Goldstream Mining NL 1 Outstanding Nachingwea Massive Nickel...

Goldstream Mining NL 1 Outstanding Nachingwea Massive Nickel Sulphides
Outstanding Nachingwea Massive Sulphide Nickel Intersection
17 July 2006
The Board of Goldstream is pleased to announce the intersection of exceptionally high grade
nickel sulphides at its 100% owned Nachingwea Nickel-Copper Project in Tanzania. The
recently completed Ntaka drilling program at Nachingwea, intersected a 0.75m interval of
16.76% Ni within a 3.0m zone assaying 11.23% Ni in hole NAD013. This extremely corse
grained massive sulphide intersection occurs 60m below surface.
Hole From Interval Ni Cu
NAD013 71.59m 3.00m 11.23% 1.74%
incl 71.59m 0.75m 16.76% 2.98%
incl 72.34m 0.93m 15.15% 2.30%
In addition to very high grade nickel, the intersection also contains strong copper, cobalt and
PGE values.
Goldstream Mining NL 2 Outstanding Nachingwea Massive Nickel Sulphides
Drill hole NAD013 was designed to target an EM conductor interpreted as a 30o dipping
sheet with dimensions in the order of 60x120m. The nickel sulphide intersection occurs
towards the upper margin of the conductor and is considered to be a probable true
thickness. The hole was inclined at a 60o dip. Reinterpretation of the ground EM data shows
superimposed responses from up to 3 conductors at depth which are masked by the near
surface conductor drilled by NAD013.
The NAD013 conductor was one of 25 EM conductors identified by both airborne and ground
EM surveys within a strong regional nickel / copper soil geochemical anomaly (figure 1).
Fourteen of the conductors which are coincident with anomalous nickel and copper
geochemistry have been tested by single diamond drill holes, with most intersecting zones of
disseminated, matrix and or massive sulphide with some traces of graphite. Assay results
have been received for 9 holes including the priority massive sulphide zone from NAD013.
Assay results are summarised below.
Hole From Interval Co (%) Cu (%) Ni (%)
NAD001 121.00 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 73.00 2.00 0.02 0.12 0.58
NAD004 56.00 6.00 0.03 0.17 0.84
incl 56.00 2.00 0.05 0.25 1.36
incl 56.00 0.50 0.08 0.34 2.15
incl 57.50 0.50 0.08 0.46 2.00
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
incl 84.50 1.00 0.06 0.63 1.14
NAD007 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 34.00 10.00 0.05 0.27 0.95
incl 41.00 1.00 0.11 0.18 2.09
NAD013 71.59 (1) 3.00 0.15 1.74 11.23
incl 71.59 (2) 1.68 0.21 2.61 15.87
(1) Pt 0.32g/t, Pd 0.23g/t (2) Pt 0.49g/t. Pd 0.32g/t
Goldstream Mining NL 3 Outstanding Nachingwea Massive Nickel Sulphides
The results to date show extensive near surface nickel sulphide mineralisation including both
disseminated, matrix and high grade massive sulphides.
Three diamond drill holes (NAD015-017) were sited 8km to the south of the main Ntaka
geochemical anomaly close to another open ended nickel / copper soil geochemistry
anomaly. The holes were positioned to test targets from reconnaissance EM traverses
outside the geochemical anomaly and intersected graphite and sulphide mineralisation.
Results from the remainder of the drilling are awaited.
The greenfields discovery of the Nachingwea nickel sulphide province is a major
achievement for a first pass drilling program and is the culmination of several years of
exploration endeavours.
The Board of Goldstream plans to accelerate exploration within its highly prospective 100%
owned Nachingwea tenements to follow-up these very exciting results.
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 Outstanding Nachingwea Massive Nickel Sulphides