Vanstar Announces Drilling Program on Nelligan
May 10 2021 - 7:00AM
Vanstar Mining Resources Inc. (“Vanstar”, or the “Company”) (TSX.V
- VSR) is pleased to announce its joint venture partner IAMGOLD
Corporation (“IAMGOLD” TSX-IMG) has secured a drill rig to complete
a drill program on the Nelligan joint venture project (IAMGOLD 75%,
Vanstar 25%) located 60 km southwest of Chibougamau, Quebec. The
program is expected to begin in the month of June and the plan is
to drill 9,000-10,000 m and will include both definition drilling
in the main resource area as well as step-out drilling with a focus
on the west extension of the known mineralization. This drilling
will support the completion of a future updated resource estimate.
Figure 1: Proposed drill
program accompanying this announcement is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/5808033d-1984-41f4-8bbf-e2b4f2bcddd6
In addition, exploration activities will also
continue to identify and evaluate new targets. Preliminary results
from a partial glacial till sampling survey completed in November
2020 and from an IP survey executed this winter have been received
and have defined new exploration targets elsewhere on the joint
venture property. Additional till sampling is planned and the
defined targets will be field-checked this summer in conjunction
with a detailed geological and structural mapping program.
About the Nelligan Project
The Nelligan Gold
Project is held under an earn-in option to joint venture between
IAMGOLD (75%) and Vanstar (25%). IAMGOLD has an option to acquire
an additional interest of 5%, to hold an 80% interest in the
Nelligan project by completing and delivering a Feasibility Study.
Vanstar would then retain a 20% undivided non-contributory carried
interest until the commencement of commercial production, after
which: (1) the 20% undivided interest becomes participating; and
(2) Vanstar will pay its attributable portion of the total
development and construction costs to the commencement of
commercial production from 80% of its share of any ongoing
distributions from the Joint Venture. Vanstar will also retain a 1%
NSR royalty on selected claims of the project.
Mr. Gilles Laverdière, consultant geologist and
qualified person under NI 43-101 has read and approved this press
release.
About Vanstar
Vanstar Mining Resources Inc. is a gold
exploration company with properties located in Northern Québec at
different stages of development. The Company owns a 25% interest in
the Nelligan project (3.2 million inferred ounces Au, NI 43-101
October 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 owns 100% of the Felix
property under development in the Chicobi Group (Abitibi mining
camp, 65km East of Amex Perron property) and 100% of Amanda, a
7,679 ha property located on the Auclair formation with historic
gold showings up to 12.1 g/t Au over 3 meters.
The TSX Venture Exchange and its Regulation
Services Provider (as that term is defined in the TSX Venture
Exchange Policies) do not accept any responsibility for the truth
or accuracy of its content.
SOURCE :
JC St-AmourPresident and CEO+1 (647)
296-9871jc@vanstarmining.comwww.vanstarmining.com
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