News

Vanstar’s Partner IAMGOLD Reports a Drill Intersection of 82.6 metres at 3.31 g/t Au on the Nelligan Gold Project.

Nov 15, 2018

La Prairie, Quebec, November 15, 2018 – The management of Vanstar Mining Resources Inc. (« Vanstar ») is very pleased to announce that IAMGOLD Corporation, Vanstar’s partner in the development of the Nelligan gold project, intersected a series of significant drill results from the Renard and 36 zones. These results come from 11 drill holes for a total of 4,404 metres. Results from an additional series of 9 drill holes totaling 4,487 metres will be released as soon as they become available.

The assay results reported herein are provided in Table 1 below and include the following highlights:

36 West Zone:

  • Drill hole NE-18-81: 12.2 metres grading 3.93 g/t Au 
    includes:    0.8 metres grading 34.3 g/t Au
  • Drill hole NE-18-86: 24.2 metres grading 1.33 g/t Au
    includes:    5.6 metres grading 3.51 g/t Au
  • Drill hole NE-18-89: 14.3 metres grading 2.26 g/t Au
    includes:    4.4 metres grading 4.60 g/t Au

Renard Zone:

  • Drill hole NE-18-81: 23.5 metres grading 1.68 g/t Au
    includes:    7.5 metres grading 3.70 g/t Au

    and 37.5 metres grading 1.61 g/t Au
  • Drill hole NE-18-83: 14.5 metres grading 2.31 g/t Au
    includes: 7.0 metres grading 4.10 g/t Au

    and 31.5 metres grading 1.19 g/t Au
    includes: 6.0 metres grading 3.22 g/t Au
  • Drill hole NE-18-84: 33.1 metres grading 1.26 g/t Au

    and 82.6 metres grading 3.31 g/t Au
    includes: 1.5 metres grading 20.9 g/t Au
    includes: 1.5 metres grading 74.9 g/t Au
  • Drill hole NE-18-87: 37.4 metres grading 0.95 g/t Au

    and 27.2 metres grading 3.48 g/t Au
    includes: 7.5 metres grading 9.55 g/t Au
  • Drill hole NE-18-89: 2.54 metres grading 16.12 g/t Au

    and 15.8 metres grading 1.69 g/t Au
    and 12 metres grading 1.12 g/t Au
    and 13.5 metres grading 1.27 g/t Au

The 2018 diamond drilling program was designed to evaluate the resource potential of the recently discovered mineralization system, referred to as the Renard Zone, located immediately north of the previously known Liam and Dan zones.

Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: “The 2018 drilling program continues to deliver positive results, and as previously reported, continues to intersect wide zones of alteration and associated mineralization. These results are being incorporated to develop a preliminary deposit model and guide future drilling campaigns to support the completion of an initial resource estimate.”

Guy Morissette, CEO of Vanstar stated: “We are very pleased with these very promising results. This vast gold system remains open lateraly and at depth. This allows us to believe that we may be in the presence of a significant gold deposit ”

About the Nelligan Project

The Nelligan Project is held under an earn-in option to joint venture agreement with Vanstar. IAMGOLD holds an undivided 51% interest in the property, and holds an option to earn a further 24% undivided interest in exchange for cash payments totaling C$2,750,000 to Vanstar and the delivery of an NI 43-101 compliant Resource Estimate Technical Report before March 2022. Once vested to an undivided 75% interest, IAMGOLD will have a further 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.

This press release was read and approved by Gilles Laverdière, Vanstar’s Geologist and Qualified Person under NI-43-101.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES


Source:

Guy Morissette
CEO Vanstar Mining Resources Inc.

819-763-5096

Table 1 Nelligan Project Drilling Results - 2018 Drilling program
Hole No. UTM NAD83 Zone18 AZ DIP EOH from To Interval True
Width (1)
Au (2) NOTE
  Easting Northing Elevation (°) (°) (m) (m) (m) (m) (m) (g/t)  
NE-18-80 522,996.9 5,473,929.8 378.1 334 -45 327.00 111.00 123.50 12.50 10.83 0.85 RENARD ZONE
              182.10 201.70 19.60 18.42 0.84  
Including
(3)
            189.10 193.90 4.80 4.51 1.26  
              211.80 220.50 8.70 7.53 0.96  
              228.45 250.95 22.50 19.49 0.66  
NE-18-81 522,995.5 5,473,768.6 375.4 330 -50 414.00 61.20 73.40 12.20 9.35 3.93 36 West ZONE
Including
(3)
            62.60 63.40 0.80 0.61 34.30  
              174.00 175.50 1.50 1.15 23.40 RENARD ZONE
              227.40 235.30 7.90 6.47 0.72  
              257.91 281.40 23.49 16.61 1.68  
Including
(3)
            257.91 265.40 7.49 5.30 3.70  
              290.40 313.20 22.80 18.68 0.92  
              322.20 359.70 37.50 30.72 1.61  
Including
(3)
            349.20 359.70 10.50 8.60 2.77  
              374.70 379.20 4.50 3.69 1.41  
NE-18-82 522,868.8 5,473,935.3 380.3 330.00 -50.00 267.00 54.00 76.50 22.50 17.24 0.70 RENARD ZONE
              95.00 100.89 5.89 5.10 1.87  
              115.60 127.76 12.16 11.75 0.90  
Including
(3)
            121.00 124.00 3.00 2.90 2.22  
              156.00 178.56 22.56 19.54 0.92  
Including
(3)
            156.67 163.50 6.83 4.39 1.45  
Including
(3)
            175.50 178.56 3.06 2.88 1.67  
              214.50 231.00 16.50 12.64 1.48  
              241.50 261.00 19.50 14.94 0.49  
NE-18-83 522,779.6 5,473,847.9 381.5 332 -50 327.00 77.60 85.50 7.90 6.05 0.82 RENARD ZONE
              133.50 140.20 6.70 4.74 0.92  
              162.50 177.00 14.50 13.14 2.31  
Including
(3)
            168.50 175.50 7.00 5.36 4.10  
              189.00 208.50 19.50 17.67 0.83  
              231.00 247.50 16.50 14.95 0.61  
              255.00 286.50 31.50 27.28 1.19  
Including
(3)
            274.50 280.50 6.00 5.20 3.22  
NE-18-84 522,975.1 5,473,842.0 376.8 325 -45 348.00 121.50 154.60 33.10 25.36 1.26 RENARD ZONE
              164.90 175.40 10.50 9.09 1.14  
              182.90 265.50 82.60 71.53 3.31  
Including
(3)
            182.90 184.40 1.50 1.30 20.90  
Including
(3)
            205.40 206.90 1.50 1.30 74.90  
              303.00 327.00 24.00 18.39 0.95  
NE-18-85 522,828.4 5,473,756.4 379.2 332 -50 381.00 77.00 81.50 4.50 2.89 2.82 36 West ZONE
Including
(3)
            78.50 80.00 1.50 0.96 6.29  
              96.80 105.92 9.12 5.86 0.98  
              138.20 153.20 15.00 9.64 0.51  
              249.60 260.50 10.90 8.93 0.63 RENARD ZONE
              274.60 333.80 59.20 48.49 0.83  
Including
(3)
            305.30 327.80 22.50 18.43 1.21  
              369.80 381.00 11.20 9.17 1.33  
NE-18-86 522,901.2 5,473,773.7 378.6 332 -47 411.00 129.80 154.00 24.20 18.54 1.33 36 West ZONE
Including
(3)
            138.00 143.62 5.62 4.31 3.51  
              161.90 176.50 14.60 9.38 0.62  
              243.00 321.40 78.40 67.90 0.98 RENARD ZONE
Including
(3)
            296.50 321.40 24.90 19.07 1.40  
              355.95 361.00 5.05 3.87 2.83  
              366.00 379.50 13.50 10.34 1.69  
NE-18-87 522,853.2 5,473,654.3 378.5 330 -52 543.00 53.76 70.50 16.74 15.17 1.63 36 West ZONE
Including
(3)
            55.00 56.00 1.00 0.97 13.05  
              102.00 112.50 10.50 9.52 1.52  
              138.30 147.30 9.00 8.16 0.67  
              165.15 202.50 37.35 33.85 0.95 RENARD ZONE
Including
(3)
            165.15 182.00 16.85 15.27 1.20  
              367.50 375.00 7.50 6.80 1.55  
Including
(3)
            372.00 375.00 3.00 2.72 2.83  
              389.65 416.80 27.15 22.24 3.48  
Including
(3)
            391.04 398.50 7.46 6.11 9.55  
              452.60 453.30 0.70 0.57 22.00  
              457.80 465.30 7.50 5.75 4.58  
Including
(3)
            460.80 462.30 1.50 1.15 16.95  
              490.50 496.50 6.00 4.60 1.30  
NE-18-88 522,637.5 5,473,805.2 379.7 335 -45 456.00 71.00 86.00 15.00 11.49 0.53 RENARD ZONE
              130.00 143.50 13.50 9.55 1.65  
Including
(3)
            141.50 142.10 0.60 0.42 21.15  
              158.00 185.00 27.00 24.47 1.04  
              204.00 232.00 28.00 24.25 1.35  
Including
(3)
            223.50 232.00 8.50 7.70 2.28  
NE-18-89 522,699.1 5,473,713.5 379.9 335 -45 471.00 38.80 53.10 14.30 11.71 2.26 36 West ZONE
Including
(3)
            43.17 47.60 4.43 3.63 4.60  
              71.10 81.30 10.20 7.81 1.31  
              260.40 285.50 25.10 19.23 0.94 RENARD ZONE
              292.54 295.08 2.54 2.20 16.12  
Including
(3)
            292.54 293.75 1.21 1.05 32.00  
              301.00 316.80 15.80 14.32 1.69  
              339.20 351.20 12.00 10.39 1.12  
              367.70 381.20 13.50 11.69 1.27  
              396.20 412.70 16.50 14.95 0.60  
              429.20 438.20 9.00 8.16 0.98  
NE-18-92 522,500.8 5,473,656.7 373.8 326 -58 459.00 357.17 367.15 9.98 4.99 0.85 RENARD ZONE
              382.50 385.50 3.00 1.93 2.36  
              424.50 430.50 6.00 3.86 2.02  
Including
(3)
            429.00 430.50 1.50 0.96 5.85  
              450.00 459.00 9.00 5.79 1.27  
            4,404.00            

Notes:

  1. True widths are estimated at 70 to 94% of the core interval.
  2. Drill hole intercepts are calculated with a lower cut of 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 are reported uncut but high grade sub-intervals are highlighted.

This website uses cookies to ensure you get the best experience on our websiteDisclaimer