- Published: 27 February 2009
- Written by Editor
Goldsource Announces Coal Continuity Developing in Pasquia Sub-Basin, Border Project, Saskatchewan; Drilling Intersects Combined Coal Thickness of 56.2m
Goldsource Mines Inc. (TSX VENTURE:GXS) ("Goldsource" or the "Company") is pleased to announce that recent drilling is developing potential coal continuity over an open-ended area of approximately 2 square kilometres at the Border Project located near Hudson Bay, Saskatchewan, Canada. This area is currently open to further coal definition in all lateral directions. Drilling will continue to delineate this coal deposit which is located in the Pasquia sub-basin approximately 3.5 kilometers northwest of the Chemong area of the Border Project where a 132.6 meter coal zone intercept was announced on February 26, 2009.
Drill holes BD09-30, 32, 36, 37, 42, 45 and 46 were drilled as step-outs to holes BD08-02 and BD08-05 (see attached map: http://media3.marketwire.com/docs/Pasquia%20Drill%20Targets%20Feb%2027-09.pdf and table below) which previously encountered 23.4 metres and 36.05 metres of good quality thermal coal, respectively. Hole BD09-37 intersected a 43.3 metre coal zone including a 21.5 metre interval of combined dull to bright coal as well as an underlying 10.9 metre coal zone. Hole BD09-30 intercepted two coal zones measuring 34.8 and 21.4 metres respectively for a combined thickness of 56.2 metre of dull to bright coal. All coal zones presented in the following table are estimated true thickness.
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Hole From To Coal Zone(i) Note
(metres) (metres) Interval
(metres)
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BD09-30 79.7 114.50 34.8 BD08-02 step out of 420m
124.1 145.5 21.4
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BD09-32 61.5 63.6 2.1 BD08-05 step out of 1.4km
71.7 103.7 32
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BD09-36 52.8 64.5 11.7 BD08-05 step out of 275m
75.0 80.4 5.4
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BD09-37 96.9 140.2 43.3 BD08-05 step out of 250m
151.5 162.4 10.9
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BD09-42 68.5 100.5 32 BD08-05 step out of 550m
124.5 133.5 9.0
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BD09-45 55.2 84.4 29.2 BD08-05 step out of 1.5km
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BD09-46 55.5 81.35 25.8 BD08-05 step out of 750m
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(i)Visual identification of Coal Zone contains both coal and partings.
Drill holes BD09-27 and 28 drilled within the Pasquia area contained
no significant coal intercepts.
Step out drilling is in progress to determine the limits of this particular sub-basin within the Border project in preparation for an initial coal resource estimation. In addition, other sub-basins of coal are being delineated within the Border Project (see press release dated February 26, 2009).
J. Scott Drever, President stated; "Our overall plan is to identify the priority areas that contain sufficient quantities of coal such that we can delineate resources that may be economically developed. The drill program to date has been very successful in identifying new deposit areas and the 100% drilling success rate achieved so far by the step-out drilling around discovery hole BD08-05 is a huge advance in establishing a broad coal zone over several kilometres which remains open laterally in all directions."
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 commenced with initial results anticipated in March 2009. Down-hole geophysics has been completed on all holes and adjustments to coal seam thickness may occur when reporting final results.
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.
SOURCE: Goldsource Mines Inc.
Goldsource Mines Inc. Fred Cooper (604) 691-1760 (604) 691-1761 (FAX) Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.goldsourcemines.com
