|By Marketwired .||
|September 11, 2013 07:00 AM EDT|
TORONTO, ONTARIO -- (Marketwired) -- 09/11/13 -- Canstar Resources Inc. (TSX VENTURE:ROX) (Canstar) is pleased to provide a corporate update of its upcoming plans for its Mary March JV Project located in central Newfoundland, Canada. The Company is initiating the first phase of an exploration program intended to be carried out until the end of 2013.
A comprehensive geochemical sampling program is now underway at the Company's project facilities near Buchan's, Newfoundland. Systematic sampling of historic and recently drilled drillcore will be completed over more than 8,000 meters of core.
The goal of the geochemical sampling program is to provide a fundamental understanding of nature of the rocks at Mary March. This understanding can be broken down into two essential components: 1) the chemical signature of more prospective target horizons, and; 2) the degree and spatial distribution of hydrothermal alteration on the property.
Because rocks tend to have very specific proportions of elements as a result of the conditions in which they were formed, we are able to identify specific stratigraphic horizons based on geochemical analysis of these rocks. Knowing this will allow us to help identify the horizon we know is associated with the mineralizing event. This will be very useful in an area where faulting has complicated this identification in the past.
Hydrothermal alteration occurs when high temperature fluids percolate through rocks. Ore deposits can form where the hottest fluids find a site to deposit metals. The rocks around these metallic deposits also change in chemistry as primary minerals are destroyed by hot fluids and replaced by secondary minerals. This is known as "alteration". Alteration can form an envelope around these mineral deposits, allowing explorers to vector toward areas of greater potential depending on the chemistry of the rocks. Alteration of this kind is not only observed at the nearby historic Buchans deposit, but in almost every deposit of this type worldwide. Mapping this phenomenon will enable the Company to determine which area and direction would represent a more highly prospective exploration area for follow-up.
The Mary March Project, Canstar's flagship property, occurs in the Buchan's Group assemblage, which hosts the historic Buchan's Mine. Located only 20 kilometers southwest of the Mary March property, the Buchan's Mine was one of Canada's highest grade VMS ore deposits of its time, producing 16.2 million tonnes averaging 14.50% Zn, 7.56% Pb, 1.33% Cu, 126 grams per tonne (g/t) Ag and 1.37 g/t Au between 1928 and 1984. By comparison, discovery holes drilled by a previous operator at Mary March between 1999 and 2000, produced results including 10.33% Zn, 118.1g/t Ag, 1.62% Pb, 4.1 g/t Au, 0.66% Cu over 9.23 m; 16.8% Zn, 660 g/t Ag, 12.2 g/t Au, 5.44% Pb, 0.18% Cu over 0.91m; and 3.02% Zn, 1.08% Pb, 72.4 g/t Ag, 0.13% Cu, over 20.6m.
"We are very excited to be rolling out our 2013 exploration program which we believe will identify some key areas where the company can focus future efforts and help identify new drill targets," says Danniel Oosterman, Canstar's President and CEO. "This will be one of two work programs to be carried out this Fall and Winter, as a drilling program is currently in the planning as well. This is an important step toward further advancing the potential of the Mary March project."
On behalf of myself and the Board of Directors,
Danniel J. Oosterman, P.Geo., President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.