Arctic Star-Metalex-WSR Joint Venture Intersects 26m of 13.8% Zinc
10 Septembre 2008 - 2:00PM
Marketwired Canada
Arctic Star Diamond Corp. (the "Company" or "Arctic Star") (TSX VENTURE:ADD),
Metalex Ventures Ltd. (TSX VENTURE:MTX) ("Metalex") and WSR Gold Inc.'s (TSX
VENTURE:WSR) ("WSR") Joint Venture Project along the Ring of Fire in the James
Bay Lowlands, is pleased to report the first assay results from its
zinc-copper-lead-silver (Zn-Cu-Pb-Ag) discovery on anomaly 5.01, located 45 km
north of Noront's Eagle One Deposit.
HIGHLIGHTS
- DDH5.01-06 intersected near-massive to massive sulphides from 65-167m downhole
for a length of 102m averaging 6.5% Zn, 0.44% Cu, 0.19% Pb, and 3 g/t Ag.
Included within this section, from 99.7-125.7m, for a length of 26m, the zone
averaged 13.8% Zn, 0.50% Cu, 0.05% Pb, and 2 g/t Ag.
- DDH5.01-14 intersected similar near-massive to massive sulphides from
83.0-120.0m downhole for a length of 37.0m, averaging 6.0% Zn, 0.34% Cu, 0.05%
Pb and 6 g/t Ag. Included in this section, from 103.0-111.0m, for a length of
8m, the zone averaged 17.4% Zn, 0.24% Cu, 0.04% Pb and 5 g/t Ag.
- DDH5.01-15 intersected similar near-massive to massive sulphides from
158.8-184.2m downhole, for a length of 25.4m, averaging 7.6% Zn, 0.35% Cu, 0.36%
Pb, and 8 g/t Ag.
- Mineralization, alteration and the geological environment at the 5.01 anomaly
appears to be typical of a Noranda-Mattabi-style VMS (Volcanogenic Massive
Sulphide) deposit.
- The mineralized zone appears to subcrop beneath approximately 15 meters of
glacial till and thus far has been delineated along a north-south strike for
150m, dips 75 degrees to the east, with a maximum core width of 53m and plunging
flatly to the south. The base metal occurrence appears open in all directions.
To date, Metalex has completed 25 holes on the 5.01 anomaly totalling 5,699.4
meters since the program began in 2008.
Assay results have now been received for holes 1 to 15. The results from
significantly mineralized intervals within these holes are presented in the
following table.
Significant Assay Results for Project 5.01
From To Length Zn Cu Pb Ag
Hole (m) (m) (m) % % % g/t
05.01-01 108.2 109.5 1.3 3.04 0.232 less 2
than
0.01
118.8 124.1 5.3 4.20 0.275 0.574 9
Incl 121.3 122.6 1.3 8.02 0.287 1.3 11
05.01-02 22.9 28.1 5.2 2.54 0.053 0.216 4
05.01-03 94.6 100 5.4 3.33 0.027 0.007 2
Incl 94.6 95.7 1.1 6.76 0.063 less 4
than
0.01
05.01-04 30.9 37 6.1 5.83 0.265 0.006 2
Incl 35 37 2.0 10.69 0.517 0.006 1
05.01-06 36.8 38.8 2.0 3.19 0.256 0.014 1
65 167 102.0 6.48 0.435 0.185 3
Incl 99.7 125.7 26.0 13.81 0.502 0.053 2
Incl 144.5 145.5 1.0 11.15 0.535 0.170 2
Incl 162 165 3.0 11.90 0.417 0.763 11
183.15 189.6 6.4 3.42 0.098 0.002 less
than
1
195.5 197.6 2.1 2.55 0.078 0.159 3
05.01-09 88 90 2.0 3.55 0.253 0.007 2
141 152 11.0 4.92 0.514 0.006 2
Incl 149 151 2.0 12.32 0.218 0.006 1
220.5 221.6 1.1 0.27 4.510 0.480 4
05.01-14 83 120 37 5.96(i) 0.339 0.047 6
Incl 103 111 8 17.42(i) 0.236 0.037 5
05.01-15 158.8 184.2 25.4 7.63 0.345 0.355 8
Incl 161.9 162.4 0.5 17.45 0.064 0.001 2
Incl 167 174.6 7.6 11.67 0.486 0.303 10
Incl 180.3 182 1.7 11.73 0.235 0.305 11
227.5 228.8 1.3 0.06 1.155 0.002 6
(i) An 1.2m interval from 109.8m on hole 5.01-14 has a zinc concentration
greater than 30% which is the upper limit of the assay technique. It is
being re-assayed.
The following table contains the grid and UTM locations along with the collar
information for the 25 holes completed on anomaly 5.01 to date.
Location and Collar Information for 5.01 Drilling to Date
------------------------------------------------------------------------
Hole Information
------------------------------------------------------------------------
Hole No. Grid E Grid N UTM e (m) UTM n (m) Z (m) Az Dip Length
------------------------------------------------------------------------
DDH501-01 L1+00E 0+50N 522313.8 5901524.0 167.6 180 -60 149
------------------------------------------------------------------------
DDH501-02 L1+00E 0+00 522311.1 5901476.0 168.0 0 -90 201.2
------------------------------------------------------------------------
DDH501-03 L1+00E 0+50N 522313.8 5901524.0 167.6 180 -45 146.5
------------------------------------------------------------------------
DDH501-04 L1+00E 0+75S 522309.6 5901400.0 168.0 0 -45 163.1
------------------------------------------------------------------------
DDH501-05 L1+00E 0+02N 522313.8 5901476.0 168.0 0 -85 182.5
------------------------------------------------------------------------
DDH501-06 L1+50E 0+50N 522361.0 5901525.0 168.0 179 -65 227.5
------------------------------------------------------------------------
DDH501-07 L1+50E 0+50N 522360.9 5901525.0 168.0 137 -45 158.5
------------------------------------------------------------------------
DDH501-08 L1+50E 0+50N 522360.8 5901525.0 168.0 183 -45 140.2
------------------------------------------------------------------------
DDH501-09 L1+50E 1+00N 522359.4 5901575.0 167.8 177 -60 249.7
------------------------------------------------------------------------
DDH501-10 L2+00E 0+50N 522413.8 5901526.0 167.8 181 -62 281.7
------------------------------------------------------------------------
DDH501-11 L2+00E 1+00N 522414.9 5901576.0 167.8 179 -60 146.3
------------------------------------------------------------------------
DDH501-12 L2+00E 1+00N 522415.1 5901576.0 167.7 181 -60 292
------------------------------------------------------------------------
DDH501-13 L1+50E 1+29N 522358.6 5901606.0 167.7 182 -60 279
------------------------------------------------------------------------
DDH501-14 L1+50E 0+40S 522363.7 5901436.0 168.0 0 -55 282
------------------------------------------------------------------------
DDH501-15 L1+50E 1+15S 522365.8 5901361.0 167.9 1 -55 278.7
------------------------------------------------------------------------
DDH501-16 L1+75E 0+00 522386.8 5901475.0 168.1 276 -55 244.9
------------------------------------------------------------------------
DDH501-17 L2+75E 0+50N 522494.9 5901525.0 167.5 267 -55 327
------------------------------------------------------------------------
DDH501-18 L1+05E 0+00 522310.4 5901475.0 168.0 269 -55 239.6
------------------------------------------------------------------------
DDH501-19 L1+75E 0+00 522387.3 5901475.0 167.9 271 -70 240
------------------------------------------------------------------------
DDH501-20 L1+75E 0+25S 522386.9 5901450.0 167.9 272 -60 261
------------------------------------------------------------------------
DDH501-21 L1+75E 0+25N 522386.0 5901499.0 167.9 267 -60 234
------------------------------------------------------------------------
DDH501-22 L2+59E 0+90N 522522.3 5901535.0 167.6 241 -55 315
------------------------------------------------------------------------
DDH501-23 L2+48E 0+12N 522461.1 5901487.0 167.9 232 -57 30
------------------------------------------------------------------------
DDH501-24 L2+48E 0+12N 522461.1 5901487.0 167.9 232 -51 270
------------------------------------------------------------------------
DDH501-25 L1+89E 1+64N 522523.8 5901463.0 168.0 235 -51 351
------------------------------------------------------------------------
NAD83, Zone 16
The following table contains the visual descriptions for holes completed since
the last press release dated June 16, 2008.
Visual Description of Mineralization in Recent Drill Core
---------------------------------------------------------------------------
Mineralization
---------------------------------------------------------------------------
From To
Hole No. (m) (m) Int(m) Description
---------------------------------------------------------------------------
DDH501-11 hole lost
---------------------------------------------------------------------------
DDH501-12 no significant mineralization
---------------------------------------------------------------------------
DDH501-13 no significant results
---------------------------------------------------------------------------
DDH501-16 167 188 21 near-massive to massive sulphides, visible
sph, cp
---------------------------------------------------------------------------
DDH501-17 172 188 16 disseminated sulphides with visible sph, cp
---------------------------------------------------------------------------
DDH501-18 62 102 40 disseminated sulphides
---------------------------------------------------------------------------
DDH501-19 83 132 49 stringer sulphides with visible sph, cp
---------------------------------------------------------------------------
DDH501-20 78.6 86.3 7.7 near-massive to massive sulphides, visible
sph, cp
---------------------------------------------------------------------------
DDH501-21 50.7 93.5 42.8 near-massive to massive sulphides, visible
sph, cp
---------------------------------------------------------------------------
DDH501-22 240 293 53 disseminated and stringer sulphides, visible
sph, cp
---------------------------------------------------------------------------
DDH501-23 hole abandoned
---------------------------------------------------------------------------
DDH501-24 180 183.5 3.5 near-massive to massive sulphides, visible
sph, cp
---------------------------------------------------------------------------
DDH501-25 271 282 11 stringer and near-massive sulphides, visible
sph, cp
---------------------------------------------------------------------------
Additional ground and down hole geophysical surveys have now been completed on
5.01 and the interpretation of the data is awaited. The joint venture has
temporarily suspended the drilling on anomaly 5.01 as of Sept 5, 2008 to allow
the results of the completed work to guide the next phase of drilling. Detailed
logs of the most recent holes, assay results from holes 16 to 25, and the ground
geophysical interpretation are currently being completed.
Description of the mineralized body
From the drilling to date, the high grade Zn-Cu-Pb-Ag mineralized zone has been
delineated over a strike length of 150m which appears to be almost due
north-south and dipping steeply at 75 degrees to the east. It has been
intersected thus far between 50 and 215 meters below surface and appears to be
3.5-53m wide along core length with a possible shallow 30 degree plunge to the
south. The high grade mineralization is part of a wider, more extensive system
of volcanically derived sulphides, hosted within a
chlorite-sericite-quartz+/-garnet+/-staurolite schist. The system appears
overturned as higher grade metamorphic minerals are present in the structural
hangingwall, with apparent felsic volcaniclastic lithologies occurring in the
structural footwall. Additional drilling is needed to confirm the geometry of
the deposit.
Drilling in the James Bay Lowlands without bedrock exposure to aid in geological
interpretation of strikes and dips is very challenging. Drilling to date
strongly suggests a north-south strike to the mineralized zone. Many of the
north-south drill holes drilled during the program have missed the zone
entirely, and the more recent east-west drilling has proven to repeatedly
intersect the mineralized occurrence. It will be the objective of the next phase
of drilling to systematically delineate the mineralized occurrence and complete
fill-in drilling to prepare for a 43-101 compliant resource calculation.
5.01 Project
This property, of 65 hectares, is one of 113 joint venture claim blocks in the
region under option by WSR, whereby WSR can earn up to a 50% interest in the
properties by spending $20 million over four years. Upon completion of the
earn-in option, Metalex will carry a 45.75% interest and Arctic Star a 4.25%
interest.
Within the option agreement, approximately 21,400 hectares of ground is held.
Numerous other high priority regional geophysical targets are currently being
tested with 2 highly mobile Metalex drills.
The project is managed and operated by Metalex for the Joint Venture partners
under the supervision of Dr. Charles Fipke, Chairman of Metalex with John
Harvey, P.Eng, as a consulting geologist.
Metalex believes that the assay results along with new drill holes and core
hosting the presence of visible copper, zinc and lead sulphides observed on site
by the project's geologist are very encouraging and are of significant
importance to the Joint Venture partners. Mike Kilbourne, P.Geo., and
Vice-President of Exploration for WSR Resources, has reviewed the core and has
provided the visual descriptions of the mineralized zones and conferred with
Brian Polk, Metalex Project Manager, on the geometry of the occurrence.
Notwithstanding the foregoing, visible observations are estimates only and
pending assay results may not confirm visual observations in whole or in part.
The widths given above are core widths only and do not represent true widths
which cannot be determined at this time.
On-site Quality Assurance/Quality Control Measures
All samples reported upon herein were selected, sealed and shipped to ALS Chemex
laboratory in Thunder Bay Ontario. All core samples were selected by Metalex
site geologists, and were cut in half by diamond core saw. Individual samples
were labeled, placed in plastic sample bags and sealed. Groups of samples were
then placed into durable rice bags that were secured by project security tags
for shipping. The samples were delivered via bonded carrier to ALS Chemex's
sample preparation laboratory in Thunder Bay, Ontario. All samples were then
crushed and pulverized and then the sample pulps were sent to ALS Chemex
Laboratory in Vancouver B.C. for analysis. The remaining coarse reject portions
of the samples remain in storage at the ALS Chemex storage facility in Thunder
Bay as required in the event that further work is needed. In Vancouver, the
samples are analyzed using ALS Chemex assay procedure ME-MS81. When samples
received over-limit values they underwent further analysis using ALS Chemex
assay procedure OG62. The reader is referred to: www.alschemex.com for details
of these analytical procedures.
Independent Quality Assurance and Quality Control Protocol
A comprehensive QA/QC program has been implemented to monitor all assays on the
5.01 anomaly. Samples are assembled in numbered batches of twenty samples.
Included in each batch of twenty samples are one certified reference standard,
one laboratory duplicate, one blank sample comprised of sterile drill core and
one core duplicate sample. This QC program was set up for Metalex by Tracy
Armstrong P.Geo, of T.J. Armstrong Geological Consulting Inc. Ms. Armstrong is a
qualified geologist in the Provinces of Ontario and Quebec. In reviewing the
results the QA/QC program detected that there was a carryover from high grade
samples to the following sample. The maximum carryover was measured to be 0.14%
zinc. Ms. Armstrong states that this degree of carryover is not considered to be
geologically nor economically material. An improved cleaning protocol has now
been implemented to ensure that this carryover does not occur in future.
Assay results have also been monitored on an on-going, real time basis for
accuracy, contamination and precision by Dr. Barry Smee, P.Geo. consulting
geochemist, retained by Metalex Ventures.
This press release has been prepared by Chad Ulansky, President and CEO of
Metalex Ventures, being a Qualified Person under Canadian Securities guidelines.
ON BEHALF OF THE BOARD OF DIRECTORS
ARCTIC STAR DIAMOND CORP.
Patrick Power, President
This News Release may contain forward-looking statements based on assumptions
and judgments of management regarding future events or results that may prove to
be inaccurate as a result of exploration and other risk factors beyond its
control, and actual results may differ materially from the expected results.
To view the map accompanying this release please click on the following link:
http://media3.marketwire.com/docs/add.pdf
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