🕐01.04.11 - 16:27 Uhr
Polar Star Releases Drill Results From Chépica Property
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Polar Star Releases Drill Results From Chpica Property
Toronto, Ontario -- March 31, 2011 -- Polar Star Mining Corporation (TSX:
PSR) (Polar Star or the Company) announces results from 24 diamond drill
holes from the Chpica Mine project in Region VII, Chile.
The results include holes CH10-76 to CH10-99, comprising the balance of the
Phase II drilling program at Chpica.
The program was designed to expand on
the resource identified in SRK Consultings 2009 NI 43-101 report on the No.
1 vein system, define resources on the No.
2 vein systems and test the
nearby No.
3 and No.
4 vein systems, which contain significant surface gold
and silver values.
A map of the drill holes is available at
http://www.polarstarmining.com/maps-and-charts/Chepica/default.aspx
In addition to our flagship property of Montezuma, we have other projects
in Chile, one of the most promising of which is Chpica, said Doug Willock,
President and CEO.
The drill results released today provide further
evidence of Chpicas potential.
SRKs Santiago office will incorporate the
results into an updated NI 43-101 resource report and produce an updated
Mine Plan which is expected to be completed by June 2011.
Highlights
Phase II drilling on the Chpica No.1 vein system extends the
previous resource sector from 250 to 450 metres in length and down dip from
150 to 250 metres.
In addition a new gold-copper bearing vein system was
intersected 30 metres east of and in the hanging wall of the Chpica No.1
vein system.
Drilling on the Chpica No.2 vein system has identified a
potential resource sector 350 metres in length and up to 250 metres down
dip.
Significant new goldsilver-copper +/- zinc and lead
intercepts from the Chpica No.
1 and No.
2 vein systems, including highs
of: 2m grading 1.37 g/t Au, 10.6 g/t Ag and 1.79% Cu in CH10-99 and 3m
grading 2.14 g/t Au, 13.3 g/t Ag, 1.09% in CH10-76.
First time reconnaissance drilling on the No.
3 vein system
returned very encouraging intercepts of 2m grading 1.05 g/t Au, 7.8 g/t Ag,
0.88% Cu and 0.39% Zn in CH10-80 and 3.1m grading 1.15 g/t Au, 5.2 g/t Ag
and 0.59% Cu and 0.15% Zn in CH10-97.
Prior surface channel sampling from the No.
3 vein system
returned gold values from lows of 0.5 g/t over five metres to a high of 30.5
g/t over 1.5 metres.
All three vein systems are open along strike and at depth and
are part of a swarm of seven similar banded auriferous quartz-sulphide vein
systems with a mapped cumulative length of over five kilometres.
Phase II Diamond Drill Results
Hole No.
From
To
Interval
Au
Ag
Cu
Zn
Pb
(m)
(m)
(m)
g/t
g/t
%
%
%
No.
1 VEIN SYSTEM
Section D
CH10-99
138.0
142.0
4.0
1.26
8.2
1.18
includes
138.0
140.0
2.0
1.37
10.6
1.79
Section G
CH10-93
88.4
90.0
1.6
0.38
3.8
0.03
0.23
0.16
176.0
179.3
3.3
0.58
6.2
0.92
CH10-94
76.0
78.1
2.1
0.68
3.3
0.17
0.63
0.35
Section H
CH10-91
96.8
103.0
6.2
0.93
10.3
0.7
0.1
0.1
includes
99.4
102
2.6
1.74
13.6
1.06
0.11
0.13
CH10-92
43.2
45.2
2.0
0.29
5.7
0.52
0.76
0.53
118.0
124.0
6.0
0.07
3.2
0.29
includes
120.0
122.0
2.0
0.13
5.7
0.53
Section I
CH10-95
44.7
48.7
4.0
0.25
3.7
0.29
0.29
0.13
includes
45.7
47.7
2.0
0.38
5.0
0.56
0.16
131.3
134.8
3.5
1.41
5.1
0.63
includes
132.0
134.8
2.8
1.73
4.8
0.56
CH10-96
41.3
43.6
2.3
0.28
5.4
0.39
0.45
0.32
102.0
103.0
1.0
0.3
7.9
1.04
No.
2 VEIN SYSTEM
Section 7
CH10-81
87.9
93.4
5.5
0.47
16.7
0.29
0.32
0.49
includes
87.9
90.0
2.1
0.40
34.5
0.51
0.88
1.32
CH10-82
94.0
99.0
5.0
0.14
8.2
0.60
0.28
includes
95.0
97.0
2.0
0.15
10.8
0.99
0.42
154.0
162.0
8.0
0.07
6.1
0.26
Section 8
CH10-83
62.0
65.0
3.0
0.17
7.4
0.46
71.0
75.0
4.0
0.17
4.6
0.89
includes
72.0
74.0
2.0
0.22
6.8
1.30
0.14
134.0
136.0
2.0
0.50
5.9
1.20
CH10-84
133.0
135.0
2.0
0.16
22.1
0.45
1.04
0.66
188.0
190.0
2.0
1.24
8.4
2.40
Section 9
CH10-76
92.0
123.0
31.0
0.46
5.9
0.46
0.11
includes
93.0
96.0
3.0
0.93
20.4
0.40
107.0
110.0
3.0
2.14
13.3
1.09
115.0
117.0
2.0
0.67
9.0
1.04
1.05
CH10-88
117.0
120.0
3.0
0.37
5.0
0.55
129.0
133.0
4.0
0.13
3.3
0.34
0.1
Hole No.
From
To
Interval
Au
Ag
Cu
Zn
Pb
(m)
(m)
(m)
g/t
g/t
%
%
%
No.
3 VEIN SYSTEM
Section 1
CH10-79
32.7
33.9
1.2
0.25
2.6
0.35
0.11
48.0
50.0
2.0
1.10
1.5
0.22
0.17
CH10-80
49.2
51.2
2.0
1.05
7.8
0.88
0.39
0.09
Section 2
CH10-89
56.0
58.0
2.0
0.13
2.9
0.28
0.15
CH10-90
3.0
11.0
8.0
0.03
1.7
0.87
0.34
includes
9.0
11.0
2.0
0.04
3.4
2.49
1.01
43.0
45.0
2.0
0.06
5.1
0.10
0.97
0.26
174.0
176.0
2.0
0.13
4.7
0.11
0.16
0.08
190.0
192.0
2.0
0.10
6.2
1.16
Section 3
CH10-97
36.9
40.0
3.1
1.15
5.2
0.59
0.15
46.0
47.0
1.0
0.32
3.6
0.45
0.09
0.44
189.4
190.4
1.0
0.16
2.8
0.33
CH10-98
50.0
53.0
3.0
0.14
3.9
0.18
0.70
0.21
includes
52.0
53.0
1.0
0.34
6.1
0.49
0.26
0.13
The Chpica Mine Project
The 1,390 hectare Chpica Mine project is located 225 kilometres south of
Santiago and includes a fully permitted 200 t/d floatation mill, tailings
disposal facility, mine offices, onsite process water supply, active power
supply contract and is 20 km by paved highway from the city of Talca, Region
VII, Chile.
In December 2009 Polar Star finalized an agreement to acquire
100% of the Chpica property and associated assets.
The full cost of the
option is US$7 million, to be paid over 26 installments terminating in 2016.
Polar Star may, at its sole discretion, terminate the agreement at any time
with no obligation to continue paying installments.
The plant and facilities
were installed new in January 2009 and processed sulfide ore from the No.
2
vein system until mid-October 2009.
At that time Polar Star acquired
control and placed the mine and mill on care and maintenance pending results
from the Phase II exploration program, which was designed to expand the
resource at Chpica.
Results will be incorporated into an updated NI 43-101
Resource Report and Mine Plan to be produced by the Santiago office of SRK.
Phase II Diamond Drilling Program
Chpica No.
1 Vein System
The 7 diamond drill holes completed during Phase II complete a series of
nine fences of two holes, each drilled to extend along strike and at depth
the resource identified in SRKs 2009 NI 43-101 footwall vein of the Chpica
No.1 vein system.
These new drill holes extend the previous resource sector
200 metres along strike from 250 to 450 metres in length and a further 100
metres down dip from 150 to 250 metres.
Most of these new holes also
intersected a new vein 20 to 30 metres above and east of the footwall vein.
The footwall vein as noted in the 2008 drill program and confirmed by this
drilling program is actually a complex of two or more discrete banded
quartz-sulfide veins with intervening stockworks which can anastamose to
form one larger vein up to 25 metres thick.
Noteworthy intercepts from the
Phase II drilling on the Chpica No.
1 vein system include:
Hole No.
From
To
Interval
Au
Ag
Cu
Zn
Pb
(m)
(m)
(m)
g/t
g/t
%
%
%
CH10-66
64.0
72.0
8.0
1.81
17.6
1.64
147.0
149.0
2.0
4.60
30.3
1.33
CH10-67
160.0
163.5
3.5
1.99
25.6
1.97
2.20
1.64
CH10-68
117.0
119.2
2.2
1.02
4.9
0.91
121.0
123.0
2.0
1.80
4.5
1.04
CH10-70
69.0
71.0
2.0
1.1
2.9
0.2
5.82
0.3
CH10-71
86.0
88.0
2.0
0.19
24.6
1.61
111.0
113.0
2.0
1.68
7.3
0.78
CH10-75
98.1
101.0
2.9
0.26
6.7
0.84
0.46
0.14
CH10-91
99.4
102.0
2.6
1.74
13.6
1.06
0.11
0.13
CH10-93
176.0
179.3
3.3
0.58
6.2
0.92
CH10-95
131.3
134.8
3.5
1.41
5.1
0.63
CH10-96
102.0
103.0
1.0
0.3
7.9
1.04
CH10-99
138.0
140.0
2.0
1.37
10.6
1.79
Note: Holes CH10-66 through CH10-75 were reported previously.
Chpica No.
2 Vein System
The six diamond drill holes completed during Phase II complete a series of
three fences of two holes each, which together with the six fences of holes
drilled in 2008 investigate a 350 metre long section of the Chpica No.
2
vein system to a depth of about 250 metres.
As with Chpica No.
1, Chpica
No.
2 vein system is actually a complex of two or more discrete banded
quartz-sulfide veins with intervening stockworks which can anastamose to
form one larger vein up to 30 metres thick.
Noteworthy intercepts from both
phases of drilling on the Chpica No.
2 vein system include:
Hole No.
From
To
Interval
Au
Ag
Cu
Zn
Pb
(m)
(m)
(m)
g/t
g/t
%
%
%
CH08-30
47.0
53.0
6.0
1.2
19.0
1.00
CH08-31
61.0
62.5
1.5
0.43
18.0
1.63
65.0
66.5
1.5
0.38
7.0
2.75
CH08-34
64.0
67.5
3.5
0.29
19.0
2.20
CH08-36
21.0
26.0
5.0
2.40
6.4
1.39
CH08-43
58.0
60.0
2.0
4.96
4.0
1.17
89.0
92.3
3.3
0.14
18.0
4.88
CH08-47
31.0
33.0
2.0
2.22
45.0
3.97
36.0
39.0
3.0
0.86
49.0
6.40
CH10-76
107.0
110.0
3.0
2.14
13.3
1.09
115.0
117.0
2.0
0.67
9.0
1.04
1.05
CH10-81
87.9
90.0
2.1
0.40
34.5
0.51
0.88
1.32
CH10-82
95.0
97.0
2.0
0.15
10.8
0.99
0.42
CH10-83
72.0
74.0
2.0
0.22
6.8
1.30
0.14
134.0
136.0
2.0
0.50
5.9
1.20
CH10-84
188.0
190.0
2.0
1.24
8.4
2.40
Note: Holes CH08-30 through CH08-47 were reported previously.
Chpica No.
3 and No.
4 Vein Systems
The No.
3 and No.
4 vein systems are identical in character to the No.
1 and
No.
2 vein systems, i.e.
multiple banded quartz-sulfide veins with
intervening stockworks, and are discontinuously traceable at surface over a
strike length of 500 metres.
Prior surface channel sampling from these vein
systems returned gold values from lows of 0.5 g/t over five metres to a high
of 30.5 g/t over 1.5 metres.
Neither these veins have been drilled
previously.
Three fences of two reconnaissance holes spaced approximate 50 metres apart
were drilled across the No.
3 vein system at its southern exposed end where
it crosses the main access road between the No.
1 and No.
2 vein systems.
Very encouraging intercepts worthy of follow-up drilling were obtained from
two holes comprising two metres grading 1.05 g/t Au, 7.8 g/t Ag, 0.88% Cu
and 0.39% Zn in CH10-80 and 3.1 metres grading 1.15 g/t Au, 5.2 g/t Ag and
0.59% Cu and 0.15% Zn in CH10-97.
Three fences of one to two reconnaissance holes spaced approximately 100
metres apart were also drilled across the No.
4 vein system at its southern
exposed end.
Assays from these holes indicate the veins are enriched in gold
and copper with the best intercept being in the northernmost hole CH10-87,
which intersected three metres grading 0.58 g/t Au, 2.1 g/t Ag and 0.56% Cu.
Qualified Person
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 a 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.
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 Companys 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 Corporations filings with
Canadian securities regulators available on
www.sedar.com or the Companys website at
www.polarstarmining.com.
About Polar Star
Polar Star Mining Corporation (TSX: PSR) is an emerging exploration company
with a focus on building value in Chile through discovery and development.
Its flagship property, Montezuma, covers 40 kilometres of the West Fault and
the cross-cutting Esperanza Fault system and is located between Codelcos
Radomiro Tomic Chuquicamata Mansa Mina group of copper-molybdenum
porphyry deposits, and Antofagasta PLCs El Tesoro Esperanza Polo Sur
group of copper-gold porphyry deposits.
Share Capitalization
Shares Outstanding: 90,410,435 as at March 31, 2011
Information contact
Adam Rochacewich, CFO
Polar Star Mining Corporation
416-368-3496