Company News Alert
Goldstone Resources ramps up drilling at Ontario project (Thomson Reuters)
* Ramps up drilling at 30 pct owned Hardrock JV
* Shares up as much as 27 pct
Nov 4 (Reuters) - Canada's Goldstone Resources Inc said it ramped up drilling at its Hardrock joint venture project in Ontario with Premier Gold Mines Ltd , sending the gold exploration company's shares up 27 percent.
"We have ramped up our drilling due to unparalleled success in multiple areas. Expansion of historically mined zones and multiple new discoveries are expected to add materially to the current gold resource at Hardrock," Chief Executive Ewan Downie said in a statement.
Toronto-based Goldstone's shares, one of the biggest gainers in terms of volume on the Toronto Stock Exchange, were up 20 percent at 85 Canadian cents on Thursday morning. They touched a high of 90 Canadian cents earlier in the session.
The company's shares have gained 23 percent in value since it fired its COO in October. [ID:nSGE6900J1].
Goldstone said there are currently 11 drill rigs on the property, testing for extensions of previously mined zones and exploring new target areas.
The company said drilling continues to delineate significant gold mineralization in multiple horizons.
Also, the company is testing several new exploration target areas on the property, and recently intersected favorable structures and mineralization including visible gold in multiple locations. (Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair)
