Goldstream Mining NL 1 Nachingwea Nickel -Copper Discovery...

Goldstream Mining NL 1 Nachingwea Nickel -Copper Discovery Intersections
Nachingwea Nickel - Copper Discovery Intersections
17 August 2006
Further to the announcement of the discovery of exceptionally high grade nickel - copper
sulphide mineralisation of 3m at 11.23% Ni and 1.74% Cu (ASX release 17 July 2006)
within its 100% owned Nachingwea Nickel-Copper Project in Tanzania, Goldstream has now
received complete assay results from the initial 17 hole diamond drilling program.
The diamond drill program was designed to target EM conductors with coincident regional
nickel-copper geochemical anomalies. Twenty-five EM conductors were identified from
initial airborne and ground EM surveys (Attachment 1). The program tested 17 of the EM
targets with a single diamond drill hole each. Fifteen of the holes successfully intersected
zones of disseminated, matrix and/ or massive sulphide mineralisation. The remaining two
holes intersected zones graphite with disseminated sulphide outside the main geochemical
anomaly.
A total of 13 holes returned significant anomalous nickel-copper intersections greater than
0.4% Ni and 0.1% Cu from quarter core and composite grind samples. Of these holes, 7
intersected mineralisation greater than 1% Ni, including hole NAD013 which returned an
outstanding intersection of 3m at 11.23% Ni and 1.74% Cu including 0.75m at 16.76% Ni
and 2.99% Cu (ASX release 17 July 2006). Several wide zones of Ni mineralisation over
0.5% Ni up to 23m thick were also intersected
In addition, platinum and palladium were generally anomalous but not significant, with the
values reaching 0.49g/t Pt and 0.32g/t Pd over 1.68m in the high grade zone in NAD013.
Significant results from the 2006 Nachingwea drilling program (>0.40% Ni) are as follows:
Hole From Interval Co (%) Cu (%) Ni (%)
NAD001 46.00 2.00 0.02 0.16 0.45
120.00 3.00 0.02 0.13 0.45
NAD002 51.00 3.00 0.05 0.22 0.80
incl 52.50 1.50 0.06 0.22 1.04
NAD003 13.10* 9.00 0.02 0.19 0.48
69.00* 10.00 0.03 0.15 0.65
NAD004 33.15* 7.00 0.02 0.14 0.56
37.15* 3.00 0.03 0.13 0.70
56.00 6.00 0.03 0.17 0.84
incl 56.00 2.00 0.05 0.25 1.36
Goldstream Mining NL 2 Nachingwea Nickel -Copper Discovery Intersections
Hole From Interval Co (%) Cu (%) Ni (%)
NAD005 48.00 10.00 0.02 0.12 0.44
78.50 11.50 0.03 0.20 0.57
incl 79.00 1.00 0.05 0.19 1.04
84.50 5.50 0.03 0.26 0.68
incl 84.50 1.00 0.06 0.63 1.14
NAD007 40.20* 3.00 0.03 0.22 0.59
125.00 3.50 0.05 0.17 0.52
NAD008 71.20 0.50 0.11 0.24 1.07
NAD009 34.00 23.00 0.04 0.19 0.63
incl 41.00 3.00 0.06 0.34 1.27
77.50 1.00 0.11 0.28 1.40
NAD010 107.50 0.50 0.07 0.14 0.78
143.50 3.00 0.01 0.12 0.41
NAD011 68.50 1.00 0.06 0.15 0.65
93.75 0.50 0.05 0.14 0.54
135.35 2.5 0.03 0.19 0.51
142.10 2.15 0.03 0.16 0.46
NAD012 78.75 1.00 0.08 0.21 1.64
111.24 2.00 0.05 0.17 1.23
117.00 1.00 0.02 0.16 0.65
NAD013 71.59 3.00 0.15 1.74 11.23
incl 71.59 1.68 0.21 2.61 15.87
NAD016 56.17 3.83 - 0.13 -
* denotes intervals containing composite grind core samples
Holes NAD015, - NAD017 were located 8km to the south of the main geochemical anomaly
close to another open ended nickel / copper soil geochemistry anomaly. These holes
intersected zones with anomalous nickel and copper values.
The greenfields discovery of the Nachingwea nickel / copper sulphide province is an
outstanding result.. The area tested by the EM and soil geochemistry represents around 5%
of Goldstream’s tenement holding at Nachingwea.
The drilling has demonstrated that coincident EM and Ni -Cu soil geochemistry are providing
a powerful predictive tool for exploration at Nachingwea. Follow up exploration at
Nachingwea will include the resampling of anomalous composite grind drill samples, the
acquisition of an additional 100km2 of airborne VTEM to define EM conductors associated
with a second open ended nickel - copper soil geochemical anomaly located 8km to the
south of the main Ntaka mineralisation in September / October, an extension of the soil
geochemical coverage, and additional ground EM surveys in the mineralised area to assist
with follow-up drillhole targeting.
Goldstream Mining NL 3 Nachingwea Nickel -Copper Discovery Intersections
The Board of Goldstream has implemented steps to accelerate exploration this field season
within its highly prospective 100% owned Nachingwea tenements to follow-up these
outstanding results.
The Board is also reviewing the best means to provide for an aggressive future exploration
program and how to maximise shareholder value from this rare opportunity.
DUNCAN MCBAIN
MANAGING DIRECTOR
Information in this announcement relating to exploration results is based on data compiled by Bianca Manzi who is a Member of the
Australian Institute of Geoscientists, and who is a full-time employee of the Company. Bianca Manzi has sufficient relevant
experience to qualify as a Competent Person under the 2004 Edition of the Australasian Code for reporting of Exploration Results,
Mineral Resources and Ore Reserves. Bianca Manzi consents to the inclusion of the data in the form and context in which it appears.
Goldstream Mining NL 4 Nachingwea Nickel -Copper Discovery Intersections
Attachment 1
Ntaka Mineralisation