Overview

Canstar Resources is a Canadian mineral exploration company with an exceptional technical team that is focused on exploring district-scale properties in Newfoundland & Labrador, Canada.  The flagship Golden Baie Project comprises 62,275 hectares along the southeastern margin of the Dunnage tectonic zone, just west of the Day Cove Thrust.  Historical exploration, including limited shallow drilling, has identified over 20 gold occurrences spanning over 30 kilometres on the Golden Baie Project.  The majority of the historic exploration work was done in the 1980s.  Recently, a new style of mineralization that includes visible gold in quartz veins was discovered at the Golden Baie Project with the grab samples returning assays up to4,485 g/t gold (Note: the reader is cautioned that rock grab samples are selective by nature and values reported may not represent the true grade or style of mineralization across the property) .  This style of mineralization is markedly similar to other orogenic gold deposits, including Fosterville in Australia and Queensway in Newfoundland.

The Buchans-Mary March Project comprises 22,786 hectares that surrounds the historic Buchans Mine, which produced 16.2 million tonnes at 14.51% zinc, 7.56% lead, 1.33% copper, 126 g/t silver, and 1.37 g/t gold between 1928 and 1984. Exploration drilling by Phelps-Dodge during 1999 to 2000 discovered the Mary March target, highlighted by drill hole intercepts:

  • 9.63 metres of 4.2 g/t gold, 122 g/t silver, 10.1% zinc, 0.64% copper, 1.8% lead (MM294-7)
  • 0.91 metres of 12.2 g/t gold, 660 g/t silver, 16.8% zinc, 0.2% copper, 5.4% lead (MM294-11)

In 2017, a 3,867-line kilometre helicopter-borne magnetic and TDEM geophysical survey was completed over the Buchans-Mary March mineral concessions. The survey highlighted 35 notable targets, including several conductive targets that are coincident with known base metal occurrences and alteration zones in favourable host rocks. In 2019, a regional prospecting program included trenching that discovered a new high-grade copper-gold massive sulphide occurrence at surface, approximately 1.8 km along strike of the historic Mary March discovery hole. The bedrock occurrence consisted 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:

  • 1.2 g/t Au, 29.4 g/t Ag, and 5.7% Cu (sample 18305)
  • 1.5 g/t Au, 54.2 g/t Ag, and 2.3% Cu (sample 18328)
  • 2.0 g/t Au, 23.5 g/t Ag, and 1.1% Cu (sample 18303)

For additional details, please refer to the September 9, 2019 news release and Company filings.

 

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