VANCOUVER, Dec. 22 /PRNewswire-FirstCall/ -- Robert L. Card, President of Gulfside Minerals Ltd. (TSXV:GMG) ("Gulfside" or the "Company"), is pleased to report that Phase 1 of Gulfside's drilling program on the Onjuul coal project in Mongolia has been successfully completed. The Company has completed 10 planned holes in this phase, with an additional 10 or more holes planned to be completed during Phase 2.
Based on preliminary data review, it appears that the Phase 1 program will accomplish the original objectives, as follows:
- Validate historic drilling data; - Acquire new coal quality data; - Acquire basic hydrology and geotechnical information; - Confirm existing geological model; and - Demonstrate the opportunity in the remaining phases of drilling.
Drill holes 1 to 8 have been previously reported. Listed below are the results from drill holes 9 and 10 along with a summary of all holes drilled to date.
The ninth hole, NJ-09-31R, a rotary hole, was drilled to a depth of 162.0 meters and encountered a 42.4 meter coal seam between 62.7 and 105.1. Seam intercepts are as follows:
------------------------------------------------------------------------- Gulfside Hole # NJ-09-31R* ------------------------------------------------------------------------- Top Base Thickness Seam (m) ID* ------------------------------------------------------------------------- 62.7 105.1 42.4 2U ------------------------------------------------------------------------- 108.2 109.8 1.6 2L ------------------------------------------------------------------------- 134.8 146.3 11.5 3 ------------------------------------------------------------------------- 151.8 154.0 2.2 4 ------------------------------------------------------------------------- Total Depth 162.0 ------------------------------------------------------------------------- Total Coal (Meters) 57.7 ------------------------------------------------------------------------- * Seam intercepts and correlations are preliminary, pending geophysical log interpretation
The tenth hole, NJ-09-32R, a rotary hole, was drilled to a depth of 200.0 meters and encountered a 8.1 meter coal seam between 61.1 and 69.2. Seam intercepts are as follows:
------------------------------------------------------------------------- Gulfside Hole # NJ-09-32R* ------------------------------------------------------------------------- Top Base Thickness Seam (m) ID* ------------------------------------------------------------------------- 61.1 69.2 8.1 2U ------------------------------------------------------------------------- 101.1 104.3 2.8 2L ------------------------------------------------------------------------- 156.5 161.7 4.7 3 ------------------------------------------------------------------------- Total Depth 200.0 ------------------------------------------------------------------------- Total Coal (Meters) 17.6 ------------------------------------------------------------------------- * Seam intercepts and correlations are preliminary, pending geophysical log interpretation
The newly acquired data will be analyzed and evaluated by Norwest. Seam correlations will be conducted and the geologic model will be updated. It is anticipated that the Phase 2 drilling plan may be modified to account for the model update and to optimize exploration expenditures.
Below is a table summarizing the drilling results to date. ------------------------------------------------------------------------- Total Total Thickest Thickest Identification Depth Coal Seam Interval Number Number (Meters) (Meters) (Meters) (Meters) ------------------------------------------------------------------------- 1 NJ-09-22C 204.0 56.59 38.10 46.5-84.60 ------------------------------------------------------------------------- 2 NJ-09-23C 181.2 52.66 28.84 37.6-66.44 ------------------------------------------------------------------------- 3 NJ-09-24C 201.4 34.36 12.10 26.8-38.9 ------------------------------------------------------------------------- 4 NJ-09-25R 280.0 28.17 10.37 85.83-96.2 ------------------------------------------------------------------------- 5 NJ-09-26C 192.5 30.33 10.40 174.40-184.8 ------------------------------------------------------------------------- 6 NJ-09-27C No coal ------------------------------------------------------------------------- 7 NJ-09-29C 233.2 16.78 12.30 42.10-54.40 ------------------------------------------------------------------------- 8 NJ-09-30R 186.0 38.1 28.80 33.4-62.2 ------------------------------------------------------------------------- 9 NJ-09-31R 162.0 57.70 42.40 62.7-105.1 ------------------------------------------------------------------------- 10 NJ-09-32R 200.0 16.50 8.10 61.1-69.2 -------------------------------------------------------------------------
The core for all holes has been logged and delivered to the Stewart Mongolia, LLC laboratory in Ulaanbaatar. Coal quality testing has begun. The camp has been put on maintenance status and the crews have gone home to spend the holidays with their families.
Phase 2 drilling is scheduled to resume early in the New Year, 2010. Once additional drilling has been completed and laboratory results analyzed, the Company will be in the position to further evaluate the viability of the coal project for a coal liquefaction project. Independent geological and engineering studies will be required to determine if this potential use is technically and economically viable.
Kerry F. Griffin BSc., Diploma Eng Geol, MAIG, an independent consultant to the Company and the qualified person as defined by National Instrument 43-101, has reviewed and approved the technical content of this news release.
On Behalf of the Board of Directors, Gulfside Minerals Ltd. "Robert L. Card" Robert L. Card President
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning GMG's planned exploration program in Mongolia and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although GMG believes that its expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed under the heading "Risk Factors" and elsewhere in the corporation's periodic filings with Canadian securities regulators.
Gulfside Minerals Ltd.
CONTACT: Investor Contact, Del Thachuk, Delmor Enterprises Ltd., (604)
538-5995, delthachuk@shaw.ca, http://www.gulfsideminerals.com/
