SOURCE: Nevada Star Resource Corp.

March 08, 2006 09:00 ET

Nevada Star Resource Corp. Opens Major Nickel-Copper-Platinum Group Elements Property for Joint Venture

SEATTLE, WA -- (MARKET WIRE) -- March 8, 2006 -- Nevada Star Resource Corp. (OTC BB: NVSRF) and (TSX-V: NEV) ("Nevada Star") is pleased to announce the availability of the MAN Alaska Area 2 nickel-copper-platinum group elements (Ni-Cu-PGE) Project, located in south-central Alaska, for joint venture. Area 2 is 960 square km (370 square miles) in size and is north adjacent to the joint venture with Anglo American Exploration (USA), Inc. on the MAN Alaska Area 1 Ni-Cu-PGE Project, but is independent of that project. Complete information, brochures, summary presentations and technical reports on the Area 2 Project can be found on Nevada Star's website at www.nevadastar.com.

Nevada Star and predecessor companies identified strongly mineralized areas with nearly drill-ready exploration targets, each with the potential for large magmatic Ni-Cu-PGE deposit. An additional large area is prospective for Ni-Cu-PGE and hydrothermal Cu-Au mineralization. This joint venture opportunity is consistent with Nevada Star's strategy of identifying district scale exploration projects, establishing a dominant land position, and attracting partnerships to explore for potential world-class Ni-Cu-PGE and Cu-Au deposits.

Location and Infrastructure

Although located in Alaska, the Area 2 Ni-Cu-PGE Project is not remote and enjoys excellent infrastructure support. The project is located 400 km (250 miles) northeast of Anchorage and 270 km (160 miles) southeast of Fairbanks, the two largest cities in the state. The area is easily accessible from the all-seasons Richardson Highway and the seasonal Denali Highway and from lodges along those highways. A 15-person base camp with a 650-metre airstrip is located within the project area. Alaska is a mining-friendly state with a streamlined and expedited permitting process. The Trans-Alaska Pipeline parallels the Richardson Highway and can be a source of inexpensive energy.

Datasets

Nevada Star and predecessor companies, previous explorers, and state and federal government agencies have generated the following datasets for the Area 2 Ni-Cu-PGE Project:

--  Airborne electromagnetic and localized ground electromagnetic surveys
    (virtually complete coverage);
--  Airborne magnetic and localized ground magnetic surveys (complete
    coverage);
--  Regional ground gravity survey (complete coverage);
--  Magnetotellurics survey transects (US Geological Survey, 2002-2003);
--  Seismic reflection survey transect (US Geological Survey 2002);
--  Regional rock sample and stream sediment surveys;
--  Hundreds of localized soil, talus (colluvium), heavy mineral
    concentrate sample surveys;
--  Regional compilation and localized detailed geological mapping; and
--  Detailed drilling.
    

The geophysical, geochemical and geological data and interpretations are available in raw digital and GIS formats.

The Properties

Nevada Star's property position in the Area 2 Ni-Cu-PGE Project is large enough to host a world-class mining district. The property position includes two large claim blocks at Canwell and Rainy-Eureka with Ni-Cu-PGE showings and a third smaller claim block at Summit Hill. All the claims are 100% owned by Nevada Star.

The Canwell property is underlain by the Canwell intrusion, an Alaska-type ultramafic-mafic sill complex with very high-grade massive Ni-Cu sulfide showings and thick intersections of disseminated mineralization in drilling. The Rainy-Eureka property is underlain by the Rainy and Eureka intrusions, Alaskan-type ultramafic-mafic dike-sill complexes with numerous large disseminated to net-textured Ni-Cu sulfide showings. The Summit Hill property is a reconnaissance exploration project.

Targets

Canwell Ridge is the most advanced of the Ni-Cu-PGE exploration projects in Area 2. Massive to net-textured sulfides, disseminated sulfides, and irregular pods and veinlets of massive sulfides are hosted by serpentinized dunite-peridotite along contact with marginal gabbro. Pods of massive to semi-massive sulfide up to 1.8 metres thick occur at or near gabbro-dunite contacts, within 100 metres of the footwall contact, and have been traced continuously for 23 metres and discontinuously for 66 metres along strike. Samples of massive to semi-massive sulfides contain 0.4-15.4% Ni, 0.1-4.51% Cu, 0.69-17.6 g/t Pt, 0.69-15.6 g/t Pd, up to 4.14 g/t Au and 128 g/t Ag. Canwell Ridge is road accessible and can be drilled.

In addition to the massive sulfides, Thick zones of weakly mineralized dunite were intersected in several drill holes. The best intersection was 170 m of 0.27% Ni, 0.02% Cu, and high PGE+Au+Ag. The drill hole results together with the distribution of surface geochemical anomalies define a zone measuring 4000m x 300m x 180m (depth) of low-grade disseminated sulfide with pods of very high-grade massive sulfides. Petrographic studies and geochemical modelling indicate the presence of potentially recoverable Ni-Cu sulfides in drill samples.

East Rainy is the best known of the five disseminated Ni-Cu sulfide showings in the Rainy Complex. East Rainy is a 1 km long trend of disseminated to net-textured sulfide showings with up to 20% sulfide and maximum assays of 2.0 % Ni, 1.3% Cu and 7.9 g/t Pt+Pd+Au+Ag within a 4km2 size Ni in-soil anomaly ( > 99 percentile = 2860 ppm).

Bird's Beak-Ice is a 2.5 km long trend of disseminated to net-textured sulfide showings similar to East Rainy, but with maximum assays of 1.3% Ni, 0.48% Cu and 7 g/t Pt+Pd_+Au+Ag.

An additional 19 priority geophysical targets inside and outside the three main intrusions and numerous exciting Cu-Au (Ag) targets have recently been identified and prioritized for field checking in 2006.

For further information on joint venture opportunities, please contact Robert Angrisano at rangrisano@nevadastar.com or call 425-467-1836.

Bill Stone, P.Geo. and Ph.D., Vice President of Exploration, is Nevada Star's Qualified Person on all the MAN Alaska Projects.

About the MAN Alaska Project

Nevada Star Resource Corp.'s 2,072 square km (800 square mile) MAN Alaska Project Area is located 270 km (160 miles) southeast of Fairbanks and 400 km (250 miles) northeast of Anchorage. Exploration by Nevada Star began in 1995 in this large area, which is characterized by extremely high nickel (up to 15.4% Ni) and precious metals (up to 170 g/t Pt+Pd+Au+Ag) concentrations in surface samples.

Exploration results to date on the MAN Alaska Project indicate potential for significant discoveries of nickel, platinum-group elements, gold and copper.

The MAN Alaska Project consists of three areas: two nickel-copper (PGE) project areas (Area 1 and Area 2) and one copper-gold project area (Area 3). The project areas are accessible from two paved highways. View the project maps at http://www.nevadastar.com/s/MANProject.asp?Reportid=60154 for a breakdown of the project areas.

Area 1, the Fish Lake-Dunite Hill project area, is presently under joint venture with Anglo American Exploration (USA), Inc. (AAEUS). AAEUS is a wholly owned subsidiary of Anglo American plc, a global leader in the mining and natural resource sector. Under the terms of the joint venture agreement, AAEUS can earn a 51 percent interest in the southern portion of the MAN Alaska property by spending a total of $12 million USD by 2008. AAEUS has the right to increase their interest by an additional 19 percent by completing a positive feasibility study, at its expense, and an additional 5 percent by arranging production financing for both AAEUS and Nevada Star. Areas 2 and 3 are being explored by Nevada Star and are available for Joint Venture.

Nevada Star Resource Corp. is a mineral exploration company that uses advanced technology to search for metals that are in high demand worldwide. In addition to the Alaska property, Nevada Star currently has projects in Nevada and Utah. The Nevada and Utah properties are in joint partnership with Round Mountain Gold and Western Utah Copper Company, respectively. Both properties are scheduled to go into production in 2006-2007. For more information, including maps, photos and project descriptions, visit www.nevadastar.com.

This release was prepared by management of Nevada Star Resource Corp. who take full responsibility for its contents. Neither the TSX Venture Exchange nor the NASD OTC Bulletin Board have reviewed or accept responsibility for the adequacy of this news release.

Contact Information

  • Nevada Star Contact
    Robert Angrisano
    President
    Nevada Star Resource Corp.
    Phone: 425.467.1836
    Fax: 425.836.2948
    E-mail: rangrisano@nevadastar.com