🕐21.09.10 - 06:27 Uhr
POLAR STAR ANNOUNCES SIGNIFICANT DRILL RESULTS AT MONTEZUMA
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Not for distribution to United States wire services or dissemination in the
United States.
For Immediate Release TSX-V: PSR
POLAR STAR ANNOUNCES SIGNIFICANT DRILL RESULTS AT MONTEZUMA
Intercepts suggest presence of at least two porphyry systems
Toronto, Ontario, September 14, 2010 - 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 Codelcos 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 PLCs El Tesoro - Esperanza - Polo Sur group of copper-gold
porphyry deposits.
.
Polar Stars 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
Hole #
From
To
Width
Cu
Au
Ag
Zn
Comments
(m)
(m)
(m)
%
g/t
g/t
%
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
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 Companys website at
www.polarstarmining.com.
Polar Stars 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 managements best estimates of future events.
Actual events or results could differ materially from the Companys
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 Corporations filings with Canadian
securities regulators available on www.sedar.com or the Companys 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
For further information please contact:
David Speck, Vice President
Polar Star Mining Corporation
(416) 368-3496
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.