Polar Star: Montezuma Exploration Update
January 12 2009 - 8:39AM
Marketwired
Polar Star Mining Corporation (TSX VENTURE: POS) ("Polar Star" or
the "Company") announces an exploration update on its Montezuma
property which is believed by the Company to have the potential to
host large porphyry copper deposits. Reconnaissance geological
mapping, rock and soil sampling by Polar Star staff and a 119 line
kilometre pole-dipole Induced Polarisation (IP) survey conducted on
behalf of Polar Star by Quantec Geoscience, Santiago, Chile have
now been completed.
Highlights:
Montezuma
- Old workings, leached and oxide copper bearing outcrops,
geological and geochemical surveys define a highly prospective belt
5-8 kilometres wide by 30 kilometres long centred on the West Fault
System.
- A large Chargeability/Resistivity anomaly 0.8 to 2.3
kilometres wide, 23.5 kilometres long, extending to depths of at
least 300 to 500 metres has been identified by the Quantec IP
survey within this belt, along with several other 2- 4 kilometre
long satellite anomalies.
- The length of the main IP anomaly is greater than all the
known Chuquicamata porphyry copper deposits combined.
- Property consists of 43,200 hectares, and is located 30
kilometres due south of CODELCO's Chuquicamata Mine and Smelter
Complex; and,
- Covers 25 km of the West Fault System and associated splays,
which hosts many large porphyry copper deposits including
Chuquicamata and Escondida.
The Montezuma Project
The Montezuma Project consists of a contiguous group of 100%
owned exploration concessions staked by Polar Star. As noted above,
the West Fault System is well known for the exceptional tonnage and
quality of its deposits. The Chilean Mine Handbook reported that in
2007 the BHP/RTZ owned Escondida Mine produced 1.5 million tonnes
of copper and had copper reserves of 4.3 billion tonnes at an
average grade of 0.81% Cu. The Corporacion Nacional del Cobre's
("Codelco") El Norte Division, which includes Chuquicamata,
reported production of 0.9 million tonnes of copper, reserves of
2.3 billion tonnes and an average grade of 0.79% Cu during the same
period.
The Montezuma Project is located in the Sierra Limon Verde oxide
copper mining district and is readily accessible by paved and good
gravel road from the city of Calama, 20 kilometers to the north.
The project consists of three groups of exploration concessions;
Montezuma, Topater and Limonal totaling 43,200 hectares staked and
owned 100% by Polar Star.
The Property lies within the central sub-zone of the main
Chilean porphyry belt and covers approximately 25 kilometres of
strike of the West Fault System and associated sub-parallel and
NW-SE cross-cutting ancillary faults. The hills of Sierra Limon
Verde which cover the Limonal, north and west half of the Montezuma
claims generally expose the same group of metamorphosed Paleozoic
intrusive, volcanic and sedimentary rocks that host the
Chuquicamata porphyry copper deposits. The rest of the Montezuma
claims and most of the adjacent Topater claims are covered by
pediment gravels derived from the local hills.
Polar's geological and geochemical surveys to date have
identified several large areas of leached, hematite stained and
sulphate rich caps containing minor amounts of copper wad and
chrysocola developed along and lateral to the West Fault System
where it strikes through the northern claims of the Montezuma group
and within the Topater group, quartz-tourmaline-copper-gold veins
and stockworks of the type commonly found peripheral to porphyry
systems. In addition on several of the IP lines, 1-2 metre deep
pits dug for electrodes uncovered disseminated copper minerals in
porphyritic intrusive rocks.
There are no public records of mining or exploration activity in
the property area. There are however three groups of old drill
holes reportedly drilled by Codelco in the central and southern
part of the Montezuma property along the projection of the West
Fault System. Cuttings from a number of these holes show propylitic
to phyllic alteration assemblages containing disseminated and
veinlet pyrite plus minor chalcopyrite and bornite.
The reconnaissance IP survey was concentrated along a NNE
trending belt some 6-9 kilometres wide covering the trace of the
West Fault System and adjacent N-NNE trending splays and cross
faults and detected several anomalies. The main anomaly, which is
entirely covered either by a sulphate cap or pediment gravels is
0.8 - 2.3 kilometres wide, 23.5 kilometres long and extends to
depths of at least 300-500 metres. The central sector of the
anomaly straddles the West Fault but to the north and south it
appears to be controlled by NNE trending splay and cross faults. By
comparison the length of this main anomaly is greater than the
combined known Chuquicamata porphyry copper deposits from Radomiro
Tomic to Toki (see attached map).
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. The forgoing comments
and interpretation of the IP survey results are based on local
knowledge and experience of Polar Star's personnel. The Quantec
final report and recommendations are still in preparation.
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 12, 2009.
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
To view the map of the Montezuma Project, please visit the
following link:
http://media3.marketwire.com/docs/pos.pdf
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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