GXS NR - 17 drill targets on BigRiver ProjectGoldsource Selects Drill Targets for Big River Diamond Property
ccnm
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 6, 2006) - Goldsource
Mines Inc. (the "Company") (TSX VENTURE:GXS) is pleased to announce that
it has selected 17 drill sites as a follow-up to a 3,900 line kilometre
airborne geophysical survey completed on its Sturgeon Lake claim block of
the Big River Diamond Property in Saskatchewan. The survey, contracted to
Fugro Airborne Surveys of Ottawa, Ontario ("Fugro") was completed in
early February and has provided extensive magnetic and electromagnetic
geophysical data over approximately 35 percent of the Company's initial
land position in Saskatchewan.
The Company utilized the services of Dr. Jovan Silic, Ph. D (Geophysics)
of Flagstaff GeoConsultants, Australia for on-site supervision of the
program and interpretation of the data. The Fugro data gathering system,
in conjunction with interpretation using Dr. Silic's proprietary software
has been extremely successful in identifying and delineating kimberlite
bodies in the Fort a la Corne area of Saskatchewan.
The Company is seeking approval for an initial program of 17 holes in
five separate areas. Three holes will test high priority geophysical
targets that exhibit electro-magnetic resistivity ("EM") signatures
generally associated with kimberlite pipes in the Fort a la Corne area.
Four of the drill holes will test kimberlites identified by previous
operators and are supported by the current geophysical data. These holes
will serve as confirmation of stratigraphy and help to define the extent
and nature of the known kimberlite occurrences. The remainder of the
drill program will examine secondary targets consisting of magnetic
anomalies without coincident EM responses or more subtle EM and magnetic
anomalies within interpreted paleo-channels. The Company has confirmed
the availability of a drill rig and upon receipt of approvals will
commence the program as soon as possible.
The Company has also acquired an additional 186,000 hectares of mineral
claims which cover the favourable geologic horizons between its Sturgeon
Lake block and its Cowan Lake block to the northwest. The Company
controls a 90% interest in the Big River Property which now comprises a
contiguous block of claims totalling approximately 458,000 hectares to
the northwest of Prince Albert, Saskatchewan.
Mr. Scott Drever, President of Goldsource stated; "Our shareholders
expect us to aggressively pursue our mandate to discover another
kimberlite field in Saskatchewan. To that end, we will continue the
sequence of land acquisition, target identification through airborne
geophysics and drilling of the priority targets. We have contracted Fugro
to fly an additional 11,825 line kilometres in three separate areas
including most of the Cowan Lake block. The Fugro equipment is in Prince
Albert and will commence our new surveys almost immediately. Our strong
financial position enables us to take this aggressive approach to
achieving our goals."
Prior to the Company's efforts, the most recent, serious exploration work
on the Big River Property was carried out more than 10 years ago.
Although the area includes the site of the first discovery of diamonds in
Saskatchewan, it has never been systematically explored using current
geophysical techniques or applying the extensive knowledge base that has
been developed for the kimberlite pipes of the Fort a la Corne area. Work
carried out by previous operators on the Sturgeon Lake Claims and
immediate area included 5 core and 27 rotary drill holes. Intercepts of
kimberlite ranging from 4 metres to 32 metres were reported in 19 holes
in four widely separated areas. The two holes for which detailed analyses
are available reported recoveries of micro-diamonds and significant
indicator minerals from both holes.
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 mineral property titles; project cost overruns or unanticipated costs
and expenses, fluctuations in 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.
On Behalf of the Board of Directors of Goldsource Mines Inc.
J. Scott Drever, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Goldsource Mines Inc.
Fred Cooper
(604) 691-1760
(604) 691-1761 (FAX)
info@goldsourcemines.com
www.goldsourcemines.com