Polar Star-Todd Creek 2008 Drill Program and Exploration Results
January 12 2009 - 10:33AM
Marketwired
Polar Star Mining Corporation (TSX VENTURE: POS) ("Polar Star" or
the "Company") and its partner, Goldeye Explorations Limited
("Goldeye") and the optionor, Intuitive Exploration Inc. ("NTE"),
are pleased to announce the discovery of a significant volcanogenic
massive sulfide (VMS) environment on the Todd Creek Property in
northwest British Columbia, Canada. BC Geological Survey geologists
have confirmed the favorable environment, which has been traced via
the presence of VMS stratigraphy, stringer/feeder zones and
multiple exhalite horizons, in outcrop and new drillholes over a
strike length of more than 7 km. Sampling of the discovery outcrop
in 2008 returned assays up to 57 g Ag/T, 1.7% Cu and 7.1% Zn. The
partners have optioned additional ground to cover the apparent
strike extension of one of the VMS horizons, bringing the total
land position to nearly 20,000 hectares.
Core drilling in 2008 at the South Zone Au-Cu target returned an
interval of 1.75 g Au/T and 0.26% Cu over a 17.3m core length.
Assays have not been delivered for the bottom portion of that first
hole or the seven additional holes from the 2,600 meter program.
Historic drilling at the South Zone included a number of strong
intercepts, including 8.62 g Au/T and 0.45% Cu over 11.7m.
Subsequent drilling at South Zone in 2008 encountered VMS-style
mineralization, for which assays have not yet been returned. NTE
geologists have interpreted the South Zone as occupying an
important structural intersection that may constitute a feeder to
VMS stratigraphy and a conduit for later crosscutting epithermal or
porphyry-related Au-Cu mineralization. Most of the analytical
results from 2008 drilling and surface geochemistry have been put
on hold at the lab pending the restructuring of Intuitive
Exploration Inc. (NTE), the private company operating the
exploration program, which cost approximately $2.2 million in
2008.
The Todd Creek Property is located in Skeena Mining Division in
the Eastern Volcanic Belt of the Stewart Gold Camp of British
Columbia. There remain numerous other gold, copper, and VMS targets
to be delineated when results from 2008 are complete. NTE is
contemplating the 2009 exploration program to follow up on these
successes. The program may include an airborne
electromagnetic/magnetics survey, ground geophysical surveys,
mapping/sampling, and diamond drilling. The property is held by
Polar Star and Goldeye, and NTE has the right to earn up to a 70%
interest with expenditures of $5 million and certain option and
share payments. NTE expended approximately $2.2 million in
exploration during 2008.
Qualified Person
Mr. David E. Molloy, M.Sc., P.Geo., ABEGBC, APGEO is the
qualified person within the meaning of National Instrument 43-101.
Mr. Molloy has reviewed the contents of this news release.
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.
About Goldeye
Goldeye is a Canadian mineral exploration company acquiring,
exploring and advancing properties in Canada and Chile. For further
information on Goldeye, please contact Blaine Webster, CEO,
905-886-2538.
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 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.
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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