IAMGOLD Intersects 6.0 g/t Au Over 9.0 Metres on the Nelligan Project in Quebec
LA PRAIRIE, QUEBEC--(Marketwired - Feb 23, 2015) - The management of Vanstar Resources Inc. (TSX VENTURE:VSR) wishes to announce that its partner IAMGold Corp. ( IAMGOLD ) has intersected mineralization grading 6.0 g/t Au over a true width of 9.0 metres in drill hole NE-14-25 completed during the December 2014 drilling campaign on the Nelligan project, located 60 kilometres southwest of Chibougamau, Quebec, Canada.
This first drilling program, totaling 585 metres, was designed to test the eastern extension of Liam and Dan gold zones and the continuity of these gold zones at depth. Drill holes NE-14-24, NE-14-25 and N2-14-25B were successful in intersecting both zones. Hole NE-14-25 was abandoned at a depth of 36 metres. The table below summarizes the gold intersections of this program and a surface plan can be found on the following link.
Surface plan: http://media3.marketwire.com/docs/Surface-Plan-Nelligan-drilling.jpg.
"We are very pleased with these first results from our partnership with IAMGOLD. This clearly demonstrates the potential and continuity of Liam and Dan areas." noted the president of the company Mr. Guy Morissette.
A 4,000 m drill program is in preparation and is scheduled to start this month.
About the Nelligan Project
The Nelligan project contains several interesting gold showings including Liam, Dan and Lake Eu. Liam and Dan showings were discovered by drilling in 2013 and 2014. These new gold structures were intersected to date over a length of 400 metres and 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. Prospective showings appear to fall within a structural corridor of potential strike length of several kilometres associated to the Guercheville Deformed Corridor.
| Nelligan Project Drilling Final Results - December 2014 Drilling program | |||||||
| Hole No. | EOH | from | To | Interval | True Width (2) | Au (1) | NOTE |
| (m) | (m) | (m) | (m) | (m) | (g/t) | ||
| NE-14-24 | 252.00 | 11.00 | 30.00 | 19.00 | 17.10 | 1.80 | DAN ZONE |
| Including(3) | 25.00 | 30.00 | 5.00 | 4.50 | 3.46 | ||
| 38.00 | 52.00 | 14.00 | 12.60 | 1.55 | |||
| Including(3) | 38.00 | 45.00 | 7.00 | 6.30 | 2.19 | ||
| 102.00 | 117.00 | 15.00 | 13.50 | 1.33 | LIAM ZONE | ||
| Including(3) | 114.00 | 117.00 | 3.00 | 2.70 | 2.27 | ||
| 124.50 | 127.50 | 3.00 | 2.70 | 1.19 | |||
| NE-14-25 | 36.00 | 12.50 | 22.50 | 10.00 | 9.00 | 6.00 | DAN ZONE |
| Including(3) | 12.50 | 18.50 | 6.00 | 5.40 | 9.58 | ||
| NE-14-25B | 297.00 | 9.00 | 16.85 | 7.85 | 7.07 | 3.91 | DAN ZONE |
| Including(3) | 12.00 | 16.85 | 4.85 | 4.37 | 4.96 | ||
| 21.00 | 23.00 | 2.00 | 1.80 | 1.19 | |||
| NE-14-25B | 56.00 | 60.00 | 4.00 | 3.60 | 0.83 | ||
| 135.00 | 136.50 | 1.50 | 1.35 | 1.36 | |||
| 179.00 | 183.00 | 4.00 | 3.60 | 1.29 | |||
| 190.40 | 209.50 | 19.10 | 17.19 | 1.27 | LIAM ZONE | ||
| 225.50 | 226.50 | 1.00 | 0.90 | 6.74 | |||
| 257.10 | 261.00 | 3.90 | 3.51 | 0.80 | |||
| 271.25 | 272.00 | 0.75 | 0.68 | 2.84 | |||
| TOTAL | 585.00 | ||||||
| Notes: | |||||||
| 1. Drill hole intercepts are calculated with a lower cut of 0.50 g/t Au. | |||||||
| 2. True widths are estimated at 90% of the core interval. | |||||||
| 3. Assays are reported uncut but high grade sub-intervals are highlighted. | |||||||
About the IAMGOLD Agreement.
Under the terms of an earn in option agreement signed on November 12th 2104, IAMGOLD may acquire up to an 80% interest in the Nelligan project. Terms include a first option to earn a 50% undivided interest in consideration for staged cash payments totalling $550,000, and the completion of $4,000,000 in exploration expenditures over a period of four and a half (4 1/2) years ending on May 12, 2019. The Agreement provides for a firm commitment to pay $200,000 in cash payments before November 12, 2015 and complete $900,000 in exploration expenditures before November 12, 2016. Following the exercise of the first option, IAMGOLD can elect a second option to earn an additional 25% interest, in consideration for the delivery of a pre-feasibility study and making further annual cash payments totalling $225,000, over a period of three and half (3 1/2) years. IAMGOLD can elect a third option to earn an additional 5% interest in consideration for the delivery of a feasibility study and a cash payment of $275,000 due upon IAMGOLD's election to complete the feasibility study.
Gilles Laverdière, Geo., Vice President of Vanstar Mining Resources is the Qualified Person under NI 43-101 who supervised and approved the preparation of the technical information in this press release.
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.
Contact
Guy Morissette
President and Chief Executive Officer
1-819-762-5035
Cell: 1-819-763-5096
gmvanstar@gmail.com
www.vanstarmining.com
