Goldstone Reports New Discovery at Hardrock Project, Provides Mid-Year Update
June 29 2011 - 4:20PM
Marketwired Canada
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.
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