Polar Star drilling update
July 29 2010 - 10:00AM
PR Newswire (Canada)
TORONTO, July 29, 2010 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED
STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ TSX-V:
PSR TORONTO, July 29, 2010 /CNW/ - Polar Star Mining Corporation
("Polar Star" or the "Company") announces results from the first 10
diamond drill holes recently completed on the Chépica No.1 vein
system. These holes are part of an ongoing diamond drill program
which is designed to expand on the resource identified in SRK's
2009 NI 43-101 Report. Highlights - 10 holes completed on the
Chépica No.1 vein system extending the previous resource sector
50-100 metres down dip and 100 metres to the north - Significant
copper, zinc and lead grades intersected in deeper levels of the
main vein system - New gold-copper bearing vein system intersected
30 metres east of, and in the hanging wall of the, Chépica No.1
vein system - Drill program to continue for the balance of 2010;
extending potential resource area on both the Chépica No.1 and
Chépica No.2 vein system, and exploring other vein systems on the
Chépica and Talca properties where Polar Star's surface channel
sampling has detected strike sections of 100 to 250 metres
returning gold values from lows of 0.5 g/t over 5 metres to a high
of 30.5 g/t over 1.5 metres A longitudinal section and plan view of
these drill results can be viewed at www.polarstarmining.com
Diamond Drill Results Chépica No. 1 Vein System Hole No. From To
Interval Au Ag Cu Zn% Pb% Comments -------- ---- -- -------- -- --
-- --- --- -------- (metres) (metres) (metres) (ppm) (ppm) (%) (%)
(%) CH10-66 60.0 78.0 18.0 1.2 8.1 0.98 HW vein ------- includes
64.0 72.0 8.0 1.81 17.6 1.64 144.0 149.0 5.0 2.6 19.1 1.03 FW vein
includes 147.0 149.0 2.0 4.60 30.3 1.33 CH10-67 75.0 77.0 2.0 0.5
15.6 0.37 HW vein ------- 155.0 165.0 10.0 0.7 10.0 0.67 0.96 0.71
FW vein includes 160.0 163.5 3.5 1.99 25.6 1.97 2.20 1.64 182.0
184.0 2.0 0.34 5.5 1.65 FW vein CH10-68 114.5 123.0 8.5 0.79 4.5
0.68 FW vein ------- includes 117.0 119.2 2.2 1.02 4.9 0.91 121.0
123.0 2.0 1.80 4.5 1.04 CH10-69 89.0 91.0 2.0 2.1 10.4 0.42 0.40
0.26 FW vein ------- CH10-70 69.0 73.0 4.0 0.55 2.8 0.1 3.01 0.18
HW vein ------- includes 69.0 71.0 2.0 1.1 2.9 0.2 5.82 0.3 CH10-71
83.0 88.0 5.0 0.11 13.0 0.69 HW vein ------- includes 86.0 88.0 2.0
0.19 24.6 1.61 111.0 115.0 4.0 0.96 6.4 0.49 FW vein includes 111.0
113.0 2.0 1.68 7.3 0.78 120.0 123.0 3.0 0.89 6.2 0.29 FW vein
includes 120.0 122.0 2.0 1.22 8.4 0.35 CH10-72 68.0 85.0 17.0 0.21
6.5 0.09 HW vein ------- includes 81.5 85.0 3.5 0.12 4.7 0.34
CH10-73 No significant values, hanging wall vein faulted out
------- CH10-74 76.4 79.4 3.0 0.23 7.7 1.30 0.23 0.10 FW vein
------- CH10-75 98.1 104.3 6.2 0.18 5.2 0.49 0.37 0.11 FW vein
------- includes 98.1 101.0 2.9 0.26 6.7 0.84 0.46 0.14 NOTE: The
intercepts reported are not necessarily true widths. Diamond
Drilling Program The 10 diamond drill holes reported above are part
of a series of five fences of two holes each, drilled to test up to
100 metres down dip and a 100 metre north extension along the
strike of the previously drilled resource section in the FW or
"footwall" vein of the Chépica No.1 vein system. As indicated in
the table, five of the holes also cut a new vein denoted HW or
"hanging wall" vein. The "footwall vein" as noted in the 2008 drill
program and illustrated in current holes 67 and 71 is actually a
complex system of two or more discrete banded quartz-sulphide veins
with intervening stockworks which can anastamose to form one larger
vein as in hole 68. The balance of the ongoing 2010 drill program
is designed to section the Chépica No.2 vein up to 100 metres to
the NW and SE of the area of previous drilling with a view to
define a measurable resource, and as the first pass shallow
drilling of other vein systems on the Chépica and Talca properties
where Polar Star's surface channel sampling has detected strike
sections of 100 to 250 metres returning gold values from lows of
0.5 g/t over 5 metres to a high of 30.5 g/t over 1.5m. The Chépica
Mine In December 2009 Polar Star finalized an agreement to acquire
100% of the Chépica property and associated assets. The full cost
of the option is US$7 million to be paid over 26 instalments
terminating in 2016. Polar Star may, at its sole discretion,
terminate the agreement at any time with no obligation to continue
paying instalments. The Chépica Mine adjoins Polar Star's wholly
owned Corinto, Batuco and Botalcura claims. These claims plus the
Chépica Mine property total 22,640 hectares in the Pencahue
District, Region VII, Chile, on which prior exploration by other
companies has defined 15 gold and copper-gold zones. Polar Star's
surface exploration programs to date have outlined six 1 - 2 km(2)
areas of multiple, 0.5-25 metres wide, massive and banded quartz
veins on its wholly owned claims. Continuous chip samples across
individual veins from these areas assay from 0.5 g/t gold over 5
metres width to 3.5 g/t gold over 3.2 metres of width. Diamond
drilling of several of these target areas is also planned towards
the end of the current program. The Chépica Mine property, located
225 kilometres south of Santiago, covers the Cerro Chépica
copper-gold mining district. It is readily accessible by a paved
and good gravel road from the city of Talca 20 kilometres to the
east. See Polar Star's prior news releases for additional
information. Montezuma On July 28, 2010 a second diamond drill was
mobilized to Polar Star's Montezuma property in Region II.
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, copper, zinc and lead were also routinely analysed by ICP
following hot four acid digestion. Samples with values over 1% were
re-analysed using a hydrofluoric-nitric-hypochloric acid digestion,
hydrochloric acid leach and AAS finish. About Polar Star Polar Star
Mining Corporation (TSXV: PSR) is an emerging exploration company
with a focus on building value in Chile through discovery and
development. The company has approximately 256,734 hectares
prospective for gold and copper-gold. 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: 85,069,954 as at July 28, 2010. Adam
Rochacewich, Chief Financial Officer, Polar Star Mining
Corporation, (416) 368-3496, info@polarstarmining.com
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