2013-02-19 15:40:59 -
Toronto, Ontario CANADA, February 19, 2013 /FSC/ - Goldstream Minerals Inc. (GSX - TSX Venture), ("Goldstream" or "Goldstream Minerals") is pleased to announce it has commenced its 2013 winter exploration program on its Hardrock East gold project in the Beardmore-Geraldton Greenstone Belt in northern Ontario which includes the Milestone gold project. The focus of the winter exploration program will be measuring the extent and grade of the Milestone gold system in anticipation of completing a technical report during 2013. Previous drilling at Milestone identified a gold system with intercepts grading from nil up to 2.72 gpt gold over 29 metres (diamond drill hole MS10-38, Kodiak Exploration press release dated September 13, 2010). Drilling is being designed to refine the geologic
model for the Milestone system and expand the footprint of the gold mineralized system. Goldstream has created a 3D model of the Milestone gold project in order to better define the drill targets. The model shows that gold is contained within three distinct lenses, the most easterly lens is still open along strike; all lenses are open at depth.
An initial budget of $1,000,000 has been allocated for the 2013 winter exploration program, including an initial 2,000 metres of diamond drilling, regional exploration, line cutting, soil sampling, and geophysics. Richard Kilpatrick, President and CEO of Goldstream Minerals commented: "Goldstream is very excited to launch this winter program. Goldstream hopes to better assess zones of gold mineralization identified by previous drilling at Milestone which confirmed the presence of near-surface gold mineralization. The potential to transition from an exploration phase to resource definition drilling is exciting for Goldstream and highlights the rapid progress we have made at Hardrock East".
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 is 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 contacts, 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 will be dispatched to secondary ISO certified laboratory, Accurassay in Thunder Bay, for assay verification.
ON BEHALF OF THE BOARD OF DIRECTORS
GOLDSTREAM MINERALS INC.
President and CEO
For further information, please contact Richard Kilpatrick, President and CEO at (416) 775-8774.
GOLDSTREAM MINERALS INC.
155 University Ave., Suite 1920
Toronto, ON M5H 3B7
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 Minerals Inc. (TSX-V: GSX)
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