Toronto, Canada – July 13, 2007 – Goldstake Explorations Inc. (Goldstake), TSX Symbol GXP, has received a report from consulting Geologist, Robert Dillman, P. Geo., which describes the results of his sampling of a section of the McGarry, Ontario, Canada gold and diamond project, of Goldstake and Transpacific Resources Inc.
The highlight of this report is the discovery of a zone containing, hitherto unknown, high
grade zinc of up to 11% Zn. The report is attached in full herewith;
“July 11, 2007
Rock Sample Results
McGarry Property, Ontario
Analyses of 15 rock samples have been completed by SGS Lakefield Research Limited.
The rock samples were collected on the McGarry Property between June 2nd and June 8th, 2007 during the final phase of the heavy mineral survey. The samples were submitted to SGS on June 13, 2007.
Low gold values were detected in eight rock samples, taken in various discrete sulphide zones discovered during the heavy mineral survey. Sample MC-3 which assayed 0.15 g/t Au and returned the highest value came from a calcite vein in a pit located east of Stump Pond. The remaining seven samples assayed <0.02 to 0.05 g/t Au.
Au + 31 multi-element analyses were completed on seven rock samples collected in a series of pits in heavy sulphide + sphalerite mineralization occurring on claim 3018239 located in the northwest corner of McGarry Township. All seven rock samples showed good zinc values. Sample MC-9 returned the highest value assaying 11% Zn (111,000g/t). Five samples assayed: 8%, 5.4%, 2.9%, 2.8% and 1.9% Zn. Sample MC-14 which assayed 0.35% Zn showed the lowest value. All samples returned low but persistent copper values the best found in MC-10 which assayed 0.42% Cu (4,200 g/t).
Copper values for five samples ranges 0.16 to 0.31% Cu. No significant concentrations of gold, silver or other base metals were detected in the seven samples.
The sulphide zone occurs in fragmental metavolcanic lavas and forms a zone of unknown dimensions. It is marked by a series of old pits and a shallow shaft excavated deep enough to require dewatering. The historic workings are focused in an area measuring approximately 50 m x 25 m in size. Most of the pits are collapsed and mineralization in outcrop is poorly exposed. The orientation of the work suggests the mineralization strikes east-west. Rock samples were taken in rubble piles adjacent to the pits. The rock piles contain abundant well-mineralized rock containing semi-massive to massive mineralization consisting of fine to coarse grained pyrite which is occasionally streaked by yellow chalcopyrite and accompanied by fine disseminated to semi-massive luishblack coloured sphalerite.
No historic information has been located concerning previous exploration of the Cu-Zn mineralization. The occurrence coincides with a high intensity airborne magnetic feature shown to be several hundred metres long and suggests the mineralization could extend west under a small pond.
A report is being finalized summarizing the results of the preliminary rock sampling program. Results of the preliminary rock samples are sufficient to warrant further investigation of the Cu-Zn mineralization.
R. Dillman” End of report.
The McGarry property is situated one mile from the Kerr Addison mine shaft which produced over 11 million ounces of gold. Previous diamond drilling by Goldstake resulted in multiple [ previously announced ] high grade gold intercepts, the best of which assayed 29.90 gt au per ton over 8.7 metres [ 28.5 feet ] .
Utah Uranium
Having completed claim pegging on its 50% owned uranium project in the Henry
Mountains Uranium Province of the Four Corners region of Southeastern Utah, USA.
Goldstake and partner (Dennis Ekker) are lodging a “Work Plan” permit application with the State of Utah.
Goldstake Explorations Inc. is a Canadian-listed mining exploration and development company with a diversified portfolio of precious, base metal, diamonds and uranium properties in Canada, United States and Australia.
Contacts:
Robert Cleaver 416-201-9223
Goldstake Office 905-829-3393
gxp@goldstake.com
