/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TSX-V: PSR
TORONTO, July 29, 2010 /CNW/ - Polar Star Mining Corporation ("Polar Star" or the "Company") announces results from the first 10 diamond drill holes recently completed on the Chépica No.1 vein system. These holes are part of an ongoing diamond drill program which is designed to expand on the resource identified in SRK's 2009 NI 43-101 Report.
Highlights
- 10 holes completed on the Chépica No.1 vein system 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 gold-copper bearing vein system intersected 30 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 both the Chépica No.1 and Chépica No.2
vein system, and exploring other vein systems on the Chépica and
Talca properties where Polar Star's surface channel sampling has
detected strike sections of 100 to 250 metres returning gold values
from lows of 0.5 g/t over 5 metres to a high of 30.5 g/t over 1.5
metres
A longitudinal section and plan view of these drill results can be
viewed at www.polarstarmining.com
Diamond Drill Results
Chépica No. 1 Vein System
Hole No. From To Interval Au Ag Cu Zn% Pb% Comments
-------- ---- -- -------- -- -- -- --- --- --------
(metres) (metres) (metres) (ppm) (ppm) (%) (%) (%)
CH10-66 60.0 78.0 18.0 1.2 8.1 0.98 HW vein
-------
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 FW vein
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 HW vein
-------
155.0 165.0 10.0 0.7 10.0 0.67 0.96 0.71 FW vein
includes 160.0 163.5 3.5 1.99 25.6 1.97 2.20 1.64
182.0 184.0 2.0 0.34 5.5 1.65 FW vein
CH10-68 114.5 123.0 8.5 0.79 4.5 0.68 FW vein
-------
includes 117.0 119.2 2.2 1.02 4.9 0.91
121.0 123.0 2.0 1.80 4.5 1.04
CH10-69 89.0 91.0 2.0 2.1 10.4 0.42 0.40 0.26 FW vein
-------
CH10-70 69.0 73.0 4.0 0.55 2.8 0.1 3.01 0.18 HW vein
-------
includes 69.0 71.0 2.0 1.1 2.9 0.2 5.82 0.3
CH10-71 83.0 88.0 5.0 0.11 13.0 0.69 HW vein
-------
includes 86.0 88.0 2.0 0.19 24.6 1.61
111.0 115.0 4.0 0.96 6.4 0.49 FW vein
includes 111.0 113.0 2.0 1.68 7.3 0.78
120.0 123.0 3.0 0.89 6.2 0.29 FW vein
includes 120.0 122.0 2.0 1.22 8.4 0.35
CH10-72 68.0 85.0 17.0 0.21 6.5 0.09 HW vein
-------
includes 81.5 85.0 3.5 0.12 4.7 0.34
CH10-73 No significant values, hanging wall vein faulted out
-------
CH10-74 76.4 79.4 3.0 0.23 7.7 1.30 0.23 0.10 FW vein
-------
CH10-75 98.1 104.3 6.2 0.18 5.2 0.49 0.37 0.11 FW vein
-------
includes 98.1 101.0 2.9 0.26 6.7 0.84 0.46 0.14
NOTE: The intercepts reported are not necessarily true widths.
Diamond Drilling Program
The 10 diamond drill holes reported above are part of a series of five fences of two holes each, drilled to test up to 100 metres down dip and a 100 metre north extension along the strike of the previously drilled resource section in the FW or "footwall" vein of the Chépica No.1 vein system. As indicated in the table, five of the holes also cut a new vein denoted HW or "hanging wall" vein. The "footwall vein" as noted in the 2008 drill program and illustrated in current holes 67 and 71 is actually a complex system of two or more discrete banded quartz-sulphide veins with intervening stockworks which can anastamose to form one larger vein as in hole 68.
The balance of the ongoing 2010 drill program is designed to section the Chépica No.2 vein up to 100 metres to the NW and SE of the area of previous drilling with a view to define a measurable resource, and as the first pass shallow drilling of other vein systems on the Chépica and Talca properties where Polar Star's surface channel sampling has detected strike sections of 100 to 250 metres returning gold values from lows of 0.5 g/t over 5 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.
The 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 Star'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 July 28, 2010 a second diamond drill was mobilized to Polar Star's Montezuma property in Region II.
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 and 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: 85,069,954 as at July 28, 2010.
For further information: Adam Rochacewich, Chief Financial Officer, Polar Star Mining Corporation, (416) 368-3496, [email protected]
Share this article