Some tasty infill results! 11.1% over 9.4mGlobestar Mining Corp (C:GMI)
Shares Issued 77,734,046
Last Close 5/2/2007 $2.00
Thursday May 03 2007 - News Release
Mr. William Fisher reports
GLOBESTAR'S CERRO DE MAIMON DEVELOPMENT UPDATE: PRE-PRODUCTION DRILL PROGRAM INTERSECTS 9.4 METERS OF 11.13% COPPER
Globestar Mining Corp. has released its latest drilling program at the Cerro de Maimon development project in the Dominican Republic. In January, 2007, the company completed a 24-drill-hole program (totalling 2,580 metres) in and around the measured and indicated resources at their Cerro de Maimon open pit mine project. The goal of the program was to improve confidence in existing areas of the resource, test for extension of the massive sulphide at depth, and provide samples for metallurgical testing. Results for four holes were disclosed in Stockwatch on Feb. 19, 2007, and this release presents summary results of the remaining 20 holes (see table), which completes the program.
CERRO DE MAIMON PRE-PRODUCTION DRILLING PROGRAM
Intercepts greater than 1% Cu cut-off (1)
True
From To Length thickness Cu Zn Ag Au
Hole (m) (m) (m) (m) % % g/t g/t
CM-164 52.3 54.4 2.1 2.1 4.1 2.6 116.0 3.0
CM-165 98.1 111.2 13.1 9.2 3.7 4.3 84.2 2.8
CM-167 No significant intersection
CM-170 57.0 65.5 8.5 7.8 8.4 3.5 37.3 2.1
CM-172 92.6 96.9 4.3 4.1 5.0 4.8 63.1 1.8
and 102.2 104.9 2.6 2.6 2.5 1.9 93.6 1.7
CM-173 120.9 123.5 2.6 2.5 1.2 2.3 36.2 0.7
CM-174 124.5 140.2 15.7 11.1 2.2 2.4 48.6 1.4
CM-175 108.8 113.8 5.0 3.9 3.2 2.6 30.3 1.7
and 117.4 119.4 2.0 1.6 1.2 1.0 45.5 0.7
CM-176 120.0 135.4 15.5 11.0 2.1 3.1 35.1 1.4
CM-177 Abandoned hole
CM-178 46.8 51.8 5.0 4.8 2.1 3.1 49.0 1.2
CM-179 77.2 79.3 2.1 2.0 2.4 4.4 76.0 1.4
CM-180 48.9 62.2 13.3 9.4 11.1 1.5 31.4 1.6
CM-181 124.4 126.4 2.0 1.9 2.1 0.2 14.6 0.4
CM-182 111.3 128.0 16.8 14.7 2.2 3.1 51.6 1.4
CM-183 No significant intersection
CM-184(2) 21.3 45.1 23.8 23.4 0.1 0.0 6.1 2.1
CM-185 85.4 89.9 4.6 4.4 8.1 1.4 29.0 1.9
CM-186(3) 38.6 52.2 13.7 9.7 6.9 0.3 24.1 1.1
CM-187 73.0 77.7 4.7 4.6 2.1 2.2 39.8 2.6
and 88.7 96.0 7.3 7.1 1.6 1.3 10.7 1.0
and 99.2 103.2 4.0 3.9 9.6 1.0 24.0 1.5
(1) Intercepts were calculated allowing five metres of internal dilution
and using a 1-per-cent Cu cut-off grade.
(2) Hole CM-184 targeted the upper oxide cap, average grades are based on
down-the-hole compositing using a one grams-per-tonne Au cut-off grade
and five metres of internal dilution.
(3) Hole CM-186 was temporary abandoned at 52.2 metres in massive sulphide
mineralization. The hole was continued and is waiting for assays.
"These results confirm the high-grade nature of the Cerro de Maimon deposit," commented Bill Fisher, chief executive officer of Globestar. The company is committed to its Copper exploration program, both at the mine and with the follow-up of the recently completed EM/Mag airborne survey. This complements the nickel exploration program, which has already completed 27 holes of the 67-hole infill program in the Cumpie Hill and Loma Mala areas.
Seventeen out of the 20 drill holes returned intercepts of massive and semi-massive sulphide mineralization (see the table) including holes CM-170 and CM-180 that intersected 7.8 and 9.4 metres of massive sulphide lenses (true thickness) with average grades of 8.4 per cent copper and 11.1 per cent copper, respectively. These results confirm the high copper grade continuity of the Cerro de Maimon mineralization and the thickness of the main orebody. The Cerro de Maimon open-pit reserve model will integrate the new assay data with past drilling to update the ore resources this summer.
This infill drilling program also seeks additional information to characterize the overburden, the weathered zone, completion of a 3-D geological model, and establishing the final criteria for the detailed life-of-mine mining plans. In addition, SGS Lakefield will use these samples to perform further metallurgical tests in order to optimize recoveries and improve concentrate grade in the later years of mine life. The metallurgical test program will also seek to determine if process enhancements can optimize saleable product in either copper or zinc concentrates.
Mr. Fisher, who is the company's qualified person for purposes of National Instrument 43-101, prepared this press release. All core samples were split and prepared for shipment at the Cerro de Maimon mine site under supervision of the company's geologists. The samples were shipped to SGS Lakefield in Canada, where sample preparation and assays were completed. SGS Lakefield carried out chemical analyses. Gold was analyzed by fire assay, copper by XRF for samples greater than 0.1 per cent copper and by AA for samples below 0.1 per cent copper, whereas silver and zinc were analyzed through ICP.
© 2007 Canjex Publishing Ltd.