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Canstar Hits Multiple High-Grade Intersections in Kendell Drilling

(TheNewswire)

Canstar Resources Inc.
 

Intersects 3.2 g/t Gold over 22 metres at Kendell Prospect and Reports Drilling Results from Multiple Targets

Toronto, Ontario TheNewswire - March 13, 2023 – CANSTAR RESOURCES INC. (TSXV:ROX ) & ( OTC:CSRNF) (“ Canstar” or the “Company ”) is pleased to announce assay results from diamond drilling on its Golden Baie project in south-central Newfoundland, which took place in the fall of 2022. Drilling tested six target areas, including Kendell, Hillside, 97 West, Northbrush, Osprey, White Out and Wolf Pond (Figure 1) along a ~15 kilometre (“km”) prospective trend. In total, 6,471 metres (“m”) were drilled in 51 holes.  Notable drill intercepts are provided in Table 1 and full results and drill hole details are provided in Tables 2 and Table 3, respectively.  All assays from the drill program have now been received.

Highlights:

  • Kendell Prospect 3.2 g/t gold (“Au”) over 22.0 m and 4.3 g/t Au over 14.0 m . Gold mineralization at the Kendell prospect has been expanded to 195 m down-plunge to the northwest.

  • New zone at Wolf Pond target 0.8 g/t Au over 11.5 m and 1.9 g/t Au over 6.7 m in a newly discovered shallow zone located 300 m southeast of historic drilling in the area.

Table 1 - Fall 2022 drill assay highlights

Hole

Target

From (m)

To (m)

Length (m)

Au (g/t)

GB-22-121

Kendell

15.0

37.0

22.0

3.18

including

28.0

29.0

1.0

18.12

GB-22-120

Kendell

38.0

39.0

1.0

6.26

and

63.0

68.0

5.0

6.55

GB-22-107

Kendell

41.3

55.3

14.0

4.32

including

41.3

42.3

1.0

21.27

including

49.3

50.3

1.0

15.80

including

48.3

51.3

3.0

9.15

GB-22-102

Kendell

58.0

62.0

4.0

5.97

including

61.0

62.0

1.0

19.70

GB-22-112

Kendell

60.0

63.0

3.0

6.99

including

62.0

63.0

1.0

18.29

GB-22-111

Kendell

62.7

68.7

6.0

1.77

WP-22-04

Wolf Pond

37.0

43.7

6.7

1.86

WP-22-02

Wolf Pond

31.5

43.0

11.5

0.78

including

31.5

36.5

5.0

1.16

97W-22-11

97 West

7.2

8.2

1.0

5.20

97W-22-09

97 West

5.0

6.0

1.0

1.00

and

8.0

9.0

1.0

4.67

Notes :

  1. All intersections are downhole length as there is insufficient information to calculate true width.

  2. Reported grades have not been capped.

Matthieu Lapointe, Vice President Exploration, stated: “ Our drill program in the fall of 2022 tested multiple targets that were generated using a combination of prospecting, geophysics, and geochemistry. This approach advanced our understanding of the geology and the effectiveness of various tools.  In the process, we continued to expand the Kendell prospect.  We also validated the large soil anomaly at Wolf Pond and believe this area has significant potential for widespread, bulk tonnage gold mineralization.  In addition to follow-up work in these areas, the team is looking forward to continuing work on the newly discovered, high-grade Facheux Bay, Blow Out East and Wood Cutter targets. Unlike most of the north-easterly portions of the Golden Baie property, Facheux Bay is sparsely covered with glacial till. The increase in bedrock exposure at Facheux Bay has allowed us to efficiently prospect and quickly identify and prioritize targets.”



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Figure 1 – Golden Baie drill targets and select exploration results (drill results reported in this release are bolded).

Kendell Prospect

Drilling at Kendell focused on expanding the footprint of mineralization to the northwest, in the interpreted down-plunge direction.  Twenty holes were drilled for a total of 2,438 m (Figure 2). D rilling successfully extended gold mineralization down-plunge to the northwest and west-northwest.  Hole GB-22-102 intersected 5.8 g/t Au over 4.0 m at a downhole depth of only 58.0 m (Figure 3). This intercept is approximately 15 m down-plunge of hole GB-22-92, which intersected 6.1 g/t gold over 3.6 m at a downhole depth of 52.5 m ( see July 5, 2022, news release ). The total known down-plunge length of gold mineralization at the Kendell prospect is now estimated to be 195 m.

To further define the geometry of the plunging mineralization, four drill holes were oriented east-west as opposed to the typical northwest-southeast drill orientation.  The east-west orientation was designed to intersect the northwest plunging shoot at a more perpendicular drill angle. All four drill holes with this orientation intersected significant gold mineralization including GB-22-107 ( 4.3 g/t Au over 14.0m ), GB-22-112 ( 7.0 g/t Au over 3.0 m ), GB-22-120 ( 6.6 g/t Au over 5.0 m ) and GB-22-121 ( 3.2 g/t Au over 22.0 m ) (Figure 3).

Holes GB-22-106, GB-22-110, GB-22-111, GB-22-115, GB-22-116 and GB-22-117 were drilled approximately 20 m southeast of the known mineralization. Gold mineralization was encountered in four of these holes: GB-22-110 ( 1.7 g/t Au over 3.0 m - with visible gold ), GB-22-111 ( 1.8 g/t Au over 6.0 m ), GB-22-115 ( 0.3 g/t Au over 16.0 m ) and GB-22-116 ( 1.0 g/t over 6.4 m ) (Figure 4). Gold mineralization in these holes suggests the plunging zone is possibly changing direction and open to the west-northwest.

Holes GB-22-108 and GB-22-109 were drilled approximately 20 m northeast of the known mineralization and Holes GB-22-113, GB-22-114 and GB-22-118, GB-22-119 were drilled approximately 45 m southwest of the defined plunging mineralized zone. No significant gold mineralization was intersected in these holes suggesting that the zone narrows in this area, but remains open at depth.



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Figure 2 – Drill hole collar map Kendell prospect (drill results reported in this release are bolded).



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Figure 3 – A-A’ Cross section looking northeast from Kendell prospect (drill results reported in this release are bolded).



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Figure 4 – B-B’ Cross section looking northeast from Kendell prospect (drill results reported in this release are bolded).

Wolf Pond Target

Historic drilling at Wolf Pond in the 1980s delineated a mineralized zone (the “Wolf Pond Gold Zone”) averaging 2 to 3 m thick with grades of 3 to 5 g/t gold within a broader envelope 5 to 8 m thick averaging 1 to 2 g/t gold.  The Wolf Pond Gold Zone was delineated by previous operators over a strike length of 450 m and to a depth of 165 m (Figure 5) and is open both along strike and at depth.

Approximately 300 m southeast of the Wolf Pond Gold Zone is a 1,200 m by 50 m gold-in-soil anomaly, with values ranging from 30 to 752 ppb gold, which had never been drill tested. Canstar drilled four holes totaling 679 m into the soil anomaly, testing approximately 150 m of strike length.  All four holes intersected gold mineralization with the best results from the two most north-easterly holes WP-22-04 ( 1.9 g/t Au over 6.7 m ) and WP-22-02 ( 0.8 g/t Au over 11.5 m including 1.2 g/t Au over 5.0 m ). Mineralization is associated with arsenopyrite-stibnite-bearing quartz veins hosted in felsic-intermediate volcaniclastics intercalated with sediments.



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Figure 5 – Drill hole collar map Wolf Pond target (drill results reported in this release are bolded).

97 West Target

The 2022 fall drill campaign at 97 West targeted gold mineralization in trenches excavated during 2021 and tested the graphitic shale horizons that also host the high-grade gold mineralization at the Kendell prospect, located approximately 3.5 km to the southwest. Thirteen holes (1,787 m) were drilled (Figure 6) in the 97 West area. Drill hole 97W-22-01 was drilled beneath a 2021 channel sample of 13.1 g/t gold over 1.0 m (trench 97W-21-TR01) and returned an intersection of 1.9 g/t Au over 2.0 m, starting at 13 m downhole.  Drill holes 97W-22-07 and 97W-22-09 to 97W-22-13 were collared 200 m to the northeast of the 2021 trenches in an area identified during 2022 trenching. All six holes encountered gold mineralization. The best results include hole 97W-22-11 which assayed 5.2 g/t Au over 1.0 m starting at a down hole depth of 7.2 m and hole 97W-22-09 with 4.7 g/t Au over 1.0 m starting at a down hole depth of 8.0 m. Gold mineralization is related to quartz-carbonate veining hosted in grey shales with disseminated arsenopyrite-stibnite.

Reconnaissance Drilling

Canstar completed scout drilling on several early-stage exploration targets during the fall drill program. These included the Northbrush, Osprey, White Out and Hillside targets (Figure 6). Thirteen drill holes totaling 1,567 m were completed in these target areas, which have significant glacial till cover. Drilling targeted Induced Polarization (IP) chargeability and resistivity anomalies, soil anomalies and/or anomalous channel and outcrop samples hosted in favourable geology ( see September 20, 2022, news release ).

The best assay result of this drilling came from Northbrush hole NB-22-02 which intersected 0.2 g/t over 16.0 m from a quartz-carbonate vein zone.  The best drill intercept on the recently acquired Golden Eye license ( see August 15, 2022, release ) was from hole GE-22-06 at the White Out target which intersected many broad zones of low grade gold mineralization including 0.2 g/t Au over 14.0 m, 0.3 g/t Au over 10.9 m and 0.4 g/t Au over 6.0 m. Gold mineralization in both of these holes is associated with arsenopyrite-stibnite-bearing quartz veins hosted in intermediate-felsic volcaniclastics that are variably intercalated with shaley sediments.



Click Image To View Full Size

Figure 6 – Drill hole collar map 97 West, Northbrush, White Out and Osprey targets (drill results reported in this release are bolded).

2023 Field Program

Canstar’s technical team is currently preparing plans and prioritizing exploration targets for the 2023 field program.  More details will be provided in a future release.  2022 drill results warrant follow-up  exploration in the large Wolf Pond area and at the high-grade Kendell prospect. Advanced exploration targets include Wood Cutter, located approximately 1 km south of Wolf Pond, and Facheux Bay, which is west-southwest of the core licences at Golden Baie. In addition, new exploration targets will be generated.  Given the large size of the Golden Baie project, many areas still have had little or no exploration work to date, despite confirmation of multiple styles of gold mineralization present throughout the extensive Golden Baie claim package.

Rob Bruggeman, President and CEO of Canstar, commented: “ Exploration results from our flagship Golden Baie project continue to be very encouraging. In 2022, we extended known mineralized zones and continued to generate new targets as expected. Work to date has successfully identified multiple styles of mineralization – high grade orogenic, which has been our focus so far, and a more disseminated style with bulk tonnage potential – both of which warrant further work. As we have noted before, exploration at Golden Baie is at an early stage relative to our neighbours to the north along the same exciting structural trend. With each successive program, we are enhancing our understanding of structural controls, size and orientation of the mineralized zones and the broader potential of this large, highly prospective land position.

Qualified Person

Matthieu Lapointe, B.Sc., P.Geo., Vice President Exploration of Canstar, and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, is responsible for the scientific and technical data presented herein and has reviewed and approved this release.

QA/QC:

All 2022 drilling was of NQ-sized drill core. Core samples were split with a diamond saw and half-core retained for further study after being detail logged and photographed. 2022 drill core samples were collected by company personnel and shipped to either SGS Labs, Lakefield, ON or SGS MSPU in Grand Falls-Windsor, NL for preparation of assay pulps. Gold analysis is completed in the SGS Labs, Burnaby, BC with a 30 g fire assay and AAS finish (code GE_FAA30V5). Samples returning >1 g/t Au are re-assayed with a gravimetric finish (code GO-FAG30V). Mineralized zones with visible gold are also analyzed by a 500 g screen fire assay with screening to 106 microns (code GO-FAS30M).

Canstar's QAQC program utilizes four commercially available reference standards, blanks and duplicate samples to ensure data quality. In addition, duplicates of selected samples are being sent to a second laboratory as check assays.

Acknowledgements

Canstar wishes to acknowledge the financial support of the 2022 exploration program through the Junior Exploration Assistance Program from the Department of Natural Resources, Government of Newfoundland and Labrador.

About Canstar Resources Inc.

Canstar Resources has a very experienced technical team and board who are focused on new mineral discoveries in Newfoundland, Canada. Central Newfoundland has emerged as one of the most exciting gold exploration districts due to recent high-grade orogenic gold discoveries along crustal scale fault corridors. The Company is focused on gold exploration on 939 km 2 of mineral claim licenses in south-central Newfoundland, including the Golden Baie project which has multiple high-grade gold anomalies at surface along ~100 km of strike and near-surface drilling confirming the presence of high-grade orogenic gold. The Company also holds the Buchans-Mary March project in central Newfoundland.

Canstar Resources is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ROX and trades on the OTCPK under the symbol CSRNF .

For further information, please contact:

Rob Bruggeman, President & CEO

Email: [email protected]

Phone:        1-647-247-8715

Website: www.canstarresources.com

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Table 2 - Fall 2022 drill hole results

Hole

Target

From (m)

To     (m)

Length (m)

Assay (g/t Au)

WP-22-04

Wolf Pond

37.0

43.7

6.7

1.86

WP-22-03

Wolf Pond

62.0

70.0

8.0

0.32

WP-22-02

Wolf Pond

31.5

43.0

11.5

0.78

including

31.5

36.5

5.0

1.16

WP-22-01

Wolf Pond

31.0

41.6

10.6

0.39

NB-22-03

Northbrush

No significant results (“NSR”)

NB-22-02

Northbrush

93.0

109.0

16.0

0.19

NB-22-01

Northbrush

NSR

GE-22-06

White Out

26.0

38.0

12.0

0.20

and

53.5

64.4

10.9

0.27

and

82.0

88.0

6.0

0.40

GE-22-05

White Out

24.7

28.7

4.0

0.20

GE-22-04

Osprey

NSR

GE-22-03

Osprey

16.0

17.0

1.0

0.54

GE-22-02

Osprey

NSR

GE-22-01

Osprey

NSR

HS-22-04

Hillside

NSR

HS-22-03

Hillside

NSR

HS-22-02

Hillside

NSR

HS-22-01

Hillside

NSR

GB-22-121

Kendell

15.0

37.0

22.0

3.18

including

28.0

29.0

1.0

18.12

and

42.0

44.0

2.0

1.02

GB-22-120

Kendell

35.0

37.0

2.0

0.81

and

38.0

39.0

1.0

6.26

and

41.0

43.0

2.0

1.16

and

63.0

68.0

5.0

6.55

GB-22-119

Kendell

NSR

GB-22-118

Kendell

NSR

GB-22-117

Kendell

NSR

GB-22-116

Kendell

70.1

76.5

6.4

1.04

GB-22-115

Kendell

57.0

73.0

16.0

0.29

GB-22-114

Kendell

NSR

GB-22-113

Kendell

NSR

GB-22-112

Kendell

60.0

63.0

3.0

6.99

including

62.0

63.0

1.0

18.29

GB-22-111

Kendell

62.7

68.7

6.0

1.77

GB-22-110

Kendell

62.0

65.0

3.0

1.66

GB-22-109

Kendell

NSR

GB-22-108

Kendell

NSR

GB-22-107

Kendell

41.3

55.3

14.0

4.32

including

41.3

42.3

1.0

21.27

including

49.3

50.3

1.0

15.80

including

48.3

51.3

3.0

9.15

GB-22-106

Kendell

NSR

GB-22-105

Kendell

NSR

GB-22-104

Kendell

NSR

GB-22-103

Kendell

NSR

GB-22-102

Kendell

58.0

62.0

4.0

5.97

including

61.0

62.0

1.0

19.70

and

67.0

69.0

2.0

0.85

97W-22-13

97 West

9.0

10.0

1.0

1.16

97W-22-12

97 West

12.0

13.0

1.0

0.77

97W-22-11

97 West

7.2

8.2

1.0

5.20

97W-22-10

97 West

7.0

8.0

1.0

2.96

and

16.0

17.0

1.0

0.92

97W-22-09

97 West

5.0

6.0

1.0

1.00

and

8.0

9.0

1.0

4.67

97W-22-08

97 West

64.4

65.4

1.0

0.68

97W-22-07

97 West

4.0

5.5

1.5

2.20

97W-22-06

97 West

114.2

118.6

4.4

0.18

97W-22-05A

97 West

NSR

97W-22-05

97 West

NSR

97W-22-04

97 West

NSR

97W-22-03

97 West

4.0

4.5

0.5

0.71

97W-22-02

97 West

NSR

97W-22-01

97 West

13.0

15.0

2.0

1.93

including

13.0

14.0

1.0

3.17

Table 3 - Fall 2022 drill hole details

Hole

Length (m)

Azimuth

Dip

Northing (NAD83)

Easting (NAD83)

Target

WP-22-04

178

135

-50

5307979

607400

Wolf Pond

WP-22-03

100

135

-50

5307914

607316

Wolf Pond

WP-22-02

205

135

-50

5307895

607339

Wolf Pond

WP-22-01

196

135

-50

5307864

607298

Wolf Pond

NB-22-03

97

130

-85

5300937

599768

Northbrush

NB-22-02

151

130

-50

5300937

599768

Northbrush

NB-22-01

190

129

-50

5301369

600142

Northbrush

GE-22-06

151

130

-75

5302733

601286

Osprey

GE-22-05

127

130

-50

5302733

601286

Osprey

GE-22-04

82

160

-50

5302819

600706

Osprey

GE-22-03

82

100

-50

5302819

600707

Osprey

GE-22-02

82

130

-85

5302820

600706

Osprey

GE-22-01

103

130

-50

5302820

600707

Osprey

HS-22-04

154

130

-50

5299047

597534

Hillside

HS-22-03

109

130

-50

5298816

597541

Hillside

HS-22-02

82

130

-50

5298891

597616

Hillside

HS-22-01

157

130

-50

5298972

597509

Hillside

GB-22-121

61

273

-45

5298103

596890

Kendell

GB-22-120

139

270

-50

5298132

596856

Kendell

GB-22-119

166

130

-75

5298055

596827

Kendell

GB-22-118

250

130

-50

5298055

596827

Kendell

GB-22-117

100

130

-85

5298206

596712

Kendell

GB-22-116

100

128

-70

5298206

596712

Kendell

GB-22-114

100

130

-70

5298179

596711

Kendell

GB-22-115

100

90

-70

5298179

596711

Kendell

GB-22-113

256

130

-50

5298179

596711

Kendell

GB-22-112

121

90

-59

5298196

596735

Kendell

GB-22-111

100

130

-87

5298194

596738

Kendell

GB-22-110

100

130

-70

5298193

596738

Kendell

GB-22-109

82

130

-62

5298204

596779

Kendell

GB-22-108

100

130

-80

5298206

596777

Kendell

GB-22-107

100

90

-50

5298168

596761

Kendell

GB-22-106

100

130

-65

5298172

596760

Kendell

GB-22-105

130

130

-85

5298234

596720

Kendell

GB-22-104

121

130

-71

5298234

596720

Kendell

GB-22-103

112

130

-85

5298210

596744

Kendell

GB-22-102

100

130

-70

5298210

596744

Kendell

97W-22-13

40

130

-75

5301406

599152

97 West

97W-22-12

52

130

-50

5301406

599152

97 West

97W-22-11

94

90

-50

5301400

599173

97 West

97W-22-10

97

130

-75

5301400

599173

97 West

97W-22-09

82

130

-50

5301400

599173

97 West

97W-22-08

241

150

-51

5301400

598899

97 West

97W-22-07

121

90

-50

5301432

599211

97 West

97W-22-06

142

130

-49

5301430

599209

97 West

97W-22-05A

43

130

-50

5301253

599238

97 West

97W-22-05

151

130

-50

5301252

599237

97 West

97W-22-04

271

130

-50

5301163

599148

97 West

97W-22-03

61

130

-70

5301227

598949

97 West

97W-22-02

271

130

-50

5301244

599056

97 West

97W-22-01

121

130

-70

5301285

599004

97 West

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