Polar Star Mining Corporation-Drilling Begins at Montezuma
February 27 2009 - 2:22PM
Marketwired
Polar Star Mining Corporation (TSX VENTURE: PSR)("Polar Star" or
the "Company") is pleased to announce that a reverse circulation
(RC) drilling program of an initial 4,000 - 5,000 metres commenced
February 26, 2009 on its 43,200 hectare Montezuma Project, Sierra
Limon Verde District, Region II, Chile. Quantec Geoscience,
Santiago, Chile also initiated a second Induced Polarisation survey
to expand upon and infill their 2008 survey.
Highlights
- Old workings, leached and oxide copper bearing outcrops,
geological and geochemical surveys define a highly prospective belt
5-8 kilometres wide by 30 kilometres long centred on the West
Fissure Fault System.
- A large Chargeability/Resistivity anomaly 1.0 to 4.2
kilometres wide, 25.2 kilometres long, extending to depths of at
least 300 to 500 metres has been identified by the Quantec IP
surveys within this belt, along with several other 2-4 kilometre
long satellite anomalies.
- A 4000-5000 metre, 16-20 hole reconnaissance RC drill program
has been initiated to test hot spots within this anomaly.
- The length of the main IP anomaly is more than sufficient to
include all the known Chuquicamata porphyry copper deposits.
- The property consists of 43,200 hectares, and is located 30
kilometres due south of CODELCO's Chuquicamata Mine and Smelter
Complex.
- Montezuma covers 25 km of the West Fissure Fault System and
associated splays, which hosts many large porphyry copper deposits
including Chuquicamata and Escondida.
The Montezuma Project
The Montezuma Project consists of a contiguous group of 100%
owned exploration concessions staked by Polar Star. As noted above,
the West Fissure Fault System is well known for the exceptional
size of its deposits. The Chilean Mine Handbook reported that in
2007 the BHP/RTZ owned Escondida Mine produced 1.5 million tonnes
of copper and had copper reserves of 4.3 billion tonnes at an
average grade of 0.81% Cu. The Corporacion Nacional del Cobre's
("CODELCO") El Norte Division, which includes Chuquicamata,
reported production of 0.9 million tonnes of copper, reserves of
2.3 billion tonnes and an average grade of 0.79% Cu during the same
period.
The Montezuma Project is located in the Sierra Limon Verde oxide
copper mining district and is readily accessible by paved and good
gravel road from the city of Calama, 20 kilometers to the north.
The project consists of three groups of exploration concessions;
Montezuma, Topater and Limonal totaling 43,200 hectares staked and
owned 100% by Polar Star.
The Property lies within the central sub-zone of the main
Chilean porphyry belt and covers approximately 25 kilometres of
strike of the West Fissure Fault System and associated sub-parallel
and NW-SE cross-cutting ancillary faults. The hills of Sierra Limon
Verde which cover the Limonal, north and west half of the Montezuma
claims generally expose the same group of metamorphosed Paleozoic
intrusive, volcanic and sedimentary rocks that host the
Chuquicamata porphyry copper deposits. The rest of the Montezuma
claims and most of the adjacent Topater claims are covered by
pediment gravels derived from the local hills.
Polar's geological and geochemical surveys to date have
identified several large areas of leached, hematite stained and
sulphate rich caps containing minor amounts of copper wad and
chrysocola developed along and lateral to the West Fissure Fault
System where it strikes through the northern claims of the
Montezuma group and within the Topater group,
quartz-tourmaline-copper-gold veins and stockworks of the type
commonly found peripheral to porphyry systems. In addition, on
several of the IP lines, 1-2 metre deep pits dug for electrodes
uncovered disseminated copper minerals in porphyritic intrusive
rocks.
There are no public records of mining or exploration activity in
the property area. There are however three groups of old drill
holes reportedly drilled by Codelco in the central and southern
part of the Montezuma property along the projection of the West
Fissure Fault System. Cuttings from a number of these holes show
propylitic to phyllic alteration assemblages containing
disseminated and veinlet pyrite plus minor chalcopyrite and
bornite.
The reconnaissance IP survey completed by Quantec Geoscience,
Santiago, Chile in 2008 concentrated along a NNE trending belt some
6-9 kilometres wide covering the trace of the West Fissure Fault
System and adjacent N-NNE trending splays and cross faults and
detected several anomalies. The main anomaly, which is entirely
covered either by a sulphate cap or pediment gravels has been
expanded by the currently running phase II infill survey to 1.0 -
4.2 kilometres wide, 25.2 kilometres long and extends to depths of
at least 300-500 metres. The central sector of the anomaly
straddles the West Fault but to the north and south it appears to
be controlled by NNE trending splay and cross faults. By comparison
the length of this main anomaly is more than sufficient to include
all the known Chuquicamata porphyry copper deposits from Radomiro
Tomic to Toki.
To view a map of the Montezuma Project, please visit the link
below:
http://media3.marketwire.com/docs/PSR0227.pdf
Qualified Person
The drill program will be carried out under the direction of Mr.
Terence Walker, M.Sc., P.Geo., qualified person within the meaning
of National Instrument 43-101. Mr. Walker has reviewed the contents
of this news release.
About Polar Star Mining Corporation
Polar Star Mining Corporation was created to acquire advanced
stage exploration properties focusing on gold, copper-gold and
uranium. The geographic focus of Polar Star is Chile, where the
company has approximately 146,112 hectares covering 20
properties.
Forward-Looking Statements
The statements made in this news release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially
from the Company's expectations and projections. Accordingly,
readers should not place undue reliance on forward-looking
statements. For a more detailed discussion of such risks and other
factors, refer to Polar Star Mining Corporation's filings with
Canadian securities regulators available on www.sedar.com or the
Company's website at www.polarstarmining.com.
Share Capitalization:
Shares outstanding: 59,286,241 as at February 27, 2009.
The Toronto Stock Exchange Venture has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release
and the information contained herein.
Contacts: Polar Star Mining Corporation Adam Rochacewich Interim
President and Chief Financial Officer (416) 368-3496 Email:
info@polarstarmining.com Website: www.polarstarmining.com
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