Goldstar Minerals Inc.
TSX VENTURE : GDM

Goldstar Minerals Inc.

March 23, 2017 09:00 ET

Goldstar drills 245 metres grading 0.102% WO3, including 55.5 metres grading 0.146% WO3 and 84 m grading 0.140% WO3, in new tungsten discovery of Fall 2016 program, on its Lake George Property

MONTREAL, QUEBEC--(Marketwired - March 23, 2017) -

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Goldstar Minerals Inc. ("Goldstar" or the "Company") (TSX VENTURE:GDM) is pleased to announce the discovery of a new tungsten mineralized zone from the 2016 fall drill program, on its Lake George Property in New Brunswick. The new discovery returned an intersection of 245 metres grading 0.102% WO3 from drill hole LG-16-03. This includes an intersection of 55.5 metres grading 0.146% WO3 and another intersection of 84 metres grading 0.140% WO3. The new discovery is located almost immediately west of historical hole #81-26 in an area of the property that has largely been untested for tungsten.

Table 1 - Tungsten zone

Hole Number Station Azimuth Dip From (metres) To (metres) Interval* (metres) Tungsten (%) Zone
LG-16-03 15+00E 270° -50° 159 404 245 0.102 New and #81-26
including 176 231.5 55.5 0.146 New and #81-26
including 320 404 84 0.140 New
* Reported drill intersections are not true widths. At this time there is insufficient data with respect to the mineralization to evaluate true orientations in space. This mineralization is not necessarily representative of the mineralization hosted on the property.

Drill hole LG-16-03 targeted the extension of historical hole #81-26 where 139 metres grading 0.15% WO3 was reported (non 43-101 compliant) from 109.5 to 248.5 metres. Drill hole LG-16-03 was drilled 40 metres west of hole #81-26 at the same 270° azimuth. The intersection between 176 to 231.5 metres represents an extended intercept from previous historical drilling and a new intersection, from 320 to 404 metres, was discovered.

Recent surface prospecting identified tungsten mineralization in the vicinity of drill hole LG-16-03. This mineralization consists of centimetric vertical scheelite bearing quartz veins, orthogonal and oriented consistently North-South ("NS") and East-West ("EW"). This same tungsten mineralization, comprising a vertical stockwork of scheelite bearing quartz veins within a rock matrix showing some similarities to skarns, seems to increase at depth and is definitely more continuous in the intersection from 320 to 404 metres of drill hole LG-16-03,. Excessive deviation of up to 20°, in drill hole LG-16-03 which provided a better angle to crosscut both NS and EW veins may explain the increase in grade at the latter part of the hole.

In addition, magnetic and induced polarization data that were gathered in 2016 suggest that there is an important north-west ("NW") structure at least 1.1 kilometres long, approximately 75 to 125 metres west of the end of drill hole LG-16-03, when projected to the surface. This NW structure could possibly be the source of the tungsten mineralization and will certainly be investigated soon next summer by trenching and channel sampling. The Company believes that the vertical stockwork of scheelite bearing quartz veins will be recognized at surface either in new outcrops or new trenching areas, supporting an even more continuous mineralization.

"This new discovery further broadens the footprint of the tungsten mineralization and opens up exciting new opportunities on exploration further west and along a major NW structure," said Benoit Moreau, President and CEO of Goldstar. "Combined with encouraging gold results associated to the newly defined zones including the Coyote zone (please see press release dated February 9, 2017) and today's positive tungsten results from drill hole LG-16-03 the scope of the opportunity at Lake George has taken a major step forward over the last few months. We are presently completing surface geophysics which will guide our trenching efforts. We are excited to follow up this new information in the area of drill hole LG-16-03 and beginning a second drill program later in 2017."

Next steps

Once the surface geophysics and surface compilation completed the Company plans a trenching program early next summer. The program will, among other things, seek to extend and better understand the newly identified tungsten mineralization, along and west of the end of drill hole LG-16-03.

Quality control

Goldstar has implemented a quality control program for all of its drill program to insure best practice in the sampling and analysis of the drill core, which includes the insertion of one (1) blank and three (3) certified reference material every 100 metres into sample stream. NQ sized drill core is saw cut with half of the drill core sampled at intervals based on geological criteria including lithology, visual mineralization, UV lamping and alteration. The remaining half of the core is safely stored near the Lake George area in New Brunswick. Drill core samples were transported in sealed bags to Actlabs' Fredericton facilities for sample preparation. Pulps were sent to ALS Minerals's Sudbury, Ontario facilities. Tungsten analyses are obtained via fusion XRF assay using a minimum of 5 g of material. Following receipt of assays, additional analysis of mineralized intersections may be requested. ALS Minerals is ISO 9001:2008 certified.

Disclosure

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.

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