Thursday, August 05, 2010

Gold in Canada: Goldstone drills 42.7 m of 2.28 g/t Au at Key Lake,, GG, ABX, NEM, AUY, GDX, RGLD, HUI, XAU, BVN, FCX

Finally this company can add something to the growing Hardrock Gold discovery in Canada's old mining camp which is under drills with Premier Gold. All the investors seem to have deserted the company's ranks and now is time to consolidate and rebuild a position. Premier Gold delivers solid results at Hardrock and now we have another potential with Key Laka property. The question is when Premier will decide to bid for Goldstone Resources to snap remaining 30% stake in Hardrock spices with this new discovery.

Goldstone drills 42.7 m of 2.28 g/t Au at Key Lake

2010-08-04 12:15 ET - News Release

Mr. Patrick Sheridan reports


Goldstone Resources Inc. has released the initial results from its 100-per-cent-owned Key Lake drilling program located just west of Geraldton, Ont. The Key Lake property is contiguous to the Premier Gold Mines Ltd./Goldstone hard rock project in Geraldton, Ont., where diamond drilling by the company's partner, Premier Gold, 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.

The first phase of drilling, totalling 26 holes, is complete with the results of the first 12 holes received.

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 per cent of the drilled interval.

About Key Lake

The Key Lake horizon has an approximate strike length of 2.5 kilometres. The initial phase 1 of drilling was concentrated on about a one-kilometre strike length which hosted the former Magnet mine. Historic drilling by Cyprus Canada Inc. in the mid-1990s outlined a 40-metre-to-50-metre-wide zone of disseminated gold with a higher-grade core comprising 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 100-metre intervals.

The exploration program is managed by Goldstone under supervision of Mike Kilbourne, PGeo, vice-president of exploration and the qualified person for Goldstone. 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 encouraged by the initial results and look forward to receiving additional promising values and continuing the drill program." Thus far the initial 15,000 metres of drilling is 40 per cent complete.

On-site quality assurance/quality control (QA/QC) measures

All samples have been shipped to Actlabs preparation laboratory in Geraldton, Ont., with analyses performed in the Actlabs laboratory in Thunder Bay, Ont. All core samples were selected by Goldstone site geologists and were cut in half by diamond core saw. Individual samples were labelled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags that were labelled 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 QA/QC protocol

A QA/QC program has been implemented to monitor all assays from the current drilling program. Samples are assembled in numbered batches of 38 samples. Included in each batch of 38 samples are two certified reference standards, two laboratory duplicates, one blank sample comprising silica sand and one core duplicate sample. This QC program was set up for Goldstone Resources by Tracy Armstrong, PGeo, of T.J. Armstrong Geological Consulting Inc. Ms. Armstrong is a qualified geologist in the provinces of Ontario, Quebec and British Columbia.

We seek Safe Harbor.

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