NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES
MONTREAL, Dec. 03, 2018 (GLOBE NEWSWIRE) -- Goldstar Minerals Inc. (“Goldstar” or the “Corporation”) (TSX-V: GDM) is pleased to announce that it has received assay results from its first detailed outcrop prospecting program at its Victoria Lake Property, located in New Brunswick, Canada.
The Victoria Lake Tin Property extends East-West over a distance of nearly 20 kilometres from the Mount Pleasant area to the southeast of Victoria Lake. The property immediately borders to the south the former Mount Pleasant tungsten and molybdenum mine owned by Adex Mining Inc. which has published a National Instrument 43-101 indicated resource of 12.4 million tonnes at 0.38% tin (Sn), 0.86% zinc (Zn) and 64 ppm indium (In). The property is close to infrastructure and access remains excellent all year round. Please note that the mineralization hosted on the former Mount Pleasant tungsten and molybdenum mine is not necessarily indicative of the mineralization hosted on the Corporation’s property.
This detailed outcrop prospecting was following up some of the numerous historical and previously identified tin occurrences in the eastern region of the property. Highlights of the prospecting are detailed below.
Samples returned tin at surface.
A total of 240 outcrop sub-crop samples were collected on several grids within an area roughly 5 km by 2.0 km from highly altered granitic rocks, often designated as greisens. Twenty-six (26) samples returned highly anomalous values over 0.05% Tin (Sn) that are well above the background. One (1) other sample gave a value of 0.15% Bismuth (Bi), again well above the background. A little more than 10% of all samples collected are thus of interest as shown in the following table:
| Sample Description | Tin (Sn) in % | Bismuth (Bi) in % |
| E6687439 | 0.07 | |
| E6687440 | 0.09 | |
| E6687558 | 0.07 | |
| E6687565 | 0.18 | |
| E6687591 | 0.09 | |
| E5780163 | 0.05 | |
| E5780166 | 0.11 | |
| E5780181 | 0.05 | |
| E5780190 | 0.05 | |
| E5780195 | 0.12 | |
| E5780207 | -- | 0.15 |
| E5780222 | 0.08 | |
| E5780226 | 0.14 | |
| E5780237 | 0.09 | |
| E5780239 | 0.08 | |
| E5780240 | 0.05 | |
| E5780249 | 0.06 | |
| E5780251 | 0.11 | |
| E5780252 | 0.07 | |
| E5780253 | 0.32 | |
| E5780258 | 0.23 | |
| E5780262 | 0.23 | |
| E5780264 | 0.08 | |
| E5780268 | 0.12 | |
| E5780269 | 0.05 | |
| E5780747 | 0.35 | |
| E5780748 | 0.10 |
Assays were performed at AGAT Laboratories located in Mississauga, Ontario using peroxide fusion and ICP finish. These are grab samples that are not necessarily representative of the mineralization hosted on the property. Standards and blanks were inserted in every 25 samples.
Next steps
The Corporation is currently compiling and analyzing the results from the outcrop prospecting program carried out on the Victoria Lake Property. These results have already led to the identification of several trenching targets intended to outline the tin mineralization identified and found at surface, prior to undertaking a first phase diamond drill program at Victoria Lake later in 2019. Access for drilling is excellent all year long and easy logistics are expected.
Benoit Moreau, President and CEO of Goldstar comments: “While the Victoria Lake Project is still in the early stages, we are very pleased to report that our geological team was able to considerably extend the surface footprint of the tin mineralization. The upcoming trenching program in 2019 will allow for a more complete understanding of the mineralization as the Corporation is aiming for its first diamond drilling program at Victoria Lake.”
Lake George update
The investigation with respect to the Lake George assay results continues. Benoit Moreau adds “The Lake George project remains our principal focus and we look forward over the coming weeks to having coherent and representative assay results to present to our shareholders.”
Disclosure
The technical information contained in this news release has been reviewed and approved by Benoit Moreau, P.Eng., CEO and director of the Corporation. Mr. Moreau is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
For more information, please contact:
Benoit Moreau
President and CEO
514-591-8058
bmoreau@goldstarminerals.com
François Perron
Vice-President of Corporate Development
416-312-4811
fperron@goldstarminerals.com
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 statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.