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Goldstar Minerals Inc.

TSXV Exchange | Dec 11, 2019, 2:59 AM EST | Real-time price

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Goldstar reports partial assay results from its Lake George Property in New Brunswick, Canada

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

MONTREAL, Nov. 29, 2019 (GLOBE NEWSWIRE) -- Goldstar Minerals Inc. (“Goldstar” or the “Corporation”) (TSX-V: GDM) is pleased to announce that drilling results from the first seven (7) holes of its third phase diamond drilling program completed last October on its Lake George Property, located in New Brunswick, Canada, have been received and compiled. Final results from the remaining three (3) holes are expected to be disclosed by mid-December 2019.

Potential Intrusion-Related Gold System (“IRGS”) environment, suggesting the presence of granodiorite intrusions nearby.

Hole LG-19-07 was drilled to a depth of 375 metres and encountered a wide zone approximately 150 metres wide starting at 150 downhole. The zone had anomalous gold, copper, bismuth and tellurium within metasediments. Although no granodiorite was intersected, these results suggest that an intrusion could be present nearby.

Hole LG-19-08, which is located 500 metres northwest of hole LG-19-07, and, was drilled to a depth of 241 metres, intersected a 8.3 metre wide granodiorite dyke between 155 and 163 metres. This dyke is altered and mineralized with disseminated sulfides throughout the 8.3 metre interval.

Both holes LG-19-07 and LG-19-08 suggest that a granodiorite intrusion may be located nearby, thus requiring additional diamond drilling. No granodiorite was intersected in the other holes.

Gold results

Several gold values were intersected within metasediments as follows:

  • LG-19-07: Ten (10) scattered gold values over 0.1 g/t were intersected, including 0.42 g/t over 2 metres, 0.22 g/t over 3 metres, 0.45 g/t over 1 metre and 0.44 g/t over 1 metre. Most gold values are strongly associated with increased copper, bismuth and tellurium;
  • LG-19-03: A gold value of 0.98 g/t was intersected near the bottom of the hole.

Gold assays were performed at Agat Laboratories located in Mississauga, Ontario using fire assay. True width of all these intervals is unknown. Standards and blanks were inserted in every 25 samples.

Tungsten results

With the exception of a few scattered values, no tungsten was intersected in these first 7 holes.

However, the remaining 3 holes from LG-19-08 to LG-19-10 intersected wide and strongly mineralized intervals, containing sulfides and scheelite (the main tungsten bearing mineral at Lake George) that can be easily detected by an UV lamp. Again, Goldstar expects the remaining assays by mid-December 2019 that could confirm the extent of possible gold and tungsten mineralization.

Tungsten assays were performed at Agat Laboratories located in Mississauga, Ontario using sodium peroxide fusion followed by an ICP finish. Standards and blanks were inserted in every 25 samples.

Next steps

The Corporation will report the final remaining assays by mid-December, 2019 and will then determine the appropriate exploration strategy to follow up on these results.

Benoit Moreau, President and CEO of Goldstar comments: “These results showed that the Corporation was able to further constrain the area where a granodiorite intrusion could be intersected. The geological team has taken and recorded extensive structural measurements during the course of this drilling program that could help finding granodiorite intrusions and understanding possible associated gold mineralization.”

Disclosure

The technical information contained in this news release has been reviewed and approved by Benoit Moreau, P.Eng.,CEO and director of the Corporation. Mr. Moreau is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

For further information, please contact:

Benoit Moreau
President and Chief Executive Officer
Telephone: 514-591-8058
bmoreau@goldstarminerals.com

François Perron
Vice-President of Corporate Development
Telephone: 416-312-4811
fperron@goldstarminerals.com

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 may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

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