Near completion: The Northern Empire drilling focused on the McKenzie-Jarvala vein system consists of five separate geophysical targets, all parallel and within a 500-metre envelope that continues for a four-kilometre strike length.
The Winter Drilling Program:
· The two diamond drills are being moved to the LEITCH-SAND RIVER property, located 10 km N/W from the Northern Empire mill. More than 1,450 kilometres of data generated by an aeromagnetic survey on the Leitch-Sand River mine property were analysed to identify drill targets that warrant exploration for additional gold mineralization. Exploration will likely focus on extensions and parallel occurrences of the previously-mined structures.
· The Sand River discovery was made in 1934 and the vein system was extended to the northeast onto the Leitch Mine in 1935; serviced by a three-compartment shaft to 2,656' depth; Sand River processed a recovery grade of 0.32 oz. of gold per ton.
· The Leitch Mine serviced by a three-compartment shaft to 3,006', with a winze from the 2,875' level to the 4,525’ level, operated continuously over a period of 30 years with an average grade of .92 oz/ ton, both ore grade and vein width increased with depth. The mine was shut as a result of $35 gold and boundary disputes which have been eliminated. Previous records indicate several drill assays of more than two ounces per ton over 2 feet located 100 feet below the 4500’ level.
A Bright Future for Newco (Goldstone): Beardmore gold camp consolidation; Pro Forma cash & equivalents of $9 million; the trio of near term drill results expected from Ontex Brookbank (27+) holes, and the anticipated results from the Northern Empire and Leitch/Sand River drill programs; plus an ongoing campaign leading to production.
