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MONTRÉAL, June 04, 2020 (GLOBE NEWSWIRE) -- Vanstar Mining Resources Inc (TSX.V - VSR) management mandated Technominex, of Rouyn-Noranda, to undertake a first phase of work including a geological survey, prospecting, sampling as well as stripping on the Amanda project. Covering approximately 7,300 hectares, the property will be worked by a team of two geologists and two technicians over a period of approximately 30 days. An airborne magnetic survey (drone) will possibly be carried out during this same period. A geophysical compilation report covering the entire project will also be produced under the direction of MB Géosolutions, from Quebec.
Depending on the results obtained, a drilling campaign could follow in the summer or fall of 2020.
Amanda Project
Several gold showings are listed on the Amanda property including the Arianne, Kogg and Rock’n Hammer showings. The presence of faults, folds and iron formations in a sedimentary environment in contact with volcanics are the main elements sought by the company. Mineralization consists of pyrite, pyrrhotite, disseminated arsenopyrite and gold in veined quartz veins intersecting iron formations or in paragneiss.
The type of mineralization is similar to the Homestake, Lupine and Musselwhite deposits.
Best historical drilling results:
| Hole | Grade g/t Au | Width (m) | Zone |
| AC-02-01 | 1.15 | 18 | Arianne |
| AC-97-31 | 2.42 | 4 | Arianne |
| And | 5.4 | 7 | Arianne |
| Including | 12.1 | 3 | Arianne |
| AC-02-05 | 0.52 | 11.37 | Rock’n Hammer |
| Including | 1.36 | 2 | Rock’n Hammer |
Best historical channels sampling results :
| Trench | Grade g/t Au | Width (m) | Zone |
| TR-97-01 | 0.6 | 8.3 | Arianne |
| and | 1.07 | 7 | Arianne |
| TR-97-02 | 1.23 | 2.6 | La Mire |
| TR-97-03 | 1.35 | 11 | Ti-Beu |
| Including | 5.2 | 2 | Ti-Beu |
| And | 2.04 | 3.1 | Ti-Beu |
| And | 0.8 | 9.4 | Ti-Beu |
| And | 1.57 | 3.5 | Ti-Beu |
| TR-97-04b | 1.69 | 13.8 | Kogg |
| And | 5.17 | 2.9 | Kogg |
| And | 8.34 | 1.6 | Kogg |
Félix Project
The company is also preparing a series of works including a drilling program on the Félix property for the summer period. The Félix property has a geological and geophysical environment favorable to the presence of sulfides and gold. Regional folds, faults, iron formation and magnetic anomalies in a sedimentary environment near volcanic lavas are the main features of this project.
In fact, survey 728-06-1 revealed the following levels in the Chicobi group sedimentary basin:
1.4 g/t Au /1.5m
1.8 g/t Au /1.5m
1.5 g/t Au /1.5m
0.9 g/t Au /1.5m
0.9 g/t Au /1.5m
1.4 g/t Au /1.5m
1.5 g/t Au /1.5m
1.8 g/t Au /1.5m
1.4 g/t Au /1.5m
It is interesting to note that only nine samples were analyzed in this unit composed of graphitic argillite, quartzite and graywacke over 70 meters thick. This hole also corresponds to a Megatem II anomaly of several hundred meters and is located near the contact between the sediments and the felsic lavas. The presence of pyrite is noted throughout the description of this historic survey. There is a possible fault in the immediate environment of this survey.
Nelligan Project - Royalty
The management of the company also announces that it bought from an independent prospector a royalty of 1% NSR which it held on 21 cells located in the eastern part of the Nelligan property (Émile block) in return for a cash payment.
PowerOne Capital Markets Limited
As part of its corporate development, Vanstar’s management has retained the services of PowerOne Capital Markets Limited as a strategic advisor. PowerOne has deep expertise in the natural resource sector and for over 16 years has provided early stage strategic capital and advisory services to emerging growth companies across a variety of sectors globally.
Europe
Also, as travel is limited by the Covid-19 pandemic, the company plans to present, the Nelligan project by video conference to European investors interested in the gold sector. These conferences should start during the spring and possibly continue during the summer.
The company also granted 600,000 options, valid for a period of 5 years, to two directors of the company at the exercise price of $1.17
This press release was read and approved by Mr. Gilles Laverdière, consulting geologist and qualified person under the NI 43-101 Canadian standard.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.
Sources:
Sébastien Plouffe
Vice-President - Public Relations
splouffe@vanstarmining.com
514-947-2272
Gary Clayten
Vice-President - Western Corporate Development
604-761-3233
info@rvanstar.com
www.vanstarmining.com