2013-09-30 13:10:32 -
Toronto, Ontario CANADA, September 30, 2013 /FSC/ - Goldstream Minerals Inc. (GSX - TSX Venture), ("Goldstream" or "Goldstream Minerals") is pleased to announce the results of the Soil Gas Hydrocarbon ("SGH") geochemical survey completed over the Titan Gold Showing on the Hardrock East Gold Project. The SGH survey has defined eight soil anomalies including one surrounding the Titan Gold Showing and resulted in the discovery of a new large gold soil anomaly situated 200 m south of Titan.
SGH is a deep penetration exploration tool to locate a wide variety of deposit types including buried gold mineralization to depths in excess of 700 m from surface. This nanotechnology identifies hydrocarbon compounds sourced from the decomposition products of microbes and bacteria
that have fed on gold deposits and migrated as residues to the surface. A total of 152 SGH samples were submitted to Activation Laboratories Ltd of Ancaster, Ontario for analyses and interpretation.
In late 2011, prospecting grab samples from Titan returned gold assays as high as 11,200 g/t Au and high grade channel sample assays: 18.1 g/t Au, 20.6 g/t Ag and 0.26% Cu over a sample length of 0.58 m (Press Release Dated January 23, 2012). Weighted averages of other gold channel assays returned 12.07 g/t Au over a sample length of 1.32 m, including 31.1 g/t Au over 0.37 m from trench IOA, and Trench I0C with a best channel of 6.18 g/t Au over a sample length of 1.23 m including 25.3 g/t Au over 0.28 m.
A new interpretation of the Titan geology leads Goldstream to conclude that the 2012 drill program bracketed the main Titan Gold Zone as it appears to dip southward parallel to the direction that the holes were drilled. Applying this new model, hole KL12-01 that intersected 11.16 g/t Au over a core length of 3.0 m (122.9 to 125.9 m) would have clipped the edge of the Titan Gold Zone at depth and therefore the zone remains open.
A total of 123 of B-horizon soils from the SGH program were re-submitted to Actlabs for conventional soil assays for gold and the 1E3 multi-element package including silver, copper, lead, zinc and arsenic. These survey results clearly defined a continuous gold and copper geochemical anomaly that S-folds following a north trending structure southward another 250 m where a second "high Priority" gold anomaly occurs. These anomalies coincide with both Titan and newly defined southern SGH gold anomaly.
Recent prospecting on the SGH anomaly has discovered an outcrop of sheared carbonatized gabbro hosting a strongly northerly folded 80 cm wide quartz vein that is similar to Titan and returned grab sample assays up to 4.1 g/t Au. Several quartz and quartz-feldspar dykes have also been observed in the vicinity of this new showing. This showing is located 25 m east of the southern SGH gold anomaly adjacent to a wet lowland swamp area where no soil samples could be collected so the soil signature over the new showing is undetermined.
Conventional soils have also been submitted from B-horizon profiles for Grid 2 (101 samples), the Lucky Grid (70 samples) and 132 samples for the KLMS grid with more samples pending. At Grid 2, a coinciding gold (25 to 1,300 ppb Au), copper and arsenic anomaly was identified 50 m east of drill hole PAG12-03 that intersected 0.55 g/t Au and 1.29 g/t Ag over a core length of 52.0 m hosted in iron formation in 2012 (Goldstream Press Release dated December 17, 2012). Soil results on the Lucky Grid also identified a gold-copper anomaly over the Lucky Gold Showing as well as on the base line at line L1+00W (150 ppb Au) as follow-up exploration targets. Seventy-seven more soil samples have been submitted recently for gold and multi-element analyses on the KLMS grid and assay results should be available in the next two weeks.
The summer field exploration program has recently concluded and Goldstream is now evaluating the results to identify and prioritize drill targets for the upcoming drill program.
Richard Kilpatrick, President and CEO of Goldstream commented "These results on Titan are very exciting as they identify eight new high priority gold soil anomalies over a 500 m strike length. None of which have been drill tested. The Titan results, combined with the results on the Grid 2, Lucky and KLMS Grid as disclosed on September 9, 2013 ensure that Goldstream has over 20 high potential targets for its upcoming drill program".
To view the Map of Klotz Lake Property Solvaris Grid, please click on the following link:
to view the map of Hardrock East Gold Property, please click on the following link:
Please go to www.goldstreamminerals.com for additional maps and information.
Goldstream Minerals Inc. is a gold exploration and development company with its material property being the Hardrock East Gold Project 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).
The geological information reported has been reviewed and approved by Paul Dunbar P.Geo, VP Exploration, who is a qualified person under the definitions established by National Instrument 43-101. Goldstream's QA/QC procedures are as follows: Goldstream's channel samples are 5 cm wide cut perpendicular to the strike of the vein and/or shear zone from mapped alteration in the footwall continuously through the vein and/or shear zone and into mapped alteration in the hanging wall. Channels are cut with a motorized circular saw to a depth of 10 cm and removed with a hammer. Channel sample spacing is nominally every 20 m along strike, dependent on outcrop size and geometry. Sample intervals are selected according to geologic contacts and visible mineralization, placed into a sample bag, and shipped to the assay lab for quantitative analysis of select elements. Goldstream drill cores are split down the center with a typical table feed circular rock saw. Sample intervals are selected according to geologic contacts, visible mineralization, and alteration, placed into sample bags and shipped to the assay lab where they are quantitatively analyzed for select elements. Drill cores are boxed, covered, and sealed at the drill rig and moved to the Geraldton core logging facility by Goldstream personnel. All Goldstream samples are currently being assayed by Activation Laboratories Ltd. and dropped off at their sample preparation lab in Geraldton. Blank and standard samples are routinely submitted with all core sample batches sent to the lab for assay. At the completion of each program, approximately 10% of the core pulp samples and 5% of the grab/channel sample pulps are submitted to a secondary ISO certified laboratory for assay verification; currently using Accurassay in Thunder Bay.
ON BEHALF OF THE BOARD OF DIRECTORS
GOLDSTREAM MINERALS INC.
President and CEO
For further information,
please contact Richard Kilpatrick,
President and CEO at
GOLDSTREAM MINERALS INC.
155 University Ave., Suite 1920
Toronto, ON M5H 3B7
Telephone: (416) 775-8774
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.
To view the press release as a PDF file, please click on the following link:
Source: Goldstream Minerals Inc. (TSX-V: GSX)
Maximum News Dissemination by FSCwire. www.fscwire.com