Goldstar enters into Option Agreement for the Anctil and Nemenjiche Gold Properties in Québec, Canada
December 10 2019 - 9:00AM
Goldstar Minerals Inc. (“
Goldstar” or the
“
Corporation”) (TSX-V: GDM) is pleased to announce
that it has entered into a Mineral Option and Purchase Agreement
(the “
Option Agreement”), effective December 10,
2019, with Les Ressources Tectonic Inc. (the
“
Owner”) with respect to the Anctil Property,
consisting of 31 claims and covering an area of approximately 17.3
km2, and the Nemenjiche Property, consisting of 42 claims and
covering an area of approximately 23.5 km2 (the
“
Properties”). Goldstar has also expanded both
Properties by staking an additional 25 and 30 claims on Anctil and
Nemenjiche respectively. The Anctil Property now consists of 56
claims covering 31.2 km2 and the Nemenjiche Property consists of 72
claims covering 40.2 km2.
The Anctil Property is located 45 kilometres
southwest of the town of Chapais. The Nemenjiche Property is
located 60 kilometres south of the town of Chibougamau. Access to
the Properties is through a network of lumber roads and close to
infrastructure.
The agreement provides for the acquisition of an
undivided interest of 100% in and to the Properties by paying the
Owner in the aggregate an amount of $570,000 in cash payments and
by incurring in the aggregate an amount of $2,200,000 in
exploration expenditures over a three year period, including
$50,000 at closing on February 15, 2020. Upon exercise of the
Option, Goldstar shall grant to the Owner a net smelter return
royalty (“NSR”) of 2% from production derived from the Properties
of which royalty 100% can be purchased back by Goldstar for
cancelation at any time by paying to the Owner the amount of
$5,000,000. Until the Option Agreement is exercised or terminated,
Goldstar shall solely fund any exploration expenditures on the
Properties.
Closing is subject to Board and regulatory
approval. In the event that Goldstar decides to terminate this
Option Agreement on or before February 15, 2020, Goldstar shall pay
to the Owner a cash payment of $25,000. Goldstar may terminate its
obligations under this Option Agreement at any time, at its entire
discretion, by delivering to the Owner a notice of termination.
Goldstar is focused on developing deposits that
contain gold and technology metals, such as tungsten and tin, in
leading mining jurisdictions in Canada.
Description of the Anctil
Property
The Property is immediately adjacent to Soquem’s
Guercheville property that comprises the Fenton Lake deposit where
Soquem disclosed a historical resource of 426,000 tonnes at 4.66
g/t Au (Cartier Resources Inc. – Press Release dated June 5, 2018).
Mineralization hosted on adjacent properties is not necessarily
indicative of mineralization that may be hosted on the
Corporation’s property.
The Anctil Property is transected by the
Druillettes syncline and within the Guercheville deformation
corridor. The inferred 3 kilometre wide Lac Fenton north-northwest
structural corridor is also crosscutting the Property.
Limited historical drilling in 1987 and 1993 was
reported in government assessment files, consisting of 21 short
holes totaling 2,850 metres, has intersected many gold values
within 500 metres of a buried syenite. Of note, an interval of 36.1
g/t Au over 0.9 metre was drilled near the syenite-volcanics
contact as well as an interval of 0.29 g/t Au over 13.8 metres in
the syenite. In addition, 5 intersections greater than 1.0 g/t Au
over 0.3 metre were also drilled near the syenite. Goldstar has not
verified the data and the Qualified Person has not done sufficient
work to verify the data reported in the government assessment
files.
Description of the Nemenjiche
Property
The Property is roughly 15 km east of the
Iamgold/Vanstar Nelligan gold deposit where a 43-101 inferred
resource of 96.7 M tonnes at 1.02 g/t Au was recently published in
October 2019. The Nemenjiche Property lies within a higher grade
metamorphic environment and is transected by the inferred
Druillettes syncline. The mineralization that may be present at the
Nemenjiche Property is not necessarily representative of the
mineralization hosted on the Property.
A multi-gram sample (5.82 g/t Au) found in the
area confirms the potential for gold. This is a grab sample that is
not necessarily representative of the mineralization hosted on the
Property. No drilling was recorded on the Property.
Next Steps
Goldstar will review and compile all available
data pertaining to the Properties. The Corporation intends to
design an exploration program to quickly advance both projects to
the drilling stage.
Benoit Moreau, President and CEO of Goldstar
comments: ‟These new acquisitions are within the active Caopatina
Greenstone Belt where Iamgold/Vanstar recently confirmed the
largest gold discovery in the Chibougamau camp. We are looking
forward to unlocking the gold potential of the Properties in this
very exciting geological setting.”
Updated Corporate
Presentation
The Corporation has updated its corporate
presentation, highlighting the potential of its new acquisitions.
The presentation is available through the following link:
https://www.goldstarminerals.com/documents/en/2019/corporate_presentation.pdf
Disclosure
The technical information contained in this news
release has been reviewed and approved by Benoit Moreau, P.Eng.,
CEO and director of the Corporation. Mr. Moreau is a qualified
person as defined by National Instrument 43-101, Standards of
Disclosure for Mineral Projects.
For further information, please contact:
Benoit MoreauPresident and Chief Executive
OfficerTelephone: 514-591-8058bmoreau@goldstarminerals.com
François PerronVice-President of Corporate
DevelopmentTelephone: 416-312-4811fperron@golstarminerals.com
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 may contain
forward-looking statements. These statements are based on current
expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of
factors discussed in the management discussion and analysis section
of our interim and most recent annual financial statement or other
reports and filings with the TSX Venture Exchange and applicable
Canadian securities regulations. We do not assume any obligation to
update any forward-looking statements, except as required by
applicable laws.
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