Vanstar Obtains Permit for 124 Drill Holes on Nelligan
03 Janeiro 2014 - 11:30AM
Marketwired
Vanstar Obtains Permit for 124 Drill Holes on Nelligan
LA PRAIRIE, QUEBEC--(Marketwired - Jan 3, 2014) - The management
of Vanstar Mining Resources Inc. (TSX-VENTURE:VSR) (the « Company
») announces that it has obtained from the Quebec Ministry of
Natural Resources its permit for 124 additional drill holes on the
Liam showing, that was recently discovered in November 2013 (see
November 26 and December 18 press releases).
Drilling is planned to start around mid January, depending on
the weather. Holes will be drilled 50 metres apart and will assess
the Liam showing extensions along strike and at depth.
The Company also acquired by map designation 35 additional
mining cells and has acquired from a group of independent
prospectors, a 100 % interest in 23 additional cells in exchange of
350,000 common shares of the Company. These new cells cover an area
of approximately 3,248 hectares.
No royalties were granted to the sellers. These agreements are
subject to the approval of the TSX Venture exchange.
The new cells are located on the west and south boundaries of
the Nelligan project.
The Liam
showing
The Liam gold showing was discovered in November 2013 with drill
hole NE13-04 (See November 26, 2013 press release). This hole was
testing a low magnetic anomaly recognized on a length of more than
900 metres. This important gold structure was intersected at
shallow depths and could result in an open pit exploitation.
The Liam gold zone lies within an intensive deformation corridor
which is interpreted to coincide with a NE-SW low mag anomaly.
Hosted in a meta-sedimentary environment, the core of the zone is
strongly silicified with 1-2% disseminated pyrite over 20 meters of
core length. A sericite-fuschite schist unit along with a sheared
and mineralized Iron Formation are observed along the south
contact. A horizon of amphibolite hosting 5-10% silicified and
mineralized veinlets, with traces of molybdenum, is observed along
the north contact. Following a second inspection of the drill
cores, visible gold was observed in two of the four drill holes so
far completed on this showing.
Nelligan
Project
The 100% owned Nelligan property now consists of 98 cells
covering an area of 5,488 hectares. It is located approximately 45
kilometers south of the village of Chapais and is accessible year
round by several forestry roads. A power line crosses the area some
4 kilometers to the east of the project. No constraints such as
protected parks or ecological reserve limit mining exploration on
the property.
The Nelligan property is located 15 km SSE of Tomagold's Monster
Lake project where Iamgold Corp. recently agreed to exploration
work commitments of $16,000,000 over a period of 5 years.
In the same area, you can also find the Philibert (Soquem),
Meston Lake and Joe Mann deposits. The Chevriers deposits and the
Murgor showings are located north-east of the Nelligan project.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Guy MorissetteCEO819-763-5096 cell819-762-5035
officewww.vanstarmining.com
Vanstar Mining Resources (TSXV:VSR)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
Vanstar Mining Resources (TSXV:VSR)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
