2012-09-21 15:35:53 -
Goldstream Begins Trading on the TSX Venture Exchange; Launches Aggressive Drilling and Ground Exploration Program at Hardrock East
Toronto, Ontario CANADA, September 21, 2012 /FSC/ - Goldstream Exploration Ltd.("Goldstream" or "Goldstream Minerals") is pleased to announce that the company will begin trading today, September 21, 2012 on the TSX Venture Exchange under the ticker symbol "GSX".
Goldstream is also pleased to announce significant exploration results at its 350 km2 Hardrock East Gold Project in northern Ontario (Figure 1). Induced Polarization (IP) geophysical surveys have extended the strike length of the Adel Property anomaly an additional 500 metres and at our Solarus/Titan project, defined 42 IP target anomalies for field investigation. The Adel Property IP anomaly (Central Shear Zone) connects two
east striking structures, the regional Klob Lake fault structure and the Klotz Lake shear which hosts the Milestone gold deposit. Previously announced diamond drilling results at Milestone include 30.9 m grading 2.56 gpt gold in diamond drill hole MS10-38 (Kodiak Press Release dated Sept 13, 2010).
The company will immediately initiate a $570,000 dollar fall exploration program focusing on three target areas:
* Adel: 900 metres of diamond drilling is planned to follow up on the geophysical targets and test the gold potential of the Central Shear Zone (CSZ) where it intersects known gold associated structures. Management believes this area has the potential to host large tonnage lower grade deposits suitable for open pit mining. To view the Resistivity Survey map, please click here. goldstreamminerals.com/_resources/ADMS_DHMap_Resistivity_Sept_20 ..
* Pagwachuan Lake: 360 metres of diamond drilling to test the high grade gold showing (6.84 gpt gold, 19.7 gpt silver and > 1% copper over 0.5 m in channel sample C55678) at Ward-Morrow Trench 1 associated with an IP anomaly with a strike length of 800 m long. This area is on the same lithologic horizon as Premier Gold's 3.6 Moz Hard Rock deposit. To view the Resistivity Survey map, please click here. goldstreamminerals.com/_resources/PAG_WardMorrowArea_Resistivity ..
* Klotz Lake (Solarus/Titan): Follow-up ground exploration to evaluate 42 new "High Priority" IP target anomalies and the Titan gold showing and detailed geological mapping and prospecting.
Figure 1: Hard Rock East Property Location
To view Figure 1, click onto the link below or cut and paste into your brower:
Richard Kilpatrick, President and CEO of Goldstream Minerals Inc. commented "Goldstream Minerals is excited to launch its fall 2012 exploration program at Hardrock East. At Adel Property, strong IP anomalies associated with the intersection of two major regional structures have generated compelling drilling targets. At Pagwachuan Lake and Solarus Properties, detailed work by our highly skilled exploration team has identified additional targets for drilling and follow up work on the ground. These planned exploration activities will generate consistent news flow through the balance of 2012 as we advance our Hardrock East Gold Project."
Watts, Griffis and McOuat Limited have prepared a NI 43-101 Technical Report covering the Hardrock East Gold Project and will be posted shortly on the Company website as well as at sedar.com.
Goldstream Minerals Inc. is a gold exploration and development company focused on defining a minable Mineral Resource on its Hardrock East Property located in the Beardmore-Geraldton gold camp of northern Ontario. The Hardrock East Property consists of over 350 square kilometres in the eastern portion of the Beardmore-Geraldton gold camp and is comprised of four different properties: Milestone, Adel, Pagwachuan Lake and Klotz Lake (Solarus).
All scientific and technical information for the Hardrock East project has been reviewed and approved by Richard Kilpatrick, P.Geo., Goldstream's President and CEO, who is a qualified person under the definitions established by National Instrument 43-101. Gold assays reported in this Press Release were obtained by 50 gm fire assaying with gravimetric finish (1A3-50 method code) with units expressed as grams per metric tonne ("gpt"). Metallic Screen fire assaying for gold were obtained using a 500 gm sample (1A4-500). Grab samples are removed from outcrop and are representative samples of the mineralization and rock types being evaluated. Channel samples are 5 cm wide cut perpendicular to the strike of the vein and/or shear zone and sample intervals are selected according to geologic contacts and visible mineralization.
Channels are cut with a motorized circular saw to a depth of 10 cm and then washed with pressurized water hoses while still in outcrop and then each sample is removed with a hammer and chisel. In sections where gold is visible in quartz veins, the saw blade in cleaned at the beginning and end of each sample interval. Goldstream drill cores are split down the center with a table feed circular rock saw using water to clean the blade. Sample intervals are selected according to geologic contracts, visible mineralization and alteration and do not represent true width.
All rock samples are placed into a plastic sample bag with sample tag and shipped to the assay laboratory for quantitative analysis for gold and other elements, including silver and common base metals. Goldstream uses Actlabs in Geraldton and Thunder Bay as its primary assay laboratory which, as part of its Quality Control, inserts two blanks, three duplicates and two reference materials per batch of 42 samples. As part of Goldstream's internal QA/QC procedures, quality control checks include the insertion of blanks (pulp and coarse) and reference materials. In addition, 5% of the pulps for surface samples and 10% of the pulps for drill core are dispatched to secondary ISO certified laboratory, Accurassay in Thunder Bay, for assay verification (underway).
ON BEHALF OF THE BOARD OF DIRECTORS
GOLDSTREAM MINERALS INC.
President and CEO
For further information, please contact:
GOLDSTREAM MINERALS INC.
Kimberly Ann, Corporate Communications
Telephone: (530) 414-4400
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Transaction or approved or disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking information includes, but is not limited to statements with respect to the anticipated developments in operations in future periods; planned exploration and development activities; the adequacy of financial resources; the interpretation of drill results; and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled estimates", "forecasts", "intends", "anticipates", "does not anticipate", or "believes", or variations of such words and phrases or statement that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur", or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: unexpected events during exploration and operation; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parametres as plans continue to be refined; future prices of commodities; possible variations in resource, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; acts of terrorism; accidents, labour disputes and other risks of the mining industry; delays in the completion of development or construction activities, as well as those factors discussed herein. Although management has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking statements that are incorporated herein, except in accordance with applicable securities laws.
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Source: Goldstream Exploration Ltd
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