Vanstar Mining Resources Inc.

Vanstar Mining Resources Inc.

February 04, 2015 08:28 ET

Vanstar Acquires New Mining Properties

LA PRAIRIE, QUÉBEC--(Marketwired - Feb. 4, 2015) - The management of Vanstar Resources Inc. (TSX VENTURE:VSR) announces the acquisition of 5 additional cells adjacent to Emile property located on the eastern edge of the Nelligan project, which project was recently optioned to IAMGOLD Corp. (See P.R. of November 17, 2015).

The Emile project will be subject to a ground magnetic survey over the coming weeks.

Also, the Company acquired from an independent prospector, a 100% interest in a group of 13 cells (Plume Project) in return for cash payment of $ 16.500. No royalty was granted to the seller. This new property is located west of the Nelligan project in the Opawica-Guercheville deformation corridor. Several new gold discoveries were made in this area, including the Liam gold zone (Project Nelligan, Vanstar) and the Megane Zone (Monster Lake Project, TomaGold). These two projects have been optioned by IAMGOLD. The Anik project (Geomega Resources), located east of the project, has recently been the subject of a discovery of a new gold corridor in the Opawica-Guercheville structure. Two showings, one gold and one silver, are found immediately west of the property.

Finally, the Company acquired 17 cells by map designation in the Labrador Trough. The project, named Bacon, located south of Kuujjuaq, is located south of the Virginia Gold Sagar Project and contains two groups of metallic showings. One of these groups consists of 3 zinc showings along a mineralized zone of 3 kilometers in length. Grab samples returned grades of up to 9% Zn and 2.6% Zn over 14 m in a trench. The other group of indices consists of four Cu-Au-U showings. The showings are found in dolomitic rocks of the Dunphy formation and extend over a distance of 4 km. Grades of up to 7.33% Cu, 37.2 g/t Ag, 7.22 g/t Au, 0.7451% U, 0.7530% Pb were obtained on the Bacon showing (79-1 Anomaly). In 1997, a work report from Inmet (GM 55269) mentions an historical resource of 18 Mt at 0.5% Cu (non 43-101 compliant).

An exhaustive compilation is ongoing to determine the type of the mineral occurrences and establish an exploration program on this project.

Gilles Laverdière, Geo., Vice President of Vanstar Mining Resources is the Qualified Person under NI 43-101 who supervised and approved the preparation of the technical information in this press release.

Contact Information