Saturday, October 09, 2010

Gold in Canada: Goldstone Resources drills 44 m of 3.17 g/t Au at Key Lake,, TNR.v, GG, NEM, ABX,, BVA.v, BVG.v, MXR.v, GBN.v,, BTT.v, LAQ.v, GDX, HUI, XAU


"We have our own M&A candidates in Lithium and REE, Copper and Gold space on this blog, as well: Goldstone Resources is primed for take over by Premier Gold for its share in the growing Hardrock deposit, Tongling - Chinese Copper and Zinc giant is taking now more than 30% in the Canada Zinc Metals and TNR Gold with its recent cyber activity could be a target for its stake in Los Azules, according to some blogs:"

"Now Goldstone Resources is back to business and Hadrock deposit continues to grow. "Drilling at Hardrock continues to deliver strong results in multiple zones that are expected to add materially to our current gold resource." Share price is to follow."

   Very interesting: Goldstone Resources has  found another reason to be acquired by Premier Gold - 44m of 3.17 g/t intersection at "The Key Lake property is contiguous to the Premier Gold/Goldstone Resources Hardrock project where diamond drilling by the company's partner, Premier Gold Mines Ltd., has established a significant gold resource at surface as well as high-grade intersections at depth."

Goldstone drills 44 m of 3.17 g/t Au at Key Lake

2010-10-07 10:03 ET - News Release

Mr. Phil Cunningham reports


Goldstone Resources Inc. is providing the final results of its phase 1 summer drill program on the 100-per-cent-owned Key Lake property located just west of Geraldton, Ont.

The Key Lake property is contiguous to the Premier Gold/Goldstone Resources Hardrock project where diamond drilling by the company's partner, Premier Gold Mines Ltd., has established a significant gold resource at surface as well as high-grade intersections at depth.

All assay results have now been received for the first phase of drilling totalling 26 holes and 6,800 metres. Phase 2 of the Key Lake drill program, currently under way, continues to focus on finding near-surface gold mineralization amenable to open pit mining. The overall 2010 Goldstone drilling program is expected to total approximately 15,000 metres.

A summary of the latest results received is presented in the table.


Hole No. Au g/t interval (m) From (m) To (m)

KL 10-11 0.95 3.4 168 171.4

KL 10-15 0.86 39.0 135 174

KL 10-16 0.51 80.0 186 266

KL 10-17 0.60 52.0 44 96

KL 10-18 1.43 17.0 178 195

KL 10-19 1.22 36.2 231 267.2

KL 10-20 0.93 9.0 83 92

KL 10-21 1.57 30.0 110 140

KL 10-22 3.17 44.0 132 176

Holes drilled were not in numeric order due to logistics and

planning. True width of the zone is between approximately

60 per cent to 85 per cent of drilled interval.

"These are encouraging results on which we will be actively following up between now and he end of the year," said Goldstone chairman and interim chief executive officer Philip Cunningham. "In the meantime, we continue to assess results from exploration on our Northern Empire and Leitch-Sand River properties in the Beardmore area."

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 1.5-kilometre strike length which hosted the former Jelex mine. Historic drilling by Cyprus in the mid-90s outlined a 40-metre-to-50-metre-wide zone of disseminated gold with a higher-grade core comprising a quartz-feldsapr 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 Resources under supervision of Mike Kilbourne, PGeo, vice-president of exploration and the qualified person within NI 43-101 for Goldstone Resources. Mr. Kilbourne prepared this release and states: "Drill hole KL10-22 is one of the best intersections to date on the Key Lake property and is located 700 m west of the old Jelex mine in an area which has received little attention. Recent modelling of the entire drill data set will aid us tremendously in our phase 2 drilling efforts and increase our success rate." An additional 20 holes for approximately 3,500 m have been planned and are currently under way.

On-site quality assurance/quality control measures

All samples have been shipped to Actlabs preparation laboratory, an accredited mineral analysis laboratory in Geraldton, Ont. Analyses were performed using fire assays in the Actlabs laboratory in Thunder Bay, Ont. All core samples were selected by the Goldstone site geologist, 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 secured by project security tags 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 quality assurance/quality control 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 quality control 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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