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Goldstake to drill for diamond bearing kimberlite and gold on McGarry, Ontario, Canada
Goldstake to drill for diamond bearing kimberlite and gold on McGarry, Ontario, Canada.
About this update from Greenridge Exploration Inc
[{"type":"text","content":"\n\n\n\nCALGARY, Jan. 15 /CNW/ - Goldstake Explorations Inc. (TSX Symbol ; GXP)\nis pleased to report that, further to its News Release of December 19, 2006,\nDiamond drilling will commence shortly on the 2 magnetic features considered\nmost likely to be the source of previously discovered (circa 1985 Lee and 1996\nGallo) diamonds, and more recently (2006) Dillman/Jacques recovered kimberlite\nand diamond indicator minerals.\n\n\nConsulting diamond Geologist, Robert Dillman, has reported to Goldstake\nthat \"the results of the ground magnetic surveys combined with favourable\nresults generated from heavy mineral prospecting has culminated in the\ndefinition of 2 magnetic features representing potential diamond-bearing\nkimberlite. The mag suggests this could be a double (twin) pipe\". Mr. Dillman\nis currently preparing a NI 43-101 Report on the diamond exploration results.\n\n\nGold\n\n\n----\n\n\nIn addition to the drill program for kimberlite, several holes will be\ndrilled above and below the previously announced high grade intersection of\n29.9 g/t au over 8.7 metres (including 1095.01 g/t au over 0.18 metres) to\ntest the vertical \"down-dip\" extension on this zone.\n\n\nFinancing is in place for the drilling program.\n\n\nThe McGarry property is 1 mile from the Kerr Addison Mine, which produced\na Canadian record of 11 million ounces of gold. It is over 1600 hectares and\nis situated in the prolific Kirkland Lake-Larder Lake gold district and within\nthe Kirkland Lake-Temiskaming kimberlite field which contains approximately 20\nkimberlite pipes and dykes.\n\n\nGoldstake is earning a 75% interest in the McGarry property from\nTranspacific Resources Inc., having issued 2.5 million Goldstake shares and\nwith the expenditure of $2.5 milllion on exploration and development, by\nDecember 2009. Goldstake has spent in excess of $1.3 million on the property\nto date.\n\n\nGoldstake Explorations Inc. is a Canadian exploration and development\ncompany with projects in Canada, The USA and Australia.\n\n\n%SEDAR: 00003881E\n\n\n","length":2113,"tagName":"div"}]