🕐24.02.10 - 10:16 Uhr
SIGNIFICANT WIDTHS OF COPPER, GOLD AND ZINC MINERALIZATION AT POLAR STARS MONTEZUMA PROJECT
Not for distribution to United States wire services or dissemination in the
United States.
For Immediate Release TSX-V: PSR
SIGNIFICANT WIDTHS OF COPPER, GOLD AND ZINC MINERALIZATION AT POLAR STARS
MONTEZUMA PROJECT
TORONTO, ON, February 22, 2010 - Polar Star Mining Corporation (TSXV:PSR)
("Polar Star" or the "Company") today announces the results of its second
phase of reverse circulation ("RC") drilling at its Montezuma Project
completed on January 27, 2010.
All but three of the holes drilled
intersected significant widths of copper, gold and zinc mineralization with
related porphyry style alteration.
These holes tested a variety of combined
geophysical, geochemical and geological targets along the main IP zone and
several new flanking anomalies.
Polar Stars Montezuma Project is located in the Sierra Limon Verde
District, Region II, Chile, and encompasses 501 square kilometres.
A total
of 15 holes were drilled during Phase II for a total of 3,754 metres.
Quantec Geoscience, of Santiago Chile, also completed during late 2009 a
total of 350 line kilometres of detailed ground magnetic surveys over the
main West Fault-Esperanza trend and an additional 76 line kilometres of IP
surveys to expand upon and infill their previous IP surveys.
"These are very encouraging results, and we have begun analyzing them to
help us plan and execute the next phase of exploration which we expect to
include diamond drills starting in the second quarter of 2010," stated Doug
Willock, President and CEO.
"The sheer scale of the mineralized systems
requires us to focus initially on the most prospective targets, which
include 3 porphyries, to ensure exploration efficiencies and continued
advancement."
Highlights
.
Of the 7,256 metres of reconnaissance RC drilling from the two
drill campaigns completed in 29 holes, 17 of these cut significant lengths
of copper, gold and zinc mineralization in propylitic to weakly phyllic
altered porphyritic intrusive bodies suggesting they cut the outer margins
and/or upper levels of porphyry copper-gold and copper-molybdenum systems
similar to those hosting Antofagasta PLCs Esperanza deposit and Codelcos
Chuquicamata deposit located to the south and north of the Montezuma
Project, respectively:
.
Five holes (i.e.
3, 5, 16, 20 and 24) cut copper and gold
bearing oxides ranging from 6 metres averaging 0.32% copper and 1.01 g/t
gold in hole 3 to 44 metres averaging 0.18% copper and 0.174 g/t gold in
hole 16.
.
Fifteen holes (i.e.
4, 5, 7, 8, 17 to 21, 24 to 28 and 30) cut
copper and zinc sulphides plus gold ranging from 24 metres averaging 0.24%
copper, 0.145 g/t gold and 0.11% zinc in hole 27 to 280 metres averaging
0.02% copper, 0.083 g/t gold and 0.72% zinc in hole 20.
.
Old workings, leached and oxide copper bearing outcrops together
with geological and geophysical surveys have defined a highly prospective
belt 5 - 8 kilometres wide by 30 kilometres long, centred on the
intersection of West Fault and Esperanza Fault systems.
.
The property covers 25 kilometres of the West Fault, host to
Codelcos El Norte Division Radomiro Tomic - Chuquicamata - Mansa Mina group
of copper-molybdenum porphyry deposits and 20 km of the cross-cutting
Esperanza Fault system, host to Antofagasta PLCs El Tesoro - Esperanza -
Polo Sur group of copper-gold porphyry deposits.
.
The new 76 kilometres of infill IP survey shows in detail that
the 23.5 kilometre main anomaly contains five 3-4 kilometre long sub-zones.
In addition reconnaissance lines across the West Fault, 3 kilometres north
of the main anomaly, identified a new anomaly at least 600-800 metres wide,
6 kilometres long and open to the north, south and west.
.
Of the 29 widely spaced mineralized holes drilled to date, 16
partially test three of the main IP anomaly sub-zones and the other is the
first hole in the new northern anomaly.
Significant oxide copper
mineralization has been discovered at three points along the west side of
this anomaly.
Phase II Reconnaissance Drill Program
Between December 6, 2009 and January 27, 2010, Polar Star completed 3,754
metres of RC drilling in 15 widely spaced holes.
The program was designed to
follow up on the areas of sulphide mineralization intersected in four holes
from the March 2009 Phase I RC program and to test a variety of additional
combined chargeability, geological, and geochemical targets suggested by
subsequent geochemical, trenching and IP/Resistivity programs mentioned
below.
Of these new holes, 12 holes (i.e.
16 to 21, 24 to 28 and 30) cut
significant lengths of copper, gold and zinc mineralization in propylitic to
weakly phyllic altered porphyritic intrusive bodies simliar to those hosting
the Chuquicamata deposits.
The significant intercepts are presented in the
table attached along with the significant holes from the first phase of
drilling.
The mineralization style, contained metals and their value ranges
plus their alteration setting, principle propylitic to phyllic, in these new
holes suggests they cut the outer margins and or upper levels of several
porphyry copper-gold systems.
In particular; holes 16 and 27 which further
tested the main IP anomaly in sub-zone B cut alteration and copper-gold
values in the outer edges of a porphyry system on the Esperanza trend, holes
19, 20 and 24, which tested IP sub-zone A cut zinc, +/- gold and copper
values in dominantly propylitic alteration with grades typical of the zinc
rich envelope around and above Codelcos Mansa Mina deposit and hole 30, the
first test of the new northern West Fault IP zone cut three 22 - 80 metre
zones of copper +/- gold, molydenum and rhenium enrichment in phyllically
altered intrusives similar to those at Chuquicamata.
The Montezuma Project
The Montezuma Project is located in the Sierra Limon Verde oxide copper
mining district and is readily accessible by paved and good gravel road from
the city of Calama, 20 kilometres to the north.
The Project consists of a
contiguous group of 100% owned exploration concessions totaling 50,100
hectares.
The Property lies within the central sub-zone of the main Chilean
porphyry belt and covers approximately 25 kilometres of strike of the West
Fault, well known for the exceptional size of its associated porphyry copper
deposits such as Chuquicamata and Radomiro Tomic, and 20 kilometres of
associated sub-parallel and NNE-SSW cross-cutting faults which apear to be
part of the El Tesoro-Polo Sur copper-gold porphyry trend which includes
Antofagasta PLCs Esperanza deposit 20 kilometres to the south west.
The
hills of Sierra Limon Verde generally expose the same group of metamorphosed
Palaeozoic intrusive, volcanic and sedimentary rocks that host the
Chuquicamata porphyry copper deposits.
Polar Stars geological mapping, enhanced satellite imagery studies and
geochemical surveys to date have identified several large areas of leached,
hematite stained and sulphate rich caps containing locally significant
amounts of copper wad, brochanthite, chrysocola and chalcocite developed
along and lateral to the West Fault where it strikes through the northern
half of the Montezuma property and within the northeast trending Esperanza
fault system in the south west quadrant of the property.
The most
significant of these is the showings 200 metres north of Polars
reconnaissance hole 7 and consists of a 10,000 metre square of copper oxides
including chrysocola, atacamite, cuprite and chalcocite within 20
centimetres of surface.
This showing lies on the south edge of a 1.5 square
kilometre area of alteration and staining visible on the enhanced satellite
image.
Grab sample assays from a 20 x 70 metre zone within it grade from a
low of 0.22% to a high of 31.3% Cu, from a low of 0.08 g/t to a high of
11.75 g/t Au, and from a low of 0.5 g/t to a high of 618 g/t Ag.
Soil
sample and trench sample assays from below the sulphate cap show a moderate
to strong multi-element anomaly for Cu, Au, Mo, As +/- Zn, Pb and Ag
extending over at least 12 kilometres of strike along the West Fault and
Esperanza trends.
Peak values within this anomaly range up to 2980 ppm Cu,
1.72 g/t Au, 80 ppm Mo, 2510 ppm As, 6590 ppm Zn, 4100 ppm Pb and 26 g/t Ag.
Between August 2008 and January 2010, Quantec Geoscience of Santiago Chile
completed 242 line kilometres of IP/Resistivity surveying covering a belt
some 6-9 kilometres wide along the West Fault and Esperanza structural
trends.
These surveys have detected several anomalies.
The main anomaly,
which is entirely covered either by a sulphate cap or pediment gravels is
0.8 - 2.3 kilometres wide, is 23.5 kilometres long and extends to depths of
at least 300-500 metres.
The central anomaly straddles the West Fault but to
the north and south it appears to be controlled by NNE trending splay and
cross faults.
This cross fault trend is very prominent to the southwest and
could be a NNE extension of El Tesoro - Polo Sur copper-gold porphyry trend
which includes the Antofagasta PLC Esperanza deposit.
In detail the main
anomaly contains five 3-4 kilometre long sub-zones of higher chargeability
and moderate resistivity.
One of these straddles the West Fault (A Zone).
The other four occur within the Esperanza trend, two to the SW (B and E
Zones), one to the north east (C Zone) of the West Fault and one flanks the
A Zone 500 metres to the east (D Zone).
In addition reconnaissance lines
across the West Fault, 3 kilometres north of the main anomaly, indicate that
a strong chargeability - resistivity anomaly underlies and flanks the valley
marking the West Fault trace (F Zone).
The anomaly is at least 600-800
metres wide, 6 kilometres long and open to the north, south and west.
Significant oxide copper mineralization has been discovered at three points
along the west side of the valley.
During March 2009, a widely spaced 15 hole, 3,502 metre reverse circulation
drill program was completed along the main trend defined by Quantecs Fall
2008 reconnaissance survey.
Eleven of the holes tested a variety of
combined chargeability-geology-geochemical targets within the main
IP/Resistivity anomaly.
The other three were drilled into satellite
anomalies on its east flank.
Of the holes drilled in the main anomaly five
holes, i.e.
3, 4, 5, 7 and 8, cut significant lengths of copper
mineralization ranging from 6m averaging 0.32% Cu in Hole 3 to 122m
averaging 0.04% Cu in Hole 8.
The mineralization style and alteration in
these holes is characteristic of the outer margins of porphyry copper
systems.
During August 2009 re-interpretation of the project satellite imagery and
local geology suggested that the main north-south West Fault trend, host to
the RadomiroTomic-Chuquicamata-Mansa Mina trend of copper-molydenum porphyry
deposits was intersected and possibly crossed by the north-northeast
Telegrafo-Esperanza-El Tesoro trend of copper-gold porphyries.
In
consequence the sulphide bearing intercepts from drill holes 3, 4, 5, 7 and
8 were re-analysed for gold, silver and a variety of other associated
elements.
All five holes contain interesting gold values in the range of
0.2 - 1.8 g/t and silver values in the range of 2 - 49 g/t.
The significant
widths and average grades for these holes are included in the attached
table.
Qualified Person
The drill program was 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 was done at ALS Chemex Laboratory in 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 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.
The company has approximately 274,000 hectares prospective for gold,
copper-gold, uranium, phosphate and lithium.
Share Capitalization:
Shares outstanding: 70,338,526 as at February 11, 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.
Montezuma Phase I and II Reconnaissance RC Drilling Summary
Hole #
From
To
Width
Cu
Au
Ag
Zn
Comments
(m)
(m)
(m)
%
g/t
g/t
%
MORC-03-09
22.0
28.0
6.0
0.32
1.030
44.5
nsv
Oxide Zone
MORC-04-09
50.0
148.0
98.0
0.046
0.170
2.0
nsv
Top of Sulphide Zone - Copper Halo
including
94.0
144.0
50.0
0.06
0.210
2.4
nsv
MORC-05-09
56.0
78.0
22.0
0.13
0.250
13.4
nsv
Oxide Zone
152.0
168.0
16.0
0.07
0.140
1.9
nsv
Top of Sulphide Zone - Copper Halo
198.0
250.0
52.0
nsv
0.136
3.4
0.42
Zinc sulphide halo
MORC-07-09
122.0
172.0
50.0
0.035
0.031
1.7
nsv
Top of Sulphide Zone - Copper Halo
MORC-08-09
180.0
302.0
122.0
0.037
0.130
4.9
nsv
Copper Sulphide Halo
MORC-16-09
22.0
66.0
44.0
0.18
0.174
0.9
0.11
Leached and oxidized Zone
including
28.0
38.0
10.0
0.39
0.552
2.3
0.05
92.0
158.0
66.0
0.04
0.115
0.7
nsv
Top of Sulphide Zone - Copper Halo
Wet Hole
Abandoned prior to reaching IP target zone
MORC-17-09
244.0
264.0
20.0
0.05
0.047
1.8
0.26
Top of Sulphide Zone - Zinc Halo
Wet Hole
Abandoned prior to reaching IP target zone
MORC-18-09
152.0
212.0
60.0
nsv
0.055
3.3
0.38
Top of Sulphide Zone - Zinc Halo
including
152.0
158.0
6.0
0.05
0.241
10.6
1.53
Wet Hole
Abandoned prior to reaching IP target zone
MORC-19-09
72.0
110.0
38.0
0.03
0.081
6
0.22
Leached and oxidized Zone
including
72.0
76.0
4.0
0.18
0.252
40.8
0.21
120.0
148.0
28.0
0.09
0.116
6.4
0.29
Top of Sulphide Zone - Zinc Halo
including
130.0
138.0
8.0
0.14
0.176
8.6
0.43
168.0
194.0
26.0
0.05
0.107
4.7
0.62
214.0
268.0
54.0
0.08
0.168
1.8
0.05
Copper Sulphide Zone
including
232.0
254.0
22.0
0.12
0.195
2.2
0.05
MORC-20-09
0.0
280.0
280.0
0.02
0.083
3.6
0.72
Zinc Halo (oxide + sulphide)
including
58.0
66.0
8.0
0.12
0.285
3.6
0.49
Local copper oxide zone
190.0
250.0
60.0
0.02
0.156
7.1
1.35
Zinc enriched zone
MORC-21-09
0.0
210.0
210.0
nsv
0.051
2.0
0.22
Zinc Halo (oxide + sulphide)
including
128.0
204.0
76.0
nsv
0.023
1.8
0.39
Sulphide Zone
MORC-24-09
14.0
162.0
100.0
nsv
0.123
1.7
0.28
Zinc Halo (oxide + sulphide)
including
14.0
36.0
22.0
nsv
0.046
1.5
0.40
Oxide Zone
36.0
78.0
42.0
nsv
0.025
2.8
0.42
Oxide Zone
150.0
162.0
12.0
nsv
0.954
5.3
0.37
Gold enriched zone (sulphides)
Wet Hole
Abandoned prior to reaching IP target zone
MORC-25-09
30.0
112.0
82.0
0.03
0.038
nsv
0.14
Zinc Halo (oxide + sulphide)
including
30.0
42.0
12.0
0.05
0.096
2.3
0.20
Oxide Zone
MORC-26-09
140.0
170.0
30.0
nsv
0.039
nsv
0.18
Top of Sulphide Zone - Zinc Halo
252.0
302.0
50.0
0.03
0.067
1.4
0.29
MORC-27-09
146.0
170.0
24.0
0.26
0.145
5.8
0.11
Copper Sulphide Zone
188.0
238.0
50.0
nsv
0.024
3.2
0.35
Zinc sulphide halo
MORC-28-09
0.0
28.0
28.0
0.05
0.044
12.1
0.27
Oxides in paleo-channel
72.0
84.0
12.0
0.03
0.134
12.2
0.27
Enrichment at Oxide/Sulphide contact
142.0
162.0
20.0
0.03
0.043
3.9
0.42
Zinc sulphide halo
Wet Hole
Abandoned prior to reaching IP target zone
MORC-30-09
48.0
70.0
22.0
0.07
0.053
nsv
nsv
Copper oxide zone
70.0
150.0
80.0
0.05
0.038
nsv
nsv
Copper Sulphide Zone
170.0
192.0
22.0
0.03
0.032
nsv
nsv
Copper Sulphide Zone
NB: nsv = no significant values