La Prairie, Monday March 2nd, 2020. Vanstar Mining Resources (TSX-V: VSR) management would like to do an update about the work currently in progress. As mentioned in a previous press release, drilling has resumed on the Nelligan project, located in the Chapais-Chibougamau area.
The 2020 drilling campaign has been designed and implemented by the operator, IAMGOLD Corporation, and more than 2,500 meters have been completed to date. The holes completed have reached their respective targets and the results will become available in the coming weeks when compiled and validated.
The drilling program comprises for this year a minimum of 8,000 meters and aims to verify the western and deep extension of the Renard zone as well as to improve resource classification (currently total of 97.0 million tonnes grading 1.02 g/t Au for 3.2 million contained ounces of inferred resources – see news releases dated October 22, 2019).
“We are very happy with the progress of the current works. The homogeneity of the Nelligan deposit demonstrated in the NI43-101 report allows us to be optimistic about the future results to be received. Even if the market seems a little nervous regarding some elements beyond our control, that does not change anything in the quality of the deposit and in its economic potential » to mention Mr. Guy Morissette, CEO of the company.
Now 100% owned by the company, the Amanda project acquired based on its similarity to the Nelligan deposit and the significant presence of gold traced by drilling during the 1990s, is currently the subject of a mandate granted to an independent geological firm in order to compile all the historical data and submit a series of recommendations to the company for a first phase of exploration work to be done shortly this year. The company also acquired by map staking an additional block of 45 claims with an area of approximately 2,380 hectares, which block will be added to the Amanda project. This project, now made up of 85 claims with an area of approximately 4,644 hectares, is located a few hundred kilometers east of the municipality of Eastmain, in the James Bay territory.
“We are very interested in this project. The presence of significant gold in certain drill holes as well as a very anomalous gold back ground speak a lot to us. Other interesting indications such as faults, folds and iron formations lead us to be more curious and to invest time and money in it” to underline Mr. Morissette.
The Felix project owned at 100% by the company is located in the Chicobi sedimentary strike. It is very similar to the sedimentary environment of the Nelligan project. Acquired by staking on a map, the Félix project has hardly ever been the subject of work except for a few holes to iron formation testing in the northern part of the project. One of these drill holes, made in a southern direction in contact with the iron formation with a zone of low magnetic intensity, intersected several significant gold values in few places along the hole (Source: GM 33270). The company expects to do exploration work on this project this year.
Other mining properties are also being explored. Vanstar’s management plans to significantly improve its properties portfolio in order to be able to offer various scenarios to potential partners.
This press release was reviewed and approved by Mr. Gilles Laverdière, qualified consultant geologist under the NI43-101 standards.
The TSX Venture Exchange and its regulator (as defined in the TSX Venture Exchange policies) accept no responsibility for the adequacy or accuracy of its content.
Sources: Sébastien Plouffe, VP – Investor Relations
Gary Claytens, VP – Western Corporate Development 604-761-3233