Canstar Drills Into Large Mineralized Cu-Au-Ag System at Red Lake
The directors of Canstar Resources Inc. (TSX-V: ROX) (“Canstar”) ( HYPERLINK "http://www.canstarresources... www.canstarresources.com) are pleased to report that a recently completed program of diamond drilling on the company’s Slate Bay property at Red Lake, northwestern Ontario, has intersected a large copper-gold-silver mineralized skarn system. The skarn mineralization intersected is considered to be the most intense ever encountered in the Red Lake mining camp. The mineralized zone is therefore believed to have considerable potential for continuity both laterally and to depth and management is excited by the potential for the property. Grades run to a high of 7.2 g/t gold, 5.81% copper and 183 g/t silver over narrow intervals in hole SB-05-6, within considerably longer sections of lower grade material.
Intersected in three of the four holes of this year’s 616.7m drill program, in addition to a single hole drilled on the property in 2002 (SB-02-1), the discovery zone comprises a thick, roughly tabular shaped package of steeply dipping skarn, including a mineralized breccia. The Induced Polarization (IP) anomaly related to the skarn has been traced on surface for over 1 km but tested to date by drilling over just 200m of strike length, and to a vertical depth of 130m. The skarn assemblage remains open in both directions along strike and down-dip. Canstar has now met its expenditure requirements and intends to declare a joint venture with Luxor Explorations Inc. with Canstar holding a 75% interest.
Hole SB-02-1, drilled on the Slate Bay property in 2002, intersected a skarn assemblage, including a mineralized breccia, with true widths in excess of 100m. Mineralized intervals within SB-02-1 yielded intersections averaging 0.80% Cu, 0.27 g/t Au and 16.95 g/t Ag across a 21.07m core length (40.15-61.22m) and an 11.06m core length averaging 0.85% Cu, 0.30 g/t Au and 30.25 g/t Ag (68.24-79.30m). Within these longer intervals, highs were recorded of 2.03% Cu, 1.3 g/t Au, 54.20 g/t Ag over 1.47m, 2.72% Cu, 0.28 g/t Au, 106 g/t Ag over 1.34m, 2.13% Cu, 1.08 g/t Au, 75.60 g/t Ag over 1.34m, and 1.45% Cu, 0.47 g/t Au, 45.20 g/t Ag over 1.24m. The Fall 2005 drill program was designed to further define the size and attitude of this skarn as well as to test other IP anomalies on the property. True widths are thought to be approximately 85% of cored intervals.
Hole SB-05-5, drilled to a length of 125.0 metres, intersected a 91.18m core length of skarn at a distance 100m along strike to the north-east from SB-02-1. A 29.33m mineralized interval within the skarn averaged 0.32% Cu, 0.15 g/t Au and 11.42 g/t Ag. The hole was terminated in un-mineralized skarn.
Hole SB-05-6, drilled to a length of 155.0 m from the same set-up as hole SB-02-1, but beneath it, intersected the skarn, including the mineralized breccia zone, over a core length of 105.64m. A 79.16m mineralized interval (49.36-128.52m) returned an average of 0.20% Cu, 0.15 g/t Au and 6.70 g/t Ag. The mineralized breccia returned a 36.25m interval (49.36-85.60m) which averaged 0.29% Cu, 0.28 g/t Au and 10.47 g/t Ag within which an 11.74 m interval (49.36-61.10m) averaged 0.66% Cu, 0.67 g/t Au and 18.97 g/t Ag. Within this interval, a 0.34m intercept (56.96-57.30) achieved a program high of 7.2 g/t gold, 5.81% copper and 183 g/t silver over 0.34m. The hole was terminated in un-mineralized skarn.
Hole SB-05-7, drilled to a length of 137.0 metres from a collar position 150 metres to the northwest of holes SB-02-1 and SB-05-6, was designed to test a separate IP anomaly interpreted to be the faulted extension of the skarn assemblage. It intersected a 55.06m interval of skarn (27.84-82.90m) including a 22.44m interval (28.04-50.48m) which averaged 0.19% Cu, 0.14 g/t Au and 9.14 g/t Ag.
Hole SB-05-8, drilled to a length of 199.7 metres from a collar position approximately 150 metres to the southwest of holes SB-05-6 and SB-02-1 and designed to test two separate IP anomalies, did not return significant values.
Management believes the latest results confirm the significance of the Slate Bay skarn system in terms of its size and intensity as well as its exploration potential. Skarn deposits as a class constitute an important source of copper, gold and silver worldwide. At Slate Bay, a large mineralized (locally intensely mineralized) system of considerable thickness has been identified, with low grades over long intervals and some excellent results over short. Skarns typically form at or near the contact between carbonate-rich rocks and an intrusive body and tend to be zoned, with metal grades generally increasing with proximity to the intrusion. At Slate Bay, the causative intrusion has not been identified at surface and is therefore postulated to occur at depth. Should this be the case, grades at Slate Bay might also be expected to increase with depth. It is instructive therefore, that the highest grade samples returned to date from Slate Bay have come from the deepest hole (e.g. 7.2 g/t Au, 5.81% Cu and 183 g/t Ag over 0.34m in SB-05-6). This apparent increase in both copper and gold grades at depth, particularly within the breccia, coupled with an apparent increase in both copper and gold grades within the un-brecciated skarn towards the northeast, and the limited amount of drilling to date suggest that the near-term exploration priority should be to test the discovery zone further down dip.
Canstar intends to return to the Slate Bay property to conduct drilling beneath the discovery zone at the earliest possible date. As weather in the area has now become problematic, a winter drill program is presently being planned.
Drilling on the Slate Bay property was supervised by Mr. Paul Chamois, Vice President, Exploration, PGeo., a Qualified Person under National Instrument 43-101, who has also has reviewed and approved the technical information in this release. Assay samples were taken from NQ size drill core that had been split in half. The other half of the core was retained for future reference. Samples were then forwarded to the Red Lake laboratories of SGS Mineral Services where fire assays were performed for gold. Assay pulps were subsequently sent to SGS Mineral Services in Toronto for 31-element Inductively Coupled Plasma (ICP) analysis. Over-range ICP samples were then fire assayed to arrive at final values. SGS Mineral Services follows a strict quality assurance/quality control program.
In an unrelated development, management reports that the five day Hearing by the Supreme Court of Newfoundland and Labrador, Trial Division, of the title dispute encumbering the company’s high grade Mary March discovery, near Buchans, central Newfoundland, has adjourned early at the request of the Judge, who sought more time to review the evidence in the case, and a longer period in which to hear it. Accordingly, the Hearing has been re-scheduled to commence January 23, 2006, and extended to seven days from five days in length. Canstar management continues to have a high degree of confidence that it will prevail in the Mary March dispute.
?For further information please contact Mr. Kevin Keough, President, Canstar Resources Inc., Tel: (613) 839-2684, or Mr. Harry Hodge, Chairman, Tel: (416) 363-4376.
WARNING: The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Canstar, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Canstar's expectations are exploration risks detailed herein and from time to time in the filings made by Canstar with securities regulators
Canstar Resources Inc.
2 Toronto Street,
Suite 306
Toronto, Ontario,
Canada M5C 2B6
www.canstarresources.com
Tel: (416) 363-4377. Fax: (416) 363-4606 |
