Vanstar Reports Remaining Assay Results from 2021 Drill Program at Nelligan - Confirms Mineralization up to 1.5 km to the West of Resource
Mar 24, 2022
Hole NE-21-184 – 20.0 m of 2.02 g/t Au and 10.5 m of 1.11 g/t Au
Hole NE-21-182 – 30.6 m of 1.15 g/t Au
Hole NE-21-176 – 11.8 m of 4.44 g/t Au and 7 m of 2.21 g/t Au and 19.5 m of 1.44 g/t Au
Montreal, March 24, 2022 – Vanstar Mining Resources Inc. (TSX.V:VSR) (OTCQX:VMNGF) (FSE:1V8) (“Vanstar”, or the “Company”) is pleased to announce the remaining assay results from the 2021 diamond drill program consisting of 9,492 meters in 27 holes on the Nelligan joint venture project (IAMGOLD Corporation (“IAMGOLD”): 75%, Vanstar: 25%) completed by its partner IAMGOLD. The Company is reporting assays from the remaining 14 diamond drill holes totaling 5,232 meters completed in the western extension of the deposit. The 2020 drill program extended the mineralized zone by 700 m beyond the resource that was modelled in 2019. Current results from 2021 drilling, summarized in Table 1 and 2 below, indicate that the mineralization continues further to the west, although the zones appear to be thinning with locally improved grades. Hole NE-21-190, for example, located 1,100 m to the west of the current resource intercepted 9 m grading 3 g/t Au and the most western hole (NE-21-188) intercepted 6 m grading 2.63 g/t Au, 1.5 km from the 2019 pit shell.
2022 Exploration Program
The winter drilling program at Nelligan is progressing with approximately half of the planned 6,000 meters drilled to date. This drill program is designed to expand the existing resource at depth, with 5 to 6 holes planned below the pit shell with target depths of 500 meters on average, as well as to test targets along strike both to the east and west of the current resource. Results from this program, along with the 2020 and 2021 results, will be incorporated into the drill hole database once they are validated and compiled. IAMGOLD announced on December 16, 2021 that it intends to provide an updated resource for the Nelligan project towards the end of 2022.
Figure 1: Results of the 2021 Drill Program in the Western Extension.
Table 1 Nelligan Project 2021 Drilling Results
|Hole No.||From||To||Interval||True Width (1)||Au (2) (3)||ZONE|
|133.97||141.00||7.03||4.97||2.31||RENARD WEST FW|
|82.00||106.50||24.50||15.75||0.90||RENARD WEST FW|
|219.00||238.50||19.50||15.97||1.11||RENARD WEST FW|
|NE-21-182||145.50||148.50||3.00||2.46||1.06||RENARD WEST FW|
|NE-21-183A||63.00||66.00||3.00||2.30||1.95||RENARD WEST FW|
|NE-21-183B||166.50||187.50||21.00||16.09||1.26||RENARD WEST FW|
|NE-21-184||171.00||191.00||20.00||15.32||2.02||RENARD WEST FW|
|NE-21-185||181.50||196.50||15.00||12.29||2.36||RENARD WEST FW|
|NE-21-186||289.50||297.00||7.50||6.50||1.16||RENARD WEST FW|
|NE-21-187||342.82||349.15||6.33||5.48||0.48||RENARD WEST FW|
|NE-21-188||307.50||313.50||6.00||5.20||2.63||RENARD WEST EXTENSION|
|NE-21-189||136.50||154.50||18.00||15.59||0.82||RENARD WEST EXTENSION|
|NE-21-190||217.50||222.00||4.50||3.90||1.65||RENARD WEST EXTENSION|
|NE-21-191||456.00||463.50||7.50||6.50||0.56||RENARD WEST FW|
|(1) True widths are estimated at 65 to 95% of the core interval.
(2) Drill hole intercepts are calculated with a lower cut-off 0.50 g/t Au and may contain lower grade interval of up to 5 metres in length. They are generally reported with a minimum g*m (or Metal factor) of 5.
(3) Assays intervals are reported uncapped and capped at 30 g/t Au and high grade sub-intervals are highlighted.
Table 2 Nelligan Project Drill Hole Information
|Hole No.||UTM NAD83 Zone18||AZ||DIP||EOH|
Mr. Gilles Laverdière, P.Geo, consultant geologist and qualified person under NI 43-101 has reviewed and approved this press release.
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 is also earning 75% into the Bousquet-Odyno project located along the Cadillac Break and owns 100% of the Felix property in the Chicobi Group (Abitibi mining camp, 65km East of Amex Perron property), the Amanda property, a 7,306 ha property located on the Auclair formation with historic gold showings up to 12.1 g/t Au over 3 meters, and the Frida and Eva properties located in the James Bay area.
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FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).