MONTREAL, QUEBEC–(Marketwired – Oct. 25, 2016) –
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 agreements have been signed with all private landowners with respect to the upcoming drilling program on its Lake George Property, located in New Brunswick, Canada. The Company will begin its first phase diamond drill program with the mobilization of equipment and personnel on November 7, 2016 and expects to receive its first core the following day. Goldstar is focused on developing deposits that contain technology metals such as high-value tungsten, tellurium, antimony, tin and bismuth, in leading mining jurisdictions in Canada.
The 3 week delay in starting the drilling program was necessary due to additional ground prospecting required as a result of induced polarization (“ÌP”) anomalies being of much larger size than expected. Moreover, Goldstar has discovered new outcrops that radically change the interpretation of buried intrusions, initially thought to be essentially uniform. Field evidence suggests that these intrusions range from diorite to a whitish muscovite granite.
The Company has now determined the location of 10 drill holes which are targeting both magnetic and IP anomalies, all supported by field geology. Accordingly, 4 holes will be investigating tungsten mineralization with possible copper and molybdenum associated to granodiorite buried intrusions, 4 other holes will be drilled for possible copper-gold mineralization in the vicinity of an altered diorite intrusion surrounded by breccias and faults, 1 hole will test a 250 metre long gold-tellurium soil anomaly, and a final hole will be drilled for possible tin and tungsten mineralization near a potential buried muscovite granite.
Goldstar will shortly start preparing drilling sites by using existing lumber and old drill roads to minimize environmental impact and required tree cutting. These roads provide excellent access to every drill target. The Company is also finalizing arrangements for renting an existing core handling facility, for determining assaying packages and standards, and will soon select the drilling contractor for its 3,000 metre drilling campaign.
Upon commencing its first diamond drilling program, Goldstar expects to release its first drilling results early in December 2016.
Benoit Moreau, President and CEO of Goldstar comments: “The Company is very pleased with the agreements signed by every private landowner for its first phase diamond drilling program. Additional field work has also provided more geological insight which has helped in determining and positioning the best possible targets. Our geological team is now gearing up for final preparation and is excited with the prospect of receiving its very first core at Lake George within two weeks.”
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 information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements.