BargainRead this...ROX looks like a real bargain. 53 million shares out
Canstar takes a closer look at McFauld's Lake
2007-09-17 10:13 ET - News Release
Dr. David Palmer reports
CANSTAR PLANS NEXT PHASE OF EXPLORATION FOR MCFAULDS LAKE PROPERTIES
Management of Canstar Resources Inc., in light of the discovery of high-grade nickel-copper mineralization in the McFauld's Lake area, is reviewing results of previous programs on the two properties the company holds in the discovery area and planning the next phase of exploration. Canstar holds two projects within the McFauld's Lake belt, the 100-per-cent-owned McFauld's 1 property (512 hectares) and the McFauld's 3 property (608 hectares), which is under a 50-50 option/joint venture agreement with Geocanex Ltd.
Geologically, the Canstar properties are located in the same sequence of volcanic-sedimentary rocks as the Noront Resources discovery on which Noront has reported partial assay results of 1.84 per cent nickel and 1.53 per cent copper over 36 metres of core. Previous exploration on the Canstar properties has identified seven drill-ready geophysical targets. The properties remain untested by drilling.
Canstar directors and management feel that the Noront discovery is important for the whole McFauld's Lake area as it demonstrates similarity to mining camps such as Timmins, Noranda and others, confirming the excellent economic potential of the area for nickel-copper deposits in addition to the previously discovered VMS copper-zinc-gold-silver deposits.
Trading in the company's shares has been very strong in the past few days probably reflecting interest by investors in the potential of these properties.
Dr. David Palmer, PhD, PGeo, is the qualified person for all technical information in this release.
We seek Safe Harbor.