Canstar Resources Announces Exploration Update on Buchans-Mary March and Daniels Harbour Properties
Toronto, Ontario--(Newsfile Corp. - December 13, 2018) - CANSTAR RESOURCES INC. (TSXV: ROX) (OTCQB: CSRNF) ("Canstar" or "the Company") is pleased to provide an exploration update on its properties in Newfoundland.
Buchans-Mary March
Canstar Resources has engaged Cabo Drilling Corp. to undertake Phase I drilling (see News Release 08-2018) scheduled to commence at the beginning of January, 2019, on the Buchans-Mary March property located in central Newfoundland. Historical drill results from Mary March include a high-grade massive sulphide intersection in drill hole MM-294-7 of 9.2 metres grading 10.3% Zn, 1.6% Pb, 0.7% Cu, 4.11 g/t Au and 118.1 g/t Ag.
The Phase I drill program consists of a four hole, 1500+ metre program at Mary March designed to test the mineralized horizon at the top of the extensively altered Mary March panel. This horizon is where historical drill hole MM-294-7 was completed. The Phase I program will test the horizon with one 650 metre hole below the historical drill holes and three 200+ metre drill holes to the southwest over a distance of 1.2km where there has been little historic drilling. Borehole EM surveys are planned for each drill hole which will locate conductive mineralization within 100 metres and aid in targeting for Phase II drilling.
"After extensive re-logging and review of the historic Mary March drill core, Canstar's technical team believes that the high grade mineralization in hole MM-294-7 is a fragment of a larger massive sulphide body which has been displaced along a thrust fault zone," stated Canstar President and CEO, Christos Doulis. "The low grade alteration in the footwall of the high grade intercept in hole MM-294-7 supports this theory which Canstar will test by drilling a 650 metre hole undercutting hole MM-294-7. Phase I results will have a significant impact on planning the Phase II drill program scheduled to commence in March 2019. A planned drill-hole at a regional target (LM12) has been postponed until Phase II due to permitting issues relating to caribou habitat."
Daniels Harbour
Canstar is also continuing its exploration program at its Daniel's Harbour Project. The Company holds a dominant land position surrounding the former Daniel's Harbour mine, where 7 million tonnes grading 7.8% Zn were mined between 1976 and 1990 (historic pre NI 43-101 grade and tonnage). Very little exploration work has been conducted in the area since the mine closed in 1990.
In the Black Duck area, 1.5km northwest of the closest workings of the abandoned mine, gravity and IP surveys were recently completed by contractor Abitibi Geophysics and data from these surveys is anticipated to be available by late December 2018. This survey is identifying structures along a mineralized corridor which hosts drilled mineralization to the northeast and southwest. Similar surveys have been successful in delineating other Mississippi Valley Style deposits such as Pine Point in Canada's Northwest Territories.
A trenching program planned for the Bill Adams and Trapper zones, where historic (non NI 43-101 compliant) drilling reported near surface intercepts of 5.7% Zn over 1.4 feet and 18% Zn over 4.4 feet respectively, has been deferred to Q2 2019 due to inclement weather conditions.
Figure 1 - Phase I planned drill holes at Mary March (plan view)
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1665/41616_5e3c2887a4a7a8f2_001full.jpg
Qualified Person
Bob Patey, B.Sc. / P. Geo, Vice President Exploration and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, is responsible for the scientific and technical data presented herein and has reviewed and approved this release.
On behalf of the Board,
Christos Doulis,
President & CEO
About Canstar Resources
Canstar Resources is a Canadian mineral exploration and development company, with the objective to discover and develop economic mineral deposits in North America. Currently, Canstar's focus is to advance its flagship Mary March project and other mineral exploration properties in Newfoundland and Labrador. Canstar is based in Toronto, Canada and is listed on the TSX Venture Exchange and trades under the symbol ROX-V, and on the OTCQB Exchange under the symbol CSRNF.
For further information, please contact:
Christos Doulis,
President & CEO
Tel: 647-557-3442
Email: cdoulis@canstarresources.com
Forward-looking Statement
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 includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.