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.