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MONTREAL, March 25, 2019 (GLOBE NEWSWIRE) -- Goldstar Minerals Inc. (“Goldstar” or the “Corporation”) (TSX-V: GDM) is pleased to provide an update on the ongoing compilation of historical data for its Lake George project.
Gold-bearing flat veins identified next to the granodiorite intrusion at the former mine.
During the development of the former antimony mine in the early 80’s, a granodiorite intrusion was intersected, and its apex was located at 325 metres below the surface.
At the periphery of this granodiorite intrusion, almost horizontal quartz-carbonate veins with notably bismuth sulfides and native gold were recognized within bordering metasediments, but never explored systematically. These gold veins were reported to occur in swarms that contain up to ten veins across zones 6 to 12 metres wide. These flat veins were exposed over a vertical thickness of at least 100 metres and were 300 to 350 metres away from the intrusion’s apex [Geological Survey of Canada, Open File 2157, 1991]. Goldstar cautions that this information is historical in nature and, thus, not NI 43-101 compliant.
Evidence that a granodiorite on our project claims also carries and is fertile for gold.
Pursuant to the ongoing compilation work, a historical value was identified which returned 0.93 g/t Au over 0.5 metre within a granodiorite from a 1981 nearly vertical drill hole completed by a previous operator. Despite limited sampling, it shows that this granodiorite carries and is fertile for gold.
This 0.5 metre interval was sampled at a vertical depth of roughly 660 metres below the surface from a relatively fresh granodiorite with narrow quartz stringers and small white mica flakes that followed a roughly 30 metres wide contact shell consisting of an assemblage of aplite dykes, altered greywackes and altered granodiorite. The interval is located roughly 550 metres northwest of the apex of the intrusion found at the former antimony mine.
In addition, during the 2017 trenching program, a 1.5 metres wide channel sample returned 6.8 g/t Au and 558 ppm of bismuth at surface. This surface sample is roughly 125 metres north of the above-mentioned 1981 drill hole that returned 0.93 g/t Au over 0.5 metre.
Mounting evidence for an Intrusion-Related Gold System (IRGS) at Lake George
The presence of the Arabica tungsten zone nearby, the specific magnetic signature of the granodiorite intrusion, the gold-bismuth association and the granodiorite itself carrying the gold mineralization strongly suggest that an IRGS is present at Lake George.
The Corporation has identified 5 additional potential granodiorite intrusions that were never tested. Two (2) of these targets are estimated to be between 80 and 110 metres deep. If mineralized, these would have excellent near surface open pit potential. Based on geophysical data, Goldstar estimates the footprint of these two targets to be approximately three square kilometres.
Next steps
The Corporation will complete compilation and targeting, followed by permitting in view of starting the next drilling program in June 2019. Access for drilling is excellent all year long and easy logistics are expected.
Benoit Moreau, President and CEO of Goldstar comments: “The geological team and management are excited that the upcoming drilling program in 2019 will finally allow for a precise testing of these potential buried intrusions. Our goal is to discover gold mineralization associated with these intrusions.”
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 further information, please contact:
Benoit Moreau
President and Chief Executive Officer
Telephone: 514-591-8058
bmoreau@goldstarminerals.com
François Perron
Vice-President of Corporate Development
Telephone: 416-312-4811
fperron@goldstarminerals.com
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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.