As the world takes on the unprecedented measures and sacrifices to battle the Covid-19 Pandemic, the Board of Directors and the Management Team here at Vanstar Mining Resources want our shareholders, staff, our partners and suppliers to know that your health and safety are paramount to us.
We urge you all to continue to abide by the safeguards and rules imposed by health officials to prevent the spread of this Covid19 virus. If you can work from home, please do so and stay home as much as possible. The results of our efforts will be known soon and hopefully we will see them to improve significantly.
Unfortunately, the Covid-19 crisis has resulted in some delays to the drilling program at the Nelligan gold project which began in January 2020.
Prior to the lockdown order to close all essential services, our partner IAMGOLD Corporation was well on their way to completing the winter drilling program started in January at the Nelligan project. When the work was halted, IAMGOLD informed us that they had completed around 5,000 meters of drilling. With laboratories analysis also closed, the results will be delayed until the Quebec Government reverses the order and allows work to resume.
With more than $4 million in the bank, the company’s management believes it is well positioned to take advantage of certain opportunities that may arise during these difficult time.
With a 25% interest in the Nelligan project, one of the main gold projects in development in Quebec (nearly 3.2 million ounces of inferred gold – Report NI43-101 October 2019), Vanstar believes that the next results could affect the size and continuity of this deposit. The Nelligan deposit is very homogeneous and remains open as much in depth on over more than 2.5 km along the western corridor. Vanstar also holds a 1% royalty (NSR) on the 8 original claims where part of the deposit is located.
In addition to the Nelligan Project, the Company also owns a 100% interest in the Amanda and Félix gold properties.
Located in northern Quebec, the Amanda project, consisting of 138 claims covering around 7,300 hectares, brings together several gold showings that have given historically encouraging results. This project could provide the Company with another avenue to add value to our shareholders.
The Félix project is located in the Chicobi sedimentary strike, east of the Normétal’s municipality, in Abitibi. Composed of 38 claims and covering approximately 2,100 hectares, the Félix project offers several interesting magnetic anomalies in a sedimentary environment comprising of several volcanogenic enclaves as well as iron formations. Some faults and folds are also present on the property.
Again, please take care of yourselves and your loved ones and do your share to help curtail the spread of this virus. Together we will get through this and please be assured that Vanstar will emerge from this pandemic smoothly and well positioned to resume its plans for future growth.
President, CEO and Director
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