ROX:CC - High Resolution Magnetic Survey Confirms Multi-Kilometre Structures at Canstar's Facheux Bay Gold Target
(TheNewswire)
Toronto, ON - TheNewswire - May 24, 2023 - CANSTAR RESOURCES INC. (TSXV:ROX ) ( OTC:CSRNF) (“ Canstar ” or the “ Company ”) is pleased to announce that it has received theresults of a high resolution airborne magnetic-VLF survey conductedearlier this year on the Company’s Facheux Bay target on thedistrict-scale Golden Baie project in south-central Newfoundland. Golden Baie is located at the southern portion of the centralNewfoundland orogenic gold belt.
The airborne survey was completed by ALS GoldSpotDiscoveries Ltd. using its proprietary helicopter-basedMulti-Parameter Airborne Survey System (“M-PASS”), which consistsof a triaxial magnetic gradient magnetic/VLF platform and 2048-channelradiometric sensor. The M-PASS survey utilized 50 metre (“m”) linespacing, resulting in high resolution magnetic and VLF data capture. The M-PASS survey represents the first evergeophysical data collected in the Facheux Bay area and will aid in the geological interpretation and guide plannedexploration work later this year.
The M-PASS survey results confirm that the structurehosting high grade gold outcrop samples, collected in 2022 anddiscussed below, has approximately 8 kilometres (“km”) ofpotential strike length. In addition to this 8 km trend, the surveyhighlights potential parallel structures, cross-structures and foldedsequences that have not yet been systematically prospected. Detailedmapping and sampling work will be done in the summer of 2023 to definepriority drill targets at Facheux Bay.
Matthieu Lapointe, Vice PresidentExploration, stated: “ TheFacheux Bay area at the southern end of the Golden Baie project hasnever been systematically explored for gold, despite its compellinglocation at the intersection of two major structures, the Day CoveThrust and the Hermitage Flexure. Our team’s reconnaissanceexploration in 2022 confirmed the presence of high grade gold inoutcrop and the new M-PASS data suggests a structural and geologicalsetting wherein there is gold mineralization potential that spansmultiple kilometres.
Facheux Bay is an attractive targetarea because of the lack of overburden, although it is more remotethan some of the other Golden Baie claims, such as the Wolf Pondprospect which is located adjacent to a paved highway. Mapping andsystematic sampling of Facheux Bay will be straightforward and weexpect to be able to generate potential drill targets quickly andefficiently this summer.”
Facheux Bay Target M-PASSResults
Prospecting and reconnaissance mapping by Canstar inthe Facheux Bay area in 2022 led to a newly discovered zone of steeplydipping quartz veining with associated arsenopyrite hosted in finegrained sedimentary rocks, similar to those that host the Kendellprospect gold mineralization to the northeast. Outcropsampling 1 delineated a 1.2 km trend with multiple5+ g/t gold samples that graded up to 18.4 g/t gold within a broader 7km long regional trend defined by 2022 grab sampling (Figure 1).
Interpretation of the M-PASS results, combined withLiDAR, from the Facheux Bay area suggests that the anomalous goldmineralization is correlated with an ~8 km long magnetic low along aNE-SW trending regional fault that also corresponds to a VLF conductor(Figures 2 and 3). Much of this 8 km long trend has yet to besampled. There is also a parallel magnetic low to the north, whichcould represent a fold repetition, that is also unsampled and will betargeted in this year’s exploration work.
Figure 1 – Facheux Bay LiDARsurvey with gold-in-bedrock grab samples collected in 2022 thatassayed up to 18 g/t gold
Figure 2 – Facheux Bay M-PASSTotal Magnetic Intensity (TMI) survey over LiDAR showing 2022 goldanomalies associated with a magnetic low zone
Figure 3 – Facheux Bay M-PASS VLFIP (FF) over LiDAR showing 2022 gold anomalies associated with achargeability high feature
Robert Bruggeman, President and CEO of Canstar, stated:“ The results of thehigh-resolution magnetic-VLF survey at Facheux Bay are very excitingbecause the Facheux Bay target is located at a regional inflection,where the geology bends from northeast-southwest to more east-westorientation. Identification of brand-new exploration targets likeFacheux Bay also confirm the prospectivity of our Golden Baie projectwhich covers approximately 100 km of strike length in an emergingorogenic gold belt. We look forward to getting back into the fieldsoon with a focus on identifying new drill targets at Facheux Bay andother locations on our large underexplored land position. ”
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 anyforward-looking information, whether as a result of new information,future events or otherwise, 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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