Megastar Receives Final Report on the Ralleau Copper-Zinc Project in Quebec; a Two Phase, $1.75m Program Is Recommended on a Ser
01 March 2011 - 1:00AM
Marketwired
Megastar Development Corp. ("Megastar" or the "Company") (TSX
VENTURE: MDV)(FRANKFURT: M5Q) is pleased to announce that it has
received the final technical report on its 12,400 hectare Ralleau
Copper-Zinc Project (the "Property") from MRB & Associates of
Val-d'Or, Quebec (the "MRB"). The Property is located in Quebec,
approximately 50 kilometres east of the town of
Lebel-sur-Quevillon, and about halfway between Val D'Or and
Chibougamau. It is easily accessible via a network of logging roads
leading from Highway 113. MRB's 43-101 compliant report recommends
a $1.75M program consisting of target delineation and definition
followed by a diamond drill program.
The Ralleau property is underlain by felsic and mafic volcanic
rocks, which comprise part of the Abitibi Greenstone belt.
Elsewhere, the Abitibi belt is a major host for volcanogenic
massive sulphide (VMS) copper-zinc deposits as well as gold, Ni-Cu,
or PGE mineralization. Breakwater Resources' Langlois zinc-copper
mine is located in similar rocks about 15 kilometres to the
northwest and Metanor Resources' Barry gold deposit is located
about 30 kilometres to the southeast.
In 2010, MRB carried out a program of reconnaissance geological
mapping and prospecting to follow up on a number of VTEM anomalies
identified in a property-wide airborne survey in 2008. The recent
fieldwork confirmed the presence of the wide zone of felsic rocks
known as the Novellet Rhyolite extending along almost the total
length of the property. Whole rock geochemistry identified rock
samples from the Ralleau property as tholeiitic to transitional
calc-alkaline, indicating an island arc setting favourable for the
development of VMS deposits. Potential for VMS deposits is further
supported by trace element geochemistry of the volcanic rocks,
which shows a relationship between Na and Ca depletion,
K-enrichment and copper-zinc mineralization.
The 2010 program identified a number of areas warranting further
work, as follows:
1. The Lac Sheilann area where felsic volcanic rocks exhibiting VMS-style
hydrothermal alteration were found to occur along with semi-massive
sulphides, sometimes anomalous in copper, and where historic diamond
drilling has indicated wide, copper-bearing zones at depth;
2. The Centre Zone where a number of historical pits are reported to have
contained significant copper and zinc values, and
3. Several other poorly exposed locations on the property where wide zones
of shearing, alteration and/or quartz veining, in places accompanied by
anomalous concentrations of sulphides, have suggested potential for gold
mineralization.
MRB have recommended continued work to evaluate the VMS and gold
potential of the property, beginning with a $550,000 Phase One
program of detailed geological mapping, ground EM and magnetic
surveys and trenching in selected areas. A Phase Two program
consisting of 7,500m of diamond drilling to test targets defined in
Phase One is budgeted at $1.2 million.
Martin Bourgoin, P. Geo., technical advisor of the company, is
the NI 43-101 Qualified Person responsible for the technical
content of this news release.
ABOUT MEGASTAR DEVELOPMENT CORP.
Megastar Development Corp. is an emerging resource company
engaged in the acquisition, exploration and development of mineral
properties in Canada. Megastar owns gold and base metal properties
in Quebec and British Columbia. For further information, investors
and shareholders are invited to visit the Company's website at
www.megastardevelopment.com or call the office at 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS
Dusan Berka, P. Eng., President & CEO
Statements made in this news release that are not historical
facts are "forward-looking statements", and readers are cautioned
that any such statements are not guarantees of future performance,
and that actual developments or results, may vary materially from
those in these "forward-looking" statements.
Neither the 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 news release.
Contacts: Megastar Development Corp. Dusan Berka, P.Eng.
President & CEO (604) 683-6648 (604) 638-1350 (FAX)
www.megastardevelopment.com
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