LA PRAIRIE, QUEBEC--(Marketwired - March 6, 2017) - The management of Vanstar Resources Inc. (TSX VENTURE:VSR) has initiated a process to register on the Frankfurt Stock Exchange. Listing on a European stock exchange will allow greater visibility and accessibility for its secondary market. The company's listing expected to be complete in the next few weeks.
The board of directors also awarded 575,000 stock options to its officers and directors and 800,000 stock options to external consultants. These options are priced at $0.12 and are valid for a period of 5 years. These options are subject to the approval of disinterested shareholders at the next annual shareholder meeting. They cannot be exercised until such approval is obtained.
Vanstar also acquired by staking three new cells with an area of about 160 hectares connected to the Miron project, which is located on the western edge of the Nelligan project. This project is currently undergoing extensive drilling (current program of 6,000 meters) by its partner IAMGOLD Corporation.
Current drilling campaign
Current drilling is progressing well. To date, more than 2,500 metres were completed in the first six drill holes which are located east to the NE-16-37 drill hole, in the North area. These holes were drilled to verify the lateral extensions to the east of the different gold zones intersected in this area in 2016.
Assay results will be announced as soon as they become available.
About the Nelligan project
This project is located 45 kilometres to the south of Chapais. Access to the property is easy by the paved highway Route 113 N that links Chapais to Chibougamau and by forestry gravel roads reaching directly to the centre of the property.
The property is located in the northeastern part of the Abitibi Greenstone Belt of the Superior province. It contains several interesting gold showings, including Liam, Dan, North Sector and Lake d'Eu. These new gold structures were intersected to date over a length of 400 metres at a depth of over 200 vertical metres. The presence of gold is constant throughout the drilling. These zones remain open along strike and at depth.
The corridor of mineralization that is a few kilometres in length, includes the main gold zones on widths of many hundreds of metres.
The Emile-Miron project
The Emile project is located in a favorable geological environment. Some works were done in the past but the chosen targets did not show important gold grades.
Vanstar plans to test many low magnetic targets generated by ground geophysics (mag) and associated with the presumed fault and shearing zones. These zones are possibly the expression of the strong silicification associated to the gold mineralization seen on the Nelligan project.
Many gold showings are present in the immediate environment of the Emile project; namely the Nelligan, Joe Mann and Philibert showings.
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