Polar Star Options Yoanca Property in Chile
27 Février 2008 - 9:56PM
Marketwired
TORONTO, ONTARIO (PINK SHEETS: POSRF) ("Polar Star" or the
"Company") is pleased to announce the signing of an option to
purchase 100% of the Yoanca porphyry copper property located along
the West Fault 60 kilometres north of the Chuquicamata Mine. The
West Fault is the principle focus of the majority of mega
porphyries in Northern Chile. Under the current option agreement
Polar can purchase 100% of the property for staged payments
totalling US$ 400,000 over a 12 month period.
Highlights
- The property covers a classic leached cap zone developed
within the West Fault,
- West Fault is actually exposed in the three open cuts
currently being mined by local piquineros for copper sulfosalts
grading 3-5% copper,
- 3,000 metre drilling program planned to confirm the porphyry
model and test for a secondary enrichment zone.
Exploration History
There are no records of recent systematic exploration in the
property area; however, small scale surface mining is currently
being carried out at the rate of 1,000 - 1,500 tonnes per month
from oxidized ores grading from 3% - 5% copper.
Introduction
The Yoanca property is approximately 30 hectares in area and is
located 1,450 kilometers north of Santiago in the Cerro Blanco
oxide copper mining district and is readily accessible by paved and
good gravel road from the city of Calama 75 kilometers to the
south.
Property Geology
The property lies within the central sub-zone of the main
Chilean Andean porphyry belt and covers a classic leached cap zone
developed within the West Fault, host of many Chilean mega porphyry
copper deposits including Chuquicamata. The West Fault is actually
exposed in the three small open cuts currently being mined by local
piquineros for copper sulfosalts. This northerly trending fault
separates Cretaceous volcanics and intrusives to the west from
Paleozoic meta-intrusives to the east as at Chuquicamata.
Mineralization
The walls of the piquinero pits expose a typical suite of high
level copper sulfosalts including; chrysocola, copper wad, copper
pitch and brochanthite in veinlets, disseminations, patches and
fracture coatings in strongly faulted and sheared host rock.
Intense destructive leaching and clay-sericite alteration generally
obliterate the host textures but locally relic phorphyritic
textures, possibly intrusive and quartz veinlets are present.
Drilling Program
The initial drill program consists of a series of three fences
of two-three, 300-500 metre holes spaced about 200 metres apart
along the long axis of the West Fault. Drilling is expected to
commence in April. This program is designed to confirm the porphyry
alteration-mineralization model suggested at surface and test for
the development of a secondary enrichment zone. Results being
favourable this program will immediately be expanded to define a
resource.
Qualified Person
The drill program will be carried out under the direction of Mr.
Terence Walker, M.Sc., P.Geo., qualified person within the meaning
of National Instrument 43-101. Mr. Walker has reviewed the contents
of this news release.
About Polar Star Mining Corporation
Polar Star Mining Corporation was created to acquire advanced
stage exploration properties focusing on gold, copper-gold and
uranium. The geographic focus of Polar Star is Chile, where the
company has approximately 118,000 hectares covering 19 properties
which are 100% owned. In Canada, the Company has an option
agreement with respect to the Todd Creek Property located near
Stewart, BC, which consists of 12,222 hectares in which Polar Star
can earn up to a 60% interest. Polar Star has approximately $4
million in cash and no debt.
Forward-Looking Statements
The statements made in this news release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially
from the Company's expectations and projections. Accordingly,
readers should not place undue reliance on forward-looking
statements. For a more detailed discussion of such risks and other
factors, refer to Polar Star Mining Corporation's filings with
Canadian securities regulators available on www.sedar.com or the
Company's website at www.polarstarmining.com.
Share Capitalization:
Shares Outstanding: 29,851,964 as at February 15, 2008
The Toronto Stock Exchange Venture has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release
and the information contained herein.
Contacts: Polar Star Mining Corporation Douglas Willock
President and CEO (416) 368-3496 Email: info@polarstarming.com
Website: www.polarstarmining.com
Polar Star Mining (Tier2) (TSXV:POS)
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