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VSR Vanstar Mining Resources Inc

0.67
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Vanstar Mining Resources Inc TSXV:VSR TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.67 0.40 0.69 0 01:00:00

Vanstar Announces Drilling Results from Nelligan

27/09/2012 2:00pm

Marketwired Canada


The management of Vanstar Mining Resources Inc. (TSX VENTURE:VSR) (the
"Company") announces the completion of a second drilling campaign on the
Nelligan project, located in the Chapais-Chibougamau area. This 700-meter
drilling program tested the lateral and in-depth extensions of historical drill
holes 94-13 and 95-01 located in zone B, 200 metres east of zone A of the
Nelligan showing.


Despite a constant occurence of gold in most drill holes, this drilling program
did not outline a sector with economical gold grades. The Nelligan showing,
comprised of zone A and B, is now known on more than 600 metres and remains open
in-depth and in its lateral extensions.


The management of the Company remains confident with this project. Depending on
available working capital, management plans to resume works on this project in
the course of the year. 


The best results from this drilling campaign follow :



Drill holes               Depth       Width(i)         Grades
                       (metres)       (metres)         g/t Au
                                                             
NE12-05             40.50-42.00           1.50           1.28
                    64.50-66.00           1.50           1.34
                    75.00-78.00           3.00           1.05
                    91.50-93.00           1.50           1.69
NE12-06             48.00-51.00           3.00           0.72
NE12-07             85.50-88.50           3.00           1.62
NE12-08             28.50-36.00           7.50           1.08
Including           30.00-32.10           2.10           2.27
NE12-09             61.50-63.00           1.50           1.48
                    75.00-76.50           1.50           1.43
                    90.00-91.50           1.50           1.57
NE12-10         Non significant                              
                                                                            
(i)Length on the core                                                       



In addition, the Company sold its 100 % stake in the Joutel project to Affinor
Resources Inc. ("Affinor") in exchange for a cash payment of $10,000 and the
issuance of 1 million common shares. Vanstar retains a 2% NSR royalty. This
transaction is subject to the approval of the regulatory authorities and to the
listing of the Affinor shares on a Canadian stock exchange prior to December 31,
2012.


Finallly, due to a lack of availability, Mr. Nil Leblanc submitted his
resignation as director and CEO of Vanstar. He will be replaced by Mr. Guy
Morissette, director of the Company. Mr. Morissette will act on an interim
basis, while a new CEO is found. We thank Mr. Leblanc for his presence and wish
him the best in his new endeavours. 


The works took place under the supervision of Mr. Hakim Tazerout, independent
geologist and Qualified Person under NI 43-101. He has read and approved this
press release.


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