https://www.marketwire.com/press-release/Goldsource-Mines-Inc-TSX-VENTURE-GXS-955279.html
Feb 27, 2009 09:00 ET
Goldsource Announces Coal Continuity Developing in Pasquia Sub-Basin, BorderProject, Saskatchewan; Drilling Intersects Combined Coal Thickness of56.2m
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2009) - Goldsource MinesInc. (TSX VENTURE:GXS) ("Goldsource" or the "Company") is pleased to announcethat recent drilling is developing potential coal continuity over an open-endedarea of approximately 2 square kilometres at the Border Project located nearHudson Bay, Saskatchewan, Canada. This area is currently open to further coaldefinition in all lateral directions. Drilling will continue to delineate thiscoal deposit which is located in the Pasquia sub-basin approximately 3.5kilometers northwest of the Chemong area of the Border Project where a 132.6meter coal zone intercept was announced on February 26, 2009.
Drill holesBD09-30, 32, 36, 37, 42, 45 and 46 were drilled as step-outs to holes BD08-02and BD08-05 (see attached map: https://media3.marketwire.com/docs/Pasquia%20Drill%20Targets%20Feb%2027-09.pdfand table below) which previously encountered 23.4 metres and 36.05 metres ofgood quality thermal coal, respectively. Hole BD09-37 intersected a 43.3 metrecoal zone including a 21.5 metre interval of combined dull to bright coal aswell as an underlying 10.9 metre coal zone. Hole BD09-30 intercepted two coalzones measuring 34.8 and 21.4 metres respectively for a combined thickness of56.2 metre of dull to bright coal. All coal zones presented in the followingtable are estimated true thickness.
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Hole From To Coal Zone(i) Note
(metres) (metres) Interval
(metres)
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BD09-30 79.7 114.50 34.8 BD08-02 step out of 420m
124.1 145.5 21.4
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BD09-32 61.5 63.6 2.1 BD08-05 step out of 1.4km
71.7 103.7 32
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BD09-36 52.8 64.5 11.7 BD08-05 step out of 275m
75.0 80.4 5.4
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BD09-37 96.9 140.2 43.3 BD08-05 step out of 250m
151.5 162.4 10.9
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BD09-42 68.5 100.5 32 BD08-05 step out of 550m
124.5 133.5 9.0
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BD09-45 55.2 84.4 29.2 BD08-05 step out of 1.5km
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BD09-46 55.5 81.35 25.8 BD08-05 step out of 750m
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(i)Visual identification of Coal Zone contains both coal and partings.
Drill holes BD09-27 and 28 drilled within the Pasquia area contained
no significant coal intercepts.
Step out drilling is in progress todetermine the limits of this particular sub-basin within the Border project inpreparation for an initial coal resource estimation. In addition, othersub-basins of coal are being delineated within the Border Project (see pressrelease dated February 26, 2009).
J. Scott Drever, President stated; "Ouroverall plan is to identify the priority areas that contain sufficientquantities of coal such that we can delineate resources that may be economicallydeveloped. The drill program to date has been very successful in identifying newdeposit areas and the 100% drilling success rate achieved so far by the step-outdrilling around discovery hole BD08-05 is a huge advance in establishing a broadcoal zone over several kilometres which remains open laterally in alldirections."
Initial identification of the intervals of the coal zone inthe table above is based on visual characteristics. The Company cautions againstplacing undue reliance on the visual observations of the coal until the resultsof the analytical work have been announced.
Sampling and laboratory testwork at Loring Labs in Calgary has commenced with initial results anticipated inMarch 2009. Down-hole geophysics has been completed on all holes and adjustmentsto coal seam thickness may occur when reporting final results.
N. EricFier, CPG, P.Eng. and Qualified Person for this news release has reviewed andapproved its contents.
This news release contains forward-lookingstatements, which address future events and conditions, which are subject tovarious risks and uncertainties. The Company's actual results, programs andfinancial position could differ materially from those anticipated in suchforward-looking statements as a result of numerous factors, some of which may bebeyond the Company's control. These factors include: the availability of funds;the timing and content of work programs; results of exploration activities anddevelopment of mineral properties, the interpretation of drilling results andother geological
data, the uncertainties of resource and reserve estimations,receipt and security of coal permits and mineral property titles; project costoverruns or unanticipated costs and expenses, fluctuations in commodity productprices; currency fluctuations; and general market and industry conditions.Forward-looking statements are based on the expectations and opinions of theCompany's management on the date the statements are made. The assumptions usedin the preparation of such statements, although considered reasonable at thetime of preparation, may prove to be imprecise and, as such, undue relianceshould not be placed on forward-looking statements.
J. Scott Drever,President
GOLDSOURCE MINES INC.
The TSX-Venture Exchange has not reviewed and does not accept responsibilityfor the accuracy or adequacy of this release.