Goldstar Minerals Inc. (“
Goldstar” or the
“
Corporation”)
(TSX-V: GDM) is
pleased to announce that it has negotiated a 100% purchase of three
properties in Québec and Newfoundland: the Prince Gold Property
(Newfoundland), Panache North Property (Québec), and the Fortune
Gold Project (Québec) in consideration of a cash payment of $30,000
and the issuance of 2,000,000 common shares of the Corporation.
Prince Gold Property
The Prince Gold Property is located in
Newfoundland, and covers 125 hectares. The property is contiguous
to the eastern boundary of New Found Gold’s (NFG.V) recently
announced Queensway Project discovery area, where New Found Gold
reports historical gold values in a major structure that extends
for several kilometres. New Found Gold’s Queensway Gold property
has two major fault areas under investigation, with the eastern
extent in close proximity to Goldstar’s new acquisition.
In a November 16, 2020 news release, New Found
Gold reported additional gold intercepts including 6.85 metres of
44.5g/t gold at the Keats Zone from its ongoing 100,000-metre
drilling program at its Queensway Project (1).
Goldstar’s Prince Gold Property is also bounded to the east by
Gossan Resources’ Gander Property.
Panache North Property
The Panache North Property covers 225 hectares
in the Windfall Lake (Urban Barry) area of Québec, situated to the
northeast of the recently announced surface gold discovery at
BonTerra Resources’ (BTR.V) Panache Property, just north of their
historical Panache gold showing. In a news release dated September
30, 2020, BonTerra announced the discovery of high-grade gold in
channel samples, with best result reported of 18.6g/t gold over 1
metre in Channel 3. (2)
The Windfall Lake area has seen several gold
discoveries led by Osisko Mining (OSK.T), which is currently
completing an extensive infill drilling program on its Windfall
gold property to the southeast.
Fortune Gold Project
The Fortune Gold Project covers 509 hectares in
the Gaspé Peninsula of Québec, with direct access to most of the
property by Highway 132 and a network of maintained roads.
Conglomerate-hosted gold occurrences at the
Fortune Gold Project were reported to have been hand-mined in the
early 1900’s, according to a 1935 summary report on the property.
Ten adits were hand-driven into the sedimentary rock units, which
the discovering prospector considered to be similar to
conglomerate-hosted gold at Cripple Creek, Colorado, where he
worked during the gold rush. Several historical gold samples are
reported in the 1935 report and visual estimation of conglomerate
material is also made. Québec’s MERN reports that gold values in
the conglomerate unit have not been replicated since the date of
the 1935 report. (3)
The same 1935 report discusses the local geology
as consisting of “…slate, limestone, conglomerate, quartzite,
mudstone, dolomite, conglomerate reefs…” and proposes that the Mt.
Albert granite batholith may be the heat source responsible for the
alteration at the Fortune Gold Project area, and goes on to propose
an area of interest of 19 kilometres by 3 kilometres.
(3)
In the early 1980’s, Avalon completed geophysics
and soil geochemical sampling over the claim area and the
historical ten adits. The adits were not discussed in the
accompanying report; however Avalon did delineate gold and
geophysical anomalies that were not drilled. (4)
(5)
From 2013 to 2014, a site visit located the 10
adits and the adit locations were overlaid on the geophysical
survey grid carried out by Avalon.
Goldstar has applied for additional titles to
cover the reported area and projected district-scale geology.
About Conglomerate-Hosted Gold
Deposits
The author of the 1935 report on the Fortune
Gold Project references Cripple Creek as a potential geological
analogue to the rocks on the property. According to a report on
Cripple Creek by the US Geological Survey, “Most of the gold
deposits of the Cripple Creek district occur within or at the
margin of a mass of fragmental rocks of volcanic and nonvolcanic
origin, collectively called ‘breccia,’ of Miocene age…The
nonvolcanic rocks, locally present throughout the basin, range from
coarse conglomerate to arkose and mudstone, with partings of shale
and laminae of limestone...” (6)
Conglomerate-hosted gold deposits occur
worldwide and offer large tonnage potential. According to the USGS,
quartz-pebble conglomerate gold deposits represent the largest
repository of gold on Earth, largely due to the deposits of the
Witwatersrand Basin, which account for nearly 40 percent of the
total gold produced throughout Earth’s history.
(7)
Qualified Person
The technical content of this news release
pertaining to the province of Quebec has been reviewed and approved
by Alain-Jean Beauregard, Professional Geologist and a qualified
person for the technical disclosure as defined by National
Instrument 43-101.
The technical content of this news release
pertaining to the province of Newfoundland and Labrador has been
reviewed and approved by Case Lewis, P. Geo, director of the
property vendor, who is a non-independent qualified person for the
technical disclosure as defined by National Instrument 43-101.
For further information, please contact:
David CrevierChairmanTelephone:
514-284-3663dcrevier@goldstarminerals.com
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. This news release may contain
forward-looking statements. These statements are based on current
expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of
factors discussed in the management discussion and analysis section
of our interim and most recent annual financial statement or other
reports and filings with the TSX Venture Exchange and applicable
Canadian securities regulations. We do not assume any obligation to
update any forward-looking statements, except as required by
applicable laws.
1) New Found Gold Corp, News Release, November 16, 2020. “New
Found Intercepts 44.5 G/T AU Over 6.85M in 60m Step-out at Keats
Zone, Queensway Project, Newfoundland.”2) Bonterra Gold, News
Release, September 30, 2020. “Bonterra Resources Discovers New
High-Grade Vein on the Panache Property in the Urban Barry
Region”.3) Canada, J.B., 1935. “Report on the Jacques Cartier
Gold District, Grosses Roches, Matane County, Province of Quebec,
Canada.” SIGEOM Report GM06275.4) Arseneau, V., 1981. “Avalon
Resources Inc: Geochemical report, Grosses Roches Property,
Cherbourg Township.” SIGEOM Report GM37905.5) Labreque, P.C., 1983.
“Avalon Resources Inc: Geophysical Surveys (Mag & EM-VLF)
Cherbourg Project, P.Q.” SIGEOM Report GM39510.6) A. H. KOSCHMANN,
1949. “STRUCTURAL CONTROL OF THE GOLD DEPOSITS OF THE CRIPPLE CREEK
DISTRICT TELLER COUNTY, COLORADO”. Bulletin 955-B.
(https://pubs.usgs.gov/bul/0955b/report.pdf)7) USGS Report
2010-5070-P
(https://pubs.usgs.gov/sir/2010/5070/p/sir20105070p.pdf)
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