Canstar discovers new copper-gold bearing massive sulphides on trend from Mary March

Canstar discovers new copper-gold bearing massive sulphides on trend from Mary March


Related Document

TORONTO, September 9, 2019 – CANSTAR RESOURCES INC. (TSXV: ROX) (OTCQB:CSRNF) (“Canstar” or “the Company”) is pleased to announce, as part of its summer 2019 field program at Buchans-Mary March, the discovery of a new high-grade copper-gold massive sulphide occurrence, at surface, approximately 1.8 km along strike of the historic Mary March discovery hole, representing a new massive sulphide in bedrock discovery in the Buchans Camp.

The bedrock occurrence consists of a 4.5 m wide attenuated and strongly altered zone of felsic volcanics containing numerous clasts (10-20 cm in size) of base metal rich massive sulphides within a similar geological and structural setting to that which hosts the historic Mary March discovery hole (MM-294-7) drilled in 1999.  Highlights from the massive sulphide grab samples include:

  • 1.1 gpt Au, 29.4 gpt Ag, and 5.7% Cu
  • 1.5 gpt Au, 54.2 gpt Ag, and 2.3% Cu
  • 1.9 gpt Au, 23.5 gpt Ag, and 1.1% Cu

Note that grab samples are selective by nature and values reported are not representative of mineralized zones.

“This new discovery on trend from the historic Mary March discovery hole MM-294-7 validates our belief that the Buchans-Mary March project has the potential to host undiscovered massive sulphide deposits similar to those that supported historic mining operations at Buchans.  The Company has a significant land package that has received little sustained exploration in over twenty years, and this discovery demonstrates the exploration potential of the project.  Canstar intends to follow up this discovery with additional ground-based geochemical and geophysical surveys, including additional prospecting to further refine targets for drilling.” stated Christos Doulis, CEO of Canstar. 

Canstar Summer 2019 Field Program

Canstar’s summer 2019 field program at Buchans-Mary March consisted of regional lithogeochemical analysis, mapping and prospecting, core review and a re-examination and digital compilation of existing data during May and June, followed by trenching programs at Seal Pond and Mary March during July and August. The compilation work and summer field program refined and prioritized targets generated from the 2017 Skytem airborne survey and resulted in a new base metal-rich discovery, confirming the exploration potential of the underexplored Buchans belt. Figure 1 outlines Canstar’s land holdings in the Buchans camp, which covers approximately 39,000 hectares, and provides a snapshot of the Company’s recent exploration focus.

Figure 1 – Canstar Buchans-Mary March project including recent exploration focus

Mary March

At Mary March, Canstar trenched a 4.5 m wide zone of sheared and strongly sericite altered felsic volcanic rocks containing a number of rotated clasts or fragments of copper and gold bearing pyritic massive sulphides. The sulphides were exposed in a single trench 1.8 km along strike from the original Mary March discovery hole, MM-294-7 (which returned 10.3% Zn, 1.6% Pb, 0.7% Cu, 118 gpt Ag, and 4.1 gpt Au over 9.23 m), reported by Phelps Dodge in 1999 (historic unverified assays).

This area was selected as it hosts one of the numerous strong EM anomalies detected in the 2017 Skytem regional airborne survey. In addition, historic soil geochemical surveys undertaken by BP Resources in the mid 1980’s show this area to be anomalous in base metals.  Trenching by BP Resources in 1991 uncovered a high-grade boulder assaying 2.9% Cu, 9.2% Zn and 23.7% Pb (historic unverified assays) 80 m from this season’s trench.  Follow up prospecting of this high-grade boulder and the base metal soil anomaly led to the discovery of angular copper bearing pyritic massive sulphide boulders proximal to the Skytem anomaly.  The two samples returned assays of 3.2% Cu and 4.8% Cu.

The textures seen in trench MM-TR-01  may result from the deformation of a debris flow containing clasts of massive sulphide. Such debris flow deposits are known in many VMS enviornments and are characteristic of some of the Buchans deposits. The deformation is a product of the southeasterly directed thrusting which is well documented in this region of the Buchans Camp.  The massive sulphide grab samples from the trench are copper and precious metal enriched, with negligible lead and zinc. These grades are similar to some samples within the original Mary March Discovery drill intercept (1.8 km to the southwest) where a 1.6 m section of core assayed 2.5 gpt Au, 239 gpt Ag and 2.7% Cu with negligible lead and zinc (historic unverified assays).  The only nearby historic drill hole was drilled 80 m to the southwest and intercepted 37 m of altered felsic volcanic rock, potentially the footwall to mineralization.

Seal Pond

At Seal Pond, Canstar completed four trenches targeting coincident soil anomalies and AEM geophysical conductors and associated mineralization encountered in historic drilling. Three of the trenches exposed a zone of strongly quartz-sericite-pyrite altered felsic volcanic rocks while the fourth did not reach bedrock.  This zone correlates with reported drill results by Vinland Resources in 2005 which assayed 13.5% Zn over 0.2 m within 2.7 m grading 1.4% Zn (historic unverified assays).  Alteration and mineralization seen within the trenches demonstrates a significant sized VMS related stockwork system that requires additional geophysics to better define targets prior to follow up diamond drilling.

Skidder Dacite

At Skidder Dacite, located in the western portion of Canstar’s Buchans-Mary March project, a trenching program carried out in the fall of 2018 was followed up by prospecting and soil sampling of six historical geophysical anomalies during the summer of 2019. This program failed to locate signs of significant base metal related mineralization coincident with the geophysical anomalies.  Samples from the Skidder Dacite area did yield anomalous gold, with the highest assaying 3.7 gpt Au.

Quality Assurance and Quality Control

All assay samples have been monitored through a quality control and quality assurance program. Quality control standard and blank samples were inserted periodically making up approximately 10% of the samples submitted. All assay work was done by Eastern Analytical in Springdale, Newfoundland and Labrador, using an aqua regia digestion with atomic absorption finish method. Samples exceeding the detection limit were subjected to an ore grade assay utilizing a multi-acid digestion and an atomic absorption finish for which the laboratory is ISO 17025 certified.  Gold was assayed by fire assay with an atomic absorption finish for which the laboratory is ISO 17025 certified.

On behalf of the Board,

Christos Doulis,

President & CEO

QAQC

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.

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

www.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.

Subscribe to our Email List