Montreal, Quebec–(Newsfile Corp. – Jul 5, 2023) – Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE:1 V8) (“Vanstar”, or the “Company”) is pleased to announce the first test results of the 2023 diamond drilling program on the Nelligan joint venture project (IAMGOLD Corporation (“IAMGOLD”): 75%, Vanstar: 25%) completed by its partner IAMGOLD. The results announced today come from five holes completed in the eastern extension of the Nelligan deposit and two scout holes completed to test targets in the southeastern part of the Nelligan site (see Figures 1 and 2 and Table 1) . The drilling results reported herein cover 3,381 meters of the planned 10,000 meter program for 2023.
- Hole NE-22-202
- 3.76 g/t Au / 9.0 m from 42.0 m depth, including 29.10 g/t Au above 0.5 m
- 6.97 g/t Au / 5.2 m from 100.5 m depth, including 31.9 g/t Au above 0.7 m
- 1.63 g/t Au / 11.7 m from 202.6 m depth
- Hole NE-22-204
- 2.49 g/t Au / 11.3 m from 43.7 m depth
- 10.53 g/t Au / 4.5 m from 120.0 m depth, including 28.6 g/t Au above 1.5 m
JC St-Amour, President and CEO, said: “The drilling program to date demonstrates that gold mineralization has expanded along the strike east of the Nelligan deposit. The 10,000 meter drilling program for 2023 is designed to explore the Nelligan well and extending results to date is consistent with that goal The deposit remains open in all directions, particularly at depth where we’ve seen some holes return better than average slope and width suggesting ample room for additional expansion and growth.”
The Nelligan Gold project (on a 100% basis) houses Indicated Mineral Resources of 2.0 million ounces with a grading of 0.84 g/t and Inferred Mineral Resources with 3.6 million ounces of gold with a grading of 0.87 g/t Au (see Vanstar’s press release dated February 23, 2023).
Nelligan next steps
The summer reconnaissance program will resume once fire bans are lifted in the province of Quebec. A minimum of 5,000 yards is planned to focus on backfill and expansion drilling in the central and western portions of the Nelligan deposit. While the exploration holes completed in the southeastern portion of the project area failed to yield significant gold values, they did intersect with encouraging changes that indicate potential gold-bearing hydrothermal systems for which further exploration could lead to gold mineralization. Approximately 1,500 meters of exploration wells are planned to continue evaluating other targets elsewhere on the property. In addition, an MMI bottom survey is also planned for this summer to support future exploration targeting.
Figure 1: Results of the 2023 drilling program – Nelligan Eastern Extension
Figure 2: Location Map – Reconnaissance Exercise Program
Table 1 Nelligan Project Drilling Results – 2023 Drilling ProgramComments:
- True latitudes are estimated to be 80 to 95% of the core interval.
- Borehole interceptions are calculated with a lower cut of 0.50 g/t Au and can include lower slope intervals of up to 5 meters in length. They are generally reported with a minimum g*m (or metal factor) of 5
- Assay intervals are reported indefinitely and high-quality sub-intervals are highlighted.
Mr. Gilles Laverdière, P.Geo, Consultant Geologist and Qualified Person under NI 43-101 has reviewed and approved this press release.
Vanstar Mining Resources Inc. is a gold exploration company with properties in Northern Québec in various stages of development. The Company has a 25% interest in the Nelligan Project (3.2 million derivative ounces Au, NI 43-101 Oct 2019) and 1% NSR. The Nelligan project won the “Discovery of the Year” award at the 2019 Quebec Mineral Exploration Association Xplor Gala. Vanstar also earns 75% in the Bousquet-Odyno project along the Cadillac Break and owns 100% of the Felix site in the Chicobi Group (Abitibi mining camp, 40 miles east of Amex Perron site), the Amanda site, a 7,306 ha site located on the Auclair Formation with historic gold shows up to 12.1 g/t Au over 3 meters , and Frida and Eva’s properties in the James Bay area.
JC St Amour.
Chairman and General Manager
+1 (647) 296-9871
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This press release contains forward-looking statements that 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 not promises or guarantees and are subject to risks and uncertainties that could cause future results to differ materially from those anticipated. These forward-looking statements are made as of the date hereof and, except as required under applicable securities laws, the Company assumes no obligation to update or revise them to reflect new events or circumstances. All forward-looking statements in this press release are qualified by these cautionary statements and by those in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).