Discovering Canada’s Coal resources
Intersected 23 metres of Black Coal - Border property 50km north of the town of Hudson Bay, SK
Message: Winter Drill Program; Intercepts New 50 Metre Coal Zone at Border Project
| February 9, 2009 | |
| Goldsource Updates Border Winter Drill Program; Intercepts New 50 Metre Coal Zone at Border Project | |
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2009) - Goldsource Mines Inc. (the "Company") (TSX VENTURE:GXS) is pleased to present the following update on exploration progress and current drill results at its Border Project located near Hudson Bay, Saskatchewan. A total of 18 core holes (1,828 metres) has been drilled using two drill rigs since the commencement of the winter program. The holes drilled to date are proximate to the discovery holes BD08-03 and BD08-06 in an area designated as the Chemong sub-basin. Thick coal intercepts have been encountered in 5 of the holes (see attached map: http://media3.marketwire.com/docs/gx... and table below). The most significant coal intervals were found in hole BD09-20 with approximately 50.9 metres of dull to bright coal with minor partings and hole BD09-22 with 47.0 metres of similar visual coal characteristics. Holes BD09-20 and BD09-22 were step out holes to test a specific geophysical target approximately 2500 metres to the south and west of the BD08-03 discovery hole. The coal zone intercepts of 50.9 metres and 47.0 metres respectively have identified a new area of interest within the Border Project. Summary of Visual Coal Zone Intercepts: Coal Zone(i)
Hole Sub Basin From To Width (m) Note
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BD09-13 Chemong 79.5 126.2 46.7 Mud stone parting 92.0m-99.2m
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BD09-18 Chemong 46.4 49.6 3.2 Carbonaceous sandstone parting
47.3m-48.5m
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BD09-20 Chemong 95.5 147.4 50.9 3 partings aggregating 6.27m
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BD09-22 Chemong 74.5 121.5 47.0 6 partings aggregating 17.4m
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BD09-24 Chemong 89.0 136.0 47.0 Carbonaceous parting 106m-121m
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(i)Coal Zone contains both coal and partings.
J. Scott Drever, President stated; "Our overall plan has been to identify the priority areas that contain sufficient quantities of coal such that we can delineate resources that may be economically developed. The two new intercepts adds to the number of areas that require further definition drilling and are significant not only for the extraordinary coal widths encountered but that the existing geophysics was utilized to identify the target. The relationship of the geology, the sub-basins and the apparent deposition of the coal encountered to date is somewhat more complex than first anticipated but the current drill results, airborne geophysics and down-hole geophysics are being utilized to develop a comprehensive geological model that enable us to modify the winter drill program as the model develops." Drill holes BD09-10, 11, 12, 14-17, 19, 21, 23, and 25-27 contained no significant coal intercepts. These holes were drilled to test the potential boundaries of the identified sub-basins proximal to discovery holes BD08-03 and BD08-06 and to test new potential coal locations. From the holes drilled to date, the broader sub-basins appear to be comprised of discrete features containing significant coal thickness up to approximately 50 metres with their limits defined by certain geophysical signatures and the underlying Devonian limestone. The contours of underlying Devonian limestone continue to be a critical factor in defining the sub-basins. This phase of drilling is expected to complete approximately 38 drill holes in the Chemong and Pasquia sub-basins and approximately 15 holes to test three other potentially broader basins to the south and east. Road building has been completed to all the proposed sites and as many holes as possible will be completed prior to spring break-up in March. In order to expedite the drilling a third rig will be added as soon as it can be mobilized." Initial identification of the intervals of the coal zone in the table above is based on visual characteristics. The Company cautions against placing undue reliance on the visual observations of the coal until the results of the analytical work have been announced. Sampling and laboratory test work at Loring Labs in Calgary has started with initial results anticipated in March. Down-hole geophysics has been completed on all holes and adjustments to coal seam thickness may be completed for the purpose of reporting of final results. It should be noted that in some instances in previous holes reported, the analyses showed certain portions of the coal zone based on visual characteristics to have raw ash values in excess of 25%. Generally, good thermal coal is carbonaceous material with less than 25% ash and it is on this basis that the clean coal intervals were reported in previous holes. N. Eric Fier, CPG, P.Eng. and Qualified Person for this news release has reviewed and approved its contents. This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of coal permits and mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in commodity product prices; currency fluctuations; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. J. Scott Drever, President GOLDSOURCE MINES INC. |
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