MONTRÉAL, QUÉBEC–(Marketwired – April 3, 2017) –
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES
Goldstar Minerals Inc. (“Goldstar” or the “Company”) (TSX VENTURE:GDM) is pleased to announce that a detailed ground geophysics survey was completed on its Lake George Property, located in New Brunswick, Canada. Goldstar is focused on developing deposits that contain gold and technology metals such as high-value tungsten, in leading mining jurisdictions in Canada.
A total of 19.9 line-kilometres were carried out consisting of an induced polarization (IP) survey with stations every 25 metres and lines spaced every 200 metres, covering and comprising the presumed Coyote gold zone, the area in the vicinity of hole LG-16-06, the Waterloo Lake gold zone area and the new tungsten discovery in hole LG-16-03, all identified by diamond-drilling and outcrop sampling last Fall of 2016.
Result highlights
Additional prominent structures of kilometric size were outlined by these new IP data that allowed the determination of two distinct domains to the northwest and northeast of the survey area, consisting of a northwestern area of high resistivity and low sulfide content that comprises the new tungsten discovery in hole LG-16-03 and the gold occurrence in hole LG-16-06 and a northeastern area of low to very low resistivity and high sulfide that includes the 50 metres by 50 metres Waterloo Lake gold zone.
Both domains are clearly transected by a major northeast fault also of kilometric size, implying that several small size intrusions were put in place at shallower depth towards the northeast, suggesting a higher temperature environment favorable to a possible gold and copper mineralization.
Moreover, the survey was able to support the extent of the Coyote gold zone of northwest-southeast direction for a length of at least 3.5 kilometres, where 4.5 m grading 0.63 g/t Au were intersected at the end of hole LG-16-02 which implies the zone is still open at depth. The Waterloo Lake gold zone may be associated to that major structure.
Finally, a new and major fault corridor of at least 5.5 km in length was supported in the vicinity of hole LG-16-06 where 1.0 metre assayed 1.1 g/t Au, at the beginning of the hole immediately before entering the fault zone that is at least 50 metres thick. This fault corridor strikes northwest-southeast and may be parallel to the Coyote zone to the south. Of note, several untested gold soil anomalies up to 0.13 g/t Au are present near this newly defined fault corridor.
This additional IP work will allow Goldstar to efficiently trench and sample already identified and new potentially gold bearing structures as well as the new tungsten discovery where 245 metres grading 0.102% WO3 were drilled (including 0.452% WO3 over 16.5 metres) and still open at depth, prior to undertaking a second diamond-drilling program.
Next steps
Goldstar is processing new and innovative LIDAR data that now cover the whole Lake George Property and, in particular, all areas to be trenched and stripped. LIDAR data is able to detect subtle structural features within a plus or minus one metre accuracy.
This will allow the Company to efficiently integrate data of all surveys and determine the position, orientation and length of the most promising areas for trenching, focusing on the Coyote gold zone, the area in the vicinity of hole LG-16-06 and the Waterloo Lake gold zone as well as the new tungsten discovery in hole LG-16-03. Once permitted, trenching and sampling are expected to commence in June 2017.
Based on the results obtained from trenching, Goldstar expects to begin a second diamond drill program at Lake George in the fall of 2017. Access for drilling is excellent all year long and easy logistics as always are expected.
Benoit Moreau, President and CEO of Goldstar comments: “This new IP survey that was performed on a tighter grid provides a detailed and much improved context for existing and newly defined mineralization and related kilometric size structures at multiple areas with trenching potential. Our recent Tungsten discovery supports that we are dealing with mineralized hydrothermal systems of scale. We are excited to investigate this kind of potential in our gold zones. The Company aims to better define the extent of identified gold zones and outline other new promising areas. Goldstar plans to begin its second diamond drilling program at Lake George in the fall.”
Disclosure
The technical information contained in this news release has been reviewed and approved by Benoit Moreau, P.Eng., CEO and director of the company. Mr. Moreau is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
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 may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
Benoit Moreau
President and Chief Executive Officer
514-591-8058
[email protected]
