First Star Resources Inc. sampling of previous un-split drill core reveals high-grade gold and silver. 6.9m grading 11.7 g/t gold and 13.8 g/t silver in drill hole LM-10-39

VANCOUVER, June 06/PRNewswire/ – First Star Resources Inc. (TSXV: FS) (“First Star”) is pleased to provide an update of its 2011 winter core cutting program on its flagship property, LMS, in Alaska. The LMS property is under Joint Venture with Corvus Gold Inc. (A spin off from International Tower Hill). (TSX:KOR.toNews). An update on the company’s winter drilling program at LMS will follow soon.

In February and March the company sampled drill core from above and below the graphitic quartzite breccia that was not sampled by the previous operators during the 2005 and 2006 drilling, as well as 2010 drill core from the “feeder zone” in the lower gneiss unit previously not sampled by First Star. While several core samples collected from above and below the gold-bearing graphitic quartzite breccia zone returned gold values in the 0.2 to 0.8 g/t gold range, the surprising news is that the company discovered more high grade gold mineralization in the lower gneiss zone. The company is planning on cutting more “feeder zone material” from drill core not sampled by previous operators during the 2005 and 2006 drilling in the coming weeks.

Two samples collected from previously un-sampled core from the feeder zone area in the lower gneiss unit of drill hole LM-10-39 revealed grades of 21.9 and 7.45 g/t gold.

LM-10-39

From (ft) To (ft) Interval  (ft) Interval (m) Gold (g/t) Silver (g/t)
881.5 885.0 3.5 1.1 21.9 13.05
885.0 890.0 5.0 1.5 7.45 0.84

With the recent samples collected First Star is pleased to announce that is has extended the feeder zone drill intercept in drill hole LM-10-39 to 6.9 metres:

 

 

LM-10-39

From (ft) To (ft) Interval  (ft) Interval (m) Gold (g/t) Silver (g/t)
879.0 901.5 22.5 6.9 11.7 13.8

A 0.2 g/t cut off for gold used for composite calculations

Due to technical difficulties drill hole LM-10-39 was not completed in 2010, but will be re-entered and finished in May 2011.

First Star is very pleased with its recent achievements on the LMS gold property: 1) the company successfully determined that the thickness of the gold bearing graphitic quartzite breccia is greater than previously thought and encountered significant gold and silver grades within the graphitic quartzite breccia, as well as, directly above and below the graphitic quartzite breccia in schist; and 2) successfully delineated the high-grade gold vein feeder systems in the lower gneiss zone.

All exploration work on the LMS property is conducted by First Star’s exploration contractor Pacific Rim Geological Consulting Inc. of Fairbanks, Alaska, under the supervision of Dr. Karsten Eden, Vice President Exploration of First Star Resources Inc. All sample shipments are sent to ALS Chemex in Fairbanks, Alaska, for preparation and then on to ALS Chemex in Reno, Nevada, or Vancouver, B.C., for assay. ALS Chemex’s quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. First Star has its own quality control / quality assurance programs in place.

The LMS claim block is located in the Goodpaster Mining District of Alaska and consists of 92 State of Alaska mining claims covering 61 square kilometers. In September 2010, First Star drilled three NC core holes totalling 3,618 feet (1,103 metres) within the Camp Zone area of LMS. The goals of this drilling program were to: 1) expand the stratiform gold-bearing graphitic quartzite breccia horizon; and 2) confirm the extent of high-grade gold vein feeder zones in the lower gneiss zone. All three holes were designed to test both targets. The results of this drilling program were announced were announced on November 10, 2010 (November-10.pdf).

The technical information in this news release was reviewed by Dr. Karsten Eden, First Star’s Vice President Exploration, and a Qualified Person as defined in NI 43-101.

About First Star Resources Inc.

First Star Resources is a junior exploration company focused on gold exploration in the world famous Tintina Gold Belt in Alaska. The Tintina Gold Belt hosts major gold deposits and several mines, such as; Fort Knox Mine – 3.7 million oz. gold, the Donlin Creek deposit – 33.5 million oz. gold, the Livengood deposit- 8.1 million oz gold, White Gold deposit- 1.4 million oz gold (Recently taken over by Kinross Gold Corp), and the Pogo Mine 5.6 – million oz gold, which is adjacent to one of First Stars Resources’ key targets for this year, the LMS and WP property. The LMS and West Pogo properties have well defined Gold Targets which First Star Resources will be addressing in 2011.

 

Visit the Company’s website, www.firststarresources.ca

 

ON BEHALF OF THE BOARD

John Campbell, President & CEO

For More information contact:
Investor Relations

604-608-0300
ir@FirstStarResources.ca

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DISCLAIMER

Forward-looking statements relating to future events or future performance and reflecting First Star Resources or beliefs regarding future events include, but are not limited to, statements with respect to completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” ,or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. By nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of First Star Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Petro Horizon’s interim and annual financial statements and management’s discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although Petro Horizon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
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