Vanstar Acquires a 50% Interest in the Cookie Monster Property
14.06.2013 | Marketwire
LA PRAIRIE, QUÉBEC -- (Marketwired - June 14, 2013) - The management of Vanstar Mining Resources Inc. (« Vanstar ») (TSX VENTURE:VSR) announces the acquisition of the 50% interest held by Amseco Exploration Ltd. (TSX VENTURE:AEL) in the Cookie Monster project in exchange of $2,000 cash, 60,000 Vanstar common shares and a 1% NSR. This project covers an area of 1,450 hectares and is located east of the Monster Lake property owned by Tomagold and Quinto (joint-venture), in the area of Chapais-Chibougamau. Vantex Resources Ltd. (TSX VENTURE:VAX) holds the remaining 50% interest of the project.Vanstar also owns a 50% interest in the Little Monster project located between Cookie Monster and Monster Lake.
Location map : http://media3.marketwire.com/docs/Location_map.JPG
These two properties are located on the east boundary of the Tomagold- Quinto's project (Monster Lake) where many gold and copper showings were discovered in the 1970s (See Tomagold April 22, 2013 press release). Tomagold- Quinto released excellent results on Monster Lake in the last previous months, as follows:
Best results fron the 325 zone (Monster Lake - Tomagold, February 20, 2013 press release)
Hole No. Length Depth
g/t Au (m) (m)
M-25-11(i) 101.2 4.50 50
M-38-11(i) 7.2 3.00 80
M-37-11(i) 19.4 2.00 85
M-43-11(i) 11.1 1.00 103
M-13-94 11.5 5.30 187
M-13-93 33.6 5.85 217
M-13-95 42.0 7.20 278
(i) Old drill holes
In the south-east extension of the properties, lies the Opawica-Guercheville deformation corridor which hosts many gold deposits such as Philibert (1.4 million MT @ 5.32 g/t Au- DV9301) and Meston Lake (1.225 milion MT @ 6.35 g/t Au - MB89-17) as well as the former Joe Mann mine (1.52 million MT @ 11 g/t Au - GM44408). North-east of Little and Cookie Monster, we can find the Chevrier deposits as well as many gold showings previously identified by Murgor Resources.
Geological map:
http://media3.marketwire.com/docs/Little_Cookie_Monster_Map.JPG
The management of the Company is also evaluating other projects located in strategic mining areas like Kirkland Lake, Ontario and Rouyn-Noranda, Abitibi.
The works will be supervised by Daniel Kelly, geological engineer and Qualified Person under NI 43-101.
Otherwise, Vanstar signed agreements with Momentum PR and Avenue Capital Markets Inc.. Momentum PR, as an IR firm, will receive a monthly fee of $7,500 and 450,000 stock options at a price of $0.10 per share while Avenue Capital Markets Inc. will receive a monthly fee of $2,500 and 150,000 stock options at a price of $0.10 per share, for their financial business development services.
These agreements are subject to the approval of regulatory authorities and the common shares to be issued are subject to a 4-month and 1 day minimum hold period.
The content of this press release was read and approved by Daniel Kelly, Qualified Person under NI 43-101.
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.
Contact
Vanstar Mining Resources Inc.
Guy Morissette, CEO
819-763-5096
www.vanstarmining.com