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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 Obtains Permit for 124 Drill Holes on Nelligan

03/01/2014 12:30pm

Marketwired Canada


The management of Vanstar Mining Resources Inc. (TSX VENTURE:VSR) (the
"Company") announces that it has obtained from the Quebec Ministry of Natural
Resources its permit for 124 additional drill holes on the Liam showing, that
was recently discovered in November 2013 (see November 26 and December 18 press
releases).


Drilling is planned to start around mid January, depending on the weather. Holes
will be drilled 50 metres apart and will assess the Liam showing extensions
along strike and at depth. 


The Company also acquired by map designation 35 additional mining cells and has
acquired from a group of independent prospectors, a 100 % interest in 23
additional cells in exchange of 350,000 common shares of the Company. These new
cells cover an area of approximately 3,248 hectares. 


No royalties were granted to the sellers. These agreements are subject to the
approval of the TSX Venture exchange. 


The new cells are located on the west and south boundaries of the Nelligan
project.  


The Liam showing

The Liam gold showing was discovered in November 2013 with drill hole NE13-04
(See November 26, 2013 press release). This hole was testing a low magnetic
anomaly recognized on a length of more than 900 metres. This important gold
structure was intersected at shallow depths and could result in an open pit
exploitation. 


The Liam gold zone lies within an intensive deformation corridor which is
interpreted to coincide with a NE-SW low mag anomaly. Hosted in a
meta-sedimentary environment, the core of the zone is strongly silicified with
1-2% disseminated pyrite over 20 meters of core length. A sericite-fuschite
schist unit along with a sheared and mineralized Iron Formation are observed
along the south contact. A horizon of amphibolite hosting 5-10% silicified and
mineralized veinlets, with traces of molybdenum, is observed along the north
contact. Following a second inspection of the drill cores, visible gold was
observed in two of the four drill holes so far completed on this showing. 


Nelligan Project

The 100% owned Nelligan property now consists of 98 cells covering an area of
5,488 hectares. It is located approximately 45 kilometers south of the village
of Chapais and is accessible year round by several forestry roads. A power line
crosses the area some 4 kilometers to the east of the project. No constraints
such as protected parks or ecological reserve limit mining exploration on the
property. 


The Nelligan property is located 15 km SSE of Tomagold's Monster Lake project
where Iamgold Corp. recently agreed to exploration work commitments of
$16,000,000 over a period of 5 years. 


In the same area, you can also find the Philibert (Soquem), Meston Lake and Joe
Mann deposits. The Chevriers deposits and the Murgor showings are located
north-east of the Nelligan project.


Neither 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Guy Morissette
CEO
819-763-5096 cell
819-762-5035 office
www.vanstarmining.com

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