/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TSX-V: PSR
TORONTO, June 17, 2010 /CNW/ - Polar Star Mining Corporation ("Polar Star" or the "Company") announces results from the first two of six diamond drill holes completed on the Chépica No. 1 vein system designed to increase the resource identified in SRK's 2009 NI 43-101 Report. These holes are part of an ongoing diamond drill program which will also expand on the previous drill results from the Chépica No. 2 vein systems and test four other vein systems with significant surface gold and silver values.
Highlights
- 6 holes completed on the Chépica No. 1 vein system and extending the
previous resource sector 50-100 metres down dip and 100 metres to the
north
- Significant copper, zinc and lead grades intersected in deeper levels
of the main vein system
- New vein gold-copper bearing vein system intersected 40-50 metres
east of, and in, the hanging wall of the Chépica No. 1 vein system
- Drill program to continue for the balance of 2010 extending potential
resource area on Chépica No. 2 vein system and four other vein
systems along which Polar's surface channel sampling has detected
strike sections of from 100 - 250 metres returning gold values from
lows of 2 g/t over 3 metres to a high of 30.5 g/t over 1.5 metres
Diamond Drill Results
Chépica 1 Vein System
Hole No. From To Interval Au Ag Cu Zn% Pb%
-------- ---- -- -------- -- -- -- --- ---
(metres) (metres) (metres) (g/t) (g/t) (%) (%) (%)
Section A
---------
CH10-66 60.0 78.0 18.0 1.2 8.5 0.98
includes 64.0 72.0 8.0 1.81 17.6 1.64
144.0 149.0 5.0 2.6 19.1 1.03
includes 147.0 149.0 2.0 4.60 30.3 1.33
CH10-67 75.0 77.0 2.0 0.5 15.6 0.37
155.0 165.0 10.0 0.7 10.0 0.67 0.96 0.71
includes 160.0 163.5 3.5 1.99 25.6 1.97 2.20 1.64
Diamond Drilling Program
The 6 diamond drill holes completed to date are part of a series of four fences of two holes each drilled to test up to 100 metres down dip and a 100 metres north extension along strike of the previously drilled resource section of the Chépica No. 1 vein system. The first two holes reported above were drilled below the northern half of the resource section and extend the zone a further 75 metres down dip. These and several of the other holes also cut a new vein represented by the first intercepts in the table above.
The balance of the planned 2010 drill program is designed to cross-section the Chépica No. 2 vein system up to 100 metres to the NW and SE of the area of previous drilling, and as the first pass shallow drilling of four other vein systems along which Polar's surface channel sampling has detected strike sections from 100 - 250 metres returning gold values from lows of 2 g/t over 3 metres to a high of 30.5 g/t over 1.5m.
The Chépica Mine
In December 2009 Polar Star finalized an agreement to acquire 100% of the Chépica property and associated assets. The full cost of the option is US$7 million to be paid over 26 instalments terminating in 2016. Polar Star may, at its sole discretion, terminate the agreement at any time with no obligation to continue paying instalments.
This Chépica Mine adjoins Polar Star's wholly owned Corinto, Batuco and Botalcura claims. These claims plus the Chépica Mine property total 22,640 hectares in the Pencahue District, Region VII, Chile on which prior exploration by other companies has defined 15 gold and copper-gold zones. Polar's surface exploration programs to date have outlined six 1 - 2 km(2) areas of multiple, 0.5-25 metres wide, massive and banded quartz veins on its wholly owned claims. Continuous chip samples across individual veins from these areas assay from 0.5 g/t gold over 5 metres width to 3.5 g/t gold over 3.2 metres of width. Diamond drilling of several of these target areas is also planned towards the end of the current program.
The Chépica Mine property, located 225 kilometres south of Santiago, covers the Cerro Chépica copper-gold mining district. It is readily accessible by a paved and good gravel road from the city of Talca 20 kilometres to the east. See Polar Star's prior news releases for additional information.
Montezuma
On June 22, 2010 a track mounted diamond drill is scheduled to commence at Polar Star's Montezuma property in Region II. We expect Capital Drilling will be able to supply two additional diamond drill rigs at Montezuma later in July.
Qualified Person
Mr. Terence Walker, M.Sc., P.Geo., is the qualified person within the meaning of National Instrument 43-101. Mr. Walker has reviewed the contents of this news release. Individual core samples where halved using a diamond core saw, one half bagged and sealed on site for assay the other half retained on site in sealed metallic core boxes for future reference. All analyses were carried out at ALS Patagonia Laboratories, Coquimbo, Chile. 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 values greater than 10g/t were re-analysed by fire assay and gravimetric finish. Silver, copper, zinc and lead were also routinely analysed by ICP following hot four acid digestion. Samples with values over 1% were re-analysed using a hydrofluoric-nitric-hypochloric acid digestion, hydrochloric acid leach and AAS finish.
About Polar Star
Polar Star Mining Corporation (TSXV: PSR) is an emerging exploration company with a focus on building value in Chile through discovery and development. The company has approximately 256,734 hectares prospective for gold, copper-gold,
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: 84,969,954 as at June 17, 2010.
Diamond Drill Results
Chépica 1 Vein System (Holes CH08-01 through CH08-32 reported previously)
Hole No. From To Interval Au Ag Cu Comments
--------- ---- -- -------- -- -- -- --------
(metres)(metres)(metres) (g/t) (g/t) (%)
Section 1
---------
CH08-03 0.0 27.0 27.0 2.2 13.5 0.10 Oxide Zone
----------
includes 14.0 24.0 10.0 5.4 14.0 0.13
includes 17.0 20.0 3.0 12.90 13.0 0.05 Foot Wall Vein
CH08-04 22.0 44.0 22.0 1.9 9.6 0.24 Sulphide Zone
-------------
includes 34.0 41.0 7.0 4.9 12.7 0.45
includes 34.0 36.0 2.0 11.89 27.5 0.58 Foot Wall Vein
Section 1A Sulphide Zone
---------- -------------
CH08-54 32.0 36.0 4.0 2.67 25.0 0.68 Foot Wall Vein
CH08-55 38.0 43.0 5.0 0.51 19.0 0.51 Center Vein
48.0 50.0 2.0 3.01 28.0 1.66 Foot Wall Vein
CH08-56 78.0 89.2 11.2 0.65 8.0 0.64 Sulphide Zone
-------------
includes 85.5 89.2 3.7 1.20 7.0 0.77 Foot Wall Vein
Section 1B
----------
CH08-57 28.0 36.3 8.3 1.85 15.0 0.51 Sulphide Zone
-------------
includes 32.0 36.3 4.3 2.99 8.0 0.61 Foot Wall Vein
CH08-58 51.0 52.0 1.0 1.44 8.0 0.90 Sulphide Zone
-------------
56.0 58.5 2.5 1.18 12.0 1.08 Foot Wall Vein
Section 2
---------
CH08-01 0.0 33.0 33.0 2.12 5.5 0.06 Oxide Zone
----------
includes 10.0 14.0 4.0 14.5 5.5 0.07
12.0 14.0 2.0 25.7 8.5 0.05 Foot Wall Vein
CH08-02 19.0 35.0 16.0 1.6 11.6 0.37 Sulphide Zone
-------------
includes 28.0 35.0 7.0 3.7 17.0 0.39
28.0 30.0 2.0 6.9 39.0 0.36 Foot Wall Vein
CH08-50 42.0 49.0 7.0 1.42 12.3 0.52 Sulphide Zone
-------------
includes 45.0 49.0 4.0 1.83 17.8 0.77 Foot Wall Vein
CH08-51 61.0 74.0 13.0 2.2 11.3 1.27 Sulphide Zone
-------------
includes 68.0 72.5 4.5 4.63 19.2 1.60 Foot Wall Vein
CH08-52 86.0 93.3 7.3 1.38 10.7 0.80 Sulphide Zone
-------------
includes 90.0 92.0 2.0 2.44 16.0 0.87 Foot Wall Vein
CH08-53 69.0 72.0 3.0 0.55 25.3 2.76 Center Vein
Section 3
---------
CH08-12 27.0 48.0 21.0 3.37 30 0.56 Sulphide Zone
-------------
includes 32.0 34.0 2.0 0.74 19 1.59
37.0 39.0 2.0 10.45 125 0.14 Foot Wall Vein
36.0 47.0 11.0 4.28 34 0.34
CH08-15 38.0 46.0 8.0 0.37 8.6 0.35 Sulphide Zone
-------------
includes 39.0 41.0 2.0 0.19 10.6 0.98 Center Vein
54.0 57.0 3.0 1.58 44 0.59 Foot Wall Vein
CH08-17 51.0 96.0 45.0 2.1 10.8 0.70 Sulphide Zone
-------------
includes 55.0 59.0 4.0 8.0 27.0 2.4 Center Vein
73.0 90.0 17.0 3.0 8.5 0.89
84.0 89.0 5.0 6.1 8.4 1.07
84.0 86.0 2.0 12.8 14.5 1.96 Foot Wall Vein
Section 4
---------
CH08-05 26.0 44.0 18.0 1.3 8.3 0.20 Sulphide Zone
-------------
includes 40.0 43.0 3.0 6.1 8.7 0.63 Foot Wall Vein
CH08-06 36.0 41.0 5.0 0.22 7.8 0.63 Sulphide Zone
50.0 60.0 10.0 0.83 5.5 0.63
includes 51.0 55.0 4.0 1.12 5.8 0.63 Foot Wall Vein
CH08-07 Zone faulted out anomalous values Au, Ag Cu
Section 5
---------
CH08-09 39.0 54.0 15.0 2.23 3.6 0.14 Sulphide Zone
-------------
includes 47.0 50.0 3.0 10.09 6.7 0.59 Foot Wall Vein
CH08-10 14.0 21.0 7.0 0.43 1.6 0.03 Oxide Zone
----------
Sulphide Zone,
--------------
67.0 69.0 2.0 3.16 34.0 0.52 Foot Wall Vein
CH08-13 17.0 18.0 1.0 1.21 4.0 0.02 Oxide Zone
----------
27.0 37.0 10.0 1.02 12.8 0.08 Oxide Zone
----------
includes 28.0 29.0 1.0 1.48 30.0 0.04 Hanging wall vein
Section 6
---------
CH08-14 40.0 54.0 14.0 2.07 4.9 0.39 Sulphide Zone
-------------
includes 43.0 46.0 3.0 2.70 10.7 1.27 Center Vein
49.0 53.0 4.0 4.89 5.3 0.34 Foot Wall Vein
CH08-16 8.0 15.0 7.0 0.63 5.9 0.03 Oxide Zone
includes 13.0 15.0 2.0 1.43 6.5 0.05
Sulphide Zone,
--------------
56.0 60.0 4.0 1.12 923.0 1.13 Foot Wall Vein
CH08-18 70.0 83.0 13.0 0.41 9.3 0.46 Sulphide Zone
-------------
includes 76.0 79.0 3.0 0.77 22.3 0.96 Foot Wall Vein
Sulphide Zone,
--------------
CH08-20 28.0 35.8 7.8 2.06 15.4 0.42 Hanging Wall Vein
Section 7
---------
CH08-08 54.0 63.0 9.0 1.12 8.0 0.51 Sulphide Zone
-------------
includes 60.0 62.0 2.0 2.45 14.0 0.89 Foot Wall Vein
CH08-11 34.2 35.8 1.6 0.52 30.0 1.70 Sulphide Zone,
--------------
Hanging Wall Vein
65.0 71.0 6.0 0.69 9.3 0.39
includes 68.0 69.0 1.0 1.97 17.0 0.35 Center Vein
Section 8
---------
CH08-22 39.0 51.0 12.0 3.3 9.3 0.44 Sulphide Zone
-------------
includes 42.0 50.0 8.0 4.48 11.3 0.59
includes 43.0 45.0 2.0 9.91 13.0 0.63 Foot Wall Vein
CH08-23 87.0 119.0 32.0 2.65 7.8 0.76 Sulphide Zone
-------------
includes 93.0 106.0 13.0 5.88 8.4 0.45 Foot Wall Vein
includes 110.0 113.0 3.0 1.27 13.7 3.16 Foot Wall Breccia
Section 9
---------
CH08-21 30.0 41.0 11.0 0.75 11.9 0.53 Sulphide Zone
-------------
includes 37.0 40.0 3.0 1.22 11.0 0.80 Foot Wall Vein
44.0 46.0 2.0 0.38 4.0 0.55 Foot Wall Breccia
CH08-25 56.0 92.0 36.0 2.06 9.0 0.80 Sulphide Zone
-------------
includes 59.0 68.0 9.0 2.38 21.0 1.89 Foot Wall Vein
includes 59.0 64.0 5.0 1.97 30.0 2.62
77.0 92.0 15.0 2.86 4.8 0.41 Center Vein
includes 77.0 81.0 4.0 5.34 5.0 0.68
110.0 122.0 12.0 1.09 3.5 0.33 Hanging Wall Vein
includes 111.0 114.0 3.0 2.38 5.3 0.51
CH08-27 Zone displaced by faulting
CH08-29 26.0 39.0 13.0 0.63 7.7 0.73 Sulphide Zone
-------------
includes 33.0 36.0 3.0 1.08 16.0 1.87 Foot Wall Vein
CH08-64 90.0 95.0 5.0 0.75 6.0 0.51 Hanging Wall Vein
includes 93.0 95.0 2.0 1.06 8.0 0.63
102.0 106.0 4.0 1.65 7.5 0.67 Center Vein
Section 10 Sulphide Zone
---------- -------------
CH08-24 34.7 38.0 3.3 4.29 28.0 1.20 Foot Wall Vein
41.0 46.0 5.0 0.63 12.0 0.8 Foot Wall Breccia
CH08-26 61.0 99.0 38.0 4.32 7.6 0.4 Sulphide Zone
-------------
includes 61.0 64.0 3.0 1.87 24.0 1.47 Foot Wall Vein
73.0 76.0 3.0 2.76 11.3 0.67 Foot Wall Breccia
86.0 98.0 12.0 13.32 11.4 0.64 Center Vein
86.0 89.0 3.0 31.67 16.7 0.79
107 145 38.0 1.28 8.8 0.52
includes 109.0 113.0 4.0 4.53 16.5 0.80 Hanging Wall Vein
142.0 145.0 3.0 2.38 14 0.93
CH08-28 Zone displaced by faulting
CH08-63 105.0 110.0 5.0 1.48 14.0 0.96 Sulphide Zone
-------------
includes 108.0 110.0 2.0 2.6 14.0 0.71 Center Vein
Section 11
----------
CH08-32 Zone displaced by faulting
CH08-35 76.0 83.0 7.0 2.5 16.3 0.89 Sulphide Zone
-------------
includes 77.0 81.0 4.0 4.38 22.3 1.37 Foot Wall Vein
96.0 108.0 12.0 2.44 5.5 0.36
includes 99.0 103.0 4.0 4.53 4.0 0.31 Center Vein
135.0 160.0 25.0 0.37 8.8 1.89
includes 141.0 150.0 9.0 0.23 15.2 3.11 Hanging Wall Vein
182.0 185.0 3.0 0.48 15.7 1.17
CH08-61 83.0 89.0 6.0 1.67 7.0 0.28 Sulphide Zone
-------------
includes 87.0 89.0 2.0 2.89 6.0 0.31 Foot Wall Vein
CH08-62 103.0 110.0 7.0 1.45 26.0 2.08 Hanging Wall Vein
Section 12
----------
CH08-38 70.0 83.0 13.0 0.36 3.6 0.20 Sulphide Zone
-------------
includes 79.0 83.0 4.0 0.39 5.5 0.59 Center Vein
Chépica 2 Vein System
Hole No. From To Interval Au Ag Cu Comments
--------- ---- -- -------- -- -- -- --------
(metres)(metres)(metres) (g/t) (g/t) (%)
Section 1
---------
CH08-47 30.0 39.0 9.0 1.81 30.0 3.32 Sulphide Zone
-------------
includes 31.0 33.0 2.0 2.22 45.0 3.97 Foot Wall Vein
includes 36.0 39.0 3.0 0.86 49.0 6.40 Center Vein
CH08-48 39.0 41.0 2.0 0.3 33.0 1.7 Center Vein
CH08-49 No significant values Low sulphides
Section 2
---------
CH08-44 No significant values Low sulphides
CH08-46 No significant values Veins faulted out
Section 3
---------
CH08-39 46.0 49.0 3.0 0.13 3.0 0.82 Foot Wall Vein
CH08-40 No significant values Low sulphides
Section 4
---------
CH08-42 43.0 44.5 1.5 0.164 5.0 0.80 Center Vein
CH08-43 58.0 60.0 2.0 4.96 4.0 1.17 Center Vein
89.0 92.3 3.3 0.14 18.0 4.88 Foot Wall Vein
CH08-45 43.1 44.1 1.0 0.122 6.0 0.55 Center Vein
Section 5
---------
CH08-30 47.0 53.0 6.0 1.2 19.0 1.00 Center Vein
CH08-31 61.0 62.5 1.5 0.43 18.0 1.63 Hanging Wall Vein
65.0 66.5 1.5 0.38 7.0 2.75 Center Vein
CH08-37 19.4 22.0 2.6 1.55 22.0 0.05 Hanging Wall Vein
Section 6
---------
CH08-33 51.0 52.5 1.5 0.51 12 0.73 Center Vein
CH08-34 64.0 67.5 3.5 0.29 19.0 2.20 Center Vein
CH08-36 21.0 26.0 5.0 2.40 6.4 1.39 Center Vein
includes 21.0 24.0 3.0 3.03 8.3 1.69
For further information: David Speck, Vice President, Polar Star Mining Corporation, (416) 368-3496, [email protected]
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