ROX:CC - Canstar Completes Historic Data Compilation on Buchans-Mary March VMS Claims Defines Exploration Targets
(TheNewswire)
Toronto, Ontario – TheNewswire - December 14,2023 – CANSTAR RESOURCES INC. (TSXV:ROX ) & ( OTC:CSRNF) (“ Canstar” or the “Company ”) is pleased to announce that it hascompleted the compilation of a large amount of historic data relatingto its claims in the vicinity of the historic Buchans Mine in CentralNewfoundland.
The Buchans Mine operated for 58 years, processing 16.2million tonnes of ore from five Volcanic-hosted Massive Sulphide(“VMS”) ore bodies with an average grade of 14.5% zinc (“Zn”),7.6% lead (“Pb”), 1.33% copper (“Cu”), 126 g/t silver(“Ag”), and 1.37 g/t gold (“Au”) (unverified historic data).It was one of the highest grade base metal mining camps in Canadianhistory and remains relatively underexplored for such a high-grade VMSdistrict.
The Company currently holds 10,511 hectares (105km 2 )of mineral claims (100% Canstar) in the Buchans area (the “BuchansClaims”) including 2,834 hectares (28 km 2 ) of mineralclaims under a joint venture agreement with Glencore Canada (the“Mary March JV Claims”), with Canstar holding 56% and acting asoperator (Figure 1).
Rob Bruggeman , President and CEO,stated: “ The Canstarexploration team has been focused almost entirely on the Golden Baieproject for the past three years due to the large size of thatproject. This year we had time to review our other significant mineralclaim package in Newfoundland, the Buchans-Mary March project. Anextensive amount of historic data was compiled in order to betterunderstand the exploration potential of the Buchans-Mary March claimsand to develop a future work program.
Having untested EM targets and atrend almost 4 kilometres long with little exploration in a high-gradeVMS camp is quite exciting, especially as the world looks for newsources of critical metals like copper and zinc from mining-friendlyjurisdictions.”
Highlights of the Buchans Claims and DataCompilation
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Buchans VMS deposits are prolific due to high grades of Zn, Pb, Cu, Ag and Aumineralization .
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Compared to other VMS camps, the Buchans area has had little modern, systematicexploration
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The Buchans Claims have good road access ,power lines, and local communities. Exploration and drilling costsin the Buchans area are relatively low due to these factors.
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A 2017 SkyTEM Time-Domain Airborne Electromagneticsurvey highlighted multipleelectromagnetic (“EM”) anomalies . EManomalies in VMS districts can coincide with massive sulphides oralteration associated with localized hydrothermal venting. The EManomalies on the Company’s claims have had only shallow, wide-spaceddrill testing and remain prime exploration targets.
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Drilling on the Mary March JV Claims in the 1990sresulted in the best drillintercepts outside of the Buchans Mine area (allare historic unverified assays):
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MM-294-3 – 4.2 g/t Au, 122 g/t Ag, 10.1% Zn, 1.8% Pb,0.64% Cu over 9.63 metres (“m”);
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MM-294-3 – 72.4 g/t Ag, 3.0% Zn, 1.1% Pb, and 0.13%Cu over 20.6 m; and
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MM-294-11 – 12.2 g/t Au, 660 g/t Ag, 16.8% Zn, 5.4%Pb, and 0.2% Cu over 0.91 m.
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The Mary March drill intercepts are on strike with a3.8 kilometre (“km”) structural trend containing rock grab samplesgrading up to 5.7% Cu, 29.4 g/t Ag and 1.2 g/t Au 1 from a 2019 trench(see news release dated Sep. 9,2019 and Figure 2). This 5 km trend has never beendrill tested
Figure 1 - Canstar MineralTenements near the Buchans Mine in central Newfoundland
Buchans-Mary March DataCompilation
Recently, Canstar completed work towards a standardizedof historic work on its claims. As a result, the Company has assembleda surficial geochemistry database of 13,136 soil samples, and 2,430basal tills. The database includes data from more than 3,500 drillholes in the area, of which 236 historic drill holes are onCanstar’s claims. The Company’s team is working on standardizingand incorporating data from these drillholes including assays,lithology logs and whole rock geochemistry.
Despite the long history of mineral exploration aroundthe Buchans mine, the work has been sporadic and tightly clusteredaround areas of early success leaving large areas relatively untouchedand many strong indications that have not been followed up.Canstar’s exploration team has used the 2017 SkyTEM survey toidentify seven underexplored EM anomalies, only two of which have beentested by historic drilling.
Mary March Target Area
Historic drilling on the Mary March JV claims in the1990s yielded the best drill results outside of the Bucans Mine area. The original Mary March discovery hole intercepted 4.2 g/t Au, 122g/t Ag, 10.1% Zn, 1.8% Pb, and 0.64% Cu over 9.63 m (unverifiedhistorical assay). The 2017 SkyTEM survey did not cover this area (asit was not commissioned by Canstar) but it did identify an EM anomaly1,800 m along strike to the east that extends the full 1,000 m widthof the survey in that location. In total, the Mary March trend has thepotential to span 5,600 m, of which only 1,000m has been drilled todate. 3D modeling of the area has been completed, incorporating thedrilling around the historic intercept and demonstrating the potentialfor the mineralization to extend along strike to the EM anomaly, whichhas not been drill tested.
In 2019, Canstar excavated a single trench located 1.8km along strike from the Mary March discovery hole, MM-294-7. A 4.5m wide zone of sheared and strongly sericite altered felsic volcanicrocks containing a number of rotated clasts or fragments of copper andgold bearing pyritic massive sulphides were identified in the trench.Highlights from the massive sulphide grab samples collected in trenchMM-TR-01 included (see news release dated Sep.9,2019 ):
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1.1 g/t Au, 29.4 g/t Ag, and 5.7% Cu
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1.5 g/t Au, 54.2 g/t Ag, and 2.3% Cu
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1.9 g/t Au, 23.5 g/t Ag, and 1.1% Cu
The rock seen in trench MM-TR-01 is interpreted asdebris flow containing clasts of massive sulphide, a pronouncedcharacteristic of some of the Buchans deposits. This area alsocoincides with a strong EM anomaly detected in the 2017 SkyTEMregional airborne survey. The only nearby historic drill hole wasdrilled 80 m to the southwest and reportedly intercepted 37 m ofaltered felsic volcanic rock, potentially the footwall tomineralization.
As illustrated in Figure 2, the interpreted airbornemagnetic data shows a potential trend approximately 5 km long thatincludes the historic discovery drill hole, trench MM-TR-01 samples,as well as historic copper-in-soil anomalies. Approximately 3.8 kmof this trend has seen little exploration and is a priority target.
Figure 2 - Mary March target areamagnetic base map with copper-in-soils
Qualified Person
Matthieu Lapointe, B.Sc., P.Geo., Vice PresidentExploration of Canstar, and a Qualified Person as defined by NationalInstrument 43-101 - Standards of Disclosure for Mineral Projects, isresponsible for the scientific and technical data presented herein andhas reviewed and approved this release.
Acknowledgements
Canstar wishes to acknowledge the financial support ofthe 2023 exploration programs through the Junior ExplorationAssistance Program from the Department of Natural Resources,Government of Newfoundland and Labrador.
About Canstar Resources Inc.
Canstar Resources has a very experienced technical teamand board who are focused on new mineral discoveries in Newfoundland,Canada. Central Newfoundland has emerged as one of the most excitinggold exploration districts due to recent high-grade orogenic golddiscoveries along crustal scale fault corridors. The Company isfocused on gold exploration on the district-scale Golden Baie projectin south-central Newfoundland, which has multiple high-grade goldanomalies at surface along ~100 km of strike and near-surface drillingconfirming the presence of high-grade orogenic gold. The Company alsoholds the Buchans-Mary March project in central Newfoundland.
Canstar Resources is based in Toronto, Canada, and islisted on the TSX Venture Exchange under the symbol ROX and trades on theOTCPK under the symbol CSRNF .
For further information, pleasecontact:
Rob Bruggeman, President & CEO
Email: rob@canstarresources.com
Phone: 1-647-247-8715
Website: www.canstarresources.com
Forward-Looking Statements
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
This News Release includes certain"forward-looking statements" which are not comprised ofhistorical facts. Forward looking statements include estimates andstatements that describe the Company’s future plans, objectives orgoals, including words to the effect that the Company or managementexpects a stated condition or result to occur. Forward lookingstatements may be identified by such terms as “believes”,“anticipates”, “expects”, “estimates”, “may”,“could”, “would”, “will”, or “plan”. Sinceforward-looking statements are based on assumptions and address futureevents and conditions, by their very nature they involve inherentrisks and uncertainties. Although these statements are based oninformation currently available to the Company, the Company providesno assurance that actual results will meet management’sexpectations. Risks, uncertainties and other factors involved withforward-looking information could cause actual events, results,performance, prospects and opportunities to differ materially fromthose expressed or implied by such forward-looking information.Forward looking information in this news release includes, but is notlimited to, the Company’s objectives, goals or future plans,statements, exploration results, potential mineralization, theestimation of mineral resources, exploration and mine developmentplans, timing of the commencement of operations and estimates ofmarket conditions. Factors that could cause actual results to differmaterially from such forward-looking information include, but are notlimited to failure to identify mineral resources, failure to convertestimated mineral resources to reserves, the inability to complete afeasibility study which recommends a production decision, thepreliminary nature of metallurgical test results, delays in obtainingor failures to obtain required governmental, environmental or otherproject approvals, political risks, inability to fulfill the duty toaccommodate First Nations and other indigenous peoples, uncertaintiesrelating to the availability and costs of financing needed in thefuture, changes in equity markets, inflation, changes in exchangerates, fluctuations in commodity prices, delays in the development ofprojects, capital and operating costs varying significantly fromestimates and the other risks involved in the mineral exploration anddevelopment industry, an inability to predict and counteract theeffects of COVID-19 on the business of the Company, including but notlimited to the effects of COVID-19 on the price of commodities,capital market conditions, restriction on labour and internationaltravel and supply chains, and those risks set out in the Company’spublic documents filed on SEDAR. Although the Company believes thatthe assumptions and factors used in preparing the forward-lookinginformation in this news release are reasonable, undue reliance shouldnot be placed on such information, which only applies as of the dateof this news release, and no assurance can be given that such eventswill occur in the disclosed time frames or at all. The Companydisclaims any intention or obligation to update or revise any forward-lookinginformation, whether as a result of new information, future events orotherwise, other than as required by law.
1 Readers are advised that rock grab samples are selective by natureand values reported may not represent the true grade or style ofmineralization across the property.
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