Goldsource Reports on Border Coal Project in Canada and Converts Exploration Permits to Coal Leases
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Goldsource Mines has received proximate analyses for the 8 core holes completed during the fall 2011 exploration program at its wholly-owned Border Project located near Hudson Bay, Saskatchewan, Canada. Multiple intercepts of up to 32 meters of continuous thermal coal were encountered. Drilling to date has discovered 17 coal deposits at Border with good potential for additional coal discoveries.
“This program was successful in expanding the coal resources in the Niska 105 deposit and added to the understanding of the nature of the coal occurrences in Pasquia 98. We will revise our current resource estimates to confirm that we have exceeded the threshold target of 100,000,000 tonnes of Indicated Resources to support a potential economic operation. We are continuing our efforts to identify a useable technology and possible participants to assist in development of the Border coal deposits as well as exploring other business opportunities with respect to corporate growth of the company,” said J. Scott Drever, president.
Five of the 6 drill holes that intercepted significant coal were in the Niska 105 deposit which was estimated in the 2009 Preliminary Economic Assessment Technical Report to contain 26.6 million tonnes of speculative resource based on one original drill hole and the application of a restrictive geophysical outline. The new holes served to define the actual boundaries of the deposit and are expected to improve the category of the resource from Speculative to Indicated. A revised tonnage estimate will be reported once the compilations and computer modeling are complete.
Goldsource has strengthened its land position by the conversion of its three year exploration permits to Coal Mineral Leases. The company has received 81 Coal Mineral Leases comprising 56,109 hectares from the Saskatchewan Ministry of Energy and Resources that cover all of the coal deposits discovered to date as well as areas that are considered favorable for the discovery of additional coal deposits.
The company has been notified by Westcore Energy of its intent to carry out an extensive winter drill program on Westcore’s Black Diamond property in Manitoba and the Hudson Bay North property in Saskatchewan in which Goldsource retains a 25 percent working interest. The primary objectives of the program are to delineate previously identified coal deposits and to test several new geophysical targets identified from interpretation of airborne geophysics carried out in 2010 and 2011. Westcore expects to drill 30 to 38 holes (3600 meters) at Black Diamond and has been approved for up to 20 holes for the Hudson Bay North property, drilling of which will be contingent on the successful results from the Black Diamond drilling.
About Goldsource Mines
Goldsource Mines is a Canadian resource company engaged in the exploration and development of Canada’s newest coal field in the province of Saskatchewan. The company has aggressively drilled only a portion of this new thermal coal field and has discovered 17 coal deposits of varying size with coal zone thicknesses up to 126 meters within the permit area of the Border Coal Project. Headquartered in Vancouver, BC, the company is managed by experienced mining and business professionals.
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