Goldsource Announces Coal Quality Results; Commences Drilling Program At Border Coal Project
Company:
Goldsource Mines Inc.
Title:
Goldsource Announces Coal Quality Results; Commences Drilling Program At Border Coal Project
Text:
TSX?V: GXS For Immediate Release
VANCOUVER, B.C. June 25, 2009 – Goldsource Mines Inc. (the “Company”) is pleased to announce the composited quality
results for 6 areas (sub basins) within the Border Coal Project near Hudson Bay, Saskatchewan and that the summer drilling
program is now underway.
All the proximate analyses for 405 samples from the winter drilling program have now been received from Loring Labs in
Calgary, Alberta. The samples are being compiled for interpretive purposes and will be incorporated into the geological model
for resource estimates. The weighted average analytical results from the coal intervals within holes in the Pasquia, Chemong
and Split Leaf Areas are complete and are shown below. The coal at Border has been previously ranked by Loring Labs as Sub?
Bituminous A to C. The Areas or sub?basins have been named according to the hole number of the discovery hole drilled in
that particular area.
ar = “as received” ad = “air dried” kj/kg = “kilojoule/kilogram”
The number of holes used for the composites totalled 38 and involved 889 metres of aggregate coal thickness. A plan and
cross section for the Pasquia 02 Area show good coal continuity based on analysis and down hole geophysical logs over an
area of approximately 800 metres by 1100 metres (see attached figures). The average thickness of the coal in the Pasquia 02
Area is 27.8 metres. In the Chemong 03 Area, however, the average thickness is approximately 35 metres and reaches a
maximum true thickness of 100 metres. These extraordinary thicknesses can provide large tonnages within a relatively small
area. More detailed information including interpretive cross sections and plans for each of the sub?basin areas will be
released on an area by area basis once the data has been compiled and interpreted.
Weighted Average Proximate Analysis
Area
(Sub?Basin)
Weighted
Avg. Coal
Thickness
(m)
Moisture %
Ash %
Sulphur %
Calorific Value
BTU/lb
(ar) (ad) (ar) (ad) (ar) (ad) KJ/KG (ar) KG/KJ (ad) (ar) (ad)
Pasquia 02 27.8 29.6 6.5 17.0 22.6 1.5 2.0 14,924 19,847 6,417 8,534
Pasquia 05 9.1 30.0 5.3 22.0 29.7 2.1 2.9 13,457 18,237 5,786 7,842
Chemong 03 35.0 33.4 7.0 12.1 16.5 1.6 2.2 15,751 22,095 6,773 9,501
Chemong 06 20.0 30.2 8.1 16.8 21.8 1.8 2.4 15,118 20,019 6,501 8,608
Chemong 20 21.9 33.0 9.2 17.6 23.6 2.1 2.9 14,481 19,702 6,227 8,472
Split Leaf 39 26.9 28.2 4.3 18.8 24.9 1.6 2.2 14,705 19,688 6,323 8,466
Total /Average 23.4 30.4 6.6 17.5 23.4 1.7 2.4 14,709 19,814 6,325 8,520
Best Hole – BD?09?40
Chemong 03 61.2 38.5 4.2 7.8 12.0 1.6 2.5 15,860 24,748 6,819 10,642
Fugro Geophysics is currently completing approximately 5,000 line kilometres of new Geotem EM airborne survey over areas
not previously flown at Border, Ballantyne, Pine River and a number of other separate target areas within Saskatchewan and
Manitoba. This data is being reviewed with priority targets to be included in this year’s drill program. Each of the known coal
deposits within the Border Project area are identifiable with a distinctive geophysical signature which now allow potential
targets to be prioritized with a reasonably high degree of certainty.
Drilling has commenced at Border and 10 ?15 holes are expected to be completed on new targets within this Project area
during the summer program. Approximately 10 holes are planned for the Ballantyne Project in Saskatchewan and about 15
holes for the Pine River Project for late summer or early fall depending on the receipt of work permits in Saskatchewan and
the granting of quarry permits in Manitoba.
J. Scott Drever, President stated: “The coal quality is substantially consistent within the six significant coal deposits drilled to
date and produces raw coal calorific values that are comparable to much of the coal mined in other parts of Canada. There is
no coal of this quality currently being produced in Saskatchewan. We are also pleased to have recommenced the exploration
at the Border Coal Project and to have identified additional targets within this Project area which have the potential for
significant additional coal discoveries. We believe we are still on target for completion of our independently estimated, NI 43?
101 qualified coal resource at the Border Coal Project by the end of the third quarter of this year. Goldsource is well financed
and we are looking forward to productive summer and fall exploration programs.”
N. Eric Fier, CPG, P.Eng. and Qualified Person for this news release has reviewed and approved its contents.
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 forwardlooking
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
coal permits and mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in commodity 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.
“J. Scott Drever”
J. Scott Drever, President
GOLDSOURCE MINES INC.
Contact: Fred Cooper
Telephone: (604) 691?1760
Fax: (604) 691?1761
Email: info@goldsourcemines.com
Website: www.goldsourcemines.com
1311 Howe Street, Suite 405
Vancouver, British Columbia V6Z 2P3
Neither the TSX?Venture Exchange nor its Regulation Services Provider accepts responsibility for the accuracy or adequacy of
this release.
VANCOUVER, B.C. June 25, 2009 – Goldsource Mines Inc. (the “Company”) is pleased to announce the composited quality
results for 6 areas (sub basins) within the Border Coal Project near Hudson Bay, Saskatchewan and that the summer drilling
program is now underway.
All the proximate analyses for 405 samples from the winter drilling program have now been received from Loring Labs in
Calgary, Alberta. The samples are being compiled for interpretive purposes and will be incorporated into the geological model
for resource estimates. The weighted average analytical results from the coal intervals within holes in the Pasquia, Chemong
and Split Leaf Areas are complete and are shown below. The coal at Border has been previously ranked by Loring Labs as Sub?
Bituminous A to C. The Areas or sub?basins have been named according to the hole number of the discovery hole drilled in
that particular area.
ar = “as received” ad = “air dried” kj/kg = “kilojoule/kilogram”
The number of holes used for the composites totalled 38 and involved 889 metres of aggregate coal thickness. A plan and
cross section for the Pasquia 02 Area show good coal continuity based on analysis and down hole geophysical logs over an
area of approximately 800 metres by 1100 metres (see attached figures). The average thickness of the coal in the Pasquia 02
Area is 27.8 metres. In the Chemong 03 Area, however, the average thickness is approximately 35 metres and reaches a
maximum true thickness of 100 metres. These extraordinary thicknesses can provide large tonnages within a relatively small
area. More detailed information including interpretive cross sections and plans for each of the sub?basin areas will be
released on an area by area basis once the data has been compiled and interpreted.
Weighted Average Proximate Analysis
Area
(Sub?Basin)
Weighted
Avg. Coal
Thickness
(m)
Moisture %
Ash %
Sulphur %
Calorific Value
BTU/lb
(ar) (ad) (ar) (ad) (ar) (ad) KJ/KG (ar) KG/KJ (ad) (ar) (ad)
Pasquia 02 27.8 29.6 6.5 17.0 22.6 1.5 2.0 14,924 19,847 6,417 8,534
Pasquia 05 9.1 30.0 5.3 22.0 29.7 2.1 2.9 13,457 18,237 5,786 7,842
Chemong 03 35.0 33.4 7.0 12.1 16.5 1.6 2.2 15,751 22,095 6,773 9,501
Chemong 06 20.0 30.2 8.1 16.8 21.8 1.8 2.4 15,118 20,019 6,501 8,608
Chemong 20 21.9 33.0 9.2 17.6 23.6 2.1 2.9 14,481 19,702 6,227 8,472
Split Leaf 39 26.9 28.2 4.3 18.8 24.9 1.6 2.2 14,705 19,688 6,323 8,466
Total /Average 23.4 30.4 6.6 17.5 23.4 1.7 2.4 14,709 19,814 6,325 8,520
Best Hole – BD?09?40
Chemong 03 61.2 38.5 4.2 7.8 12.0 1.6 2.5 15,860 24,748 6,819 10,642
Fugro Geophysics is currently completing approximately 5,000 line kilometres of new Geotem EM airborne survey over areas
not previously flown at Border, Ballantyne, Pine River and a number of other separate target areas within Saskatchewan and
Manitoba. This data is being reviewed with priority targets to be included in this year’s drill program. Each of the known coal
deposits within the Border Project area are identifiable with a distinctive geophysical signature which now allow potential
targets to be prioritized with a reasonably high degree of certainty.
Drilling has commenced at Border and 10 ?15 holes are expected to be completed on new targets within this Project area
during the summer program. Approximately 10 holes are planned for the Ballantyne Project in Saskatchewan and about 15
holes for the Pine River Project for late summer or early fall depending on the receipt of work permits in Saskatchewan and
the granting of quarry permits in Manitoba.
J. Scott Drever, President stated: “The coal quality is substantially consistent within the six significant coal deposits drilled to
date and produces raw coal calorific values that are comparable to much of the coal mined in other parts of Canada. There is
no coal of this quality currently being produced in Saskatchewan. We are also pleased to have recommenced the exploration
at the Border Coal Project and to have identified additional targets within this Project area which have the potential for
significant additional coal discoveries. We believe we are still on target for completion of our independently estimated, NI 43?
101 qualified coal resource at the Border Coal Project by the end of the third quarter of this year. Goldsource is well financed
and we are looking forward to productive summer and fall exploration programs.”
N. Eric Fier, CPG, P.Eng. and Qualified Person for this news release has reviewed and approved its contents.
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 forwardlooking
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
coal permits and mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in commodity 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.
“J. Scott Drever”
J. Scott Drever, President
GOLDSOURCE MINES INC.
Contact: Fred Cooper
Telephone: (604) 691?1760
Fax: (604) 691?1761
Email: info@goldsourcemines.com
Website: www.goldsourcemines.com
1311 Howe Street, Suite 405
Vancouver, British Columbia V6Z 2P3
Neither the TSX?Venture Exchange nor its Regulation Services Provider accepts responsibility for the accuracy or adequacy of
this release.