GXS NEWS....WER NEXT!Goldsource Intercepts 132.6 Metre Coal Zone at Border Project
2/26/2009 9:47 PM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Feb 26, 2009 (Marketwire via COMTEX News Network) --
GoldsourceMines Inc. ("Goldsource" or the "Company") (TSX VENTURE:GXS) is pleasedto report that it has drilled a 132.6 metre intercept of coal zone inthe Chemong area of the Border coal project ("Border") near Hudson Bay,Saskatchewan, Canada.
In order to better delineate the coalintervals encountered in the 2008 discovery holes BD08-03 and 03A, andBD08-06 and 06A, both of which intersected substantial coal zonesranging from 28 to 41 metres thick, (see summary press release datedOctober 3, 2008), a series of -50 degree angle holes (BD09-29, 34, 40,43 and 47) were drilled from the BD08-03 and BD08-06 discovery holesites in the Chemong area (see attached map at the following link:https://media3.marketwire.com/docs/gsx0226fig1.pdf).
HoleBD09-40 drilled 010 degrees north from BD08-03 and encountered 115.7metres of combined dull to bright coal within an approximately 132.6metre (est. 100.0 metres true thickness) coal zone with partings.
HoleBD09-34 drilled 250 degrees west from BD08-03 and encountered 72.9metres of continuous dull to bright coal within an approximately 72.9metre (est. 55 metre true thickness) coal zone with minor partings.
HoleBD09-43 drilled 155 degrees southeast from BD08-06 and encountered 28.5metres of combined dull to bright coal within an approximately 54.2metre (est. 41 metres true thickness) coal zone with partings.
Holes BD09-29, 34, 40, 43 and 47 are summarized below.
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Hole From To Coal Zone(i) Note
(metres) (metres) Interval
(metres)
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BD09-29 96.5 112.5 16.0 BD08-03 site-50 degree angle hole.
Estimated True thickness 12 m
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BD09-34 109.6 182.2 72.9 BD08-03 site 50 degree angle hole,
Estimated true thickness 55m.
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BD09-40 108.8 241.4 132.6 BD08-03 site -50 degree angle hole,
Estimated true thickness 100m
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BD09-43 104.5 159.0 54.5 BD08-06 site -50 degree angle hole.
Estimated true thickness 41m
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BD09-47 84.0 108.5 24.5 BD08-06 site -50 degree angle hole.
Estimated true thickness 18m
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(i) Visual identification of Coal Zone contains both coal and partings. One
hole drilled in the Chemong area, BD09-31, contained no significant coal
intercepts.
"Interceptinga coal bed of over 100 metres in thickness is absolutely stupendous,"said J. Scott Drever, President. "Think of it as a 33-story tallbuilding. We are unaware of any other such coal occurrence in NorthAmerica. Our plan for the area surrounding discovery holes BD08-03 andBD08-06 is to expand the coal zones and identify sufficient quantitiesof quality thermal coal such that we can delineate an economic resourcethat has the potential to be developed."
With each successivedrill hole, Goldsource is establishing a more comprehensiveunderstanding of the geological and depositional characteristics of thecoal at Border. The depth and extent of coal found in the recentdirectional drilling of the Chemong area indicates that re-drilling ofsome previously completed holes in this area to depths below 100 metresis likely warranted as additional coal zones may be discovered atdepth.
Hole numbers BD09-11, 14 - 17, and 19 which werepreviously reported as having no significant coal intercepts are beingre-examined for possible extension drilling below a depth of 100 metreswhere new coal intercepts (BD09-34 and 40) in this area are showingexceptionally thick coal intervals (see attached map). Initially, holesBD09-11, 14-17 and 19 were drilled until they intersected limestonethought to underlay the coal zone, or to a maximum depth of 150 metres,whichever came first. The occurrence of one or more limestone (orre-sedimented limestone/dolomite) beds, may appear sporadically abovethe coal and previous holes may have stopped prematurely within thislimestone unit(s) before reaching the coal zone. This theory will bedrill-tested during the next few weeks.
From the holes drilledto date, the broader sub-basins appear to be comprised of discretefeatures containing exceptional coal intervals of up to approximately100 metres thick with their limits defined by certain geophysicalsignatures and the underlying Devonian limestone. It is believed thatthe contours of underlying Devonian limestone continue to be a criticalfactor in defining the sub-basins and this information is being used totarget other areas of potential coal deposition at Border and theCompany's other properties.
Initial identification of theintervals of the coal zone in the table above is based on visualcharacteristics. The Company cautions against placing undue reliance onthe visual observations of the coal until the results of the analyticalwork have been announced.
Sampling and laboratory test work atLoring Labs in Calgary has commenced with initial results anticipatedin March 2009. Down-hole geophysics has been completed on all holes andadjustments to coal seam thickness may occur when reporting finalresults.
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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