MONTRÉAL, May 08, 2019 (GLOBE NEWSWIRE) -- Goldstar Minerals Inc. (“Goldstar” or the “Corporation”) (TSX-V: GDM) is pleased to provide an update on the ongoing preparation work for its third phase diamond drill program that is expected to begin this July 2019 at its Lake George project. The program is intended to search for the source of numerous gold samples found at surface during the previous campaigns.
Potential granodiorite intrusions outlined, suggesting the presence of an Intrusion-Related Gold System (“IRGS”).
A set of 5 magnetic anomalies were identified that define 5 distinct IRGS targets that could represent the surface expression of potential buried granodiorite intrusions. Among them, three are of higher priority as described as follows:
- Target A: Located east of Highway 635 and measures 1,500 metres by 1,250 metres in size. The depth of this potential intrusion was estimated by geologists of the New Brunswick government to be covered by roughly 80 metres of metasediments and overburden;
- Target B: Also located east of Highway 635 and measuring 1,500 metres by 1,250 metres in size. The depth of this potential intrusion was interpreted by geologists of the New Brunswick government to be overlain by roughly 110 metres of metasediments and overburden;
- Target C: Located northwest of Highway 635 and measures 750 metres by 600 metres in size. Although its depth was not evaluated, a historical gold value which returned 0.93 g/t Au over 0.5 metre within a granodiorite that is approximately 300 metres from Target C.
Both targets A and B, if mineralized, could offer excellent open pit potential as the mineralization in IRGS often extends beyond the intrusion into overlying metasediments, thus reducing the depth at which the mineralization begins below the surface.
As mentioned above, there are two (2) additional potential buried intrusions, namely targets D and E. They are located northwest of Highway 635 and are respectively 1,000 metres by 500 metres and 1,250 metres by 500 metres in size. However, their metasediments and overburden cover is not known.
Next steps
The Corporation will soon undertake permitting as soon as weather and field conditions allow in view of starting the next drilling program in July 2019. Access and logistics for drilling are expected to proceed smoothly.
Benoit Moreau, President and CEO of Goldstar comments: “As a result of our previous work, the geological team was able to concentrate the targeting on well constrained IRGS targets. The exploration team and management are therefore extremely 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.