iamgold corp

Vanstar Provides Nelligan Exploration Update

Vanstar Mining Resources Inc. ("Vanstar", or the "Company") (TSX.V - VSR) is pleased to confirm that drilling began on June 30 th on the Nelligan joint venture project (IAMGOLD 75%, Vanstar 25%), located 60 km southwest of Chibougamau, Quebec. The Company's joint venture partner IAMGOLD Corporation ("IAMGOLD" TSX-IMG) is expected to drill approximately 9,500 m and will include both definition drilling in the main resource area as well as step-out drilling with a focus on the west extension of the known mineralization. This drilling will support the completion of a future updated resource estimate.

Figure 1: Proposed drill program
https://www.globenewswire.com/NewsRoom/AttachmentNg/82f3b473-cf37-4caa-93c7-037758df3014

JC St-Amour, President and CEO of Vanstar Mining commented, "We are excited to see the drilling program underway on Nelligan as exploration continues on the project. Nelligan is a growing asset with inferred resources of 3.2 million ounces of gold as of 2019. The results of this drill program will be included in an upcoming resource update that we anticipate will both expand and upgrade the existing resources. In addition, we are pleased to see that exploration is continuing on the broader property to identify additional targets for future drilling."

Beyond the drilling area, mapping of underexplored areas is ongoing focusing on an area identified from IP and preliminary till survey results. Fifteen new outcrops have been identified to date. Elsewhere the review of the 2020 and 2021 till sampling results received is ongoing. Two other gold in-till anomalies outside the Nelligan Resources area are developing, with assay results from heavy mineral concentrates and fine fractions of the till samples still pending.

The mapping program also includes mapping of areas stripped in October 2020 on the joint venture property. Channel samples have been collected from the 3 unsampled areas including one located to the north of the resource area. The northern stripping area has been completed in May with mapping and channel sampling. The stripping exposed a moderately to strongly sheared sediment, hosting up to 30% of transposed smoky veinlets and pyrite in trace but locally up to 5%. Twenty-two channel samples have been collected. Results are pending. Exploration targeting will be completed once all results will become available and interpreted.

Figure 2: Progress of the 2021 Summer Field Work at the Nelligan Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/2fbeba1c-4ebb-412b-8e23-6a599e70d094

About the Nelligan Project

The Nelligan Gold Project is held under an earn-in option to joint venture between IAMGOLD (75%) and Vanstar (25%). IAMGOLD has an option to acquire an additional interest of 5%, to hold an 80% interest in the Nelligan project by completing and delivering a Feasibility Study. Vanstar would then retain a 20% undivided non-contributory carried interest until the commencement of commercial production, after which: (1) the 20% undivided interest becomes participating; and (2) Vanstar will pay its attributable portion of the total development and construction costs to the commencement of commercial production from 80% of its share of any ongoing distributions from the Joint Venture. Vanstar will also retain a 1% NSR royalty on selected claims of the project.

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)
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.

Keep reading...Show less

Vanstar Mining Resources: World-Class DiscoveryPotential in Quebec

Closeup lumps of gold on wooden table.

Discovery to Production: How Juniors are Rewriting the Gold Resource Playbook

Amid a sustained strong gold price, new opportunities are emerging for junior gold explorers to turn their discoveries into cashflow, not through the traditional M&A route, but through pathways to self-production. It’s a shift that is not only reshaping valuations and investor expectations, but the very nature of the junior mining sector.

For decades, the junior gold mining model has been predictable: make a discovery, build a resource, and then sell the project to a major producer. The goal was to de-risk an asset just enough to catch the attention of a larger company with the capital and processing infrastructure needed to bring it into production.

But as the gold price climbs and the competitive landscape tightens, that playbook could be changing — or at least, branching out. Increasingly, juniors are bypassing the “flip” stage and moving directly into production themselves.

Keep reading...Show less
Zeus Resources Limited

Zeus Resources Limited

Keep reading...Show less
Gold letters spelling "Fed" in front of a pile of gold dollar coins and US flag.

Gold Price Breaks US$3,700, Then Falls as Fed Cuts Rates

The US Federal Reserve held its sixth meeting of 2025 from Tuesday (September 16) to Wednesday (September 17) amid slowing growth in the country's jobs market.

The central bank met analysts’ expectations by lowering the federal funds rate by 25 basis points to the 4 to 4.25 percent range. It marks the first cut of 2025, after holding at the 4.25 to 4.5 percent range since December 2024.

Despite August consumer price index (CPI) data showing inflation rose to 2.9 percent from 2.7 percent in July, a weakening labor market became the focus of the Fed’s dual mandate of stable prices and maximum employment.

Keep reading...Show less
Three gold bars on price chart with magnifying glass.

What Was the Highest Price for Gold?

Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.

The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has pushed the precious metal to record highs as market participants seek its perceived security.

And each time the gold price rises, there are calls for even higher record-breaking levels.

Keep reading...Show less

Latest Press Releases

Related News