Vanstar’s Partner IAMGOLD Reports a Drill Intersection of 82.6 Metres at 3.31 g/t Au on the Nelligan Gold Project

CBJ Newsmakers

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

LA PRAIRIE, Quebec, Nov. 15, 2018 (GLOBE NEWSWIRE) — The management of Vanstar Mining Resources Inc. (« Vanstar ») is very pleased to announce that IAMGOLD Corporation, Vanstar’s partner in the development of the Nelligan gold project, intersected a series of significant drill results from the Renard and 36 zones. These results come from 11 drill holes for a total of 4,404 metres. Results from an additional series of 9 drill holes totaling 4,487 metres will be released as soon as they become available.

The assay results reported herein are provided in Table 1 below and include the following highlights:

36 West Zone:

  • Drill hole NE-18-81:  12.2 metres grading 3.93 g/t Au
    includes:     0.8 metres grading 34.3 g/t Au

  • Drill hole NE-18-86:  24.2 metres grading 1.33 g/t Au
    includes:     5.6 metres grading 3.51 g/t Au
  • Drill hole NE-18-89:  14.3 metres grading 2.26 g/t Au
    includes:     4.4 metres grading 4.60 g/t Au

Renard Zone:

  • Drill hole NE-18-81:  23.5 metres grading 1.68 g/t Au
    includes:    7.5 metres grading 3.70 g/t Au

    and   37.5 metres grading 1.61 g/t Au

  • Drill hole NE-18-83:  14.5 metres grading 2.31 g/t Au
    includes:   7.0 metres grading 4.10 g/t Au

    and   31.5 metres grading 1.19 g/t Au
    includes:  6.0 metres grading 3.22 g/t Au

  • Drill hole NE-18-84:  33.1 metres grading 1.26 g/t Au
             
    and   82.6 metres grading 3.31 g/t Au
    includes: 1.5 metres grading 20.9 g/t Au
    includes:   1.5 metres grading 74.9 g/t Au
                                         
  • Drill hole NE-18-87: 37.4 metres grading 0.95 g/t Au
                               
    and  27.2 metres grading 3.48 g/t Au
    includes:  7.5 metres grading 9.55 g/t Au
  • Drill hole NE-18-89:  2.54 metres grading 16.12 g/t Au
                        
    and 15.8 metres grading 1.69 g/t Au
    and 12 metres grading 1.12 g/t Au
    and 13.5 metres grading 1.27 g/t Au

The 2018 diamond drilling program was designed to evaluate the resource potential of the recently discovered mineralization system, referred to as the Renard Zone, located immediately north of the previously known Liam and Dan zones.

Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: “The 2018 drilling program continues to deliver positive results, and as previously reported, continues to intersect wide zones of alteration and associated mineralization. These results are being incorporated to develop a preliminary deposit model and guide future drilling campaigns to support the completion of an initial resource estimate.”
Guy Morissette, CEO of Vanstar stated: “We are very pleased with these very promising results. This vast gold system remains open lateraly and at depth. This allows us to believe that we may be in the presence of a significant gold deposit ”

About the Nelligan Project

The Nelligan Project is held under an earn-in option to joint venture agreement with Vanstar. IAMGOLD holds an undivided 51% interest in the property, and holds an option to earn a further 24% undivided interest in exchange for cash payments totaling C$2,750,000 to Vanstar and the delivery of an NI 43-101 compliant Resource Estimate Technical Report before March 2022.  Once vested to an undivided 75% interest, IAMGOLD will have a further option to acquire an additional interest of 5%, to hold an 80% interest in the Nelligan project by completing and delivering a Feasibility Study. Vanstar would then retain a 20% undivided non-contributory carried interest until the commencement of commercial production, after which: (1) the 20% undivided interest becomes participating; and (2) Vanstar will pay its attributable portion of the total development and construction costs to the commencement of commercial production from 80% of its share of any ongoing distributions from the Joint Venture. Vanstar will also retain a 1% NSR royalty on selected claims of the project.

This press release was read and approved by Gilles Laverdière, Vanstar’s Geologist and Qualified Person under NI-43-101.

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.

Source :

Guy Morissette      
CEO Vanstar Mining Resources Inc.
gmvanstar@vanstarmining.com
819-763-5096

Table 1  Drill results Nelligan project – 2018 Drilling program
Hole no. UTM NAD83 Zone18 AZ Dip Depth From To Width True width (1) Au (2) NOTE
  Coord.
East
Coord. North Elevation (°) (°) (m) (m) (m) (m) (m) (g/t)  
NE-18-80 522,996.9 5,473,929.8 378.1 334 -45 327.00 111.00 123.50 12.50 10.83 0.85 ZONE RENARD
              182.10 201.70 19.60 18.42 0.84  
Including (3)             189.10 193.90 4.80 4.51 1.26  
              211.80 220.50 8.70 7.53 0.96  
              228.45 250.95 22.50 19.49 0.66  
NE-18-81 522,995.5 5,473,768.6 375.4 330 -50 414.00 61.20 73.40 12.20 9.35 3.93 ZONE 36 West
Including (3)             62.60 63.40 0.80 0.61 34.30  
              174.00 175.50 1.50 1.15 23.40 ZONE RENARD
              227.40 235.30 7.90 6.47 0.72  
              257.91 281.40 23.49 16.61 1.68  
Including (3)             257.91 265.40 7.49 5.30 3.70  
              290.40 313.20 22.80 18.68 0.92  
              322.20 359.70 37.50 30.72 1.61  
Including (3)             349.20 359.70 10.50 8.60 2.77  
              374.70 379.20 4.50 3.69 1.41  
NE-18-82 522,868.8 5,473,935.3 380.3 330.00 -50.00 267.00 54.00 76.50 22.50 17.24 0.70 ZONE RENARD
              95.00 100.89 5.89 5.10 1.87  
              115.60 127.76 12.16 11.75 0.90  
Including (3)             121.00 124.00 3.00 2.90 2.22  
              156.00 178.56 22.56 19.54 0.92  
Including (3)             156.67 163.50 6.83 4.39 1.45  
Including (3)             175.50 178.56 3.06 2.88 1.67  
              214.50 231.00 16.50 12.64 1.48  
              241.50 261.00 19.50 14.94 0.49  
NE-18-83 522,779.6 5,473,847.9 381.5 332 -50 327.00 77.60 85.50 7.90 6.05 0.82 ZONE RENARD
              133.50 140.20 6.70 4.74 0.92  
              162.50 177.00 14.50 13.14 2.31  
Including (3)             168.50 175.50 7.00 5.36 4.10  
              189.00 208.50 19.50 17.67 0.83  
              231.00 247.50 16.50 14.95 0.61  
              255.00 286.50 31.50 27.28 1.19  
Including (3)             274.50 280.50 6.00 5.20 3.22  
NE-18-84 522,975.1 5,473,842.0 376.8 325 -45 348.00 121.50 154.60 33.10 25.36 1.26 ZONE RENARD
              164.90 175.40 10.50 9.09 1.14  
              182.90 265.50 82.60 71.53 3.31  
Including (3)             182.90 184.40 1.50 1.30 20.90  
Including (3)             205.40 206.90 1.50 1.30 74.90  
              303.00 327.00 24.00 18.39 0.95  
NE-18-85 522,828.4 5,473,756.4 379.2 332 -50 381.00 77.00 81.50 4.50 2.89 2.82 ZONE 36 West
Including (3)             78.50 80.00 1.50 0.96 6.29  
              96.80 105.92 9.12 5.86 0.98  
              138.20 153.20 15.00 9.64 0.51  
              249.60 260.50 10.90 8.93 0.63 ZONE RENARD
              274.60 333.80 59.20 48.49 0.83  
Including (3)             305.30 327.80 22.50 18.43 1.21  
              369.80 381.00 11.20 9.17 1.33  
NE-18-86 522,901.2 5,473,773.7 378.6 332 -47 411.00 129.80 154.00 24.20 18.54 1.33 ZONE 36 West
Including (3)             138.00 143.62 5.62 4.31 3.51  
              161.90 176.50 14.60 9.38 0.62  
              243.00 321.40 78.40 67.90 0.98 ZONE RENARD
Including (3)             296.50 321.40 24.90 19.07 1.40  
              355.95 361.00 5.05 3.87 2.83  
              366.00 379.50 13.50 10.34 1.69  
NE-18-87 522,853.2 5,473,654.3 378.5 330 -52 543.00 53.76 70.50 16.74 15.17 1.63 ZONE 36 West
Including (3)             55.00 56.00 1.00 0.97 13.05  
              102.00 112.50 10.50 9.52 1.52  
              138.30 147.30 9.00 8.16 0.67  
              165.15 202.50 37.35 33.85 0.95 ZONE RENARD
Including (3)             165.15 182.00 16.85 15.27 1.20  
              367.50 375.00 7.50 6.80 1.55  
Including (3)             372.00 375.00 3.00 2.72 2.83  
              389.65 416.80 27.15 22.24 3.48  
Including (3)             391.04 398.50 7.46 6.11 9.55  
              452.60 453.30 0.70 0.57 22.00  
              457.80 465.30 7.50 5.75 4.58  
Including (3)             460.80 462.30 1.50 1.15 16.95  
              490.50 496.50 6.00 4.60 1.30  
NE-18-88 522,637.5 5,473,805.2 379.7 335 -45 456.00 71.00 86.00 15.00 11.49 0.53 ZONE RENARD
              130.00 143.50 13.50 9.55 1.65  
Including (3)             141.50 142.10 0.60 0.42 21.15  
              158.00 185.00 27.00 24.47 1.04  
              204.00 232.00 28.00 24.25 1.35  
Including (3)             223.50 232.00 8.50 7.70 2.28  
NE-18-89 522,699.1 5,473,713.5 379.9 335 -45 471.00 38.80 53.10 14.30 11.71 2.26 ZONE 36 West
Including (3)             43.17 47.60 4.43 3.63 4.60  
              71.10 81.30 10.20 7.81 1.31  
              260.40 285.50 25.10 19.23 0.94 ZONE RENARD
              292.54 295.08 2.54 2.20 16.12  
Including (3)             292.54 293.75 1.21 1.05 32.00  
              301.00 316.80 15.80 14.32 1.69  
              339.20 351.20 12.00 10.39 1.12  
              367.70 381.20 13.50 11.69 1.27  
              396.20 412.70 16.50 14.95 0.60  
              429.20 438.20 9.00 8.16 0.98  
NE-18-92 522,500.8 5,473,656.7 373.8 326 -58 459.00 357.17 367.15 9.98 4.99 0.85 ZONE RENARD
              382.50 385.50 3.00 1.93 2.36  
              424.50 430.50 6.00 3.86 2.02  
Including (3)             429.00 430.50 1.50 0.96 5.85  
              450.00 459.00 9.00 5.79 1.27  

Notes :

  1. True width of the intersections are 70 to 94 % of the core width.
  2. Drill hole Intersections are calculated according to a grade cut of 0,50 g Au/t and can contain widths up to 5 metres of weaker values. They are generally reported for minimum values of 5 g*m (metal factor).         
  3. The assays are not caped, but the sub-widths of higher grade are highlighted.
Recommended