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)
Advancing Multiple Gold Discoveries in Proven Jurisdictions

Advancing Multiple Gold Discoveries in Proven Jurisdictions

Focused on adding value through cost effective minerals exploration and discovery

This Presentation has been prepared as a summary only and does not contain all information about Many Peaks Minerals Limited’s (“MPK” or the “Company”) assets and liabilities, financial position and performance, profits and losses, prospects and rights and liabilities. The information in this Presentation and made to you verbally is subject to updating, completion, revision, further verification and amendment without notice.
Keep reading...Show less
Siren Gold

Significant Mineralisation Intersected at Auld Creek

Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on its Auld Creek Prospect.
Keep reading...Show less
Flynn Gold

Polymetallic Strike and Depth Potential Identified at Firetower Project

Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to provide an update on its exploration activities at its 100%-owned Firetower Project located in northwest Tasmania.

Keep reading...Show less
Acquisition of Advanced Gold Projects in Cote D’Ivoire

Acquisition of Advanced Gold Projects in Cote D’Ivoire

Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to announce entering a binding Share Sale Agreement (Agreement) with Turaco Gold Limited (Turaco) to acquire its 89% interest in CDI Holdings (Guernsey) Ltd (CDI Holdings). CDI Holdings is an 89% subsidiary of Turaco, held with Predictive Discovery Limited (Predictive), holding an 11% free carry ownership in a joint venture with Turaco. The Agreement will trigger Turaco’s drag-along right in its joint venture with Predictive, whereby Many Peaks will also acquire Predictive’s remaining 11% interest and consolidate 100% ownership of the joint venture entity CDI Holdings.

Keep reading...Show less
Mining cart full of gold.

Barrick to Look for More Gold and Copper Through DRC Partnership

Barrick Gold (TSX:ABX,NYSE:GOLD) is setting its sights on expanding its operations through a partnership with the Democratic Republic of Congo (DRC) that would open up new gold and copper opportunities for the company.

Kibali — the company’s joint venture with AngloGold Ashanti (NYSE:AU,JSE:ANG) — continues to set production records after another successful year, punctuated by the 343,000 ounces of gold it produced in 2023.

Barrick is forecasting higher attributable production from Kibali in 2024, setting a goal of 320,000 to 360,000 ounces.

Keep reading...Show less

AGNICO EAGLE PROVIDES NOTICE OF RELEASE OF FIRST QUARTER 2024 RESULTS, CONFERENCE CALL AND ANNUAL MEETING

Stock Symbol: AEM (NYSE and TSX)

Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today announced that it will release its first quarter 2024 results on Thursday, April 25, 2024 after normal trading hours. Additionally, the Company will host its Annual and Special Meeting of Shareholders (the "AGM") the following day, Friday, April 26, 2024 in a hybrid format (in Toronto and virtually).

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×