ROX News out today!!!!Canstar plans drilling at Shrimp Lake and Tahoe Lake
2006-01-16 08:48 ET - News Release
Shares issued 45,150,047
ROX Close 2006-01-13 C$ 0.15
HIGH PRIORITY GOLD/BASE METAL TARGETS AT SHRIMP LAKE AND TAHOE LAKE MARY MARCH DECISION PENDING
Canstar Resources Inc. has completed the interpretation of the recently completed detailed AeroTEM II helicopter-borne magnetic and electromagnetic surveys over its wholly owned Shrimp Lake and Tahoe Lake properties north of Red Lake, Ont.
The Shrimp Lake property is underlain by an altered volcano-sedimentary assemblage, including fragmental volcanics and a coarse, sulphide-rich, cordierite-bearing unit interpreted to be a possible debris flow, and is considered to be highly prospective for volcanogenic massive sulphide (VMS) base metal mineralization. Eight first-priority conductors have been identified on the Shrimp Lake property. These conductors are either associated with the target horizon or are located along strike in areas of poor exposure. The conductors have coincident or flanking magnetic correlations.
The Tahoe Lake property is underlain by altered felsic volcanics, including coarse-grained pyroclastics and deformed, grunerite-bearing iron formations, and is considered to be highly prospective for both VMS-related (volcanic massive sulphide) base metals and iron formation hosted gold mineralization. A structurally complex magnetic feature interpreted to be iron formation related with locally strong conductivity has been identified. Elsewhere on the property, an isolated conductor has been identified in an area thought to be underlain by felsic fragmentals.
Canstar is currently planning a spring/summer drill program to test these targets.
Mary March project
On Jan. 23, the Newfoundland and Labrador Supreme Court, trial division, will conduct a hearing on the title dispute of the Mary March property in the Buchans area of Newfoundland. Canstar has a letter of intent with Phelps Dodge Corp. of Canada Ltd., whereby Canstar can earn a 50-per-cent interest in this property. The Mary March property hosts a high-grade (10.33 per cent zinc, 1.62 per cent lead, 0.66 per cent copper, 4.1 grams per tonne gold and 118.1 grams per tonne silver across 9.23 metres), underexplored, VMS deposit, which is considered one of the most prospective mineral properties in Canada.
If Canstar is successful in having the property title reinstated, a program of drilling and deep geophysics will be initiated immediately.
Paul Chamois, vice-president -- exploration, PGeo, a qualified person under National Instrument 43-101, has reviewed and approved the technical information in this news.
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