VANSTAR
provides nelligan
exploration update
Montreal,
July
06,
2021
-
InvestorsHub NewsWire -- 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 program
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 Project
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-Amour
President and
CEO
+1 (647)
296-9871
jc@vanstarmining.com
www.vanstarmining.com
