Polar Star Mining Corporation (TSX VENTURE: POS)(PINK SHEETS:
POSRF) ("Polar Star" or the "Company") announces preliminary
results from the first thirty diamond drill holes completed on the
Chepica No1 Vein system as part of its ongoing due diligence review
of the Chepica Mine property, Talca, Region VII, Chile. Drilling
continues on the Chepica No2 Vein system. The sulphide flotation
plant installation at the Chepica Mine is complete with
commissioning to start before October 31.
Highlights
- 30 diamond drill holes totalling 3,415 meters completed to
date on the Chepica No1 Vein system covering 280 meters of strike
and 150 meters depth. Drilling on Chepica No2 Vein system has
commenced.
- These drill holes demonstrate that the Chepica No1 Vein system
has good lateral and vertical continuity and contains at least 3
strong veins with widths typically ranging from 2 meters to over 12
meters.
- In drill holes 12, 17, 23, 25, 26 and 35, two or more veins
merge to form composite veins over 20 meters wide.
- Weighted average grades from the individual veins include
highs of over 2 meters of 12.8 g/t gold plus 1.96% copper to 3
meters of 31.67 g/t gold plus 0.78% copper.
- Weighted average grades from composite veins include highs of
over 21 meters of 3.37 g/t gold plus 0.56% copper to over 45 meters
of 2.1 g/t gold plus 0.7% copper.
- A mill has been installed on site and commissioning has
commenced to produce a copper - gold concentrate from the Chepica
No2 adit.
Diamond Drill Results (see Summary Table attached)
Diamond Drilling Program
These initial thirty diamond drill holes complete a series of
eleven fences of two-three holes drilled along approximately 280
meters of strike of the Chepica No1 Vein system. The first ten
fences were spaced at about 25 meters apart and fence number eleven
was spaced 50 meters south of fence number 10. The holes within a
fence test the Chepica No1 Vein system at 25 meter intervals from
25 meters to 100 meters below the main adit level, assays from
which were previously reported (see July 8, 2008 press release).
This program was designed to confirm and extend a copper-gold
resource reported by ENAMI (Empresa Nacional de Mineria, Chile) in
2005 to exist below this adit. Individual samples within the vein
system intersected were selected based on vein characteristics. The
intercept values reported in the table are therefore weighted
averages.
All but three of these drill holes cut, what management
believes, are good grades of gold and copper over potentially
mineable widths, the details of which can be found in the attached
table. This drilling also demonstrates that the Chepica No1 Vein
system has good continuity and contains at least 3 strong
on-echelon veins, nominally denoted as hanging wall, central and
footwall veins in the attached table. Their widths typically range
from 2 meters to over 12 meters, however, in holes 12, 17, 23, 25,
26 and 35 two or more veins merge to form composite veins over 20
meters wide. The Chepica No1 Vein system is open to extension along
strike to the south and to depth.
The Company continues to drill fences across the Chepica No2
Vein system with the same objectives as the first phase drilling
recently completed on the Chepica No1 Vein system i.e. confirm and
extend a copper-gold resource reported by ENAMI (Empresa Nacional
de Mineria, Chile) in 2005 to exist above and below the Chepica 2
adit.
The Chepica Mine
Polar Star currently owns a 15% equity interest in the Chepica
Mine and has the right to acquire the remaining 85% of the Chepica
Mine by making cash payments totalling 2.7 billion Chilean Pesos
(approximately US$ 4.4 million) by June 20, 2009, pending
successful completion of its final due diligence review.
This Chepica Mine acquisition adjoins Polar Star's wholly owned
Corinto and Batuco claims. These claims plus the Chepica Mine
property total 16,640 hectares in the Pencahue District, Region
VII, Chile on which prior exploration by other companies has
defined 15 gold and copper-gold zones. The Chepica Mine is
currently being commissioned to achieve a planned initial
production of 200 tonnes per day increasing to over 500 tonnes per
day by mid 2009. The Chepica Mine will produce a copper-gold
concentrate.
The Chepica Mine property, located 225 kilometres south of
Santiago, near the city of Talca, covers the Cerro Chepica
copper-gold mining district and is readily accessible by paved and
good gravel road from the city of Talca 20 kilometres to the east.
See Polar Star's news release of April 24, 2008 for additional
information.
NI 43-101 Report
Polar Star has retained the services of SRK Consulting's
Santiago to prepare a National Instrument 43-101 compliant report
on the Chepica No1 Vein system property, which is expected to be
delivered within the next 3 months.
Qualified Person
Mr. 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 and copper
were also routinely analysed by ICP following hot four acid
digestion. Samples with copper values over 1% were re-analysed
using a hydrofluoric-nitric-hypochloric acid digestion,
hydrochloric acid leach and AAS finish.
About Polar Star
Polar Star was created to acquire advanced stage exploration
properties focusing on gold, copper-gold, and uranium. The
Corporation's material assets include 20 projects in Chile, which
are 100% owned and cover approximately 146,112 hectares. Polar Star
announced the closing of a $5 million private placement on July 8,
2008 during which HudBay Minerals Inc. acquired 3,860,605 Units
(approximately 9.8% of the now outstanding shares of the
Company).
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 Company's 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 Corporation's filings with
Canadian securities regulators available on www.sedar.com or the
Company's website at www.polarstarmining.com.
Share Capitalization:
Shares Outstanding: 39,241,098 as at October 20, 2008.
Business Television Feature:
Polar Star was selected and featured on Business Television in
early March 2008. If you missed the show, please click on the link
below to watch the full-feature
http://www.b-tv.com/i/videos/PolarStar.wmv
Diamond Drill Results
Hole No From To Interval Au Ag Cu Comments
------- ------- ------- -------- -------- ----- ------ --------------
(meters) (meters) (meters) (meters) (g/t) (g/t) (%)
Section 1
---------
CH08-03 0.0 27.0 27.0 2.2 13.5 0.10 Oxide Zone
----------
includes 14.0 24.0 10.0 5.4 14.0 0.13
includes 17.0 20.0 3.0 12.90 13.0 0.05 Footwall Vein
CH08-04 22.0 44.0 22.0 1.9 9.6 0.24 Sulphide Zone
--------------
includes 34.0 41.0 7.0 4.9 12.7 0.45
includes 34.0 36.0 2.0 11.89 27.5 0.58 Footwall Vein
Section 2
---------
CH08-01 0.0 33.0 33.0 2.12 5.5 0.06 Oxide Zone
----------
includes 10.0 14.0 4.0 14.5 5.5 0.07
12.0 14.0 2.0 25.7 8.5 0.05 Footwall Vein
CH08-02 19.0 35.0 16.0 1.6 11.6 0.37 Sulphide Zone
--------------
includes 28.0 35.0 7.0 3.7 17.0 0.39
28.0 30.0 2.0 6.9 39.0 0.36 Footwall Vein
Section 3
---------
CH08-12 27.0 48.0 21.0 3.37 30 0.56 Sulphide Zone
--------------
includes 32.0 34.0 2.0 0.74 19 1.59
37.0 39.0 2.0 10.45 125 0.14 Footwall Vein
36.0 47.0 11.0 4.28 34 0.34
CH08-15 38.0 46.0 8.0 0.37 8.6 0.35 Sulphide Zone
--------------
includes 39.0 41.0 2.0 0.19 10.6 0.98 Center Vein
54.0 57.0 3.0 1.58 44 0.59 Footwall Vein
CH08-17 51.0 96.0 45.0 2.1 10.8 0.70 Sulphide Zone
-------------
includes 55.0 59.0 4.0 8.0 27.0 2.4 Center Vein
73.0 90.0 17.0 3.0 8.5 0.89
84.0 89.0 5.0 6.1 8.4 1.07
84.0 86.0 2.0 12.8 14.5 1.96 Footwall Vein
Section 4
---------
CH08-05 26.0 44.0 18.0 1.3 8.3 0.20 Sulphide Zone
-------------
includes 40.0 43.0 3.0 6.1 8.7 0.63 Footwall Vein
CH08-06 36.0 41.0 5.0 0.22 7.8 0.63 Sulphide Zone
-------------
50.0 60.0 10.0 0.83 5.5 0.63
includes 51.0 55.0 4.0 1.12 5.8 0.63 Footwall Vein
CH08-07 Zone faulted out anomalous values Au, Ag Cu
Section 5
---------
CH08-09 39.0 54.0 15.0 2.23 3.6 0.14 Sulphide Zone
-------------
includes 47.0 50.0 3.0 10.09 6.7 0.59 Footwall Vein
CH08-10 14.0 21.0 7.0 0.43 1.6 0.03 Oxide Zone
----------
Sulphide Zone,
--------------
67.0 69.0 2.0 3.16 34.0 0.52 Footwall Vein
CH08-13 17.0 18.0 1.0 1.21 4.0 0.02 Oxide Zone
----------
27.0 37.0 10.0 1.02 12.8 0.08 Oxide Zone
----------
includes 28.0 29.0 1.0 1.48 30.0 0.04 Hanging wall
vein
Section 6
---------
CH08-14 40.0 54.0 14.0 2.07 4.9 0.39 Sulphide Zone
-------------
includes 43.0 46.0 3.0 2.70 10.7 1.27 Center Vein
49.0 53.0 4.0 4.89 5.3 0.34 Footwall Vein
CH08-16 8.0 15.0 7.0 0.63 5.9 0.03 Oxide Zone
----------
includes 13.0 15.0 2.0 1.43 6.5 0.05
Sulphide Zone,
--------------
56.0 60.0 4.0 1.12 923.0 1.13 Footwall Vein
CH08-18 70.0 83.0 13.0 0.41 9.3 0.46 Sulphide Zone
-------------
includes 76.0 79.0 3.0 0.77 22.3 0.96 Footwall Vein
Sulphide Zone,
--------------
CH08-20 28.0 35.8 7.8 2.06 15.4 0.42 Hanging Wall
Vein
Section 7
---------
CH08-08 54.0 63.0 9.0 1.12 8.0 0.51 Sulphide Zone
--------------
includes 60.0 62.0 2.0 2.45 14.0 0.89 Footwall Vein
Sulphide Zone,
--------------
CH08-11 34.2 35.8 1.6 0.52 30.0 1.70 Hanging Wall
Vein
65.0 71.0 6.0 0.69 9.3 0.39
includes 68.0 69.0 1.0 1.97 17.0 0.35 Center Vein
Section 8
---------
CH08-22 39.0 51.0 12.0 3.3 9.3 0.44 Sulphide Zone
-------------
includes 42.0 50.0 8.0 4.48 11.3 0.59
includes 43.0 45.0 2.0 9.91 13.0 0.63 Footwall Vein
CH08-23 87.0 119.0 32.0 2.65 7.8 0.76 Sulphide Zone
-------------
includes 93.0 106.0 13.0 5.88 8.4 0.45 Footwall Vein
includes 110.0 113.0 3.0 1.27 13.7 3.16 Footwall
Breccia
Section 9
---------
CH08-21 30.0 41.0 11.0 0.75 11.9 0.53 Sulphide Zone
--------------
includes 37.0 40.0 3.0 1.22 11.0 0.80 Footwall Vein
44.0 46.0 2.0 0.38 4.0 0.55 Footwall
Breccia
CH08-25 56.0 92.0 36.0 2.06 9.0 0.80 Sulphide Zone
--------------
includes 59.0 68.0 9.0 2.38 21.0 1.89 Footwall Vein
includes 59.0 64.0 5.0 1.97 30.0 2.62
77.0 92.0 15.0 2.86 4.8 0.41 Center Vein
includes 77.0 81.0 4.0 5.34 5.0 0.68
110.0 122.0 12.0 1.09 3.5 0.33 Hanging Wall
Vein
includes 111.0 114.0 3.0 2.38 5.3 0.51
CH08-27 Zone displaced by faulting
CH08-29 26.0 39.0 13.0 0.63 7.7 0.73 Sulphide Zone
--------------
includes 33.0 36.0 3.0 1.08 16.0 1.87 Footwall Vein
Section 10 Sulphide Zone
---------- --------------
CH08-24 34.7 38.0 3.3 4.29 28.0 1.20 Footwall Vein
41.0 46.0 5.0 0.63 12.0 0.8 Footwall
Breccia
CH08-26 61.0 99.0 38.0 4.32 7.6 0.4 Sulphide Zone
--------------
includes 61.0 64.0 3.0 1.87 24.0 1.47 Footwall Vein
73.0 76.0 3.0 2.76 11.3 0.67 Footwall
Breccia
86.0 98.0 12.0 13.32 11.4 0.64 Center Vein
86.0 89.0 3.0 31.67 16.7 0.79
107 145 38.0 1.28 8.8 0.52
includes 109.0 113.0 4.0 4.53 16.5 0.80 Hangingwall
Vein
142.0 145.0 3.0 2.38 14 0.93
CH08-28 Zone displaced by faulting
Section 11
----------
CH08-32 Zone displaced by faulting
CH08-35 76.0 83.0 7.0 2.5 16.3 0.89 Sulphide Zone
--------------
includes 77.0 81.0 4.0 4.38 22.3 1.37 Footwall Vein
96.0 108.0 12.0 2.44 5.5 0.36
includes 99.0 103.0 4.0 4.53 4.0 0.31 Center Vein
135.0 160.0 25.0 0.37 8.8 1.89
includes 141.0 150.0 9.0 0.23 15.2 3.11 Hangingwall
Vein
182.0 185.0 3.0 0.48 15.7 1.17
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.
Contacts: Polar Star Mining Corporation Douglas Willock
President and CEO (416) 368-3496 Email: info@polarstarmining.com
Website: www.polarstarmining.com
Polar Star Mining (Tier2) (TSXV:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Polar Star Mining (Tier2) (TSXV:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024
