MONTEZUMA PROJECT DIAMOND DRILL PROGRAM UPDATE
21 October 2010 - 2:06AM
PR Newswire (Canada)
TORONTO, Oct. 20, 2010 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED
STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ TSX-V:
PSR TORONTO, Oct. 20, 2010 /CNW/ - Polar Star Mining Corporation
(TSXV:PSR) ("Polar Star" or the "Company") today announces results
from Hole 35 in its ongoing program of diamond drilling at its
wholly owned Montezuma Project. The Montezuma Project is located in
the Sierra Limon Verde District, Region II, Chile, and encompasses
501 square kilometres. Twelve diamond drill holes have been
completed to date and three are currently in progress. Hole 35 is
the fourth hole for which complete assays have been received and
was drilled to follow up on significant widths of copper, gold and
zinc mineralization cut by holes 31, 32 and 33 in IP anomaly Zone
A. Significant intercepts from Hole 35 are presented in the table
below. Highlights -- Diamond drill holes 31, 32, 33, 35, and 37
have cut a pyrite rich auriferous zone varying in thickness from 26
metres in Hole 32 to 258 metres in Hole 33 over a strike length of
1.2 kilometres and to a vertical depth of 384 metres. -- Strongly
phyllic and potassic altered and chalcopyrite rich feldspar
porhyritic intrusive clasts within the thrust strongly suggest the
presence of a copper porphyry below the thrust in IP Zone A. --
Hole 38, the first test hole to test the strong IP chargeability
core of anomaly Zone B was was terminated at 1,087.7 metres, the
maximum capacity of the drill. The hole ended in disseminated and
veinlet pyrite-chalcopyrite mineralization in porphyry style
alteration. The mineralized zone was first encountered at 226
metres depth below weakly altered volcanic and intrusive breccias.
-- Three step out holes from Hole 38 - Hole 42, located 200 metres
to the west; Hole 43, located 400 metres to the east; and Hole 45,
located 500 metres to the northeast - have encountered the same
style of pyrite-chalcopyrite mineralization starting at depths
varying from about 90 metres in Hole 45 to about 390 metres in Hole
42. Holes 43 and 45 have also cut a near surface zone of exotic
copper minerals, mainly copper wad and cupriferous limonite from 7
- 54 metres depth. -- The company believes that the early results
from this phase of drilling are strongly suggesting the presence of
at least two porphyry systems in Zones A and B which appear to be
preserved below barren litho-caps. -- The property covers over 40
kilometres of the West Fault, host to the Radomiro Tomic -
Chuquicamata - Mansa Mina group of copper-molybdenum porphyry
deposits and the cross-cutting Esperanza Fault system, host to the
El Tesoro - Esperanza - Polo Sur group of copper-gold porphyry
deposits. -- Zones A and B are two of nine target zones, each 2 to
4 kilometres long, defined by Polar Star's detailed geological,
geochemical and geophysical surveys. Diamond Drill Hole 35 Assay
Summary
____________________________________________________________________
| Hole # |From | To |Width| Cu | Au |Ag | Zn | Comments |
|_________|_____|_____|_____|____|____|___|____|_____________________|
| | (m) | (m) | (m) | % |g/t |g/t| % | |
|_________|_____|_____|_____|____|____|___|____|_____________________|
|MODD35-10|56.0 |77.0 |21.0 |0.15|0.13|1.6|nsv |Oxide Zone (copper
+ | | | | | | | | | | gold) |
|_________|_____|_____|_____|____|____|___|____|_____________________|
| |120.0|179.0|59.0 |0.05|0.18|3.3|0.06|Sulfide Zone (py,cpy)|
|_________|_____|_____|_____|____|____|___|____|_____________________|
| |187.0|229.0|42.0 |nsv |0.07|6.5|1.24| Zinc Halo (py, | | | | | |
| | | | sphalerite) |
|_________|_____|_____|_____|____|____|___|____|_____________________|
|including|199.0|221.0|22.0 |nsv |0.09|8.8|1.82| |
|_________|_____|_____|_____|____|____|___|____|_____________________|
Phase III Reconnaissance Diamond Drill Program The current ongoing
diamond drill program is designed to supplement and expand on the
two previous Reverse Circulation ("RC") drill programs in the areas
of the IP anomalies in which sulphide mineralization was
intersected previously and test additional combined chargeability,
geological, and geochemical targets suggested by previous
geochemical, trenching and IP/Resistivity programs. Diamond
drilling was chosen for this round of exploration to obtain
critical geological, mineralogical and structural data necessary to
confirm the presence of porphyry copper systems. Of the seven
diamond drill holes completed to date in Zone A, five holes - 31,
32, 33, 35, and 37 - have cut a pyrite rich auriferous zone which
appears to be an imbricate thrust zone separating a generally
barren upper volcanic plate from an underlying altered intrusive
complex. The zone varies in thickness from 26 metres in Hole 32 to
258 metres in Hole 33. These five holes test this zone over a
strike length of 1.2 kilometres and to a vertical depth of 384
metres. Drill hole mineralogy and assays suggest that the zone has
a copper enriched top and zinc enriched base. Re-evaluation of the
prior RC drill holes in Zone A in light of this new diamond drill
hole data, suggests that holes 5, 19, 20 and 24 may also have cut
this structural zone. If so, its minimum strike length could be in
the order of several kilometres. Hole 38, the first diamond drill
hole to test the strong IP chargeability core of Zone B was
terminated at 1,087.7 metres, the maximum capacity of the
drill. The hole ended in disseminated and veinlet
pyrite-chalcopyrite mineralization in porphyry style alteration.
Assays are pending. The mineralized zone was first encountered at
226 metres depth below weakly altered volcanic and intrusive
breccias. The company has completed one step out hole 200 metres
west of Hole 38 (Hole 42 - terminated at 642 metres) and is
currently drilling two additional step out holes, one 400 metres
east (Hole 43 - currently at a depth of 603 metres) and the other
500 metres northeast (Hole 45 - currently at a depth of 221 metres)
of Hole 38 which are designed to further test the large IP anomaly
thought to reflect the mineralization cut in Hole 38. All three
holes have encountered the same style of pyrite-chalcopyrite
mineralization starting at depths varying from about 90 metres in
Hole 45 to about 390 metres in Hole 42. Holes 43 and 45 have
also cut a near surface zone of exotic copper minerals, mainly
copper wad and cupriferous limonite from 7 - 54 metres in depth.
The surface area covered by this section of Zone B is about 7
square kilometres and hence could also encompass a major porphyry
copper-gold system. The company believes that the early results
from this phase of drilling are strongly suggesting the presence of
at least two porphyry systems in Zones A and B. This drilling also
highlights that both systems are capped by barren volcanic and or
intrusions which in the case of Zone A have been thrust over the
mineralized system. These barren caps may also explain why prior
shallow drill programs by other companies have met with little
success. The company plans to continue detailing Zones A and B with
the three drills currently on site and also expects to add one or
two more drills in the near future to explore the remaining
anomalies. Qualified Person The drill program is being
carried out under the direction of Terence Walker, M.Sc., P.Geo., a
qualified person within the meaning of National Instrument
43-101. Mr. Walker has reviewed the contents of this news
release. All the analysis was done at ALS Chemex Laboratory
in Coquimbo, Chile. Routine gold analysis was carried out on
30g sub-samples using a fire assay pre-concentration and atomic
absorption spectro-photogrametric (AAS) finish. Samples with
gold or silver values greater than 10g/t were re-analyzed by fire
assay and gravimetric finish. Copper and 48 other elements
including silver were routinely analyzed by the ICP technique
following a hot four acid digestion. Samples with copper,
zinc and lead values greater than 1% were re-analyzed using a
hydrofluoric-nitric-hypochloric acid digestion, hydrochloric acid
leach and AAS finish. Forward-Looking Statements This press release
may contain forward-looking statements based on assumptions,
uncertainties and management's best estimates of future
events. Actual events or results could differ materially from
the Company's expectations and projections. Investors are
cautioned that forward-looking statements involve risks and
uncertainties. Accordingly, readers should not place undue
reliance on forward-looking statements. When used herein,
words such as "anticipate", "will", "intend" and similar
expressions are intended to identify forward-looking
statements. For a more detailed discussion of such risks and
other factors that could cause actual results to differ materially
from those expressed or implied by such forward-looking statements,
refer to Polar Star Mining Corporation's filings with Canadian
securities regulators available on www.sedar.com or the Company's
website at www.polarstarmining.com. About Polar Star Mining
Corporation Polar Star Mining Corporation (TSXV: PSR) is an
emerging exploration company with a focus on building value in
Chile through discovery and development. Share Capitalization:
Shares outstanding: 90,300,435 as at October 20, 2010 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
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pDavid Speck, Vice Presidentbr/ Polar Star Mining Corporationbr/
(416) 368-3496br/ a href="mailto:info@polarstarmining.com"
cr="true"info@polarstarmining.com/a/p
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