Vanstar (TSX VENTURE:VSR) Acquires 2 Gold Properties in Abitibi
LA PRAIRIE, QUEBEC--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 27, 2010) - The management of Vanstar Mining Resources Inc («Vanstar»)(TSX VENTURE:VSR) is pleased to announce the acquisition of 2 gold properties in Abitibi, Quebec.
The Nelligan property comprises 92 cells covering an area of 4,968 hectares and is located near Chapais in Abitibi.
Geological description of the Nelligan project
Nelligan showing
The central part of the property hosts a volcano-sedimentary sequence between 1 to 2 km in length, trending ENE that is associated with the Obatogamau Formation. This mineralization is located near a large EW to ENE deformation corridor within the Guercheville-Fancamp system. The geological and structural environment is favorable to the presence of Archean mesothermal gold mineralization of vein and replacement types. This is the same context as the Joe Mann mine (3.35M t at 9.1g/t), the Phillibert deposit (1.5Mt at 5.4g/t) and the Chevrier deposit (1.8Mt at 5.1g/t).
Historical drilling shows grades of 2.17 g/t Au and 3.5 g/t Au (drill holes 94-13 and 95-01) on respective widths of 4.4 and 10 metres.
Phillibert showing
The Phillibert 1 showing is hosted in an amphibolitized and lightly epidotized gabbro. The gold mineralization is linked to a white to smoky quartz vein with tourmaline, carbonate and is lightly mineralized with pyrite. Gold seems more abundant where the quartz vein contains tourmaline and/or pyrite. The historical data mentions grades of 31.06 g/t Au and 2.54 g/t Ag on 1.22 m, 22.66 g/t on 1 m and another one with 6.0 g/t Au on 1 m in channel sampling. Drill hole 973-02 returned grades of 18.86 g/t Au on 0.60 metre.
Vanstar will own 100 % of this property in exchange of a $4,160 cash payment and the issuing of 225,000 common shares of Vanstar to the sellers of the property. The sellers are keeping a 2% NSR which 1 % can be purchased for $1,000,000.
The Destor property comprises 72 cells covering an area of 3,888 hectares and is located 30 km north of Rouyn-Noranda.
Description of the Destor project
Two blocks of claims composes the Destor project. They are located within the favorable geological environment of the Destor-Porcupine Fault where many gold deposits can be found, notably the former Beattie mine ( Clifton Star- Osisko ), the Fayolle deposit and the Duquesne mine. Many Megatem anomalies can be found on the north block while many metal base and input showings show up on the south block.
Vanstar will own 100 % of this property in exchange of a cash payment of $3,354 and the issuing of 500,000 common shares of Vanstar to the seller of the property. The seller is keeping a 0.5 % NSR.
These new acquisitions are part of Vanstar's strategy to progressively acquire high potential properties in various geological environments within the province of Quebec. A geological compilation will follow the acquisition of these new properties.
This press release was read and approved by Mr. Gilles Laverdière, geologist and Qualified Person as defined in NI 43-101.
The Nelligan property comprises 92 cells covering an area of 4,968 hectares and is located near Chapais in Abitibi.
Geological description of the Nelligan project
Nelligan showing
The central part of the property hosts a volcano-sedimentary sequence between 1 to 2 km in length, trending ENE that is associated with the Obatogamau Formation. This mineralization is located near a large EW to ENE deformation corridor within the Guercheville-Fancamp system. The geological and structural environment is favorable to the presence of Archean mesothermal gold mineralization of vein and replacement types. This is the same context as the Joe Mann mine (3.35M t at 9.1g/t), the Phillibert deposit (1.5Mt at 5.4g/t) and the Chevrier deposit (1.8Mt at 5.1g/t).
Historical drilling shows grades of 2.17 g/t Au and 3.5 g/t Au (drill holes 94-13 and 95-01) on respective widths of 4.4 and 10 metres.
Phillibert showing
The Phillibert 1 showing is hosted in an amphibolitized and lightly epidotized gabbro. The gold mineralization is linked to a white to smoky quartz vein with tourmaline, carbonate and is lightly mineralized with pyrite. Gold seems more abundant where the quartz vein contains tourmaline and/or pyrite. The historical data mentions grades of 31.06 g/t Au and 2.54 g/t Ag on 1.22 m, 22.66 g/t on 1 m and another one with 6.0 g/t Au on 1 m in channel sampling. Drill hole 973-02 returned grades of 18.86 g/t Au on 0.60 metre.
Vanstar will own 100 % of this property in exchange of a $4,160 cash payment and the issuing of 225,000 common shares of Vanstar to the sellers of the property. The sellers are keeping a 2% NSR which 1 % can be purchased for $1,000,000.
The Destor property comprises 72 cells covering an area of 3,888 hectares and is located 30 km north of Rouyn-Noranda.
Description of the Destor project
Two blocks of claims composes the Destor project. They are located within the favorable geological environment of the Destor-Porcupine Fault where many gold deposits can be found, notably the former Beattie mine ( Clifton Star- Osisko ), the Fayolle deposit and the Duquesne mine. Many Megatem anomalies can be found on the north block while many metal base and input showings show up on the south block.
Vanstar will own 100 % of this property in exchange of a cash payment of $3,354 and the issuing of 500,000 common shares of Vanstar to the seller of the property. The seller is keeping a 0.5 % NSR.
These new acquisitions are part of Vanstar's strategy to progressively acquire high potential properties in various geological environments within the province of Quebec. A geological compilation will follow the acquisition of these new properties.
This press release was read and approved by Mr. Gilles Laverdière, geologist and Qualified Person as defined in 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.
For more information, please contact
Vanstar Resources Ltd.
Gilles Laverdiere
CEO
514-830-8236
vanstar@videotron.ca
Vanstar Resources Ltd.
Gilles Laverdiere
CEO
514-830-8236
vanstar@videotron.ca
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