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MONTRÉAL, July 30, 2019 (GLOBE NEWSWIRE) -- Goldstar Minerals Inc. (“Goldstar” or the “Corporation”) (TSX-V: GDM) is pleased to announce that the permitting is now complete with respect to the upcoming drilling program on its Lake George Property, located in New Brunswick, Canada. The Corporation expects to begin in early August its third phase diamond drill program which is intended to search for the source of numerous gold samples found at surface during previous exploration. Goldstar plans a 2,500 metre drilling program that would consist of approximately 10 holes.
Potential granodiorite intrusions outlined, targeting an Intrusion-Related Gold System (“IRGS”).
A set of 5 magnetic anomalies were identified that define 5 distinct IRGS targets that may represent the surface expression of potential buried granodiorite intrusions. Among them, three are of higher priority and are described as follows:
- Target A: Located east of Highway 635 and measures 1,500 metres by 1,250 metres in size. This potential intrusion was estimated by geologists of the New Brunswick government to begin at a depth of roughly 80 metres and to be covered by metasediments and overburden;
- Target B: Also located east of Highway 635 and measuring 1,500 metres by 1,250 metres in size. This potential intrusion was interpreted by geologists of the New Brunswick government to begin at a depth of roughly 110 metres and to be overlain by metasediments and overburden;
- Target C: Located northwest of Highway 635 and measures 750 metres by 600 metres in size. Although its depth was not evaluated, a historical gold value which returned 0.93 g/t Au over 0.5 metre was found within a granodiorite that is approximately 300 metres from Target C.
As mentioned above, there are two (2) additional potential buried intrusions, namely targets D and E. They are located northwest of Highway 635 and are respectively 1,000 metres by 500 metres and 1,250 metres by 500 metres in size. However, their metasediments and overburden cover is not known.
Next steps
The Corporation will soon prepare drilling sites and mobilize the wood cutting contractor, prior to undertaking the drilling program in the next few days. Access and logistics for drilling are expected to proceed smoothly.
Benoit Moreau, President and CEO of Goldstar comments: “As a result of our previous work, the geological team was able to concentrate the targeting on well constrained IRGS targets. The exploration team and management are therefore extremely excited that the upcoming 2019 drilling program which will allow for a precise testing of these potential buried intrusions. Our goal is to discover gold mineralization associated with these intrusions.”
Disclosure
The technical information contained in this news release has been reviewed and approved by Benoit Moreau, P.Eng., CEO and director of the company. Mr. Moreau is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
For further information, please contact:
Benoit Moreau
President and Chief Executive Officer
Telephone: 514-591-8058
bmoreau@goldstarminerals.com
François Perron
Vice-President of Corporate Development
Telephone: 416-312-4811
fperron@goldstarminerals.com
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. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
