VANCOUVER, British Columbia, May 31, 2022 (GLOBE NEWSWIRE) -- Vanstar Mining Resources (TSXV:VSR) (OTCQX:VMNGF) (FSE:1V8) announced partial results from the first two holes drilled at the newly optioned Bousquet-Odyno project in Quebec. The Bousquet-Odyno property, comprised of 37 contiguous mining claims covering approximately 1,492 ha, 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.
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Both Hole BO-22-63, which returned an intercept of 21 metres grading 5.23 g/t gold, including 10.5 metres grading 10.14 g/t gold and Hole BO-22-64, which returned an intercept of 6.5 metres grading 2.10 g/t gold, including 3.5 metres of 3.53 g/t gold, targeted zones below historical holes.
J.C. St-Amour, President and CEO, stated: “This is our maiden drill program on the Bousquet-Odyno Project and we are excited to see that high grades continue at depth below historical drilling on the project. This is a kilometric-sized gold system and high-grade gold has historically been identified closer to surface. Today's drill results targeted gold mineralization at a vertical depth of 275 m and is a significant step down from previous high-grade gold intercepts. I am enthusiastic about the potential to expand the known gold system with further drilling. As we know, the Abitibi gold belt is one of the most prolific gold systems in the world and deposits can start at surface and continue to depth for kilometers. We look forward to receiving further assay results from our drill program.”
Based on these encouraging early results, the company plans to increase the drill program by 5,000 metres to a total of 9,000 metres, to continue to test the high-grade zones at depth. Vanstar has an option to earn a 75% interest in the project from IAMGOLD by spending $4 million over four years, with IAMGOLD having the right to back-in to 50% of the project.
As a gold exploration company, Vanstar has several properties located in Northern Québec at different stages of development. It 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 also owns 100% of the Felix property in the Chicobi Group, 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 metres, and the Frida and Eva properties located in the James Bay area.
The shares are trading at $0.40
For more information, please visit the company’s website at www.VanstarMining.com, contact JC St-Amour, President and CEO, at 647-296-9871 or email jc@VanstarMining.com.
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