197 -54 115.00 125.00 10.00 1.87
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324.70 330.70 6.00 2.07
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362.00 374.00 12.00 2.07
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381.55 393.50 11.95 1.09
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KL-11-122 5506462 491727 197 -88 70.00 72.00 2.00 3.90
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90.00 92.00 2.00 2.88
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121.00 122.00 1.00 7.74
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141.00 143.00 2.00 1.87
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191.00 206.00 15.00 3.07
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KL-11-123 5506522 491740 197 -58 84.00 87.75 3.75 0.86
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96.00 98.00 2.00 3.02
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103.00 106.00 3.00 0.84
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111.00 113.00 2.00 1.95
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136.50 141.00 4.50 1.09
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KL-11-124 5506566 491749 197 -52 141.00 143.00 2.00 4.20
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159.50 174.00 14.50 1.02
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KL-11-125 5506525 492713 197 -54 45.00 46.00 1.00 6.31
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79.00 104.00 25.00 5.33
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includes 85.50 86.50 1.00 117.00
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KL-11-126 5506366 491679 7 -58 30.00 33.00 3.00 1.13
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83.00 85.00 2.00 1.03
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154.00 157.50 3.50 4.09
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includes 155.65 156.10 0.45 27.80
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201.00 204.00 3.00 2.07
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(i) True width of the zone is between approximately 20 to 85% of drilled
interval.
(ii) Holes not drilled in sequence,
Tracy Armstrong, P.Geo. is the Qualified Person for the
technical information contained in this news release and is a
Qualified Person within the meaning of National Instrument
43-101.
We continue to progress toward establishment of what we believe
will be an important NI 43-101 compliant open pittable mineral
resource at Key Lake," said Philip Cunningham, Goldstone Chairman
and Interim Chief Executive Officer. "In addition, we are
optimistic about prospects for deeper mineralization and - are
looking forward to seeing the results of upcoming exploration on
the IP anomalies we have identified."
About Key Lake
The Key Lake property hosts the former Jelex Mine which had
historical production of 5,675 oz of recovered gold. The Key Lake
deposit is hosted in altered greywackes, with a higher grade core
comprised of quartz-feldspar porphyry, with alteration, quartz
veining, and disseminated arsenopyrite and pyrite. The deposit dips
sub-vertically, and is currently defined in multiple mineralized
envelopes along a strike in excess of 2.5 km. While visible gold is
a frequent occurrence, the majority of mineralization is
disseminated.
By the end of 2010, over 200 holes had been drilled over a 3 km
long north-northwest trending zone to a depth of about 200 m with
horizontal spacing of 25-50 m in the eastern two-thirds and spacing
of 25-100 m in the western third.
On-site Quality Assurance/Quality Control Measures
All samples were shipped to Activation Laboratories ("Actlabs")
for analysis. Actlabs has laboratories internationally, and its
Quality System is accredited to international quality standards.
Samples were shipped to the Actlabs' facility in Geraldton, Ontario
for preparation. Pulps were forwarded from the Geraldton lab to the
Thunder Bay lab, where analyses were performed using fire assay
with Atomic Absorption (AA) finish. Samples yielding in excess of
3.0 g/t Au were reanalyzed using fire assay with a gravimetric
finish. Samples with visible gold were analyzed using the metallic
screen method, which separates out the coarse and fine fractions,
and weighs and analyzes them separately before recombining for a
weighted average gold grade.
All core samples were selected by the Goldstone site geologist,
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 secured
for shipping.
Independent Quality Assurance and Quality Control Protocol
A QA/QC program was implemented in 2010, and continues to
monitor all assays from the current drilling program. Samples are
assembled in numbered batches. Included in each batch of 38 are 32
core samples, two certified reference standards, one coarse reject
and one pulp duplicate, one blank sample comprised of silica sand
and one core duplicate sample. This QC program was set up for
Goldstone 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.
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 total more than
800,000 ounces. In April 2011, Premier announced an updated NI
43-101resource estimate for the Hardrock Project in the Geraldton
area of 3.6 million ounces of gold of which Goldstone has a 30%
interest, or more than 1 million ounces. 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 retain a senior exploration and/or operating
officer or to obtain additional financing, 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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