Precious Metals

Vanstar Mining Resources Inc. is pleased to announce that it has signed a letter of intent with IAMGOLD Corporation to acquire a 75% interest in the Calder-Bousquet property also referred as the Bousquet-Odyno project. The Property consists of 37 contiguous mining claims covering approximately 1,490 ha and is located directly south of highway 117 between the towns of Rouyn-Noranda and Malartic. The Property lies ...

Vanstar Mining Resources Inc. (TSXV: VSR (OTCQX: VMNGF) ("Vanstar", or the "Company") is pleased to announce that it has signed a letter of intent ("LOI") with IAMGOLD Corporation ("IAMGOLD") to acquire a 75% interest in the Calder-Bousquet property (the "Property") also referred as the Bousquet-Odyno project. The Property consists of 37 contiguous mining claims covering approximately 1,490 ha and is located directly south of highway 117 between the towns of Rouyn-Noranda and Malartic. The Property lies within the Abitibi greenstone gold belt, along the Cadillac break, a prolific gold bearing regional structure that has produced 100 million ounces of gold since 1900. Historical drilling on the property prior to IAMGOLD has identified a number of gold zones, including the Calder-Bousquet Zones No. 2, No. 4 and No. 5. Historical drilling has been relatively shallow, down to approximately 250 metres ("m").

From 2010 to 2016, IAMGOLD engaged in successive exploration programs including surface geological mapping and outcrop stripping to develop and refine structural controls relating to the historical gold zones, geophysics and geochemistry surveys to guide drilling programs and the completion of just over 20,000 m of diamond drilling to test historical gold zones and other exploration targets. Selected results from IAMGOLD's drilling programs include:

  • 27.9 g/t Au over 6.5 m (from 140.0 to 146.5 m depth in hole BO-16-56)
  • 29.3 g/t Au over 3.3 m (from 389.0 to 392.3 m depth in hole BO-12-32)
  • 9.6 g/t Au over 16.5 m (from 164.0 to 180.5 m depth in hole BO-11-06)
  • 5.8 g/t Au over 4.4 m (from 135.3 m to 139.7 m depth in hole BO-13-40)

Note: the drilling results referenced above are historical and have not been independently verified and validated by the Company and should not be relied on.

Vanstar believes that there is good gold potential at depth, with the deepest intersection cutting an interval of 2.3 g/t Au over 14.0 m (core length) at a vertical depth of 600 m (Hole BO-15-49A). In addition, the Cadillac break extends another 1 km to the west on the property where only a few holes have been drilled.

Under the terms of the LOI, Vanstar can earn a 75% interest in the property by spending $4 million over 4 years and will be the operator. In the first earn-in period, the Company can earn a 25% interest by spending $2 million on or before the 2nd anniversary of signing a definitive agreement, with a minimum of $500,000 as firm expenditures to be spent in the first year. In the second option period, the Company may earn an additional 50% interest by spending a further $2 million prior to the 4th anniversary date. IAMGOLD will have a right to earn back a 50% interest in the property by spending 4 times the exploration expenditures made on the property since the completion of the second earn-in period within a time period of 3 to 5 years depending the amount to invest.

Figure 1: Calder-Bousquet location map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8185/105403_b82943dbf4282ba9_002full.jpg

  

Figure 2: Calder-Bousquet Gold Zones

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8185/105403_b82943dbf4282ba9_003full.jpg

Nelligan Update

The planned drilling program on the Nelligan Project has now finished and IAMGOLD is completing the logging and sampling of the last drill holes completed to evaluate the western extension of the Nelligan resources area. Results from the infill drilling are expected in the next few weeks and results from the west extension drilling phase will be available in the coming months. IAMGOLD is currently making preparations for a winter drilling program that will include a minimum of 5,000 m of drilling.

Qualified Person

Mr. Gilles Laverdière, consultant geologist and qualified person under NI 43-101 has read and approved this press release.

About Vanstar

Vanstar Mining Resources Inc. is a gold exploration company with properties located in Northern Québec at different stages of development. The Company owns a 25% interest in the Nelligan project (3.2 million inferred ounces Au, NI 43-101 October 2019) and 1% NSR. The Nelligan Project won the "Discovery of the Year" award at the 2019 Quebec Mineral Exploration Association Xplor Gala. Vanstar also owns 100% of the Felix property under development in the Chicobi Group (Abitibi mining camp, 65km East of Amex Perron property) and 100% of Amanda, a 7,679 ha property located on the Auclair formation with historic gold showings up to 12.1 g/t Au over 3 meters.

The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.

SOURCE :

JC St-Amour
President and CEO
+1 (647) 296-9871
jc@vanstarmining.com

www.vanstarmining.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105403

News Provided by Newsfile via QuoteMedia

Vanstar Mining Resources

Vanstar Mining Resources

Overview

Quebec is one of the world’s most prolific mining jurisdictions. World-class mining districts like Abitibi-Témiscamingue, Chibougamau and Grand-Nord in the Canadian province host some of the most prominent players in the gold, copper, nickel and zinc mining spaces. To date, Quebec has 25 producing mines.

The province of Quebec is politically stable, provides government support for mining and exploration and is one the most prolific producers of gold in the world after the Witwatersrand in South Africa.

vanstar_project

Vanstar Mining Resources (TSXV:VSR) is a Canadian gold exploration company focused on developing its high-quality mineral properties located in Quebec. The company has strong project fundamentals and leverages Quebec’s world-class mining-friendly conditions and high-grade mineralization prospects.

Vanstar Mining Resources’ stable of gold projects offer investors exposure to different stages of development. Its flagship Nelligan project is a largely de-risked asset and one of Quebec’s largest gold projects containing approximately 3.2 million ounces of gold. The project is located near excellent infrastructure and, through a joint venture with Vanstar, is operated by one of Canada’s premiere gold producers, IAMGOLD Corp.

The Nelligan project is being developed with IAMGOLD Corp. (TSX:IMG, NYSE:IAG) which currently owns 75 percent with Vanstar retaining 25 percent ownership. IAMGOLD has the option to increase its ownership to 80 percent by completing a feasibility study, which would allow Vanstar Mining Resources to retain a 20 percent undivided non-contributory carried interest until production, as well as a one percent NSR on the eight original claims on the property. The project has inferred resources of 3.2m oz @1.02 g/t Au and is located in the NE of the Abitibi region. Vanstar’s agreement with IAMGOLD is somewhat unique, as it ensures that Vanstar will participate in a production scenario without the burden of raising capital to fund development. This is a key differentiator and distinguishes this partnership from typical joint ventures.

In addition to the Nelligan Project, Vanstar owns 100 percent of the Felix project, the Amanda project, the Frida and the Eva projects. All have had geophysical groundwork, and/or drilling programs and have significant exploration potential.

vanstar_project

Vanstar Mining Resources currently has CAD$5.8 million in total cash which advantageously presents it with the ability to advance its exploration assets without the need to access the capital markets at inopportune times.

Vanstar Mining Resources’ management team comprises world-class experts in capital markets, geology, and mineral exploration. The company’s solid leadership sets the stage for significant mining and exploration success and economic prosperity.

Vanstar Mining Resources’ Company Highlights

  • Vanstar Mining Resources’ robust asset portfolio includes the flagship Nelligan project, as well as the Felix, Amanda, Frida and Eva gold exploration projects.
  • The Nelligan project hosts world-class discovery potential that is largely de-risked with approximately 3.2-million-ounce inferred gold resource. The project has widespread high-grade mineralization with growth potential and is located near excellent infrastructure.
  • Nelligan is carried through to production by IAMGOLD requiring no further dilution to Vanstar.
  • Future plans for the company include an extensive diamond drill programs at Nelligan, as well as geophysical, geochemical and drilling campaigns on its other assets to unlock the full potential of its gold assets.
  • Vanstar Mining is well capitalized with a tight share structure and supportive long-term shareholders.

Vanstar Mining Resources’ Key Projects

Nelligan Project

vanstar_project

The property is located in proximity to extensive infrastructure and resources such as electricity, railroads, airport and year-round road access.

The project hosts a recognized world-class discovery with initial inferred resources of 3.2 million ounces Au, with highlighted mineralization reaching 96.9 million tonnes at 1.02 g/t Au. The resource has considerable potential for growth with the mineralized area having recently been extended along strike by at least 700m. Nelligan’s four major gold zones, Renard, Liam, Dan and 36 zones, have transformed the asset from a grassroots discovery into a sizable resource in only three years of exploration.

Additionally, IAMGOLD intends on conducting IP geophysical surveying, mapping, sampling, and metallurgical testing over the summer as well as an updated resource calculation later this year.

Felix Project

The 100 percent owned Felix project consists of 69 claims covering 3,259 hectares on-trend with Amex Exploration’s Perron asset and BMEX’s King Tut project. The property has a skilled local workforce and benefits from a mining-friendly jurisdiction.

Felix has been historically explored for iron and gold in the mid to late 1900s. Assays from all nine 1.5 meters samples from historical drill hole 728-06-01 returned gold grades ranging from 0.9 g/t Au to upwards of 1.5 g/t Au over a 70-meter interval. Other groundwork on the property includes geophysical and high-resolution magnetic surveying and banded iron formation identification.

Plans for a 2021 exploration program include a 3,000-meter diamond drill program to confirm historical results, as well as to test MEGATEM conductors, in highly prospective iron formations.

Amanda Project

The 100 percent owned Amanda project consists of 145 claims covering 7,677 hectares, located 275 kilometers northeast of Chibougamau. The property hosts a sedimentary rock profile with interbedded iron formations, andesite lava, and five known gold showings associated with iron formations. Historical results include 5.4 g/t Au over 7 meters and 1.15 g/t Au over 18 metres in boreholes and 1.69 g/t Au over 13.8 meters and 8.34 g/t Au over 1.6 meters in trenches. A prospecting and surface sampling program conducted in 2020 identified additional gold showings with up to 1.8 g/t Au found in mineralized sediments.

Future plans for the project include high-resolution airborne magnetic surveying, mapping, stripping, and a drill campaign.

Frida and Eva Projects

These highly prospective 100 percent owned projects consist of 107 claims with a total surface area 5,517 hectares in the James Bay area. The projects are adjacent to Quebec Precious Metals’ Sakami project and on-trend between Genius Metal’s gold discovery and QPM’s JR zone. A recent high resolution magnetic survey highlights a prominent folded iron formation on Eva, as well as a number of magnetic anomalies on Frida.

2021 exploration plans will follow up on the magnetic survey, with field prospecting, and sampling.

Vanstar Mining Resources’ Management Team

JC St-Amour — CFA, President & CEO

JC St-Amour has over 20 years of mining industry experience in executive leadership roles, corporate finance, and mergers & acquisitions. He has a master’s degree in geology and is a Chartered Financial Analyst with expertise in capital markets, financial and investment analysis, asset valuation, capital raising, and M&A transactions in the natural resource sector. During his career, St-Amour has held various executive leadership roles at the management and Board of Directors level in junior mining and investment banking firms.

Martin Nicoletti — CPA, CGA, CFO

Martin Nicoletti is a chartered professional accountant with more than 31 years of experience. He holds a bachelor’s degree in business administration, accounting specialization. Nicoletti is also president of Corporation Financière SKTM Ltée and chief financial officer of several other mining companies.

Gilles Laverdière, P.Geo. — Consulting Geologist & Qualified Person Under NI 43-101

Gilles Laverdière holds a B.Sc in geology from Université de Montréal and a certificate in Environment from Université du Québec in Abitibi-Témiscamingue. He worked for various mining exploration companies, including Aur Resources inc., until 1984 when he founded his geological consulting business. He then managed numerous exploration and development projects in Abitibi and raised funds for mining companies. From 1991 to 1997, Laverdière was part of exploration projects in the Philippines, Nevada (USA), and Brazil. From 1997 to 2006, he worked in China, where he started HMZ Metals, a polymetallic producer operating a copper smelter with revenues exceeding CAD$15 million per year. Since 2006, Laverdière has been a consulting geologist working on projects in Abitibi, Central America and Africa.

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