Vanstar Announces the Results of its Annual General Meeting and Provides an Update on the Nelligan Project
September 15 2020 - 6:00AM
(TSX-V : VSR) Vanstar Mining Resources Inc. (or “The Company” or
“Vanstar”) announces that all resolutions were adopted with the
necessary majority at its annual general meeting which took place
in Montreal (Quebec) on September 14, 2020.
The following 5 new directors were elected: Mr.
Claude Dufresne, Mrs. Wanda Cutler, Mr. Jonathan Gagné, Mr. Victor
Cantore, Mr. Albert Contardi. The following 2 incumbent directors
were re-elected: Mr. Jonathan Hamel and Mr. Luc Gervais.
Nelligan Project
The 2020 summer drilling campaign has just ended
on the Nelligan property. In total, nearly 2,600 meters of drilling
have been completed. Work has tested the Renard and Renard Ouest
zones mainly and focused on infill drilling to improve resource
classification as well as on exploration drilling for potential
extensions at depth and along strike of the deposit. “We are very
pleased to see the progress of work on the Nelligan project.
Despite the difficult conditions imposed by the new reality of
sanitary measures, the IAMGOLD team was able to deploy and complete
a drilling program that will allow us to know a little more about
the deposit. " says Jonathan Hamel, Interim President and CEO of
Vanstar. The results of the summer campaign are expected to be
released in the coming weeks. A drilling campaign for the winter of
2021 is currently in the planning stages and metallurgical tests
will be carried out in the coming months.
About Nelligan Project
As of December 31, 2019, IAMGOLD reported (on a 100% basis)
inferred mineral resources of 97.0 million tonnes grading 1.02 g/t
Au for 3.2 million contained ounces (see news releases dated
October 22, 2019 and February 18, 2020).
The Nelligan Gold Project is held under an earn-in option to
joint venture agreement with Vanstar (IAMGOLD: 75%; Vanstar: 25%)
where IAMGOLD has a further option to acquire an additional
interest of 5%, to hold an 80% interest in the Nelligan project by
completing and delivering a Feasibility Study. Vanstar would then
retain a 20% undivided non-contributory carried interest until the
commencement of commercial production, after which: (1) the 20%
undivided interest becomes participating; and (2) Vanstar will pay
its attributable portion of the total development and construction
costs to the commencement of commercial production from 80% of its
share of any ongoing distributions from the Joint Venture. Vanstar
will also retain a 1% NSR royalty on selected claims of the
project.
The TSX Venture Exchange and its Regulation Services Provider
(as that term is defined in the TSX Venture Exchange Policies) do
not accept any responsibility for the truth or accuracy of its
content.
Source :
Jonathan Hamel Interim President and
CEOjhamel@vanstarmining.com 514-907-9016 x113
www.vanstarmining.com
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