ROX:CC - Canstar Exploration Update - New Till Sample Returns 1049 Gold Grains at the Golden Baie Project
(TheNewswire)
Toronto, Ontario – TheNewswire - August 30, 2022 – CANSTAR RESOURCES INC.(TSXV:ROX ) & ( OTC:CSRNF) (“ Canstar” or the “Company ”) is pleased to provide an update on goldexploration work on its properties in south-central Newfoundland.Since completing a successful winter drill program on the Kendellprospect in March, the Company’s exploration team has been focusedon regional exploration and drill target generation on the Hermitage,Swangers Cove and Golden Baie claim blocks (Figure 1).
As of the end of July, approximately 42 stream sedimentsamples, 1,541 soil samples, 348 till samples, and 1,386 rock grabsamples have been collected and submitted for assaying. The Companyhas also recently completed 11 trenches, and 10 line-kilometres of IPsurveying as part of the ongoing ~$6M 2022 exploration program. Themajority of assays remain outstanding, but early results areencouraging and include till sample T5926 from the Golden Baie projectthat contained 1,049 gold grains (Figure 2), which is highlyanomalous. This till sample was collected approximately 20 metresnortheast of the previously-reported till sample containing 502 goldgrains ( see news release datedMay 4, 2022 ), making this emergingtrend one of the top targets for drilling later this year.
Figure 1 – Mineral claimlicenses held by Canstar in south-central Newfoundland, totaling 939km 2
Matthieu Lapointe, Vice President of Exploration forCanstar, commented: “The Company has amassed a very large mineralclaim package at the south end of the highly prospective centralNewfoundland gold belt. One of the reasons that there has been littlehistorical exploration on these claims is the extensive glacial tillcover. Our work to date is confirming that airborne geophysics andLiDAR are good targeting tools for establishing the regionalstructures and that soil and till sampling are very efficient methodsfor identifying anomalous areas within these structural corridors. Thecase in point is the Little River Trend in the central portion of theGolden Baie property (Figure 3), where follow-up work on soil and tillanomalies yielded a till sample with an impressive 1,049 gold grains.Trenching and prospecting are ongoing in this area to develop drilltargets to be tested later this year.”
Figure 2 – Photomicrograph of selected gold grainsfrom till sample T5926 (1,049 total gold grains)
New Till Sampling Results
Ten till samples were collected to follow up on thepreviously-reported 502 gold grain sample and to initiate systematicexploration of the newly acquired Golden Eye mineral claim licensesnearby (see news release datedAugust 15, 2022) . Sampling at atighter spacing of approximately 100 metres in the vicinity of the 502grain sample confirms strongly anomalous gold grain counts in till(Figure 3). Highlights include three till samples containing more than100 gold grains (1049, 289 and 280 total grains) among which 77%, 72%and 82% of the grains, respectively, have a pristine shape. The tillsamples returning in excess of 100 gold grains form an anomaly thattrends northeast for approximately 200 metres and coincides with aregional-scale structure located along the contact of the Isle Galetand Riches Island Formations. A sample collected 1.5 kilometresnortheast of this area, in the newly acquired Golden Eye claims,returned 102 total gold grains of which 86% are characterized aspristine shaped. The company has prioritized these target areas fortrenching and drilling in late 2022.
Figure 3 - Little River Trend on the Golden Baieproject showing total gold grains in till and major structures withLiDAR background
Qualified Person and TechnicalNotes
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.
Till samples were hand dug to the desired depth (CHorizon Till) with a 10 kg – 12 kg sieved sample (8 mesh) placed ina clear plastic sample bag and sealed. Samples were shipped in plastictotes to Overburden Drilling Management (“ODM”) of Nepean,Ontario, to complete gold grain counts, identification of indicatorminerals, and the determination of gold grain morphologies. Quantitiesof grains mentioned in the text and shown in figures correspond tonormalized values calculated from the counts given by ODM by adjustingthe table feed weights to 10 kg. HMC samples were sent to ActLabs ofAncaster, ON and analyzed via Instrumental Neutron Activation Analysis(“INAA”), for gold and 33 elements.
Acknowledgements
Canstar wishes to acknowledge the financial support ofthe 2022 exploration program through the Junior Exploration AssistanceProgram from the Department of Natural Resources, Government ofNewfoundland 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 939 km 2 of mineralclaim licenses in south-central Newfoundland, including the GoldenBaie project which has multiple high-grade gold anomalies at surfacealong 40 km of strike and near-surface drilling confirming thepresence of high-grade orogenic gold. The Company also holds theBuchans-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 onthe OTCPK 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 anyforward-looking information, whether as a result of new information,future events or otherwise, other than as required by law.
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