(via TheNewswire)
Highlights:
••A new high-grade gold discovery was made on the claims near
Facheaux Bay , located 43 kilometres (“km”) southwest of the Kendell prospect (Figure 1). Outcrop grab samples collected from arsenopyrite-bearing quartz veining hosted in sedimentary rocks assayed 18.4 grams per tonne (“g/t”) and 13.7 g/t gold.••Gold assays of 197.0 g/t, 45.6 g/t and 29.6 g/t were returned from separate channel cut samples that were 0.5 m long and collected from a recently discovered, ~2 m wide quartz-veined and silicified float boulder that contains abundant fine grained visible gold (see photo 1). The boulder is located 325 m east of the Blow Out target with the bedrock source yet to be determined.
••Channel samples from a new trench at 97 West returned 3.3 g/t gold over 5 m, including 18.0 g/t gold over 0.7 m.
••Several new target areas were identified in areas with no previous trenching or drilling. Rock grab samples from a mineralized trend located 1.8 km southwest of the Kendell prospect assayed up to 6.1 g/t gold in outcrop and 5.3 g/t gold in float. A newly identified target area 1.1 km south of
Wolf Pond yielded quartz vein float samples over an area 350 m long along strike that returned gold assays of 19.7 g/t, 11.8 g/t, 4.4 g/t, and 4.2 g/t (Figure 2).
Readers are advised that rock grab samples are selective by nature and values reported may not represent the true grade or style of mineralization across the property.
••On the Hermitage property, the Company identified elevated concentrations of tantalum (Ta), tungsten (W), and ytterbium (Yb) from stream sediment concentrates. These elements suggest that there is the potential for the Hermitage property to host Lithium-Cesium-Tantalum (LCT)-type pegmatite mineralization. Results are pending for subset of rock samples analyzed for lithium-cesium-tantalum and associated pathfinders.
2022 Exploration Program Update
The 2022 exploration program on the Golden Baie and Hermitage properties has been extensive and productive. The Company estimates that approximately
Fall 2022 Drill Program
As of
Drilling is ongoing and expected to be completed at the end of this week. Since September, more than 50 holes totaling over 6,000 metres have been drilled at the Kendell prospect and target areas at Hillside-Skidder, 97 West,
Regional Exploration
Many of the mineral claims on the vast 939 km2land package held by
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Figure1 - Mineral claim licenses, totaling 939 km2, held by
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Figure 2 - Plan map of
2022 Exploration Program Discussion
In the spring and summer of 2022,
Prospecting and reconnaissance mapping by
Systematic prospecting and mapping traverses across the Hermitage property this year did not reveal any significant gold results. However, the Company identified elevated concentrations of tantalum (Ta), tungsten (W), ytterbium (Yb), uranium (U) and thorium (Th) from instrumental neutron activation analysis (“INAA”) of the stream sediment concentrates. These incompatible elements are often associated with highly evolved felsic systems and suggest that there is potential for the Hermitage property to host Lithium-Cesium-Tantalum (LCT) -type pegmatite mineralization. Results are pending for a subset of rock samples analyzed for lithium-cesium-tantalum and associated pathfinders. Lithium-bearing pegmatite dykes have recently been discovered along the Hermitage Flexure by other exploration companies in
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Figure 3 - Plan map of
Gold Boulder Discovery
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In 2020, a one- to two-tonne boulder of quartz with inclusions of shaley wall rock was discovered 325 m east of the Blow Out drill target (Photo 1). A grab sample of the boulder returned a grade if 36.1 g/t gold (see news release dated
). In the summer of 2022,
grains and characterize the gold grains based on their shape. This information will be used to assess the proximity of potential local bedrock gold sources.
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Figure 4 - Map with sample locations relative to Blow Out drilling area. Includes locations of new till samples collected up-ice of the boulder at East Blow Out.
New Magnetic and VLF Airborne Surveys
The Company recently initiated a 1,900 line-kilometer airborne survey using GoldSpot’s Multi-Parameter Airborne Survey System (M-PASS). The gradient magnetic/VLF survey will be acquired at a 50 m-line spacing over the
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Figure 5 - Map of GoldSpot high priority targets areas and polygons representing MPASS survey areas.
Table 1 - Summary of assay results reported in this news release.
Qualified Person
QA/QC
All 2022 drilling is NQ-sized drill core. Core samples are split with a diamond saw and half-core retained for further study after being detail logged and photographed. Core and rock samples are submitted to
Acknowledgements
About
For further information, please contact:
Email: rob@canstarresources.com
Phone: 1-647-247-8715
Website:www.canstarresources.com
Forward-Looking Statements
Neither
This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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