Montreal, Quebec – June 20, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) (“Vanstar”, or the “Company”) is pleased to announce additional results from its drill program at Bousquet-Odyno project. The results received from seven (7) holes to date confirm continuity of mineralization at depth in the main zone of the project and also show additional mineralization outside of the main zone. Hole BO-22-76 returned a 9.0 m intercept grading 3.96 g/t Au in a zone that is SW of the main zone in a different geological setting and may indicate the beginnings of a new, higher-grade zone.
Holes BO-22-64 through 67 were drilled in the main zone, between the known high-grade zones. Hole BO-22-67 returned an intercept of 18.0 m grading 1.07 g/t Au, including 6.0 m of 1.42 g/t Au and 6.6 m of 1.39 g/t Au. Results from these holes confirm the continuity of mineralization and a possible widening of the mineralized zone at depth just as it was observed in hole 63. See Figure 1 for a longitudinal section showing the location of the holes relative to previously drilled holes by other operators and Table 1 for a list of results to date from the current drill program.
J.C. St-Amour, President and CEO, said, “The current drill program is progressing very well and today’s results are improving our understanding of the gold zones on the property. Hole BO-22-76 is interesting as historical drilling in the area had not returned significant results and it is possible that this is a new ore shoot. We plan to follow up with additional drilling in this area. Also of note, holes BO-22-64 through 67 are in a lower-grade area which seems to connect the higher-grade gold shoots of the main zone, allowing for a bulk tonnage target to be developed. Again, more drilling is needed to confirm, but the project’s proximity to infrastructure and operating gold mills would reduce future development capital expenditure.”
Results announced to date represent approximately 2,500 m of the planned 9,000 m program. Drilling is ongoing and further results are expected throughout the summer.
The following video demonstrates the proximity of the Bousquet Odyno project to infrastructure and the Westwood mill owned by IAMGOLD Corporation (“IAMGOLD”).
Figure 1: Longitudinal section of the Bousquet-Odyno Project indicating locations of holes in this news release.
Mr. Gilles Laverdi?re, P.Geo, consultant geologist and qualified person under NI 43-101 has read and approved this press release.
Bousquet-Odyno is comprised of 37 contiguous mining claims covering approximately 1,492 ha and is located directly south of highway 117 between the towns of Rouyn-Noranda and Malartic in the Province of Quebec. The Property lies within the Abitibi greenstone gold belt, along the Cadillac break, a prolific gold bearing regional structure that has produced 100 million ounces of gold since 1900. Vanstar can earn a 75% interest in the project from IAMGOLD by spending $4 million over four years. IAMGOLD will have the right to back-in to 50% of the project.
Vanstar Mining Resources Inc. is a gold exploration company with properties located in Northern Qu?bec 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 a 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, 65 km 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).
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