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TORONTO, Nov. 3, 2010 /CNW/ --
Not for distribution to United States wire services or dissemination in
the United States
NOTE: Conference call and webcast on Thursday, November 4, 2010 at 8:30
am ET
For dial-in numbers and webcast long-on information please view page 3
of this release
TORONTO, Nov. 3, 2010 /CNW/ - Polar Star Mining Corporation ("Polar Star" or the "Company") (TSX-V:PSR) today announces results from
Hole 38 in its ongoing program of diamond drilling at its wholly owned
Montezuma Project. The Montezuma Project is located in the Sierra Limon
Verde District, Region II, Chile, and encompasses 501 square
kilometres.
Fourteen diamond drill holes have been completed to date and three are
currently in progress. Hole 38 is the fifth hole for which complete
assays have been received and was drilled to follow up on significant
widths of copper, gold and zinc mineralization cut by previous reverse
circulation ("RC") holes 7, 8 and 16 in IP anomaly Zone B. Significant
intercepts from Hole 38 are presented in the table below.
Highlights
-- Highlights from drill Hole 38, the deepest hole drilled to
date, at 1,087.7 metres, include:
o 70 metres of 0.37% Cu with 0.12 g/t Au and 7.8 ppm Mo (includes 44
metres of 0.55% Cu with 0.17 g/t Au)
o 114 metres of 0.23% Cu with 0.07 g/t Au and 19.7 ppm Mo
-- Hole 38 is continuously mineralized for 867 metres, from about
220 metres with disseminations and veinlets of
pyrite-chalcopyrite in porphyry style phyllic alteration and
averages 0.1% copper and 0.05 g/t gold.
-- Copper, gold, molybdenum and rhenium assay distributions
indicate that in the two zones of highest copper grades, the
upper zone is enriched in gold with low molybdenum indicative
of higher levels in the phyllic zone. The lower zone is
enrichment in molybdenum and rhenium, indicative of deeper
levels close to the potassic zone which generally hosts the
highest copper grades in porphyry systems.
-- Four step-out holes from Hole 38 - Hole 42, located 200 metres
to the west; Hole 47, located 200 metres to the east; Hole 43,
located 400 metres to the east and Hole 45, located 500 metres
to the northeast - have encountered the same style of
pyrite-chalcopyrite mineralization starting at depths varying
from about 90 metres in Hole 45 to about 390 metres in Hole 42.
Holes 43 and 45 have also cut a near surface zone of exotic
copper minerals, mainly copper wad and cupriferous limonite
from seven to 54 metres depth.
-- The Company believes that the early results from this phase of
drilling strongly suggest the presence of at least two porphyry
systems in Zones A and B, which appear to be preserved below
barren litho-caps.
-- Zone B is one of nine target zones, each two to four kilometres
long, defined by Polar Star's detailed geological, geochemical
and geophysical surveys.
Diamond Drill Hole 38 Assay Summary
_______________________________________________________________________
| Hole # |From | To |Width| Cu | Au |Ag | Mo | Re | Comments |
|_________|_____|______|_____|____|_____|___|____|____|_________________|
| | (m) | (m) | (m) | % | g/t |g/t|ppm |ppm | |
|_________|_____|______|_____|____|_____|___|____|____|_________________|
|MODD38-10|220.0|290.0 |70.0 |0.37|0.123|2.4|7.8 |nsv |Copper-gold zone |
|_________|_____|______|_____|____|_____|___|____|____|_________________|
|including|226.0|270.0 |44.0 |0.55|0.17 |3.4| | | |
|_________|_____|______|_____|____|_____|___|____|____|_________________|
| |440.0|510.0 |70.0 |0.05|0.05 |0.9|2.30|nsv | |
|_________|_____|______|_____|____|_____|___|____|____|_________________|
| |785.0|797.0 |12.0 |0.12|0.19 |2.8| | | |
|_________|_____|______|_____|____|_____|___|____|____|_________________|
| |857.0|1075.0|218.0|0.19|0.06 |0.5|18.0|0.04|Copper-molybdenum|
| | | | | | | | | | zone|
|_________|_____|______|_____|____|_____|___|____|____|_________________|
|including|935.0|1049.0|114.0|0.23|0.07 |0.6|19.7|0.04| |
|_________|_____|______|_____|____|_____|___|____|____|_________________|
Phase III Reconnaissance Diamond Drill Program
The current ongoing diamond drill program is designed to supplement and
expand on the two previous RC programs in the areas of the IP anomalies
in which sulphide mineralization was intersected previously and test
additional combined chargeability, geological, and geochemical targets
suggested by previous geochemical, trenching and IP/Resistivity
programs. Diamond drilling was chosen for this round of exploration to
obtain critical geological, mineralogical and structural data necessary
to confirm the presence of porphyry copper systems.
Hole 38, the first diamond drill hole to test the strong IP
chargeability core of Zone B, was terminated at 1,087.7 metres, the
maximum capacity of the drill. The hole ended in disseminated and
veinlet pyrite-chalcopyrite mineralization in porphyry style
alteration. The mineralized zone was first encountered at 220 metres
depth below weakly altered volcanic and intrusive breccias. The copper,
gold, molybdenum and rhenium assay distribution in Hole 38 indicate
that the two zones of highest copper grades have different associated
element signatures i.e. the upper zone is enriched in gold with low
molybdenum, the lower gold with enrichment in molybdenum and rhenium.
The former is consistent with higher levels in the phyllic zone of
porphyry systems the later deeper levels in the same zone close to the
potassic zone. The potassic zone generally hosts the highest copper
grades in porphyry systems.
The Company has completed three step-out holes from Hole 38, one 200
metres of the west (Hole 42 - terminated at 642 metres), one 200m east
(Hole 47 - terminated at 596 metres) and one 400 metres east (Hole 43 -
terminated at 603 metres) and is currently drilling a fourth 500 metres
to the northeast (Hole 45 - currently at a depth of 910 metres). All
four holes have encountered the same style of pyrite-chalcopyrite
mineralization starting at depths varying from about 90 metres in Hole
45 to about 390 metres in Hole 42. Holes 43 and 45 have also cut a
near surface zone of exotic copper minerals, mainly copper wad and
cupriferous limonite from 7 - 54 metres in depth. The surface area
covered by this section of Zone B is about seven square kilometres and
hence could also encompass a major porphyry copper-gold system.
The Company believes that the early results from this phase of drilling
are strongly suggesting the presence of at least two porphyry systems
in Zones A and B. This drilling also highlights that both systems are
capped by barren volcanic and or intrusions which in the case of Zone A
have been thrust over the mineralized system. These barren caps may
also explain why prior shallow drill programs by other companies have
met with little success.
The Company plans to continue detailing Zones A and B with the three
drills currently onsite and also expects to add one or two more drills
in the near future to explore the remaining anomalies.
Qualified Person
The drill program is being carried out under the direction of Terence
Walker, M.Sc., P.Geo., a qualified person within the meaning of
National Instrument 43-101. Mr. Walker has reviewed the contents of
this news release. All the analysis was done at ALS Chemex Laboratory
in Coquimbo, Chile and Lima, Peru. Routine gold analysis was carried
out on 30g sub-samples using a fire assay pre-concentration and atomic
absorption spectro-photogrametric (AAS) finish. Samples with gold or
silver values greater than 10g/t were re-analyzed by fire assay and
gravimetric finish. Copper and 48 other elements including silver were
routinely analyzed by the ICP technique following a hot four acid
digestion. Samples with copper, zinc and lead values greater than 1%
were re-analyzed using a hydrofluoric-nitric-hypochloric acid
digestion, hydrochloric acid leach and AAS finish.
Conference call and webcast
Polar Star Mining will hold a conference call with live audio webcast
and accompanying multimedia presentation on Thursday, November 4 at
8:30 am (ET). To participate, dial as follows:
-- Toronto 416-644-3425 or 1-800-589-8577
-- Australia 61-2-8524-9430 or 1800-032-175
-- United Kingdom 44-20-7190-1595 or 0800-358-5263
-- Switzerland 41-22-592-7311 or 0800-560-749
-- Italy 39-02-30-350-9038 or 800-149-070
-- Hong Kong 852-3009-5027 or 800-908-530
The simultaneous webcast can be accessed at www.polarstarmining.com. Please note the webcast allows participants to listen only. A
recording of the session will be archived until midnight ET on December
4, 2010. To access it, dial 416-640-1917 or 1-877-289-8525 (Canada)
and enter passcode 4381465#.
Forward-Looking Statements
This news release may contain forward-looking statements based on
assumptions, uncertainties and management's best estimates of future
events. Actual events or results could differ materially from the
Company's expectations and projections. Investors are cautioned that
forward-looking statements involve risks and uncertainties.
Accordingly, readers should not place undue reliance on forward-looking
statements. When used herein, words such as "anticipate", "will",
"intend" and similar expressions are intended to identify
forward-looking statements. For a more detailed discussion of such
risks and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements, refer to Polar Star Mining Corporation's filings with
Canadian securities regulators available on www.sedar.com or the
Company's website at www.polarstarmining.com.
About Polar Star Mining Corporation
Polar Star Mining Corporation (TSXV: PSR) is an emerging exploration
company with a focus on building value in Chile through discovery and
development. Its flagship property, Montezuma, covers 40 kilometres of
the West Fault and the cross-cutting Esperanza Fault system and is
located between Codelco's Radomiro Tomic - Chuquicamata - Mansa Mina
group of copper-molybdenum porphyry deposits, and Antofagasta PLC's El
Tesoro - Esperanza - Polo Sur group of copper-gold porphyry deposits.
Share Capitalization
Shares outstanding: 90,410,435 as at November 2, 2010
Neither the 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.
pDavid Speck, Vice Presidentbr/ Polar Star Mining Corporationbr/ (416) 368-3496br/ a href="mailto:info@polarstarmining.com" font-weight="bold"info@polarstarmining.com/a/p