Business
Goldstake: Home of Bullion Drilling
Goldstake: Home of Bullion Drilling.
About this update from Greenridge Exploration Inc
[{"type":"text","content":"\n\n\n\n\nTORONTO, Oct. 4 /CNW/ - Goldstake Explorations Inc. (TSX:\"GXP\") is\npleased to issue an update report on the ongoing exploration work on the Home\nof Bullion (HOB), Copper, Silver, Lead, Zinc, and Gold property in the N.T. of\nAustralia.\nA 15-hole diamond drill program was completed in August, 2006, for a\ntotal of 1406 metres on the Main and South Lodes. Of the 15 holes drilled, 7\ndid not intersect the lodes - due to poor hole locations and a lack of\nunderstanding of the geology by the contract geologist at the time.\nOf the 8 holes that intersected the lode, the best recoveries were;\n\nHole 13 - 4.70 metres from 53m to 57.70m assaying 6.22% Cu., 3.8% Zn.,\n1.4% Pb., 0.60 gt Au., and 78.7 gt Ag.\n\nHole 7 - 5.30 metres from 160.80m to 166.10m assaying 4.79% Cu., 2.00%\nZn., o.54% Pb., 0.63 gt Au., and 58.3 gt Ag.\n\nHole 2 - 3.20 metres from 113.30 to 116.50m , assaying 4.79% Cu., 5.44%\nZn., 0.65% Pb., 0.33 gt Au., and 5.9 gt Ag.\n\nTrue widths have not been calculated. Assaying was by ALS Laboratories\nAlice Springs, NT, Australia.\nDr. Roy Cox ... is now consulting to Goldstake following the drilling,\nand is the Qualified Person for the geological information in this release.\nHis report on HOB, can be found on www.SEDAR.com\nDr. Cox refers to the historical reports on HOB as follows:\n\"With regard to the historic \"ore reserves' (Madigan 1934; Blanchard\n1936; Hossfeld 1937; Sullivan 1950) it is clear that, for the Main Lode, there\nhas been sufficient development and sampling work done to enable the mineral\nresource potential to be inferred within the guidelines of the current (2004)\nAustralian JORC Code for Ore Reserves and Mineral Resources (and its Canadian\nequivalent NI-43-101).\"\nIn 1934, C. T. Madigan, M.A., D. Sc. (Oxon); B.E.(Adelaide);\nF.G.S.(London), sampled and reported on the HOB Main lode in the 4 shafts down\nto a maximum depth of 200 feet and assessed the reserves at 126,000 tons of\n15% copper. He postulated that a further 100 feet of depth would increase the\nreserves to 308,000 tons of 13% copper (approximately 40,000 tonnes of\ncopper). In 1948, a drill hole intercepted the lode at 321 feet, which is 121\nfeet deeper than Madigan's extrapolation, and assayed 11% copper over 14 feet.\nIn Jan/Feb, 2006, Dr. Derek McBride was brought to Australia to complete\na NI 43-101 Report on HOB...