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
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
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