Pinestar Gold Inc. (TSX VENTURE: PNS) ("Pinestar" or the "Company")
is pleased to announce that it has now received complete assays
from thirteen holes of its ongoing diamond drill program on the
Becker Gold-Silver property in Chile. These holes are part of a
1,500 metre reconnaissance drill program designed to test the
"Guindos" sector, one of several swarms of gold and silver bearing
epithermal veins identified by the Company's prior surface
exploration programs. Significant gold, silver and / or copper and
zinc intercepts worthy of follow up drilling were obtained from the
six holes detailed in the table below.
Jeremy Ford, President and CEO of the Company, states that "the
drill results released today from our reconnaissance program
indicate to the Company that the Becker vein systems have excellent
potential to develop high grade gold and silver resources and the
Company intends to follow up aggressively with a second phase of
more detailed drilling".
Highlights
-- Significant new gold-silver +/- copper-zinc intercepts from the Guindos
vein systems, include highs of: 1.7 metres grading 6.8 g/t Au and 16.6
g/t Ag in BK11-03, 2 metres grading 1.6 g/t Au, 10.7 g/t Ag, 1.57% Cu
and 1.03% Zn in BK11-12 and 1.9 metres grading 7.3 g/t Au and 1.9 g/t
Ag.
-- Prior surface channel sampling of the Guindos vein systems returned
highs of 8.3 g/t Au and 13.5 g/t Ag over 2.5 metres to 9.1 g/t Au and
2.2 g/t Ag over 6.0 metres width.
-- The Guindos vein systems at surface vary from 5-30 metres wide, contain
individual veins from 1.5 metres to over 10 metres in width and can be
traced over strike lengths of 200 metres to 600 metres.
-- The Becker property covers at least two main vein systems, Guindos and
Lajuelas, both of which have developed under low to medium sulfidation
epithermal conditions and as such are similar to local past and current
producers such as Yamana's Florida Mine.
-- Following completion of the Guindos sector drilling, the Company plans
immediately start drilling of the Lajuelas sector vein system were prior
trenching returned peak values of 9.6 g/t Au over 7.5 metres width and
12.2 g/t Au over 3 metres width.
Phase I Reconnaissance Diamond Drill Hole Results
Hole# From(m) To(m) Interval Au g/t Ag g/t Cu% %Zn
------------------------------------------------------------------------
BK11-02 17.4 19.6 2.2 1.9 12.2
BK11-03 16.1 20.7 4.6 3.3 9.9
includes 19.8 20.7 0.9 13.3 14.1
33.0 35.4 2.4 0.7 17.2 0.23 1.84
BK11-05 9.4 11.0 1.6 1.4 4.3
BK11-10 52.0 54.0 2.0 1.8 6.6 0.13
BK11-11 101.0 103.1 2.1 0.4 8.5 0.47
BK11-12 102.5 104.5 2.0 1.6 10.7 1.57 1.03
BK11-13 1.6 4.7 3.1 3.9 1.4
includes 2.8 4.7 1.9 7.3 1.9
These six shallow holes are distributed at intervals of 100
metres or more along three of the five main veins in the Guindos
sector none of which have been drilled in the past. All widths are
core widths and true widths are not known at this time, but will be
less than core widths. The intersected gold-silver grades in these
holes are characteristic of gold-silver grades within and
peripheral to ore shoots at local mines on similar epithermal veins
and indicate their potential for economic mineralization. Drill
holes BK11-01, 04, 06, 07, 09 and 09 encountered local sections
geochemically anomalous in Au, Ag and or Cu, Pb and Zn.
The Becker Gold-Silver Property
The 2,000 hectare Becker property is located 250 kilometres
south of Santiago in the Chilean Coastal Precious Metal Belt and is
readily accessible by paved and good gravel road from the city of
Talca 40 kilometres to the southeast in Region VII, Chile. Pinestar
holds an option to earn up to a 70% equity interest in the property
from Condor Resources Inc.
Property Geology
The Becker property covers part of a NE-SW trending roof pendant
of Cretaceous volcanics, subvolcanic porphyry bodies and sediments
within Cretaceous granodiorite. Gold and copper mineralization in
the form of epithermal to upper mesothermal veins, pipes and
disseminations occur throughout this roof pendant generally
associated with the sub-volcanic porphyries and healed fault zones.
Several sets of NW-NNW and E-W to WNW trending anastomosing and
bifurcating tensional faults cross-cut the volcanic package and are
locally the focus of auriferous epithermal to upper mesothermal
quartz-sulphide veins and clay-sericite-quartz alteration. Two main
areas of such vein-alteration systems have been identified to date
on the Becker property: a) the "Lajuelas" sector and b) the
"Guindos" sector. The veins are similar in both sectors, vary from
5-30 metres wide, are traceable for 200 metres to over 1 kilometre
in length and most contain variable amounts of gold-silver and or
gold-silver-copper mineralization.
Deposit Types
The Becker vein systems appear to have developed under low to
medium sulfidation epithermal conditions and as such are similar to
past and current producers in the Coastal Gold Belt such as El
Chivato, Chancon, Yamana's Florida Mine (Measured and Indicated
Resources, 3.9 million tons averaging 5.2 g/t Au, 23.4 g/t Ag and
1.39% Zn, Scott Wilson RPA 2006), Las Palmas, 10 kilometres
northeast of the Becker Property and the Chepica Mine, 25kilometres
to the south. In all of these locals gold and silver mineralization
generally occurs in banded or fine grained quartz and or
quartz-sulphide veins, breccias, pipes and stockworks. Copper, zinc
and lead are also important by-product minerals in most areas.
Prior Exploration Results
Guindos Sector
Detailed geological mapping and channel sampling in this sector
to date has identified two clusters of banded to massive epithermal
quartz - sulphide veins covering at least 0.5 square kilometres
each. Individual veins vary from 1.5 metres to over 10 metres in
width, tend to occur in northwest trending swarms of 3 to 6 veins
within wider zones of clay-sericite alteration and have been traced
over strike lengths of 200 to 600 metres. Veins in both clusters
contain trace to 5% sulphide, mainly as pyrite and chalcopyrite. To
date, 40 representative rock chip and channel samples have been
collected from these two clusters. The northern most of these, with
21 samples, contains the highest gold and silver values range from
a low of 0.02 g/t Au and 1.23 g/t Ag over 3.5 metres width to highs
of 8.3 g/t Au and 13.5 g/t Ag over 2.5 metres width to 9.1 g/t Au
and 2.23 g/t Ag over 6.0 metres width. This area is the site of the
current drilling program and is open to expansion to the northwest
and southeast.
Qualified Person
Mr. Terence Walker, M.Sc., P.Geo., is qualified person within
the meaning of National Instrument 43-101, and has reviewed the
contents of this news release. Mr. Walker is an independent
consultant to the Company. 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. Silver,
copper, zinc and lead were also routinely analysed by ICP following
a hot four acid digestion. Samples with gold and or silver values
greater than 10g/t were re-analysed by fire assay and gravimetric
finish. Samples with copper, zinc and lead values over 1% were
re-analysed using a hydrofluoric-nitric-hypochloric acid digestion,
hydrochloric acid leach and AAS finish.
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of applicable Canadian securities legislation, including
predictions, projections and forecasts. Forward-looking statements
include, but are not limited to, statements that address
activities, events or developments that the Company expects or
anticipates will or may occur in the future, including such things
as the follow-up drilling on the Guindos sector of the Becker
property, future drilling plans with respect to the Lajuelas sector
of the Becker Property, other future exploration activities of the
Company on the Becker property, future business strategy,
competitive strengths, goals, expansion, growth of the Company's
businesses, operations, plans and with respect to exploration
results, the timing and success of exploration activities
generally, permitting time lines, government regulation of
exploration and mining operations, environmental risks, title
disputes or claims, limitations on insurance coverage, timing and
possible outcome of any pending litigation and timing and results
of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "planning",
"planned", "expects" or "looking forward", "does not expect",
"continues", "scheduled", "estimates", "forecasts", "intends",
"potential", "anticipates", "does not anticipate", or "belief", or
describes a "goal", or variation of such words and phrases or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material
factors and assumptions, including, the availability of suitable
personnel to complete drilling and other exploration activities,
that equipment necessary for exploration is available as scheduled
and does not incur unforeseen break downs, the occurrence of
suitable weather conditions to conduct drilling and other
exploration activities, the results of past drilling and
exploration activities, that contracted parties provide goods
and/or services on the agreed timeframes, , that no labour
shortages or delays are incurred, that plant and equipment function
as specified, that no unusual geological or technical problems
occur, and that laboratory and other related services are available
and perform as contracted. Forward-looking statements involve known
and unknown risks, future events, conditions, uncertainties and
other factors which may cause the actual results, performance or
achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual
results of current exploration activities; changes in project
parameters as plans continue to be refined; future prices of
minerals; possible variations in grade or recovery rates; failure
of equipment or processes to operate as anticipated; the failure of
contracted parties to perform; labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those
factors disclosed in the company's publicly filed documents.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Pinestar Gold Inc. Jeremy Ford President, Chief
Executive Officer, and director (604) 647-4487
pinestargold@gmail.com
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