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Goldstake "Prospect D" and "Prospect DA", Australia
Goldstake "Prospect D" and "Prospect DA", Australia.
About this update from Greenridge Exploration Inc
[{"type":"text","content":"\n\n\n\n\nTORONTO, Jan. 11 /CNW/ - Goldstake Explorations Inc.:TSX Symbol: GXP\nGoldstake and partners (the partners) have received notice of termination of\nthe Heads of Agreement (HOA), dated July, 2003, on a portion of EL 23186\n(Prospect D and Prospect DA), from Mithril Resources Ltd. and Falconbridge\n(Australia) Pty. Ltd. Goldstake owns 50% of EL 23186, Imperial Granite and\nMinerals Pty Ltd own 25% and Robert Cleaver, Goldstake Chairman, owns 25% (the\npartners).\nMithril has advised that it has spent $975,100 from commencement to\nwithdrawal and has not earned an interest in the property.\n\nHistory\n-------\nIn July, 2003 (date of the Mithril HOA), the price of Copper was approx.\n62 cents US per pound (now $2.12) and the price of Nickel was approx. $3.00 US\na pound (now $6.50).\nHistorical exploration by Kewanee Australia Pty Ltd (circa 1972) included\neleven diamond drill holes along a strike length of 2 kilometers on \"Prospect\nD\".\nDr. Derek McBride, P.Eng., summarized these historic results in his\nreport of January 27, 2003 (filed on SEDAR) as follows:\n\"A resource for this prospect has been calculated by Cogar (1972) and is\nquoted in the section on history. They are summarized here because they\nrepresent the only attempt to quantify the Kewanee exploration results. Oxide\nmineralization was calculated to be 1.5 million tonnes grading 0.51 percent\ncopper and 0.15 nickel over an average width of 9.8 metres; the sulphide zone\nwas 1.4 million tonnes grading 0.62 copper and 0.25 nickel. It is not possible\nto confirm, independently, this resource. This figure is important as an\nindicator of the magnitude of the resource that may be present and is within\nthe indicated mineral resource category.\"\n\"Prospect DA\" also has significant historic (circa 1972) percussion drill\nresults by Kewanee from surface to 108 feet with previously reported (News\nRelease, Dec. 3, 2001) Line 100' E. from surface to 96 feet grading 3.32% Cu\nand 0.11% Ni, including 6 feet (52-58 feet) of 23% Cu and 0.21% Ni.\nDr. McBride summarizes \"Prospect DA\" in his report as follows:\n\"Prospect DA\", the near surface part of D that was tested with airtrac\nholes may represent an open-pit resource. It represents the oxidized portion\nof the D zone.\"\nThe partners have inquired of Mithril and have not been advised of any\nchange to these...