SCOTTSDALE, Ariz., July 11, 2018 (GLOBE NEWSWIRE) -- The most recent batches of assays from drilling at the Castelo de Sonhos (CDS) gold project of TriStar Gold Inc. (TSX.V:TSG) (the “Company” or “TriStar”) have accelerated the project’s development schedule; these include:
With all holes drilled vertically, and reefs dipping at 20° to 30°, true widths are approximately 90% of the downhole intersection lengths.
“Frankly, we didn’t expect to be at this point this soon,” said Nicholas Appleyard, President/CEO of TriStar. “Two years ago, we published the science and data analysis that gave us confidence that CDS warranted development, and we undertook drilling programs to expand the mineral resource to the point where a preliminary economic assessment (PEA) would evaluate the potential profitability of an open-pit mine. We expected to be moving to a PEA near the end of 2018, but our evaluation of Q2 drilling results convinces us to launch the PEA now, ahead of schedule.”
Requests for proposals have now been sent to a short-list of engineering companies for the completion of an updated mineral resource estimate in Q3, a PEA in Q4, and the associated independent 43-101 technical reports.
All assays have now been received for the 34 reverse circulation holes (3,972m) and 8 core holes (960m), drilled so far in 2018 (see Figure 1). Of the ten holes in the final batch of assays, all had well-mineralized significant intersections, and nine had multiple significant intersections. In three of the holes, the total thickness of the significant intervals exceeded 20m. These results exceed expectations and add confidence to the geological understanding of CDS.
The tabulation of drilling results maintained by the Company on its website here has been updated to provide all information available to date on drill hole locations and significant intervals.
Figure 1. Mineralized conglomerate targets identified at Castelo de Sonhos, with high priority targets labelled in black. Location and depths of the most recent drill holes shown.
R. Mohan Srivastava (P.Geo.), Vice President of TriStar, is the Qualified Person who has reviewed the technical information contained in this news release and has approved its disclosure.
TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have potential to become large-scale mines. The Company’s current flagship property is Castelo de Sonhos in Pará State, Brazil. The Company’s shares are listed on the TSX Venture Exchange under the symbol TSG. Further information is available at www.tristargold.com.
For further information, please contact:
TriStar Gold Inc.
President and CEO
Neither the 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the "safe harbour" provisions under the United States Private Securities Litigation Reform Act of 1995. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects” or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward looking statements in this press release include, the scope and success of the planned exploration program and the results of the updated mineral resource estimate and the preliminary economic assessment at the Castelo de Sonhos project and the Company's opinion that it has clear title to the Castelo de Sonhos property Such forward-looking statements are based upon the Company's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans to change include changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the Company’s projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.