VANCOUVER, B.C., Dec. 2, 2002 (PRIMEZONE) -- Bright Star Ventures Ltd. (TSX Venture Exchange:BSV):
The Company is pleased to provide the following update on its 2002 reconnaissance diamond drill program on the DP Zone, located near the northwestern margin of the Tulameen Ultramafic Complex. The Tulameen Ultramafic Complex in Southern British Columbia represents one of the largest Alaskan-type ultramafic complexes in North America, and has excellent potential for hosting an economic deposit with significant platinum group metals. Bright Star ventures controls 85% of the entire 64 square kilometer complex.
The purpose of this program was to test Cu-PGE targets delineated by geological mapping and prospecting, soil and stream sediment geochemistry, airborne magnetic and ground IP surveys identified during the 2002 field season. Two large sub-parallel IP geophysical and Cu-PGE soil/rock geochemical anomalies have been identified with a northerly trend, each greater than a kilometer in length with widths ranging from 50 meters to 150 meters. Both anomalies are open along strike at this time. Six NQ diamond drill holes for a total of 3300 feet tested mineralization along the most easily accessible eastern anomaly, which featured one 1.0 meter chip sample reporting 2.09g/t PGE and 0.17% Cu.
The following table presents some assay intervals from the drilling program:
Summary Table of Drill Results
Hole Number From (m) To (m) Length (m) PGE g/t Cu %
Hole DP 2002 - 01 32.05 34.22 2.17 0.37 0.01
36.72 39.40 2.68 0.36 0.01
99.00 102.00 3.00 0.25 0.17
106.20 114.80 8.60 0.20 0.20
137.98 154.25 16.27 0.09 0.14
including 137.98 144.24 6.26 0.12 0.15
including 148.25 154.25 6.00 0.09 0.19
165.30 170.30 5.00 0.32 0.01
Hole DP 2002 - 02 10.02 19.40 9.38 0.23 0.06
72.53 88.47 15.94 0.36 0.04
Hole DP 2002 - 03 34.71 47.00 12.29 0.20 0.09
210.08 216.40 6.32 0.27 0.01
Hole DP 2002 - 03
Including 214.58 216.40 1.82 0.41 0.01
218.57 220.57 2.00 0.66 0.02
234.48 252.48 18.00 0.18 0.06
Hole DP 2002 - 04 7.92 92.96 85.04 0.13 0.09
Including 17.55 40.17 22.62 0.06 0.11
Including 47.90 54.24 6.34 0.15 0.14
Including 65.52 73.46 7.94 0.34 0.17
Hole DP 2002 - 05 5.92 126.80 120.88 0.06 0.10
Including 37.63 39.10 1.47 0.31 0.08
Including 64.17 70.82 6.65 0.05 0.19
Including 98.40 106.32 7.92 0.04 0.18
Hole DP 2002 - 06 4.88 115.20 110.32 0.11 0.09
Including 28.00 43.50 15.50 0.07 0.18
Including 30.40 31.40 1.00 0.16 0.87
Including 45.14 46.35 1.21 0.29 0.06
Including 54.00 56.00 2.00 0.37 0.06
Including 79.05 80.55 1.50 0.39 0.06
Including 82.05 88.30 6.25 0.10 0.21
-- Cu (ppm) converted to percent. PGE = Pt (ppb) + Pd(ppb)
converted to g/t
An existing mining trail located adjacent to the eastern anomaly was upgraded to a drill road for the 2002 program, allowing vehicle access. The drilling was completed on three sections approximately 150 meters apart, covering 300 meters of strike length having coincident soil/bedrock and IP anomalies.
Drilling encountered broad intervals of disseminated and fracture-controlled chalcopyrite-pyrite mineralization in holes 1, 2, 4, 5 and 6 up to 121 meters core length. The copper-PGE mineralization flanks the margin of a large iron oxide (magnetite) exploration target, which was partially tested by hole 3. The styles of mineralization encountered by drilling have some similarities to IOCG-type (iron-oxide copper gold) deposits, known for hosting significant large bulk tonnage deposits for copper and precious metals in other parts of the world. Low-grade copper intervals occur in all of the holes with values in the 0.08% to 0.8% range. PGE concentrations in the 0.2 to 0.65 g/t range occur locally in relatively fresh to fractured, sulphide poor hornblende clinopyroxenite, as well as chalcopyrite-pyrite mineralized, altered and variably fractured equivalents. These two styles of mineralization indicate primary and secondary remobilized concentrations of PGE and copper sulphides.
These drill results confirm that the potential for significantly higher PGE and copper concentrations in these environments is considered excellent, particularly in the vicinity of major structures.
Spring 2003 Exploration Program
Based on encouraging results, the Company proposes to follow up with a major spring drilling program on the western mineralized zone at the DP occurrence.
This western anomaly which remains untested at this time is flanked by a major mylonitic fault zone, and features highly anomalous copper-rich soils in the 500 ppm to 1% Cu range, with a strike length of greater than 1 kilometer and widths between 50 m to 150 m. Broad coincident zones of bedrock copper have been outlined on surface while deep penetrating IP surveys have indicated broad zones of mineralization which extend to great depth directly below the surface bedrock/soil geochemical anomalies. This attractive target will be tested along the entire 1-kilometer strike length. Drilling will commence once drill pads have been prepared as part of the spring program.
Exploration in 2003 will also continue on a number of previously identified airborne anomalies in the Tulameen Complex with a systematic geophysical/ geochemical approach to exploration with planned stream sediment, soil and bedrock lithogeochemistry surveys, ground magnetic and IP geophysical surveys, detailed mapping and prospecting over areas having excellent potential for hosting economic PGE mineralization. Several of these targets are on recently acquired properties containing significant airborne magnetic and electromagnetic targets, as well as mineralized zones defined by previous work. The Company is preparing the budget for a 50,000 ft. drill program for the entire complex at a budget cost of $1,200,000.
Debenture Financing:
Management of Bright Star is pleased to announce the completion of a previously announced convertible debenture for $862,000.
In preparation for the 2003 Spring drill program, the Company is pleased to announce, subject to regulatory approvals, a proposal to issue a non-brokered private placement of unsecured subordinated convertible debentures in the aggregate principal amount of $3,000,000 to a number of private investors. The debenture will be subordinated to the existing $862,000 debenture and will bear interest at 1.1% per annum cumulatively and maturing on December 31, 2007. The debentures will be issued at a discount for an effective yield of not more than 16.1% per annum. In addition, 1,500,000 detachable warrants will be issue and be exercisable for a two-year period at $1.00 per share.
The debentures at the company's option, may be redeemed in full or part, or converted into shares of Bright Star Ventures Ltd., or a combination thereof, at the following conversion prices:
$1.00 per share if exercised on or after January 1, 2004 and before December 31, 2004.
$2.50 per share if exercised after January 1, 2005 and before December 31, 2005.
$3.75 per share if exercised after January 1, 2006 and before December 31, 2007.
In addition, the Company, subject to regulatory approvals, will have the right to settle the principal amount and outstanding interest on the debentures at the maturity date by issuance of common shares having a deemed value of $3.75 per share. The debenture and any shares issued on conversion may be subject to applicable regulatory hold periods.
Mr. Bill Yeomans, PGeo, and vice-president of exploration of Bright Star Ventures Ltd. is the designated qualified person responsible for the exploration program on the property and the person responsible for the preparation of the geological information contained in this release. All assaying was completed by Eco Tech Laboratory Ltd. in Kamloops, B.C. and sample preparation was completed in Coalmont, B.C. by company staff under the supervision of Mr. Bill Yeomans PGeo. Bright Star inserts prepared standards and blanks at the sample preparation lab on the project site to monitor the quality control of the assay data.
For information on the company call 1-800-884-3864, or visit our website at www.brightstar-ventures.com
On behalf of the Board
"Reg Handford"
President & Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.