GRC Gold Springs Resource Corp

Goldstone Resources Inc. (TSX:GRC)(PINK SHEETS:GRSZF) today announced that a rig
is now onsite and drilling at the Company's Leitch-Sand River property as the
first step in an estimated 20,000-metre 2011 program in the Beardmore camp of
the Geraldton-Beardmore Greenstone Belt. 


Exploration at Beardmore is in addition to an ongoing 30,000-metre drill program
at Goldstone's Key Lake property in the Geraldton camp.


The drilling program at Leitch-Sand River will consist of 19 holes for a total
of approximately 12,000 metres. The target area extends over two kilometres to
the west of the Sand River mine shaft covering the Leitch-Sand River No. 2 vein
system, the No. 16 vein system, and the Creek vein area. The program is designed
to evaluate some 14 targets on the property. Historically, the No. 16 vein
system was exposed on the 8th level (900 feet) of the Leitch Gold Mine and
graded 1.53 oz/t Au over 0.63 feet, with a strike length of 805 feet. Historical
mine records indicate that a total of nearly 3,600 tons grading 0.56 oz/t were
mined and milled from the No. 16 vein.


The exploration program is planned and executed by George Langstaff, Ph.D.,
P.G., P. Geo. (Temp.) and supervised by Tracy Armstrong, P. Geo. Ms. Armstrong
is a Qualified Person within the meaning of National Instrument 43-101, and is
actively involved in Goldstone's 2011 exploration program. 


"Drawing on results from recent and historic drilling and from both surface
exploration and a 2010 aeromagnetic survey, we have established initial targets
for 2011 Beardmore drilling at both our Leitch-Sand River and Northern Empire
Mine properties," said Philip Cunningham, Chairman and Interim Chief Executive
Officer. "Our goal remains one of expanding our Beardmore resources in areas
that could potentially be developed sequentially along with the NI 43-101
compliant resource established at our Brookbank property." 


"Logistical considerations have dictated that we drill first at Leitch-Sand
River, rather than at the McWilliams showing on the Northern Empire property,
which was previously drilled in the fall of 2010, intersecting a favourable
gold-bearing horizon in hole NE10-03. McWilliams will be another focal point in
2011," he added.


About Leitch-Sand River Property 

The formerly producing Leitch-Sand River Mine is located seven kilometres from
Goldstone's Northern Empire mill, which is a fully permitted, expandable 200-TPD
complex, located in Beardmore, Ontario. Historically, the Leitch Mine produced
861,900 oz with an average ore grade of 0.92 ounces per ton.


The deepest level of the Leitch Mine was level 30 (4,525 ft. or 1,380 m).
Drifting was completed on this level in order to provide access to drill test
possible depth extensions of Vein #2, with historical mine records indicating
several drill hole intercepts of more than two ounces per ton over widths of up
to 19 inches, located between 130 and 300 feet below the 30th level. 


About Goldstone 

Goldstone Resources Inc. is a gold exploration company operating in the
historically significant Geraldton-Beardmore camp of Northwestern Ontario and is
focused on gold exploration and deposit delineation at its Key Lake, Brookbank,
Northern Empire and Leitch-Sand River gold properties. 


Goldstone is also a partner in the Hardrock Project joint venture with Premier
Gold. 


The Geraldton-Beardmore camp is host to several past producers yielding
historical production of more than 4.1 million ounces of gold. The majority of
the mines in the camp were shut down primarily as a result of the $35/oz gold
price. 


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.

Gold Springs Resource (TSX:GRC)
Historical Stock Chart
Von Nov 2024 bis Dez 2024

Gold Springs Resource (TSX:GRC)
Historical Stock Chart
Von Dez 2023 bis Dez 2024