Financial News
Vanstar Reports Winter Drilling Results From Nelligan
- Gold Mineralization Expanded Along Strike and at Depth, With Multiple Holes Reporting Higher Than Average Grade and Width
- Annual Stock Options to be Granted and Priced End of Day on July 8, 2022
Montreal, Quebec--(Newsfile Corp. - July 6, 2022) - Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) ("Vanstar", or the "Company") is pleased to announce assay results from the 2022 winter diamond drill program consisting of 4,714 meters in 8 holes on the Nelligan joint venture project (IAMGOLD Corporation ("IAMGOLD"): 75%, Vanstar: 25%) completed by its partner IAMGOLD. The Company reported that nearly all the holes have intercepted multiple wide intercepts of gold mineralization at higher-than-average grades. (Please see the following Link for an interview regarding the results.)
Highlights include:
- Hole NE-22-194
- 7.9 m of 6.71 g/t Au
- 41.3 m of 1.38 g/t Au
- 69 m of 2.24 g/t Au, and
- 35 m of 1.64 g/t Au
- Hole NE-22-193
- 16.5 m of 2.58 g/t Au
- 13.9 m of 4.71 g/t Au
- 57.6 m of 1.38 g/t Au, and
- 48 m of 1.08 g/t Au
- Hole NE-22-192
- 28.0 m of 0.96 g/t Au
- 52.3 m of 1.60 g/t Au, and
- 25.5 m of 1.35 g/t Au
- Hole NE-22-198
- 27.9 m of 2.31 g/t Au and
- 23.8 m of 3.21 g/t Au
J.C. St-Amour, President and CEO, said, "The winter drilling program has been a complete success, confirming that gold resources can be added at depth and along strike. Most encouraging is the fact that the deposit remains open in all directions, especially at depth, where we are seeing some holes return better than average grade and widths, suggesting there is ample room for additional expansion and growth."
The Nelligan Gold project (on a 100% basis) hosts Inferred Mineral Resources containing 3.2 million ounces of gold grading 1.02 g/t Au (refer to IAMGOLD news releases dated October 22, 2019 and February 23, 2022).
Nelligan Next Steps
The summer exploration program is underway and will evaluate other priority targets on the exploration property with focused geological mapping programs supported by geochemical and geophysical surveys as merited. Along with field work the geological, geochemical and structural models have been updated with the latest drill results and will support an updated resource estimation for the Nelligan project projected for the end of 2022.
Figure 1: Results of the 2022 Winter Drill Program In Plan Map.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8185/130075_efd08dac740e4b5e_002full.jpg
Figure 2: Cross Section Highlighting Hole NE-22-194
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8185/130075_efd08dac740e4b5e_003full.jpg
Figure 3: Cross Section Highlighting Hole NE-22-192
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/8185/130075_efd08dac740e4b5e_004full.jpg
Table 1 Nelligan Project Drilling Results - 2022 Drilling program
| Hole No. | from | To | Interval | True Width (1) | Au (2) (3) | NOTE |
| (m) | (m) | (m) | (m) | (g/t) | ||
| NE-22-192 | 204.50 | 232.50 | 28.00 | 26.31 | 0.96 | ZONE 36 WEST |
| Including (3) | 222.80 | 230.50 | 7.70 | 7.24 | 1.35 | |
| 280.70 | 333.00 | 52.30 | 42.84 | 1.60 | ||
| Including (3) | 315.00 | 328.97 | 13.97 | 11.58 | 4.01 | |
| 612.00 | 636.00 | 24.00 | 23.18 | 0.80 | RENARD ZONE | |
| 688.50 | 690.00 | 1.50 | 1.30 | 8.80 | ||
| 700.50 | 721.50 | 21.00 | 18.19 | 0.71 | RENARD FOOTWALL ZONE | |
| Including (3) | 700.50 | 706.50 | 6.00 | 5.20 | 1.20 | |
| 783.00 | 808.50 | 25.50 | 24.63 | 1.35 | ||
| NE-22-193 | 92.80 | 116.00 | 23.20 | 21.80 | 1.09 | LIAM ZONE |
| Including (3) | 96.00 | 103.50 | 7.50 | 7.05 | 1.69 | |
| 276.00 | 292.50 | 16.50 | 12.64 | 2.58 | ZONE 36 WEST | |
| Including (3) | 278.00 | 280.00 | 2.00 | 1.53 | 11.50 | |
| 314.00 | 327.92 | 13.92 | 13.08 | 4.71 | ||
| Including (3) | 318.00 | 319.50 | 1.50 | 1.41 | 34.20 | |
| 364.00 | 421.60 | 57.60 | 54.13 | 1.38 | ZONE 36 WEST | |
| Including (3) | 391.50 | 400.50 | 9.00 | 8.46 | 2.13 | |
| Including (3) | 414.20 | 417.00 | 2.80 | 2.63 | 8.38 | |
| 498.00 | 499.50 | 1.50 | 1.36 | 4.44 | RENARD ZONE | |
| 514.50 | 522.00 | 7.50 | 6.50 | 1.06 | ||
| 543.00 | 561.00 | 18.00 | 15.59 | 2.64 | RENARD FOOTWALL ZONE | |
| Including (3) | 543.00 | 544.50 | 1.50 | 1.30 | 15.60 | |
| Including (3) | 555.00 | 556.50 | 1.50 | 1.30 | 8.89 | |
| 567.00 | 583.50 | 16.50 | 14.29 | 1.49 | ||
| Including (3) | 567.00 | 570.00 | 3.00 | 2.60 | 3.34 | |
| 660.00 | 667.00 | 7.00 | 5.36 | 3.21 | ||
| Including (3) | 661.50 | 663.00 | 1.50 | 1.15 | 8.65 | |
| 703.50 | 714.00 | 10.50 | 8.60 | 1.45 | ||
| 723.00 | 771.00 | 48.00 | 36.77 | 1.08 | ||
| Including (3) | 733.50 | 736.50 | 3.00 | 2.30 | 5.81 | |
| NE-22-194 | 79.00 | 86.85 | 7.85 | 7.58 | 6.71 | LIAM ZONE |
| Including (3) | 79.00 | 80.00 | 1.00 | 0.97 | 42.50 | |
| Including (3) | 86.00 | 86.85 | 0.85 | 0.82 | 9.21 | |
| 92.61 | 110.00 | 17.39 | 16.34 | 1.19 | ||
| Including (3) | 92.61 | 102.00 | 9.39 | 8.82 | 1.58 | |
| 259.50 | 279.00 | 19.50 | 18.84 | 0.72 | ZONE 36 WEST | |
| 330.20 | 342.00 | 11.80 | 11.40 | 2.24 | ||
| Including (3) | 333.00 | 336.00 | 3.00 | 2.90 | 5.14 | |
| 355.50 | 363.00 | 7.50 | 7.24 | 0.71 | ||
| 370.23 | 411.55 | 41.32 | 33.85 | 1.38 | ||
| Including (3) | 394.50 | 397.50 | 3.00 | 2.46 | 5.01 | |
| 436.50 | 446.66 | 10.16 | 7.78 | 0.75 | ||
| 496.50 | 565.50 | 69.00 | 59.76 | 2.24 | RENARD ZONE | |
| Including (3) | 511.50 | 513.00 | 1.50 | 1.30 | 9.67 | |
| Including (3) | 523.50 | 532.50 | 9.00 | 7.79 | 4.51 | |
| Including (3) | 523.50 | 525.00 | 1.50 | 1.30 | 12.90 | |
| Including (3) | 556.50 | 559.50 | 3.00 | 2.60 | 14.60 | |
| 609.00 | 619.50 | 10.50 | 9.87 | 1.58 | ||
| 627.00 | 631.50 | 4.50 | 3.90 | 3.82 | RENARD FOOTWALL ZONE | |
| 648.00 | 657.00 | 9.00 | 7.79 | 1.18 | ||
| 661.50 | 667.50 | 6.00 | 5.80 | 1.15 | ||
| 681.00 | 716.00 | 35.00 | 33.81 | 1.64 | ||
| Including (3) | 712.50 | 715.00 | 2.50 | 2.41 | 8.07 | |
| NE-22-195 | 162.00 | 175.50 | 13.50 | 12.24 | 0.93 | ZONE 36 WEST |
| 195.00 | 201.12 | 7.12 | 6.69 | 0.85 | ||
| 223.50 | 235.40 | 11.90 | 9.12 | 0.76 | ||
| 305.00 | 334.28 | 29.28 | 25.36 | 1.51 | RENARD ZONE | |
| Including (3) | 309.00 | 316.38 | 7.38 | 6.39 | 2.68 | |
| 342.66 | 387.00 | 44.34 | 31.35 | 1.61 | ||
| Including (3) | 378.00 | 381.00 | 3.00 | 2.12 | 4.94 | |
| 435.33 | 454.50 | 19.17 | 13.56 | 0.66 | ||
| 528.92 | 546.00 | 17.08 | 13.08 | 1.25 | RENARD FOOTWALL ZONE | |
| Including (3) | 532.50 | 534.00 | 1.50 | 1.15 | 5.21 | |
| NE-22-196 * | 64.00 | 81.00 | 17.00 | 13.93 | 1.07 | LIAM ZONE |
| 166.35 | 169.50 | 3.15 | 2.73 | 2.56 | ZONE 36 WEST | |
| 205.00 | 221.00 | 16.00 | 13.11 | 0.61 | ||
| 289.75 | 310.50 | 20.75 | 17.97 | 1.43 | ||
| 340.30 | 357.00 | 16.70 | 15.69 | 0.93 | ||
| Including (3) | 342.00 | 343.50 | 1.50 | 1.41 | 4.87 | |
| 363.00 | 373.50 | 10.50 | 9.87 | 0.73 | ||
| 385.50 | 388.90 | 3.40 | 3.19 | 1.70 | ||
| NE-22-196W | 249.00 | 252.00 | 3.00 | 2.72 | 1.97 | ZONE 36 WEST |
| 283.40 | 310.50 | 27.10 | 25.47 | 2.12 | ||
| Including (3) | 289.50 | 292.50 | 3.00 | 2.82 | 7.20 | |
| 324.00 | 355.50 | 31.50 | 29.60 | 1.06 | ||
| Including (3) | 336.70 | 350.00 | 13.30 | 12.50 | 1.55 | |
| 364.50 | 375.00 | 10.50 | 9.87 | 1.20 | ||
| 601.00 | 607.50 | 6.50 | 5.63 | 1.45 | RENARD FOOTWALL ZONE | |
| 619.50 | 639.00 | 19.50 | 16.89 | 0.96 | ||
| 714.00 | 729.00 | 15.00 | 14.10 | 0.72 | ||
| Including (3) | 721.50 | 726.00 | 4.50 | 4.23 | 1.19 | |
| NE-22-197 | 95.88 | 99.00 | 3.12 | 2.39 | 2.70 | RENARD ZONE |
| 105.00 | 109.00 | 4.00 | 3.06 | 0.98 | ||
| 153.00 | 170.00 | 17.00 | 13.02 | 0.99 | RENARD FOOTWALL ZONE | |
| 180.00 | 213.00 | 33.00 | 29.91 | 1.01 | ||
| Including (3) | 189.00 | 205.50 | 16.50 | 14.95 | 1.31 | |
| NE-22-198 | 108.00 | 135.85 | 27.85 | 22.81 | 2.31 | RENARD ZONE |
| Including (3) | 130.50 | 135.00 | 4.50 | 3.69 | 6.81 | |
| 171.00 | 184.50 | 13.50 | 11.06 | 0.92 | ||
| 202.50 | 226.33 | 23.83 | 18.25 | 3.21 | RENARD FOOTWALL ZONE | |
| Including (3) | 213.00 | 225.00 | 12.00 | 9.19 | 5.61 | |
| Including (3) | 214.40 | 217.80 | 3.40 | 2.60 | 14.96 | |
| 252.00 | 268.50 | 16.50 | 11.67 | 1.32 | ||
| Including (3) | 262.50 | 265.50 | 3.00 | 2.46 | 4.23 | |
| 321.00 | 345.00 | 24.00 | 20.78 | 0.90 | ||
| Including (3) | 324.00 | 328.50 | 4.50 | 3.90 | 1.88 |
- True widths are estimated at 71 to 97% of the core interval.
- Drill hole intercepts are calculated with a lower cut of 0.50 g/t Au and may contain lower grade interval of up to 5 metres in length. They are generally reported with a minimum g*m (or Metal factor) of 5.
- Assays intervals are reported uncapped and high grade sub-intervals are highlighted.
* Hole NE-22-196 has been stopped prematurely for technical reasons and was wedged to continue as hole NE-22-196W
Table 2 Nelligan Project Drill Hole Information
| Hole No. | UTM NAD83 Zone18 | AZ | DIP | Depth | ||
| Easting | Northing | Elevation | (°) | (°) | (m) | |
| NE-22-192 | 5473541 | 522941 | 381 | 330 | -55 | 849 |
| NE-22-193 | 5473584 | 523161 | 374 | 374 | -58 | 777 |
| NE-22-194 | 5473606 | 523204 | 374 | 342 | -55 | 717 |
| NE-22-195 | 5473750 | 523272 | 372 | 328 | -52 | 546 |
| NE-22-196 * | 5473579 | 523044 | 377 | 334 | -63 | 474 |
| NE-22-196W | 5473579 | 523044 | 377 | 334 | -63 | 496 |
| NE-22-197 | 5473790 | 522123 | 372 | 16 | -45 | 405 |
| NE-22-198 | 5473790 | 522123 | 372 | 5 | -60 | 450 |
Stock Option Distribution
In addition, following its recent Annual General Meeting, the Company announces that the board of directors has conducted its annual compensation review and will grant 2,625,000 options to officers, directors, and consultants to the company pursuant to its stock option plan. Given the coincident timing of the Nelligan results, the options will be granted effective July 8, 2022, will be exercisable for a period of 5 years at a price equivalent to the closing price of the Company's stock on the TSX-Venture Exchange on July 8, 2022, and vest immediately.
Qualified Person
Mr. Gilles Laverdière, P.Geo, consultant geologist and qualified person under NI 43-101 has reviewed and approved this press release.
About Vanstar
Vanstar Mining Resources Inc. is a gold exploration company with properties located in Northern Québec at different stages of development. The Company owns a 25% interest in the Nelligan project (3.2 million inferred ounces Au, NI 43-101 October 2019) and 1% NSR. The Nelligan Project won the "Discovery of the Year" award at the 2019 Quebec Mineral Exploration Association Xplor Gala. Vanstar is also earning 75% into the Bousquet-Odyno project located along the Cadillac Break and owns 100% of the Felix property in the Chicobi Group (Abitibi mining camp, 65km East of Amex Perron property), the Amanda property, a 7,306 ha property located on the Auclair formation with historic gold showings up to 12.1 g/t Au over 3 meters, and the Frida and Eva properties located in the James Bay area.
SOURCE:
JC St-Amour
President and CEO
+1 (647) 296-9871
jc@vanstarmining.com
www.vanstarmining.com
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.
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130075
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