VANSTAR ANNOUNCES A TEMPORARY STOP OF THE DRILLING WORK PROGRAM ON NELLIGAN
According to the new directives issued by the Ministere de la Sante et des Services Sociaux (MSSS) of Quebec province, Vanstar Mining Resources Inc.’s partner, Iamgold Corp., has temporarily stopped the diamond drilling work in progress on the Nelligan project, located in the Chapais-Chibougamau region, in northern Quebec.
The work should resume as soon as the situation related to the COVID-19 will be in better control and safer for the workers.
Approximately 5,000 metres were completed before the work stopped. As laboratories are also affected by this mandatory shutdown, the results should take longer than usual.
The company continues to evaluate other gold projects it plans to add to its portfolio, however. It should be noted that current events can also bring certain opportunities for acquiring gold projects at a lower cost.
“This unfortunate and terrible situation can bring its share of unhappiness without warning. It is therefore strongly recommended that everyone avoid as much contact as possible which could spread this virus. We are very sorry for these circumstances and hope that everything will be back to normal as soon as possible,” mentioned the company’s chief executive officer, Guy Morissette.
This press release was read and approved by Gilles Laverdiere, consulting geologist and qualified person according to the National Instrument 43-101 Canadian standard. Manage Your Subscription
- Published in Gold, Mining, News Home, Vanstar Mining
VANSTAR EXPANDS AMANDA GOLD PROJECT
The management of the company announces that it has acquired 98 additional cells (5,188 hectares) by map designation to be added to Amanda project for a total of 138 cells with a total area of 7,306 hectares.
The Amanda property is located 275 km northwest of Chibougamau within the regional county municipality of Jamésie in the southern part of the Nord-du-Québec administrative region, Quebec, Canada.
Local geology
The Amanda project is located in the southeastern part of the Auclair Formation in the La Grande Subprovince. The Auclair Formation consists of a sedimentary pile essentially made up of paragneiss alternating with iron formations varying from a few meters to forty meters thick. South of Lac Béryl, there is an intrusion corresponding to a foliated and homogeneous tonalite as well as a band of volcanic rocks belonging to the Natel Formation. The Natel Formation represents the basis of the Eastmain Group. South of the Natel Formation, metasedimentary rocks are described as belonging to the Laguiche Complex. The region has structural complexity linked to the presence of folds, shear zones and faults.
Two major deformation phases (D1 and D2) are highlighted on the property.
Orogenic-type gold mineralization is associated with these two deformation episodes. However, the most important, such as the Eau Claire deposit located 40 km to the west and the mineralization of the Amanda property, are linked to event D2.
Economic geology
Several gold showings are listed on the Amanda property. Other evidence with a similar geological background is also highlighted within a 15 km radius to the west and southwest of the property. Mineralization consists of pyrite, pyrrhotite, disseminated arsenopyrite, and gold in veined quartz veins intersecting iron formations or in paragneiss. The type of mineralization is similar to the Homestake, Lupine and Musselwhite deposits.
The following data presents some historical results from boreholes and trenches:
Hole | Grade g/t Au | Thickness (m) | Showing |
AC-97-31 | 2,42 g/t Au | 4 m | Arianne |
and | 5,4 g/t Au | 7 m | |
including | 12,1 g/t Au | 3 m | |
AC-02-01 | 1,15 g/t Au | 18 m | Arianne |
AC-02-05 | 0,52 g/t Au | 11,37 m | Rock’n Hammer |
Including | 1,36 g/t Au | 2 m | |
Trench | Grade g/t Au | Thickness (m) | Showing |
TR-97-01 | 0,6 g/t Au over | 8,3 m | Arianne |
and | 1,07 g/t Au over | 7 m | Arianne |
TR-97-03 | 1,35g/t Au over | 11 m | Ti Beu |
including | 5,2 g/t Au over | 2 m | Ti Beu |
TR-97-04b | 1,69 g/t Au over | 13,8 m | Kog |
and | 5,17 g/t Au over | 2,9 m | Kog |
and | 8,34 g/t Au over | 1,6 m | Kog |
“The geological and geophysical data as well as the presence of many gold showings located in several locations on the Amanda property and in its environment confirm the gold potential of this project. Following the recommendations of our consulting firm, we plan to start various exploration work there (geophysics, geology and prospecting) as soon as the land is accessible in order to prepare a first drilling campaign, “underlined the CEO, Mr. Guy Morissette.
The company is currently in discussions with a few specialized firms in order to carry out this first step.
Félix project
The management of the company intends to undertake as soon as possible a first drilling program on this project. Located in the Chicobi sedimentary formation, this project proposes some interesting targets in areas of low magnetic intensities.
Nelligan Project
With regard to the Nelligan project, the drilling program currently underway continues without stopping. The company is still awaiting the first results. More than 2,500 meters have been completed to date on a program of a minimum of 8,000 meters. The objectives of this program are to verify the lateral and in-depth extensions of the Nelligan deposit as well as to categorize the inferred resources into the indicated resources.
The Nelligan deposit contains nearly 100 million tonnes grading 1.02 g/t Au for a current total of nearly 3.2 million ounces of inferred gold (NI43-101 Report Oct 2019).
This press release was read and approved by Gilles Laverdière, consulting geologist and qualified person according to Canadian standard 43-101.
The TSX Venture Exchange and its regulator (as defined in the TSX Venture Exchange policies) accept no responsibility for the adequacy or accuracy of its content.
Sources: | Sébastien Plouffe, VP – Investor Relations |
splouffe@vanstarmining.com 514-947-2272 | |
Gary Claytens, VP – Western Corporate Development 604-761-3233 | |
info@rvanstar.com | |
(www.vanstarmining.com) |
- Published in Mining, News Home, Vanstar Mining
Vanstar Mining Resources: Update on Work in Progress the Nelligan Project
Vanstar Mining Resources (TSX-V: VSR) management would like to update the work currently in progress. As mentioned in a previous press release, drilling has resumed on the Nelligan project, located in the Chapais-Chibougamau area.
The 2020 drilling campaign has been designed and implemented by the operator, IAMGOLD Corporation, and more than 2,500 meters have been completed to date. The holes completed have reached their respective targets and the results will become available in the coming weeks when compiled and validated.
The drilling program comprises for this year a minimum of 8,000 meters and aims to verify the western and deep extension of the Renard zone as well as to improve resource classification (currently total of 97.0 million tonnes grading 1.02 g/t Au for 3.2 million contained ounces of inferred resources – see news releases dated October 22, 2019).
“We are very happy with the progress of the current works. The homogeneity of the Nelligan deposit demonstrated in the NI43-101 report allows us to be optimistic about the future results to be received. Even if the market seems a little nervous regarding some elements beyond our control, that does not change anything in the quality of the deposit and in its economic potential » to mention Mr. Guy Morissette, CEO of the company.
Now 100% owned by the company, the Amanda project acquired based on its similarity to the Nelligan deposit and the significant presence of gold traced by drilling during the 1990s, is currently the subject of a mandate granted to an independent geological firm in order to compile all the historical data and submit a series of recommendations to the company for a first phase of exploration work to be done shortly this year. The company also acquired by map staking an additional block of 45 claims with an area of approximately 2,380 hectares, which block will be added to the Amanda project. This project, now made up of 85 claims with an area of approximately 4,644 hectares, is located a few hundred kilometers east of the municipality of Eastmain, in the James Bay territory.
“We are very interested in this project. The presence of significant gold in certain drill holes as well as a very anomalous gold back ground speak a lot to us. Other interesting indications such as faults, folds and iron formations lead us to be more curious and to invest time and money in it” to underline Mr. Morissette.
The 100% Felix project owned by the company is located in the Chicobi sedimentary strike. It is very similar to the sedimentary environment of the Nelligan project. Acquired by staking on a map, the Félix project has hardly ever been the subject of work except for a few holes to iron formation testing in the northern part of the project. One of these drill holes, made in a southern direction in contact with the iron formation with a zone of low magnetic intensity, intersected several significant gold values in few places along the hole (Source: GM 33270). The company expects to do exploration work on this project this year.
Other mining properties are also being explored. Vanstar’s management plans to significantly improve its properties portfolio in order to be able to offer various scenarios to potential partners.
This press release was reviewed and approved by Mr. Gilles Laverdière, qualified consultant geologist under the NI43-101 standards.
- Published in Mining, News Home, Vanstar Mining
Vanstar Announces the Appointment of Freeform Communications Inc. as Investor Relations and Online Marketing for Western Canada
Vanstar Mining Resources has appointed Freeform Communications Inc. as Investor Relations in Western Canada as well as their Online Marketing services.
Freeform Communications Inc. is a Vancouver based Investor Relations and Online Marketing Firm. With over ninety years of combined experience, specializing in a full range of investor relations and capital market services, Freeform has represented a wide array of public and private clients along the way and has assisted many in achieving their targeted goals.
Robert Ferguson, President of Freeform Communications states: “We are delighted to be working with Vanstar and their team of professionals. We are impressed with the Company’s fundamentals and with the opportunities that lie within. We look forward to introducing the Company to a wider audience within the investment community and in assisting the Company broaden in it’s shareholder base”.
“Freeform’s appointment will increase the company’s visibility and the audience in the Western Canada. Robert has lots of experience in that field and he sees a huge potential of Vanstar which can only be positive for improving the shareholders value”, commented Mr. Guy Morrissette, President and CEO of the Company.
Under the terms of the agreement, Freeform Communications Inc. will receive 250,000 stock options that can be exercised on or before February 9, 2021 at a price of $0.50 per share. The Company is also granting 800,000 stock options to two directors that can be exercised on or before February 9, 2025 at a price of $0.50 per share and 300,000 stock options to consultants that can be exercised on or before February 9, 2021 at a price of $0.50 per share.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this release.
Sources:
Sébastien Plouffe, VP – Public Relations 514-947-2272
Gary Claytens, VP – Western Corporate Development 604-761-3233
Robert Ferguson, IR – Western Canada 604-999-5546
- Published in Mining, News Home, Vanstar Mining
Vanstar develops a geological model based on the Nelligan gold deposit and embarks on the acquisition of multiple mining properties
In response to the findings of mining and exploration consultants InnovExplo, Vanstar (TSX-V. VSR) is pleased to announce the launch of a selection process to acquire a number of mining exploration projects in Quebec. The focus will be on areas deemed highly favorable, with similar characteristics to the notable Nelligan gold deposit located in the Chapais-Chibougamau region.
In 2019, the Nelligan gold deposit was the subject of an initial mineral resource estimate and a joint IAMGOLD – Vanstar NI 43-101 Technical Report documenting inferred resources totaling nearly 3.2 million ounces of gold for almost 100 million metric tons (see news release dated October 22, 2019). The current work on Nelligan aims to reclassify the resource as the specified category and to verify the depth extensions and extensions to the west of the deposit.
Following the NI 43-101 report, Vanstar commissioned InnovExplo to target favorable regions across the Abitibi geological subprovince for disseminated gold deposits hosted by metasedimentary rocks (Nelligan-type gold mineralization).
Nelligan gold mineralization is clearly distinct from most Abitibi tardi-orogenic gold deposits (i.e. distinct from conventional shear zones and quartz-carbonate veins). Nelligan is characterized by widespread and pervasive silica alteration and disseminated gold mineralization with a low pyrite content (1–5%) hosted in the metasedimentary rocks of the Archean Caopatina Formation. Nelligan’s geological context and mineralization style is unusual when compared with other Abitibi gold deposits, but has several similarities (and some differences) with the Canadian Malartic style or even with Carlin-type mineralized systems.
In order to select potential new sectors at a regional level, the approach used also drew on key features such as:
- geological characteristics specific to the Nelligan deposit;
- the presence of large sedimentary basins;
- local and regional structural elements;
- the spatial relationship with syntectonic intrusions;
- the metamorphic gradient;
- the metal association;
- the magnetic signatures.
Based on these specifications, Vanstar has map-staked an initial group of 35 cells over an area of approximately 1982 hectares—the Félix Project—and another block of 40 cells in an area of approximately 2264 hectares — the Amanda Project. The latter was purchased from three independent prospectors for a total of $60,000 and the issuance of 470,000 common shares. The sellers did not receive any royalties (NSR or otherwise). The company plans to use map staking to increase the number of cells for each of these projects.
The Félix Project
The Félix Project is based in the Chicobi Basin, northeast of the municipality of La Sarre, Abitibi. To date, very few boreholes have been made for this project. The majority of those that have been completed are in the northern part of the project to test iron formation. However, borehole 728-06-01 (GM 33270) intersected a sedimentary sequence in contact with the iron formation that contained several anomalous gold values.
The company plans to carry out a geological and geophysical survey here early next spring.
The Amanda Project
The Amanda Project is based in Jamésie and contains several gold showings. Historic data has made it possible to trace several gold showings for this project, including the Arianne, Ti-Beu, Rock’n Hammer, La Mire and Kog-1 showings. Some drilling conducted by Virginia Mines in the late 1990s also allowed for the cross-cutting of different gold structures containing significant gold values. This included the AC-97-31 drill hole, which revealed 2.42 g/t Au over 4 meters and 5.40 g/t Au over 7 meters with 12.1 g/t Au over 3 meters (GM 55430).
The geology of the Amanda sector can be summarized as a sedimentary stack located in the heart of a large fold, bordered by volcanic rocks. The sedimentary sequence consists of wackes, iron formations and local conglomerates. There are also shear zones, major flaws and folds in this environment.
The Amanda Project rocks have undergone two major stages of deformation. This project is also characterized by the presence of a large fold forming a complex structural pattern. The combined effect of these two folding stages is to multiply the different lithostratigraphic units.
A combined geological and geophysical mandate will be awarded to an external consultant in order to determine the various targets for next summer.
Several other proposed targets are currently under consideration. Some of these targets will be map staked over the next few weeks. The company’s management prioritizes sectors in regions with as few constraints as possible.
The company intends to join forces with potential partners seeking new ideas and/or create a subsidiary that could test this new conceptual approach.
Stéphane Faure, Senior Geologist and Qualified Person under Canadian National Instrument 43-101 has read and approved this news release.
The TSX Venture Exchange and its regulator (as defined in the TSX Venture Exchange policies) accept no responsibility for the adequacy or accuracy of its content.
Sources: | Sébastien Plouffe, VP – Investor Relations |
splouffe@vanstarmining.com 514-947-2272 | |
Gary Claytens, VP – Western Corporate Development 604-761-3233 | |
info@rvanstar.com | |
(www.vanstarmining.com) |
- Published in Mining, News Home, Vanstar Mining
Vanstar Announces the Continuation of the Diamond Drilling Program on the Nelligan Gold Project
Vanstar Mining Resources Inc. management announces that a new winter drilling program of a minimum of 8,000 meters will begin on the Nelligan project in the coming days.
Managed and supervised by our partner IAMGOLD Corporation, this new drilling program involves a number of objectives including: additional infill drilling to improve resource classification established at (on a 100% basis) at 3.2 million ounces of contained gold (see news releases dated October 22, 2019) and convert some Inferred Resources to an Indicated Resource category; evaluate potential resource extensions in the deeper parts of the deposit; and evaluate resource expansions along strike.
In order to speed up the field work during this winter period, IAMGOLD plans to use two drills.
« We are also confident that the next drilling programs will increase significantly the gold resources as the drilling will be concentrated in the western part of the extensions and in depth of the Renard zone» to underline the Chief Executive Officer, Mr. Guy Morissette.
It should be noted that the 3.2 million inferred ounces of resource has been achieved with only 56,000 meters of drilling carried out on the property. »
Moreover, additional metallurgical tests will be completed in the coming months to provide additional information on the metallurgical recoveries from the various zones of mineralization comprising the Mineral Resources of the Nelligan gold deposit and to help optimize the process flow sheet parameters.
The regional exploration program will also continue to define and test other priority exploration targets on the property.
SQUIDBET
As the conditions of Squidbet sales had not been fulfilled by December 31, 2019 as stipulated in the letter of intent signed in November 2019, Vanstar’s management has canceled its agreement with 56 Acquisitions Inc. Vanstar will look for new business opportunities for the development of this project but has no intention to invest more money in it.
- Published in Mining, News Home, Vanstar Mining
IAMGOLD Pays $2.35 Million to Vanstar and Gets an Additional 24% Interest in the Nelligan Project
Vanstar Mining Resources Inc. ( Vanstar ) announced that IAMGOLD Corporation (IAMGOLD), their strategic partner in the development of the Nelligan project, exercised in advance its option to increase its undivided interest in the Nelligan project by 24% to now hold a 75% interest in the property. Vanstar retains a 25% interest and 1% NSR in the original claims.
Under the terms of the amended agreement of February 2018, IAMGOLD has fulfilled all the required conditions by delivering a first NI43-101 estimate of mineral resources and by doing the remaining cash payment of C$ 2.35 million.
IAMGOLD can earn an additional 5% interest by delivering a feasibility study.
“It is reassuring to see that our partner completes all the requirements more than 2 years before the deadline set in the agreement. This confirms well the great potential of the Nelligan project. Nearly 3.2 million ounces of gold inferred have already been delineated with just under 56,000 meters of drilling. If we compare this yield per meter drilled with other current projects, we find that Nelligan offers an unusual homogeneity which can allow to quickly increase additional resources. Everything remains open both laterally and at depth, in a gold corridor of potentially more than 4 kilometers.” mentioned Mr. Guy Morissette, CEO and President of the company.
In another press release, Mr. Craig MacDougall, Senior Vice President, Exploration of IAMGOLD, mentioned: “The exercise of the option to increase IAMGOLD’s ownership to 75% consolidates our participation in this new discovery and further supports our view of this favorable exploration potential for the discovery of additional resources. We look forward to continuing to work with Vanstar as we are advance our exploration efforts on the Project.”
The Nelligan project is located in the Chapais-Chibougameau region and consists of 158 claims within an area of 8,216 hectares. It is accessible all year long by different forest roads. The project hosts mineral resources consisting of inferred resources limited by a pit, totaling 96,990,000 MT at an average grade of 1.02 grams of gold per ton for 3,193,000 ounces of gold (see press release of October 22, 2019).
Next Step.
In the coming months, additional metallurgical testing will be conducted to provide additional information on metallurgical recoveries of different mineralization zones, including the Nelligan mineral resources, and to help optimizing the process scheme parameters.
Planning for future drilling programs is underway and will include a number of objectives, including: additional infill drilling to improve resources classification and convert inferred resources into an indicated resources category; evaluate the potential resources extensions in the deepest parts of the deposit; and evaluate the expansion of resources along the strike.
Regional exploration will also continue to define and test other priority exploration targets on the property.
The company is also granting to their board members and directors a total of two million stock options that can be exercised on or before December 10, 2024, at a price of $0.35 per share.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this release.
Sources: | Sébastien Plouffe, VP – Investor Relations |
514-947-2272 sebas.plouffe@gmail.com | |
Gary Claytens, VP – Western Corporate Development | |
604-761-3233 | |
info@rvanstar.com | |
www.vanstarmining.com |
- Published in Mining, News Home, Vanstar Mining
Vanstar Announces the Appointment of Mr. Sébastien Plouffe as Director and VP Public Relations
Momentum Public Relations
Press Release: December 2, 2019
Vanstar Mining Resources directors have appointed Mr. Sébastien Plouffe as a member of the Board of Directors and Vice-President Public Relations.
Mr. Plouffe is a former successful VP Senior Investment Advisor with Canadian brokerages firms such as BMO Nesbitt Burns and Canaccord Genuity Wealth Management, from which he achieved the Chairman’s Club level for his strong performance during many years. In his 10 years career, he has been involved in financings and transactions valued at over $1 billion.
Mr. Plouffe is President and CEO of Sediamek Inc., a private entity specialized in finding undervalued projects in emerging markets and structuring those projects to make them successful. It brought him to travel all over the world and to develop strong management skills. He co-founded and financed mining projects mostly in Central Africa and South America. He always emphasized the charitable aspects of his projects and he set-up some related organizations and structures worldwide.
Mr. Plouffe was instrumental in the success of several Canadian and International companies, both in private and public sectors, particularly in mining and technology. He is recognized for his management and ability to build and efficiently grow any corporation that he’s involved with. Mr. Plouffe is also a good communicator and speaks multiple languages such as English, French and Spanish.
Mr. Plouffe graduated with a bachelor’s degree in Business Administration with a specialty in Finance and Marketing from the Ecole des Hautes Etudes Commerciales of Montreal.
“I am proud to join Vanstar, a growing company with strong mining assets and a solid partnership with IamGold Corporation. I look forward to working with the management team and the board members to strengthen the company’s awareness in the financial community and to be part of this well established and very promising gold mining company in Quebec,” commented Mr. Plouffe.
“Sébastien’s appointment on the Board of Directors and his involvement in the day-to-day relationships with investors is a more than interesting asset for Vantsar’s development. We are very proud of it,” commented Mr. Guy Morissette, President and CEO of the Company.
Under the terms of the agreement, Mr. Plouffe will receive 300,000 stock options that can be exercised on or before December 1st, 2024, at a price of $0.275 per share.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this release.
THIS PRESS RELEASE CANNOT BE DISTRIBUTED TO THE AMERICAIN PRESS SERVICES FOR UNITED STATES RELEASE.
Sources: | Guy Morissette, CEO Vanstar 819-763-5096 |
Sébastien Plouffe, VP – Public Relations 514-947-2272 | |
Gary Claytens, VP – Western Corporate Development 604-761-3233 |
- Published in Mining, News Home, Vanstar Mining
Vanstar Announces the Sale of the Assets of Its Squidbet Platform
Momentum Public Relations
Press Release: November 26, 2019
The management of Vanstar Mining Resources Inc. (“Vanstar”) announces, following its press release of July 30, 2019, the signing of a letter of intent for the sale, in the form of an assignment, assets, all rights and interests of its Squidbet social platform to 56 Acquisitions Inc. (“56”), a Vancouver-based corporation.
Through this non-related party transaction, 56 will acquire 100% of the assets related to the Squidbet Project for $ 500,000 payable by the issuance of common shares (each, a “56 Share”) of 56 at a deemed price of $ 0.05 per Share 56.
The closing of the transaction is subject to certain conditions including satisfactory due diligence, the signing of a definitive asset purchase agreement, and the closing of a private placement of a minimum of $ 750,000 of units (each, a “56 Unit”) from 56 at $ 0.05 per unit with Vanstar’s interest for up to $ 250,000. Each “56 Unit” is composed of a “56” share and “56” warrant with an exercise price of $ 0.10 for a term of 24 months.
Closing of the transaction is expected no later than December 31, 2019. 56 expects to change its name to Focus Solutions Ventures at closing.
“We are very pleased to complete this transaction with 56 Acquisitions. Vanstar will now be able to fully refocus its activities in the mining sector, “said Guy Morissette, CEO of the company.
Depending on the regulations and authorizations to be obtained, it is expected that the shares obtained by this transaction will, in whole or in part, be redistributed as dividends to “Vanstar” shareholders at a later date.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this release.
About Nelligan Project
With respect to the Nelligan project, the company’s management is preparing a series of meetings with the Canadian financial community. Following an initial NI 43-101 assessment, Vanstar management recently released (October 22, 2019) an inferred resource of close to 3.2 million ounces of gold. This project, developed in collaboration with IAMGOLD Corporation (51%) and Vanstar (49%) has the potential to become one of the largest gold projects in Canada. Everything remains open both laterally and deeply.
In the coming months, additional metallurgical testing will be conducted to provide additional information on the metallurgical recovery of the various mineralization zones including the mineral resources of the Nelligan gold deposit and to help optimize the parameters of the treatment chart.
Drilling program planning is underway and will include a number of objectives including additional definition drilling to improve the categorization of resources and convert inferred resources to indicated resources as well as to assess the potential for increasing resources in these areas. deeper parts of the deposit and assess the extent of the resource along an assumed gold corridor of approximately 4 kilometers.
Regional exploration will also focus on defining and testing other priority exploration targets on the property.
Sources :
Guy Morissette, CEO
819-763-5096
Gary Claytens, VP – Western Corporate Development
604-761-3233
- Published in Mining, News Home, Technology, Vanstar Mining
The Nelligan Project Wins « Discovery of the Year » Award at the Quebec Mineral Exploration Association Gala
Momentum Public Relations
Press Release: October 25, 2019
The management of Vanstar Mining Resources (TSX.V – VSR) is very pleased to announce that it has won, in co-participation with its partner IAMGOLD, the “Discovery of the Year” award for the Nelligan gold project, located in the Chapais-Chibougamau region of Quebec. This award was presented at the Recognition Gala at the Xplor Mining Convention presented by the Quebec Mineral Exploration Association on October 23, 2019 in Montreal (Quebec).
“We are very proud to have won this award and we thank the AEMQ for granting it. The Nelligan project became a major project following the publication of a first ressource estimate of 3.2 million ounces of gold. We are only at the beginning and we remain confident that Nelligan will become a first class deposit at the Canadian level. We thank again our partner IAMGOLD for the excellent work done by their team on this project. ” said the President and CEO of the company, Mr. Guy Morissette.
A 43-101 Report that confirms the potential of the project
The first resource estimate, on a 100% basis, includes 96,990,000 tonnes of inferred resources at an average grade of 1.02 grams of gold per tonne representing 3,193,900 ounces of gold contained in a pit. This estimate includes four distinct mineralized zones where their geological continuity and grade have been demonstrated through the IAMGOLD and Vanstar exploration drilling programs. In this estimate, the largest contribution (in ounces) comes from the Renard Zone which has recently been cut over a distance of more than 1 km and has a true thickness greater than 100 m. The deposit is characterized by homogeneous low-grade gold mineralization associated with fine pyrite mineralization contained in an altered sequence of mainly metasedimentary rocks that remains open at depth and in its potential westward extent. The potential of the project remains favorable for the addition of resources and will remain the focus of future exploration campaigns.
Next steps
In the coming months, additional metallurgical testing will be conducted to provide more information on the metallurgical recovery of the different mineralization zones including the mineral resources of the Nelligan gold deposit and to help optimize the parameters of the treatment chart.
Drilling program planning is underway and will include a number of objectives, including: additional definition drilling to improve the categorization of resources and convert inferred resources to indicated resources; assess the potential for increasing resources in deeper parts of the deposit and evaluate extensions of the resource along the deposit.
Regional exploration will also focus on defining and testing other priority exploration targets in the property.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.
THIS PRESS RELEASE CANNOT BE DISTRIBUTED TO THE AMERICAN PRESS SERVICES FOR US RELEASE.
Sources :
- Guy Morissette, CEO Vanstar 819-763-5096
- Gary Claytens, VP – Western Corporate Development 604-761-3233
- Published in Mining, News Home, Vanstar Mining
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