MONTRÉAL, QUÉBEC--(Marketwired - Jan. 25, 2017) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES
Goldstar Minerals Inc. ("Goldstar" or the "Company") (TSX VENTURE:GDM) is pleased to announce the reception of gold assay results from its systematic outcrop sampling program completed last November on its Lake George Property in New Brunswick.
The Company's team was successful in discovering and mapping new gold-bearing outcrops during the sampling program. In particular, and based on the outcrop sampling, Goldstar was able to define a new gold zone, the Waterloo Lake Fault Zone, comprising an initial surface area of approximately 50 metres by 50 metres.
Within this newly-identified Waterloo Lake Fault Zone, four (4) samples returned gold values respectively of 0.5, 0.65, 0.72 and 1.41 g/t Au. These samples all consisted of bleached metasediments with quartz-hematite veining and less than 1% of finely disseminated pyrite. Due to the pervasive alteration and weathering of these surface outcrops, the Company cautions that some mineralization may have been leached.
Barren lamprophyre dykes are present nearby the Waterloo Lake Fault Zone. These dykes often represent deep-seated crustal structures and conduits favorable to gold mineralization.
Assays were performed at Activation Laboratories located in Ancaster, Ontario using conventional Au fire assay. These are 4 selected grab samples that are not necessarily representative of the mineralization hosted on the property. No standards, blanks or duplicates were inserted.
Due to delays much longer than anticipated, Goldstar does not expect to release its first drilling results before the end of January 2017.
Benoit Moreau, President and CEO of the Company, comments: "These gold assays defining the new Waterloo Lake Fault Zone came as a surprise to us, due to their very low sulfide content and weak apparent mineralization. It indicates that extensive and systematic outcrop sampling is the key for discovering additional gold-bearing areas. We intend to follow up on these results with more detailed exploration next summer."
The technical information contained in this news release has been reviewed and approved by Benoit Moreau, P.Eng., CEO and director of Goldstar. Mr. Moreau is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Neither 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.
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 reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.