Goldstar completes permitting for diamond-drilling on its Lake George Property in New Brunswick, Canada
31 July 2019 - 2:05AM
Goldstar Minerals Inc. (“
Goldstar” or the
“
Corporation”) (TSX-V: GDM) is pleased to announce
that the permitting is now complete with respect to the upcoming
drilling program on its Lake George Property, located in New
Brunswick, Canada. The Corporation expects to begin in early August
its third phase diamond drill program which is intended to search
for the source of numerous gold samples found at surface during
previous exploration. Goldstar plans a 2,500 metre drilling program
that would consist of approximately 10 holes.
Potential granodiorite intrusions
outlined, targeting an Intrusion-Related Gold System
(“IRGS”).
A set of 5 magnetic anomalies were identified
that define 5 distinct IRGS targets that may represent the surface
expression of potential buried granodiorite intrusions. Among them,
three are of higher priority and are described as follows:
- Target A: Located east of Highway
635 and measures 1,500 metres by 1,250 metres in size. This
potential intrusion was estimated by geologists of the New
Brunswick government to begin at a depth of roughly 80 metres and
to be covered by metasediments and overburden;
- Target B: Also located east of
Highway 635 and measuring 1,500 metres by 1,250 metres in size.
This potential intrusion was interpreted by geologists of the New
Brunswick government to begin at a depth of roughly 110 metres and
to be overlain by 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 was found within a granodiorite that is
approximately 300 metres from Target C.
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 prepare drilling sites
and mobilize the wood cutting contractor, prior to undertaking the
drilling program in the next few days. 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 2019 drilling program which
will 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 company. 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 MoreauPresident and Chief Executive
OfficerTelephone: 514-591-8058bmoreau@goldstarminerals.com
François PerronVice-President of Corporate
DevelopmentTelephone: 416-312-4811fperron@goldstarminerals.com
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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
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Canadian securities regulations. We do not assume any obligation to
update any forward-looking statements, except as required by
applicable laws.
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