vanstar mining stock price

Vanstar Announces Drilling Update on Felix

Vanstar Mining Resources Inc. ("Vanstar", or the "Company") (TSX.V - VSR) is pleased to announce that it has concluded an Induced Polarity ("IP") survey on the Felix property. The IP survey focused on a western portion of the property underlain by a folded banded iron formation and preliminary results identified a number of chargeability anomalies that are consistent with previously reported MEGATEM conductors. As a result, the Company is refining phase 2 of its drill program on the property and intends to drill the targets as soon as possible. A drill rig has been secured that will be available to begin the program in September.

Figure 1: Felix Property IP Survey Area

https://www.globenewswire.com/NewsRoom/AttachmentNg/b7945a74-5262-499b-9fb8-2795aade5c25

In addition, phase one of the drill program did not return significant gold values. Phase one was designed to test a historical hole that was drilled in the late 1970's which reported gold values ranging from 0.9 g/t to 1.8 g/t. The historic and phase one holes were drilled in metasediments and not in the iron formations that are the target of the phase two program.

About the Felix Project

The Felix project is located in an environment of volcanosedimentary origin comprising a unit of volcanic rock in the north, another in the south and the central part is occupied by sedimentary rocks. Late intrusions in the form of batholiths, plutons or dikes are also noted all around the property. The property rests mainly on the rocks of the Chicobi Group. The sedimentary basin contains mudstones and graphitic turbiditic sandstones, with a minor magnetite-chert and hematite-jasper banded iron formation and a conglomerate. A significant Algoma-type iron formation is present in the northern part of the property. The gold grades intersected in the historic drilling are located near the southern contact of the latter. In addition, the Chicobi-Nord regional fault crosses the northern part of the property. This fault, of regional dimension, borders the Normetal mining camp to the south. The project is located in the eastern extension of this mining camp where there are former massive sulphide mines and numerous gold showings, such as those of the former Perron gold mine which are actively worked on by Amex Exploration. Shear zones parallel to the Chicobi-Nord fault are also found in the sediments of the Chicobi Group and as evidenced by the Authier gold showings located west of the property.

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


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)
Augustus Minerals

Augustus Acquires 1,345km2 Gold Exploration Project Near Leonora

Augustus Minerals Limited (ASX: AUG) has executed a binding share purchase agreement (“SPA”) with MCA Nominees Pty Ltd (“MCA”) to acquire 100% of the issued capital in Music Well Gold Mines Pty Ltd (“MWGM”), an entity which holds the exploration licences comprising the Music Well Gold Project (“Project”). The Project is in the Eastern Goldfields region of Western Australia located 35km north of Leonora.

Keep reading...Show less
Sarama Resources

Sarama Resources - Key Milestone in Cosmo Gold Project Acquisition

Cosmo Gold Shareholders Vote in Favour of Transaction

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to advise that the shareholders of Cosmo Gold Ltd (“Cosmo”) have voted in favour of Sarama’s acquisition of a majority interest(1) in the Cosmo Gold Project (the “Project”) in Western Australia. This shareholder approval was a key outstanding condition to be satisfied for the Transaction (defined below) to be completed.

Keep reading...Show less
Aurum Resources

Takeover Bid for Mako Gold Limited – Updated Closing Date

Aurum Resources Limited (ABN 17 650 477 286) (ASX: AUE) (Aurum) refers its off-market takeover bid to acquire all of the shares and certain options in Mako Gold Limited (ABN 84 606 241 829) (ASX: MKG), pursuant to a bidder’s statement dated 30 October 2024 (Bidder’s Statement).

Keep reading...Show less
Joe Cavatoni, gold bars.

Joe Cavatoni: Gold Demand Hits Q3 Record, Western ETF Buyers Back in Action

Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, spoke to the Investing News Network about Q3 gold demand trends and outlined what could drive the metal heading into the end of 2024.

Referring to the World Gold Council's latest report, he highlighted the return of western exchange-traded fund investors. With interest rates on the decline and geopolitical turmoil still strong, they've been more eager to buy.

"Overall holdings of gold in investment portfolios has been stable, but actually adding to gold allocations has required that opportunity cost, or that carrying cost, to come down for the investor in the western market, and that's what we're starting to see," Cavatoni explained during the interview.

Keep reading...Show less
Ordell Minerals Limited

Shallow, High-Grade Gold Mineralisation Intersected at Barimaia Gold Project

Results from Phase 2 drilling confirm McNabs East as a high-priority target for follow-up exploration, with diamond drilling to commence in November

Ordell Minerals Limited (ASX Code: “ORD”) (“Ordell” or “the Company”) is pleased to announce significant drill results from recent, shallow, wide-spaced Reverse Circulation (RC) drilling at its Barimaia Gold Project (“Barimaia”), located near Mount Magnet in the Murchison region of Western Australia.

Keep reading...Show less

Latest Press Releases

Related News

×