POLAR STAR ANNOUNCES SIGNIFICANT DRILL RESULTS AT MONTEZUMA
14 Septembre 2010 - 6:01PM
PR Newswire (Canada)
TORONTO, Sept. 14, 2010 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED
STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
Intercepts suggest presence of at least two porphyry systems TSX-V:
PSR TORONTO, Sept. 14, 2010 /CNW/ - Polar Star Mining Corporation
(TSXV:PSR) ("Polar Star" or the "Company") today announced results
from the first three holes in its current diamond drill program at
its 100% owned Montezuma Project. The Project is located in the
Sierra Limon Verde District, Region II, Chile, and encompasses 501
square kilometres. "We are very encouraged by the results of our
systematic and disciplined exploration program," said Doug Willock,
President and CEO of Polar Star. "We are currently evaluating the
addition of one or two more drill rigs to advance the program."
Eight diamond drill holes have been completed to date. The first
three holes for which complete assays have now been received were
drilled to follow up on signficant widths of copper, gold and zinc
mineralization in porphyry copper style alteration cut by phase II
reverse circulation ("RC") holes 20 and 24 in IP anomaly zone A.
Significant intercepts are presented in the table below. Hole 38,
currently in progress, encountered a mineralized zone at a depth of
260 metres which continues through to its current depth of over 900
metres. The mineralization occurs in a strongly phyllic altered
intrusive and consists of extensive stockwork veinlets and
disseminations of chalcopyrite and pyrite. Assays on hole 38 are
pending. Highlights - Diamond drill holes 32, 33 and 35 cut a
pyrite rich auriferous zone from 26 metres to 260 metres thick,
which appears to be an imbricate thrust zone separating a generally
barren upper volcanic plate from an underlying altered intrusive
complex. - Strongly phyllic and potassic altered and chalcopyrite
rich feldspar porhyritic intrusive clasts within the thrust
strongly suggest the presence of a copper porphry below the thrust
in IP anomaly zone A. - Hole 38, the first test hole to test the
strong IP chargeability core of anomaly B, is currently over 900
metres deep in a strongly phyllic altered intrusive containing
extensive stockwork veinlets and disseminations of chalcopyrite and
pyrite. This zone was first encountered at 260 metres depth below
weakly altered volcanic and intrusive breccias. - The company
believes that the early results from this phase of drilling
strongly suggest the presence of at least two porphyry systems in
anomaly areas A and B, which appear to be preserved below barren
litho-caps. - The property covers more than 40 kilometres of the
West Fault, host to Codelco's El Norte Division, which contains the
Radomiro Tomic - Chuquicamata - Mansa Mina group of
copper-molybdenum porphyry deposits. The property also hosts the
cross-cutting Esperanza Fault system, which contains the
Antofagasta PLC's El Tesoro - Esperanza - Polo Sur group of
copper-gold porphyry deposits. - Polar Star's detailed geological,
geochemical and geophysical surveys have defined nine target zones,
two to four kilometres in length, of which anomalies A and B are
but two. Diamond Drill Results Montezuma Phase III Reconnaissance
Diamond Drilling Summary
-----------------------------------------------------------
-------------------------------------------------------------------------
Hole No. From To Width Cu Au Ag Zn Comments
-------------------------------------------------------------------------
(m) (m) (m) % g/t g/t %
-------------------------------------------------------------------------
MODD31-10 0.0 276.0 276.0 0.07 3.3 0.73 Zinc Halo (oxide +
sulphide)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MODD32-10 6.0 26.0 20.0 0.21 0.36 14.2 nsv Imbricate Thrust, Oxide
copper + gold
-------------------------------------------------------------------------
26.0 546.0 520.0 0.06 2.0 0.43 Zinc Halo (oxide + sulfide)
-------------------------------------------------------------------------
including 26.0 96.0 70.0 0.09 3.3 1.06
-------------------------------------------------------------------------
126.0 148.0 22.0 0.20 2.8 0.77
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MODD33-10 125.5 383.5 258.0 0.10 0.36 2.6 Imbricate Thrust zone
+py, cpy
-------------------------------------------------------------------------
including 213.0 220.0 7.0 0.43 0.84 18.5
-------------------------------------------------------------------------
277.0 377.0 100.0 0.15 0.72 2.8
-------------------------------------------------------------------------
NB: nsv = no significant values Phase III Reconnaissance Diamond
Drill Program The current diamond drill program is designed to
supplement and expand on the two previous reverse circulation
("RC") drill programs in the areas of the IP anomalies in which
sulphide mineralization was intersected. The current program is
also testing additional combined chargeability, geological, and
geochemical targets suggested by previous geochemical, trenching
and IP/Resistivity programs. Diamond drilling was chosen for this
round of exploration to obtain critical geological, mineralogical
and structural data neccessary to confirm the presence of porphyry
copper systems. Holes 31, 32, 33 and 35 were drilled to further
test anomaly A. Hole 31 was in fact a redrill of RC hole 20 but was
also deepened to test for an expected copper zone east of the
strong zinc halo encountered in hole 20. Unfortunately it entered
and followed a wide fault zone soon after reaching the depth of
hole 20. Assays from this hole above the fault are essentially the
same as in hole 20. Holes 32 and 33 cut a pyrite rich auriferous
zone from 26 metres to over 260 metres in thickness, which appears
to be an imbricate thrust zone separating a generally barren upper
volcanic plate from an underlying altered intrusive complex. Assays
are pending from hole 35, which appears to have cut approximately
240 metres of the same imbricate thrust zone. Re-evaluation of the
prior RC hole results in anomaly A in light of this new model
suggests that several of them may also have cut this structural
zone. If this proves to be the case, its minimum strike length
would be in the order of several kilometres. Hole 38, the first
hole to test the strong IP chargeability core of anomaly B, is
currently at over 900 metres depth in a strongly phyllic altered
intrusive feature containing extensive stockwork veinlets and
disseminations of chalcopyrite and pyrite. This zone was first
encountered at a depth of 260 metres below weakly altered volcanic
and intrusive breccias. The surface area covered by this section of
anomaly B is about seven square kilometres and hence could also
encompass a major porphyry copper-gold system. The company believes
the early results from this phase of drilling strongly suggest the
presence of at least two porphyry systems in anomaly areas A and B.
This drilling also highlights the fact that both systems are capped
by barren volcanics and or intrusions, which in the case of anomaly
A have been thrust over the mineralized system. These barren caps
may also explain why prior shallow drill programs by other
companies have met with little success. The company plans to
continue detailing the A and B anomaly zones, with the two drills
currently on site and also expects to add one or two more drills in
the near future to explore the remaining anomalies. Maps of the
Montezuma Project are available on the Company's website at
www.polarstarmining.com. Polar Star's current cash balance is
approximately $15.8 million as of the date of this release.
Qualified Person The drill program is being carried out under the
direction of Terence Walker, M.Sc., P.Geo., a qualified person
within the meaning of National Instrument 43-101. Mr. Walker has
reviewed the contents of this news release. All the analysis were
done at ALS Chemex Laboratory in Coquimbo, Chile and Lima, Peru.
Routine gold analysis was carried out on 30g sub-samples using a
fire assay pre-concentration and atomic absorption
spectro-photogrametric (AAS) finish. Samples with gold or silver
values greater than 10g/t were re-analyzed by fire assay and
gravimetric finish. Copper and 48 other elements including silver
were routinely analyzed by the ICP technique following a hot four
acid digestion. Samples with copper, zinc and lead values greater
than 1% were re-analyzed using a hydrofluoric-nitric-hypochloric
acid digestion, hydrochloric acid leach and AAS finish.
Forward-Looking Statements This press release may contain
forward-looking statements based on assumptions, uncertainties and
management's best estimates of future events. Actual events or
results could differ materially from the Company's expectations and
projections. Investors are cautioned that forward-looking
statements involve risks and uncertainties. Accordingly, readers
should not place undue reliance on forward-looking statements. When
used herein, words such as "anticipate", "will", "intend" and
similar expressions are intended to identify forward-looking
statements. For a more detailed discussion of such risks and other
factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements,
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. About Polar Star Mining
Corporation Polar Star Mining Corporation (TSXV: PSR) is an
emerging exploration company with a focus on building value in
Chile through discovery and development. Share Capitalization:
Shares outstanding: 90,149,170 as at September 14, 2010 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. David Speck, Vice President, Polar
Star Mining Corporation, (416) 368-3496, info@polarstarmining.com
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