Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) ("Vanstar", or the "Company") is pleased to announce that it has commenced a 4,000 metres (m) drill program at the Bousquet-Odyno project. The Company has contracted Diafor Inc., who has mobilized a diamond drill rig to site and is currently drilling the first target. The drill program is designed to test additional areas near surface (see Figure 1) as well as test areas down plunge (see Figure 2) from known high grade zones.
To view an enhanced version of Figure 1, please visit:
To view an enhanced version of Figure 2, please visit:
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 m).
Selected results from IAMGOLD's 2010 to 2016 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.
J.C. St-Amour, President and CEO, said "The location of this project along the Cadillac-Break, in the shadow of some prolific producers, is exceptional from an infrastructure, accessibility and prospectivity perspective. Previous drilling on the project has intercepted high grades near surface and we believe the Bousquet-Odyno has been underexplored and offers great exploration potential. We have based this drill program on our interpretation of previous work and are targeting areas which we believe will deliver results and increase our understanding of the mineralized body."
Mr. Gilles Laverdière, P.Geo, consultant geologist and qualified person under NI 43-101 has read and approved this press release.
Bousquet-Odyno is comprised of 37 contiguous mining claims covering approximately 1,492 ha and is located directly south of highway 117 between the towns of Rouyn-Noranda and Malartic in the Province of Quebec. Vanstar can earn a 75% interest in the project from IAMGOLD by spending $4 million over 4 years. IAMGOLD will have the right to back-in to 50% of the project.
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 is also earning 75% into the Bousquet-Odyno project located along the Cadillac Break and owns 100% of the Felix property in the Chicobi Group (Abitibi mining camp, 65km East of Amex Perron property), the Amanda property, a 7,306 ha property located on the Auclair formation with historic gold showings up to 12.1 g/t Au over 3 meters, and the Frida and Eva properties located in the James Bay area.
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.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121607