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Tuesday, January 5, 2010
Gold: Goldstone Resources Inc. Deep drilling at Hardrock intersects high grade gold including 10.05g/t (0.29 oz/ton) gold over 24.2m(79.4 feet) GRC.to
Posted by andre at 9:41 AM
"Goldstone Resources Inc. is a major force in gold exploration and development, combining significant historic and newly discovered resources and exploration potential in the Beardmore-Geraldton Camp in Northwestern Ontario.
Formed late in 2009 by the merger of Ontex Resources Ltd. and Roxmark Mines Ltd, the company benefits from extensive existing infrastructure above and below ground including an upgraded, fully-permitted mill. In addition to gold resources and exploration targets on its 100% owned properties, Goldstone enjoys a 30% carried interest in The Hardrock Project, a joint venture with Premier Gold Mines Limited as operator.
Goldstone’s Brookbank and Northern Empire Mine properties both have NI 43-101 compliant resource estimates, containing a combined total of indicated and inferred resource in excess of one million ounces of gold. Overall, the ten formerly productive mines on Goldstone lands — including the Leitch Mine, at one time, Canada’s richest — produced in excess of 4 million ounces of gold, remained open at depth, and offer major untapped potential through extensions and parallel occurrences.
Goldstone is currently planning an aggressive, multi-rig drilling program for 2010 and awaiting a NI 43-101 report to be issued early in the year by Premier Gold Mines, summarizing results of the exploration and drilling efforts on The Hardrock Project.
Goldstone Resources Inc trades on the Toronto Stock Exchange under the symbol GRC
Learn more about Ontex Resources Ltd.
Learn more about Roxmark Mines Ltd."
Formed late in 2009 by the merger of Ontex Resources Ltd. and Roxmark Mines Ltd, the company benefits from extensive existing infrastructure above and below ground including an upgraded, fully-permitted mill. In addition to gold resources and exploration targets on its 100% owned properties, Goldstone enjoys a 30% carried interest in The Hardrock Project, a joint venture with Premier Gold Mines Limited as operator.
Goldstone’s Brookbank and Northern Empire Mine properties both have NI 43-101 compliant resource estimates, containing a combined total of indicated and inferred resource in excess of one million ounces of gold. Overall, the ten formerly productive mines on Goldstone lands — including the Leitch Mine, at one time, Canada’s richest — produced in excess of 4 million ounces of gold, remained open at depth, and offer major untapped potential through extensions and parallel occurrences.
Goldstone is currently planning an aggressive, multi-rig drilling program for 2010 and awaiting a NI 43-101 report to be issued early in the year by Premier Gold Mines, summarizing results of the exploration and drilling efforts on The Hardrock Project.
Goldstone Resources Inc trades on the Toronto Stock Exchange under the symbol GRC
Learn more about Ontex Resources Ltd.
Learn more about Roxmark Mines Ltd."
This Canadian Gold play - one of our Top Picks for 2009, is getting better and better with new high grade intersections. Roxmark Mines became a part of the new company Goldstone Resources GRC.to after merger with Ontex Resources. We have considered it as Canadian Gold M@A Play with premier buying out 30% of Hardrock project at some point.
Management of Roxmark was not very active, to put it mildly, before Premier moved into the Hardrock. All success later came as a result of a very aggressive exploration by Premier Gold and Hardrock is shaping up into a multi million Oz gold deposit now.
We will still have to see whether this merger was an attempt for the Roxmark management to hide from Premier acquisition and termination into the corner office or Ontex team will be able to bring a new dimension to the combined assets apart from Hardrock, including mill and former producing gold properties in Greenstone Belt.
Recent consolidation has given us a good opportunity to reenter the Play below 0.2CAD in Roxmark after taking initial profit in 2009.
We will revisit our Top Picks for performance for 2009 and will review Top Picks for 2010 later.
Premier Gold - Deep drilling at Hardrock intersects high grade gold including 10.05g/t (0.29 oz/ton) gold over 24.2m (79.4 feet)
Shares Issued: 84,452,179
THUNDER BAY, ON,
North Zone Deeps ----------------
All holes drilled to test the down-dip potential of the mine have intersected multiple zones of gold mineralization to 100 metres below the mined portion of the North Zone. Significant intercepts include:
- 39.20 g/t Au across 4.8 m (1.14 oz/ton gold across 15.7 feet) in MM050 - 18.86 g/t Au across 3.3m (0.55 oz/ton across 10.8 feet) in MM050A - 21.90 g/t Au across 1.5m (0.64 oz/ton across 4.9 feet) in MM079 - 8.41 g/t Au across 22.9m (0.25 oz/ton across 75.1 feet) including 15.95 g/t Au across 8.1m (0.47 oz/ton across 26.6 feet) in MM079A - 10.05 g/t Au across 24.2m (0.29 oz/ton across 79.4 feet) including 20.76 g/t Au across 5.4 m (0.61 oz/ton across 17.7 feet) in MM079B
Stephen McGibbon, Premier's Executive VP and COO, said, "Hardrock continues to exceed even our optimistic expectations. These solid results bode well for our forthcoming resource estimate and our ongoing aggressive drilling program. During 2010 we are eager to continue to further outline both the open pit and underground potential of Hardrock."
Table 1 below provides a full summary of significant results from the deep drill program received to date. Ongoing drilling will continue to step out down-plunge to the west in an effort to further define the potential of the North Zone deposit.
The longitudinal section in Figure 1 profiles the location of the new deep drill intersections in relation to the bottom (2000 foot) level of the mine. The North Zone was previously mined to a depth of 610 metres (2,000 feet) with production of 2.97 million tons at a recovered grade of 0.22 oz/ton (7.54g/t Au). This drilling demonstrates that this zone remains wide open for expansion at depth.
A full presentation detailing the location of this deep drilling is available at the Company's website http://www.premiergoldmines.com/."
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