Archean Star Resources Inc.

Archean Star Resources Inc.

June 07, 2012 15:53 ET

Archean Star Announces Co-Funding Agreement for Gnaweeda Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2012) - Archean Star Resources Inc. (TSX VENTURE:ASP) ("Archean" or the "Company") announces that it has received approval for a co-funded exploration drill program on the Gnaweeda Gold Project in the highly prolific Murchison Gold Field in Western Australia, from the Government of Western Australia Department of Mines and Petroleum ("DMP").

The Company applied to the DMP under its exploration co-funding program to co-fund the Company's planned $300,000 plus diamond drill program at Gnaweeda and the granted funding from the DMP is for $150,000.

Diamond drilling is planned for both the Far East and Bunarra gold prospects, approximately 14 km and 17 km respectively, south of the Turnberry gold prospect that was the subject of the most recent drill program. The more significant gold intersections at Bunarra were 18 meters grading 11.79 g/t Au and 79 meters grading 0.31 g/t Au. These intersections were located in the approximate center between two significant identified SAM ('Sub-Audio Magnetotelluric') anomalies.

Multiple gold intersections on the Far East gold prospect from prior RAB drilling has not been followed up by diamond drilling, despite multiple meter gold intervals grading up to 7 g/t Au. The multiple gold intersections have been overlain on the approximately 1 km long anomaly identified in the recent SAM survey ( and show a positive correlation with the anomaly.

On completion of this program, the Company will have completed the required expenditures to earn, subject to a 75% back in right, 100% of Teck Australia Pty Ltd's interest in Gnaweeda.

Archean Star Resources Inc. is a junior exploration company that, through its wholly owned subsidiary, Archean Star Resources Australia Pty Ltd, has entered into an Option Agreement, subject to a 75% back in right, to earn 100% of Teck Australia Pty Ltd's interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in West Australia. Kent Exploration Inc. (TSX VENTURE:KEX) with approximately 10,000,000 shares, or 22% of the outstanding common shares, is the largest shareholder.

This News Release has been prepared on behalf of the Archean Star Resources Inc. Board of Directors, which accepts full responsibility for its contents. This news release has been reviewed by Dr. Clay M. Conway, Ph.D., P.Geol., a Qualified Person as recognized by National Instrument NI-43-101 and a director of the Company.


Graeme O'Neill, President

Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), has reviewed, nor do they accept responsibility for, the adequacy or accuracy of this news release.

Contact Information

  • Archean Star Resources Inc.
    Graeme O'Neill
    (604) 684-3394
    (888) 282-7763 (FAX)