Pinestar Gold Inc. (TSX VENTURE: PNS) ("Pinestar" or the "Company")
is pleased to announce that it has now completed twelve shallow
diamond drill holes totalling 914 metres on the Becker Gold-Silver
property, located in Chile. These twelve holes are part of an
ongoing 1,500 metre reconnaissance drill program designed to test
the "Guindos" sector, one of several swarms of gold and silver
bearing epithermal veins identified by the Company's prior surface
exploration programs. Assays are awaited.
Highlights
-- Of the twelve diamond drill holes completed in the Guindos sector, seven
cut significant vein intercepts of from 1.5 to 5.4 metres thick.
-- Prior surface channel sampling of the Guindos sector veins returned
highs of 8.27 g/t Au and 13.5 g/t Ag over 2.5 metres to 9.06 g/t Au and
2.23 g/t Ag over 6.0 metres width.
-- The Guindos vein systems at surface vary from 5-30 metres wide, are 1.5
to over 10 metres in width and can traced over strike lengths of 200 to
600 metres.
-- The Becker vein systems appear to have developed under low to medium
sulfidation epithermal conditions and as such have a similar geological
setting to past and current producers in the Coastal Precious Metal Belt
such as Yamana's Florida Mine.
-- Following completion of the Guindos sector drilling the Company plans to
immediately start drilling of the La Juelas sector veins, where prior
trenching returned peak values of 9.6 g/t Au over 7.5 metres width and
12.25 g/t Au over 3 metres width.
The Becker property is located 250 kilometres south of Santiago
in the Coastal Precious Metal Belt and is readily accessible by
paved and good gravel road from the city of Talca, 40 kilometres to
the southeast in Region VII, Chile. Pinestar holds an option to
earn up to a 70% equity interest in the Becker property from Condor
Resources Inc.
Property Geology
The Becker property cover part of a NE-SW trending roof pendent
of Cretaceous volcanics, subvolcanic porphyry bodies and sediments
within Cretaceous granodiorite. Extensive gold and copper
mineralization in the form of epithermal to upper mesothermal
veins, pipes and disseminations occur throughout this roof pendent
generally associated with the sub-volcanic porphyries and healed
fault zones. Several sets of NW-NNW and E-W to WNW trending
anastomosing and bifurcating tensional faults cross-cut the
volcanic package and are locally the focus of auriferous epithermal
to upper mesothermal quartz-sulphide veins and clay-sericite-quartz
alteration. Two main areas of such vein-alteration systems have
been identified to date on the Becker property: (a) the "Lajuelas"
sector; and (b) the "Guindos" sector. The veins are similar in both
sectors, vary from 5-30 metres wide, are traceable for 200 metres
to over 1 kilometre in length and most contain variable amounts of
gold-silver and or gold-silver-copper mineralization.
Deposit Types
The Becker vein systems appear to have developed under low to
medium sulfidation epithermal conditions and as such have a similar
geological setting to past and current producers in the Coastal
Gold Belt such as El Chivato, Chancon, Yamana's Florida Mine, Las
Palmas, 10 kilometres northeast of the Becker Property and the
Chepica Mine, 25 kilometres to the south. In all of these locales
gold and silver mineralization generally occurs in banded or fine
grained quartz and or quartz-sulphide veins, breccias, pipes and
stockworks. Copper, zinc and lead are also important by-product
minerals in most areas.
Exploration Results
Guindos Sector
Detailed geological mapping and channel sampling in this sector
to date has identified two clusters of banded to massive epithermal
quartz - sulphide veins covering at least 0.5 sq km each.
Individual veins vary from 1.5 to over 10 metres in width, tend to
occur in northwest trending swarms of 3 to 6 veins within wider
zones of clay-sericite alteration and have been traced over strike
lengths of 200 to 600 metres. Veins in both clusters contain trace
to 5% sulphide, mainly as pyrite and chalcopyrite. To date 40
representative rock chip and channel samples have been collected
from these two clusters. The northern most of these, with 21
samples, contains the highest gold and silver values range from a
low of 0.021 g/t Au and 1.23 g/t Ag over 3.5 metres width to highs
of 8.27 g/t Au and 13.5 g/t Ag over 2.5 metres width to 9.06 g/t Au
and 2.23 g/t Ag over 6.0 metres width. This area is the site of the
current drilling program and is open to expansion to the northwest
and southeast.
Qualified Person
Mr. Terence Walker, M.Sc., P.Geo., is a qualified person within
the meaning of National Instrument 43-101, and has reviewed and
approved the contents of this news release. Mr. Walker is an
independent consultant to the Company.
ON BEHALF OF THE BOARD
PINESTAR GOLD INC.
Jeremy Ford, President, Chief Executive Officer and Director
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the
meaning of applicable Canadian securities legislation, including
predictions, projections and forecasts. Forward-looking statements
include, but are not limited to, statements that address
activities, events or developments that the Company expects or
anticipates will or may occur in the future, including such things
as the continuance of reconnaissance drilling on the Guindos sector
of the Becker property, future drilling plans with respect to the
Lajuelas sector of the Becker Property, other future exploration
activities of the Company on the Becker property, future business
strategy, competitive strengths, goals, expansion, growth of the
Company's businesses, operations, plans and with respect to
exploration results, the timing and success of exploration
activities generally, permitting time lines, government regulation
of exploration and mining operations, environmental risks, title
disputes or claims, limitations on insurance coverage, timing and
possible outcome of any pending litigation and timing and results
of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "planning",
"planned", "expects" or "looking forward", "does not expect",
"continues", "scheduled", "estimates", "forecasts", "intends",
"potential", "anticipates", "does not anticipate", or "belief", or
describes a "goal", or variation of such words and phrases or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material
factors and assumptions, including, the availability of suitable
personnel to complete drilling and other exploration activities,
that equipment necessary for exploration is available as scheduled
and does not incur unforeseen break downs, the occurrence of
suitable weather conditions to conduct drilling and other
exploration activities, the results of past drilling and
exploration activities, that contracted parties provide goods
and/or services on the agreed timeframes, , that no labour
shortages or delays are incurred, that plant and equipment function
as specified, that no unusual geological or technical problems
occur, and that laboratory and other related services are available
and perform as contracted. Forward-looking statements involve known
and unknown risks, future events, conditions, uncertainties and
other factors which may cause the actual results, performance or
achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual
results of current exploration activities; changes in project
parameters as plans continue to be refined; future prices of
minerals; possible variations in grade or recovery rates; failure
of equipment or processes to operate as anticipated; the failure of
contracted parties to perform; labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those
factors disclosed in the company's publicly filed documents.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on 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 release.
Contacts: Pinestar Gold Inc. Jeremy Ford President, Chief
Executive Officer, and Director (604) 647-4487 jford@telus.net
www.pinestargold.com
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