North Springs Resources Corp. (OTCBB: NSRS) is pleased to provide this update regarding the drill program currently underway at the Company’s 20% owned Goldstar/One Arm Joe Gold Project located near Wickenburg, Arizona.
Initial reports from the Project Operations Manager indicate that the drill program is proceeding as planned and that visual inspection of the first target area shows multiple sections of distinct rock discoloration indicative of both quartz veining and iron oxide mineralization.
“Visual confirmation of quartz veining and iron oxide mineralization is incredibly encouraging because both are considered the primary carriers of gold found at Goldstar and other producing gold properties in the area,” stated Harry Lappa, President of North Springs Resources. “This is exactly the type of rock that we are looking for at Goldstar.“
In addition, the current drill program has been expanded by an additional 40%, from 15 holes previously, to 21 holes in total, focusing on seven (7) high-priority target areas. Each target area will be drilled with three (3) holes of varying depth and orientation; 50 feet – 60 degrees, 100 feet – 90 degrees, and 240 feet – 90 degrees.
Drilling is expected to continue seven days a week at approximately 100 feet/day. The wide diameter (3 inch) core samples recovered from Goldstar will be logged at a central location with select intersections prepared and sent for assay testing at an independent third-party laboratory.
Later this weekend, North Springs intends to publish video footage of actual diamond core drilling in progress at the Goldstar Property on the Company website. The first video in this series, showing final drilling pad setup and the distinct quartz veining/iron oxide discoloration, is currently available for public viewing at www.northspringsresources.com.
North Springs earned its 20% interest in the Goldstar Property by already supplying funding of $500,000 towards the current exploration and development program. The Company also has the right to acquire an additional 15% interest in the Goldstar Property by supplying $3,000,000 in funding for further exploration and development. Previous exploration at the Goldstar Property assisted in the calculation of an estimated reserve of 500,000 tons with an average grade of 0.7oz gold per ton – which could yield approximately 350,000 ounces of gold.
Further updates regarding the Goldstar/One Arm Joe Gold Project and other North Springs business will be made as additional information becomes available.
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