Polar Star-Completes Phase I Due Diligence Drilling at the Chepica Project
January 08 2009 - 3:55PM
Marketwired Canada
Polar Star Mining Corporation (TSX VENTURE:POS) ("Polar Star" or the "Company")
announces final results from sixty-five shallow diamond drill holes totalling
6,758 meters completed in late November 2008 on the Chepica No.1 and No.2 Vein
systems as part of its ongoing due diligence review of the Chepica mining
property and mill (the "Chepica Project"), Talca, Region VII, Chile. Results
from the first 30 holes were the subject of Polar Star's October 22, 2008 press
release with the remainder covered by this release.
Highlights
- 49 holes totalling 5,274 meters on the Chepica No.1 Vein system, covering 330
meters of strike and to 180 meters depth.
- 16 holes totalling 1,484 meters on Chepica No.2 Vein system, covering 150
meters of strike and to 125 meters depth.
- Drilling on the Chepica No.1 Vein system demonstrates this system has good
lateral and vertical continuity and contains at least 3 strong veins with true
widths typically ranging from 2 meters to over 12 meters.
- Drilling on the Chepica No.2 Vein system also shows multiple veins, however
they are more irregular and true widths typically range from 1.5 meters to 8
meters.
- Merging of individual veins to form composite veins from 5 meters to over 20
meters true width is common to both systems.
- Weighted average grades from the individual veins include highs of 12.8 g/t
gold plus 1.96% copper over 2 meters to 31.67 g/t gold plus 0.78% copper over 3
meters width from the Chepica No.1 Vein system and 2.2 g/t gold plus 3.97%
copper over 2 meters to 4.96 g/t gold plus 1.17% copper over 3 meters from the
Chepica No.2 Vein.
- Weighted average grades from composite veins include highs of 3.37 g/t gold
plus 0.56% copper over 21 meters to 2.1 g/t gold plus 0.7% copper over 45 meters
from the Chepica No.1 Vein and 2.4 g/t gold plus 1.39% copper over 5 meters to
1.81 g/t gold + 3.32% copper over 9 meters from the Chepica No.2 Vein.
- The sulphide flotation mill began on-going sampling and testing of operations
in mid November 2008 and is now processing an average of 50 tonnes per day from
the Chepica No.2 Vein system. The mineralized material being shipped to the
smelter grades from 25% - 29% copper and 30 - 45 g/t gold.
- The Chepica Project operator is currently planning to increase mill throughout
to at least 150t/d by mid-March, 2009.
Diamond Drill Results (see Summary Table attached)
Diamond Drilling Program
The 65 hole due diligence diamond drilling complete to date consists of:
a) A series of fourteen fences of three or four holes each drilled along
approximately 330 meters of strike of the Chepica No.1 Vein system, the first
twelve fences being spaced approximately 25 meters apart and the two southern
most fences at 50 meters spacing. The holes within each fence test the Chepica
No.1 Vein system at 25 meter intervals from 25 meters to 150 meters below the
125 meters main adit level, assays from which were previously reported (see
October 22, 2008 press release).
b) A series of six fences of two or three holes each drilled along approximately
150 meters of strike of the Chepica No.2 Vein system, the fences being spaced
approximately 25 meters apart. The holes within each fence test the Chepica No.2
Vein system at 25 meter intervals from 25 meters above to 75 meters below the
130 meter main adit level.
This program was designed to confirm and extend a copper-gold resource reported
by ENAMI in 2005 that exists below the Chepica No.1 and Chepica No.2 main adits.
Individual samples within the vein system intersected were selected based on
vein characteristics. The intercept values reported in the table are weighted
averages.
All but six of the Chepica No.1 drill holes and three of the Chepica No.2 drill
holes cut what the Company 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 No.1 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 3 meters to over 12 meters. However, in holes 12,
17, 23, 25, 26, 35 and 54 two or more veins merge to form composite veins over
20 meters wide. The Chepica No.1 Vein system is open to extension along strike
and to depth. The drilling on the Chepica No.2 Vein system also shows multiple
veins; however, they are more irregular and widths typically range from 1.5
meters to 8 meters true width and can also merge to form composite veins up to
10 meters width. Plan sections of the No.1 Vein will be posted to the Polar Star
website (www.polarstarmining.com). Attached is a map of the Chepica No.1 Vein
system drill program.
The Company is continuing surface exploration of the five other gold and/or
copper-gold bearing vein systems on the Chepica Project and 15 additional
targets on its adjoining wholly owned Corinto and Batuco claims.
The Chepica Project
Polar Star currently owns a 15% equity interest in the Chepica Project 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$ 4.3 million) by
June 20, 2009, pending successful completion of its final due diligence review.
This Chepica Project adjoins Polar Star's wholly owned Corinto and Batuco
claims. These claims plus the Chepica Project 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 developed, by its current operator, to achieve a planned initial
production of 200 tonnes per day increasing to over 500 tonnes per day by late
2009. Readers are cautioned that a feasibility study has not been completed and
there is no certainty the proposed operations will be economically viable.
The Chepica Mine property, located 225 kilometres south of Santiago, near the
city of Talca, covers the Cerro Chepica copper-gold mining district. It 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 office (see
October 22, 2008 press release) to prepare a National Instrument 43-101
compliant report on the Chepica No.1 Vein system property and to subsequently
develop a mine plan.
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 were 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. HudBay Minerals Inc. acquired 3,860,605 shares of Polar Star in July
2008 which represents approximately 9.8% of the 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 January 8, 2009.
Business Television Feature:
Polar Star was selected and featured on Business Television in early December
2008. If you missed the show, please click on the link below to watch the
full-feature www.b-tv.com/features/watch-now.html?clip=BNNpolarstarmining.wmv.
Diamond Drill Results
Phase I Drill Results, Chepica Project (See Note 1)
Hole # From(m) To(m) Interval Au g/t Ag g/t Cu% Comments
------- ------- ------ -------- ------ ------ ----- --------
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 Foot Wall 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 Foot Wall Vein
Section 1A Sulphide Zone
---------- -------------
CH08-54(i) 32.0 36.0 4.0 2.67 25.0 0.68 Foot Wall Vein
CH08-55(i) 38.0 43.0 5.0 0.51 19.0 0.51 Center Vein
48.0 50.0 2.0 3.01 28.0 1.66 Foot Wall Vein
CH08-56(i) 78.0 89.2 11.2 0.65 8.0 0.64 Sulphide Zone
-------------
Includes 85.5 89.2 3.7 1.20 7.0 0.77 Foot Wall Vein
Section 1B
----------
CH08-57(i) 28.0 36.3 8.3 1.85 15.0 0.51 Sulphide Zone
-------------
Includes 32.0 36.3 4.3 2.99 8.0 0.61 Foot Wall Vein
CH08-58(i) 51.0 52.0 1.0 1.44 8.0 0.90 Sulphide Zone
-------------
56.0 58.5 2.5 1.18 12.0 1.08 Foot Wall 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 Foot Wall 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 Foot Wall Vein
CH08-50(i) 42.0 49.0 7.0 1.42 12.3 0.52 Sulphide Zone
-------------
Includes 45.0 49.0 4.0 1.83 17.8 0.77 Foot Wall Vein
CH08-51(i) 61.0 74.0 13.0 2.2 11.3 1.27 Sulphide Zone
-------------
Includes 68.0 72.5 4.5 4.63 19.2 1.60 Foot Wall Vein
CH08-52(i) 86.0 93.3 7.3 1.38 10.7 0.80 Sulphide Zone
-------------
Includes 90.0 92.0 2.0 2.44 16.0 0.87 Foot Wall Vein
CH08-53(i) 69.0 72.0 3.0 0.55 25.3 2.76 Center 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 Foot Wall 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 Foot Wall 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 Foot Wall 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 Foot Wall 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 Foot Wall 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 Foot Wall 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 Foot Wall 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 Foot Wall 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 Foot Wall 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 Foot Wall Vein
CH08-20 28.0 35.8 7.8 2.06 15.4 0.42 Sulphide Zone,
-------------
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 Foot Wall 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 Foot Wall 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 Foot Wall Vein
Includes 110.0 113.0 3.0 1.27 13.7 3.16 Foot Wall 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 Foot Wall Vein
44.0 46.0 2.0 0.38 4.0 0.55 Foot Wall 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 Foot Wall 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 Foot Wall Vein
CH08-64(i) 90.0 95.0 5.0 0.75 6.0 0.51 Hanging Wall Vein
Includes 93.0 95.0 2.0 1.06 8.0 0.63
102.0 106.0 4.0 1.65 7.5 0.67 Center Vein
Section 10 Sulphide Zone
---------- -------------
CH08-24 34.7 38.0 3.3 4.29 28.0 1.20 Foot Wall Vein
41.0 46.0 5.0 0.63 12.0 0.8 Foot Wall 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 Foot Wall Vein
73.0 76.0 3.0 2.76 11.3 0.67 Foot Wall 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 Hanging Wall Vein
142.0 145.0 3.0 2.38 14 0.93
CH08-28 Zone displaced by faulting
CH08-63(i) 105.0 110.0 5.0 1.48 14.0 0.96 Sulphide Zone
-------------
Includes 108.0 110.0 2.0 2.6 14.0 0.71 Center Vein
Section 11
----------
CH08-32 Zone displaced by faulting
CH08-35(i) 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 Foot Wall 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 Hanging Wall Vein
182.0 185.0 3.0 0.48 15.7 1.17
CH08-61(i) 83.0 89.0 6.0 1.67 7.0 0.28 Sulphide Zone
-------------
Includes 87.0 89.0 2.0 2.89 6.0 0.31 Foot Wall Vein
CH08-62(i) 103.0 110.0 7.0 1.45 26.0 2.08 Hanging Wall Vein
Section 12
----------
CH08-38(i) 70.0 83.0 13.0 0.36 3.6 0.20 Sulphide Zone
-------------
Includes 79.0 83.0 4.0 0.39 5.5 0.59 Center Vein
Chepica 2 Vein System
Hole # From(m) To(m) Interval Au g/t Ag g/t Cu% Comments
------- ------- ------ -------- ------ ------ ------ --------
Section 1
---------
CH08-47(i) 30.0 39.0 9.0 1.81 30.0 3.32 Sulphide Zone
-------------
includes 31.0 33.0 2.0 2.22 45.0 3.97 Foot Wall Vein
includes 36.0 39.0 3.0 0.86 49.0 6.40 Center Vein
CH08-48(i) 39.0 41.0 2.0 0.3 33.0 1.7 Center Vein
CH08-49(i) No significant values Low sulphides
Section 2
---------
CH08-44(i) No significant values Low sulphides
CH08-46(i) No significant values Veins faulted out
Section 3
---------
CH08-39(i) 46.0 49.0 3.0 0.13 3.0 0.82 Foot Wall Vein
CH08-40(i) No significant values Low sulphides
Section 4
---------
CH08-42(i) 43.0 44.5 1.5 0.164 5.0 0.80 Center Vein
CH08-43(i) 58.0 60.0 2.0 4.96 4.0 1.17 Center Vein
89.0 92.3 3.3 0.14 18.0 4.88 Foot Wall Vein
CH08-45(i) 43.1 44.1 1.0 0.122 6.0 0.55 Center Vein
Section 5
---------
CH08-30(i) 47.0 53.0 6.0 1.2 19.0 1.00 Center Vein
Hanging Wall
CH08-31(i) 61.0 62.5 1.5 0.43 18.0 1.63 Vein
65.0 66.5 1.5 0.38 7.0 2.75 Center Vein
Hanging Wall
CH08-37(i) 19.4 22.0 2.6 1.55 22.0 0.05 Vein
Section 6
---------
CH08-33(i) 51.0 52.5 1.5 0.51 12 0.73 Center Vein
CH08-34(i) 64.0 67.5 3.5 0.29 19.0 2.20 Center Vein
CH08-36(i) 21.0 26.0 5.0 2.40 6.4 1.39 Center Vein
includes 21.0 24.0 3.0 3.03 8.3 1.69
Note 1
Drill holes CH08-01 through CH08-32 reported in news release dated October 22,
2008. The drill holes marked with an asterisk ((i)) are previously undisclosed
results.
To view the Surface vein Chepica #1, please visit the following link:
http://media3.marketwire.com/docs/SurfaceveinChepica11.JPG
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