MONTREAL, Dec. 17, 2020 — Vanstar Mining Resources (TSX.V – VSR) is pleased to provide an update on its upcoming drilling campaign for the Félix project. The Company plans to launch a 2,500 m drill program to verify the gold mineralization in a historical drill hole that intersected 9 intervals of 1.5 meters each, taken in a section of 70 meters along the hole, had revealed gold grades varying from 0.9 g / t Au to 1.8 g / t Au. The main objective is to verify the presence of gold between the known gold intervals and its lateral continuity.
Four airborne electromagnetic conductors will also be verified with drill holes. Two of these conductors are located at each end of a large folded iron formation. An airborne magnetic survey carried out in June 2020 also identified several faults and folds in what is believed to be iron formations that can act as structural traps for gold. Banded iron formation (BIF)-hosted gold deposits are structurally controlled stratabound deposits that represent one of the main targets for gold exploration in the northern part of the Precambrian Canadian Shield as demonstrated by current producers such as the Musselwhite (Newmont), Meadowbank and Meliadine mines (Agnico-Eagle).
As of today, the preparation of the drilling sites is well underway with the kick-off of drilling planned for January 2021.
Airborne Magnetic Survey
Over the next few days, the Company will undertake an airborne magnetic survey of approximately 500 kilometers with 25 meters spacing between lines on the southern extension of the Félix property. This portion was acquired from Osisko Metals Inc. in November 2020 (see press release November 12, 2020). This survey will eventually support the results of the geological and prospecting work to come on this new extension of the property and will help to better define the potential drilling targets in that area.
“The preparation for the winter campaign on Félix is going well. The Chicobi Group is quickly becoming one of the most prominent sectors for gold exploration in the country and we are making every effort to unlock the value of the Félix property. Our recent acquisition allowed us to double the size of the property in this highly sought after region of Quebec. This is our first drilling campaign on the property and should demonstrate the gold potential of our 100% owned Felix project,” stated Jonathan Hamel, President and Interim CEO of Vanstar.
About the Felix Project
The Felix project is located in an environment of volcanosedimentary origin comprising a unit of volcanic rock in the north, another in the south and the central part is occupied by sedimentary rocks. Late intrusions in the form of batholiths, plutons or dikes are also noted all around the property. The property rests mainly on the rocks of the Chicobi Group. The sedimentary basin contains mudstones and graphitic turbiditic sandstones, with a minor magnetite-chert and hematite-jasper banded iron formation and a conglomerate. A significant Algoma-type iron formation is present in the northern part of the property. The gold grades intersected in the historic drilling are located near the southern contact of the latter. In addition, the Chicobi-Nord regional fault crosses the northern part of the property. This fault, of regional dimension, borders the Normetal mining camp to the south. The project is located in the eastern extension of this mining camp where there are former massive sulphide mines and numerous gold showings, such as those of the former Perron gold mine which are actively worked on by Amex Exploration. Shear zones parallel to the Chicobi-Nord fault are also found in the sediments of the Chicobi Group and as evidenced by the Authier gold showings located west of the property.
Mr. Gilles Laverdière, consultant geologist and qualified person under NI 43-101 has read and approved this press release.
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Interim President and CEO