POLAR STAR ANNOUNCES SIGNIFICANT DRILL RESULTS AT MONTEZUMA
/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
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Hole No. From To Width Cu Au Ag Zn Comments
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(m) (m) (m) % g/t g/t %
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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
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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.
For further information: David Speck, Vice President, Polar Star Mining Corporation, (416) 368-3496, [email protected]
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