Vanstar Provides Nelligan Exploration Update
July 06 2021 - 7:00AM
Vanstar Mining Resources Inc. (“Vanstar”, or the “Company”) (TSX.V
- VSR) is pleased to confirm that drilling began on June 30th on
the Nelligan joint venture project (IAMGOLD 75%, Vanstar 25%),
located 60 km southwest of Chibougamau, Quebec. The Company’s joint
venture partner IAMGOLD Corporation (“IAMGOLD” TSX-IMG) is expected
to drill approximately 9,500 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
programhttps://www.globenewswire.com/NewsRoom/AttachmentNg/82f3b473-cf37-4caa-93c7-037758df3014
JC St-Amour, President and CEO of Vanstar Mining commented, “We
are excited to see the drilling program underway on Nelligan as
exploration continues on the project. Nelligan is a growing asset
with inferred resources of 3.2 million ounces of gold as of 2019.
The results of this drill program will be included in an upcoming
resource update that we anticipate will both expand and upgrade the
existing resources. In addition, we are pleased to see that
exploration is continuing on the broader property to identify
additional targets for future drilling.”
Beyond the drilling area, mapping of underexplored areas is
ongoing focusing on an area identified from IP and preliminary till
survey results. Fifteen new outcrops have been identified to date.
Elsewhere the review of the 2020 and 2021 till sampling results
received is ongoing. Two other gold in-till anomalies outside the
Nelligan Resources area are developing, with assay results from
heavy mineral concentrates and fine fractions of the till samples
still pending.
The mapping program also includes mapping of areas stripped in
October 2020 on the joint venture property. Channel samples have
been collected from the 3 unsampled areas including one located to
the north of the resource area. The northern stripping area has
been completed in May with mapping and channel sampling. The
stripping exposed a moderately to strongly sheared sediment,
hosting up to 30% of transposed smoky veinlets and pyrite in trace
but locally up to 5%. Twenty-two channel samples have been
collected. Results are pending. Exploration targeting will be
completed once all results will become available and
interpreted.
Figure 2: Progress of the 2021 Summer Field Work at the
Nelligan
Projecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/2fbeba1c-4ebb-412b-8e23-6a599e70d094
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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