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Goldsource Updates Border Winter Drill Program; Intercepts New 50 Metre Coal Zone at Border Project
2/9/2009 8:00:06 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Feb 9, 2009 (Marketwire via COMTEX News Network) --
GoldsourceMines Inc. (the "Company") (TSX VENTURE:GXS) is pleased to present thefollowing update on exploration progress and current drill results atits Border Project located near Hudson Bay, Saskatchewan.
Atotal of 18 core holes (1,828 metres) has been drilled using two drillrigs since the commencement of the winter program. The holes drilled todate are proximate to the discovery holes BD08-03 and BD08-06 in anarea designated as the Chemong sub-basin. Thick coal intercepts havebeen encountered in 5 of the holes (see attached map:https://media3.marketwire.com/docs/gxs29m.JPG and table below). The mostsignificant coal intervals were found in hole BD09-20 withapproximately 50.9 metres of dull to bright coal with minor partingsand hole BD09-22 with 47.0 metres of similar visual coalcharacteristics. Holes BD09-20 and BD09-22 were step out holes to testa specific geophysical target approximately 2500 metres to the southand west of the BD08-03 discovery hole. The coal zone intercepts of50.9 metres and 47.0 metres respectively have identified a new area ofinterest within the Border Project.
Summary of Visual Coal Zone Intercepts:
Coal Zone(i)
Hole Sub Basin From To Width (m) Note
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BD09-13 Chemong 79.5 126.2 46.7 Mud stone parting 92.0m-99.2m
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BD09-18 Chemong 46.4 49.6 3.2 Carbonaceous sandstone parting
47.3m-48.5m
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BD09-20 Chemong 95.5 147.4 50.9 3 partings aggregating 6.27m
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BD09-22 Chemong 74.5 121.5 47.0 6 partings aggregating 17.4m
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BD09-24 Chemong 89.0 136.0 47.0 Carbonaceous parting 106m-121m
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(i)Coal Zone contains both coal and partings.
Numbering of the drill holes for this phase of exploration continues sequentially beginning at BD09-10.
J.Scott Drever, President stated; "Our overall plan has been to identifythe priority areas that contain sufficient quantities of coal such thatwe can delineate resources that may be economically developed. The twonew intercepts adds to the number of areas that require furtherdefinition drilling and are significant not only for the extraordinarycoal widths encountered but that the existing geophysics was utilizedto identify the target. The relationship of the geology, the sub-basinsand the apparent deposition of the coal encountered to date is somewhatmore complex than first anticipated but the current drill results,airborne geophysics and down-hole geophysics are being utilized todevelop a comprehensive geological model that enable us to modify thewinter drill program as the model develops."
Drill holesBD09-10, 11, 12, 14-17, 19, 21, 23, and 25-27 contained no significantcoal intercepts. These holes were drilled to test the potentialboundaries of the identified sub-basins proximal to discovery holesBD08-03 and BD08-06 and to test new potential coal locations. From theholes drilled to date, the broader sub-basins appear to be comprised ofdiscrete features containing significant coal thickness up toapproximately 50 metres with their limits defined by certaingeophysical signatures and the underlying Devonian limestone. Thecontours of underlying Devonian limestone continue to be a criticalfactor in defining the sub-basins.
This phase of drilling isexpected to complete approximately 38 drill holes in the Chemong andPasquia sub-basins and approximately 15 holes to test three otherpotentially broader basins to the south and east. Road building hasbeen completed to all the proposed sites and as many holes as possiblewill be completed prior to spring break-up in March. In order toexpedite the drilling a third rig will be added as soon as it can bemobilized."
Initial identification of the intervals of the coalzone in the table above is based on visual characteristics. The Companycautions against placing undue reliance on the visual observations ofthe coal until the results of the analytical work have been announced.Sampling and laboratory test work at Loring Labs in Calgary has startedwith initial results anticipated in March. Down-hole geophysics hasbeen completed on all holes and adjustments to coal seam thickness maybe completed for the purpose of reporting of final results. It shouldbe noted that in some instances in previous holes reported, theanalyses showed certain portions of the coal zone based on visualcharacteristics to have raw ash values in excess of 25%. Generally,good thermal coal is carbonaceous material with less than 25% ash andit is on this basis that the clean coal intervals were reported inprevious holes.
N. Eric Fier, CPG, P.Eng. and Qualified Person for this news release has reviewed and approved its contents.
Thisnews release contains forward-looking statements, which address futureevents and conditions, which are subject to various risks anduncertainties. The Company's actual results, programs and financialposition could differ materially from those anticipated in suchforward-looking statements as a result of numerous factors, some ofwhich may be beyond the Company's control. These factors include: theavailability of funds; the timing and content of work programs; resultsof exploration activities and development of mineral properties, theinterpretation of drilling results and other geological data, theuncertainties of resource and reserve estimations, receipt and securityof coal permits and mineral property titles; project cost overruns orunanticipated costs and expenses, fluctuations in commodity productprices; currency fluctuations; and general market and industryconditions. Forward-looking statements are based on the expectationsand opinions of the Company's management on the date the statements aremade. The assumptions used in the preparation of such statements,although considered reasonable at the time of preparation, may prove tobe imprecise and, as such, undue reliance should not be placed onforward-looking statements.
J. Scott Drever, President
GOLDSOURCE MINES INC.
SOURCE: Goldsource Mines Inc.
GoldsourceMines Inc. Fred Cooper (604) 691-1760 (604) 691-1761 (FAX) Email:info@goldsourcemines.com Website: www.goldsourcemines.com
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