TORONTO, Feb. 22, 2010 /CNW/ – Polar Star Mining Corporation (TSXV: PSR | Quote | Chart | News | PowerRating) (“Polar Star” or the “Company”) today announces the results of its second phase of reverse circulation (“RC”) drilling at its Montezuma Project completed on January 27, 2010. All but three of the holes drilled intersected significant widths of copper, gold and zinc mineralization with related porphyry style alteration. These holes tested a variety of combined geophysical, geochemical and geological targets along the main IP zone and several new flanking anomalies.
Polar Star’s Montezuma Project is located in the Sierra Limon Verde District, Region II, Chile, and encompasses 501 square kilometres. A total of 15 holes were drilled during Phase II for a total of 3,754 metres. Quantec Geoscience, of Santiago Chile, also completed during late 2009 a total of 350 line kilometres of detailed ground magnetic surveys over the main West Fault-Esperanza trend and an additional 76 line kilometres of IP surveys to expand upon and infill their previous IP surveys.
“These are very encouraging results, and we have begun analyzing them to help us plan and execute the next phase of exploration which we expect to include diamond drills starting in the second quarter of 2010,” stated Doug Willock, President and CEO. “The sheer scale of the mineralized systems requires us to focus initially on the most prospective targets, which include 3 porphyries, to ensure exploration efficiencies and continued advancement.”
Highlights
– Of the 7,256 metres of reconnaissance RC drilling from the two drill campaigns completed in 29 holes, 17 of these cut significant lengths of copper, gold and zinc mineralization in propylitic to weakly phyllic altered porphyritic intrusive bodies suggesting they cut the outer margins and/or upper levels of porphyry copper-gold and copper- molybdenum systems similar to those hosting Antofagasta PLC’s Esperanza deposit and Codelco’s Chuquicamata deposit located to the south and north of the Montezuma Project, respectively:
– Five holes (i.e. 3, 5, 16, 20 and 24) cut copper and gold bearing oxides ranging from 6 metres averaging 0.32% copper and 1.01 g/t gold in hole 3 to 44 metres averaging 0.18% copper and 0.174 g/t gold in hole 16.
– Fifteen holes (i.e. 4, 5, 7, 8, 17 to 21, 24 to 28 and 30) cut copper and zinc sulphides plus gold ranging from 24 metres averaging 0.24% copper, 0.145 g/t gold and 0.11% zinc in hole 27 to 280 metres averaging 0.02% copper, 0.083 g/t gold and 0.72% zinc in hole 20.
– Old workings, leached and oxide copper bearing outcrops together with geological and geophysical surveys have defined a highly prospective belt 5 – 8 kilometres wide by 30 kilometres long, centred on the intersection of West Fault and Esperanza Fault systems.
– The property covers 25 kilometres of the West Fault, host to Codelco’s El Norte Division Radomiro Tomic – Chuquicamata – Mansa Mina group of copper-molybdenum porphyry deposits and 20 km of the cross-cutting Esperanza Fault system, host to Antofagasta PLC’s El Tesoro – Esperanza – Polo Sur group of copper-gold porphyry deposits.
– The new 76 kilometres of infill IP survey shows in detail that the 23.5 kilometre main anomaly contains five 3-4 kilometre long sub- zones. In addition reconnaissance lines across the West Fault, 3 kilometres north of the main anomaly, identified a new anomaly at least 600-800 metres wide, 6 kilometres long and open to the north, south and west.
– Of the 17 widely spaced mineralized holes drilled to date, 16 partially test three of the main IP anomaly sub-zones and the other is the first hole in the new northern anomaly. Significant oxide copper mineralization has been discovered at three points along the west side of this anomaly.
Phase II Reconnaissance Drill Program
Between December 6, 2009 and January 27, 2010, Polar Star completed 3,754 metres of RC drilling in 15 widely spaced holes. The program was designed to follow up on the areas of sulphide mineralization intersected in four holes from the March 2009 Phase I RC program and to test a variety of additional combined chargeability, geological, and geochemical targets suggested by subsequent geochemical, trenching and IP/Resistivity programs mentioned below.
Of these new holes, 12 holes (i.e. 16 to 21, 24 to 28 and 30) cut significant lengths of copper, gold and zinc mineralization in propylitic to weakly phyllic altered porphyritic intrusive bodies simliar to those hosting the Chuquicamata deposits. The significant intercepts are presented in the table attached along with the significant holes from the first phase of drilling. The mineralization style, contained metals and their value ranges plus their alteration setting, principle propylitic to phyllic, in these new holes suggests they cut the outer margins and or upper levels of several porphyry copper-gold systems. In particular; holes 16 and 27 which further tested the main IP anomaly in sub-zone B cut alteration and copper-gold values in the outer edges of a porphyry system on the Esperanza trend, holes 19, 20 and 24, which tested IP sub-zone A cut zinc, +/- gold and copper values in dominantly propylitic alteration with grades typical of the zinc rich envelope around and above Codelco’s Mansa Mina deposit and hole 30, the first test of the new northern West Fault IP zone cut three 22 – 80 metre zones of copper +/- gold, molydenum and rhenium enrichment in phyllically altered intrusives similar to those at Chuquicamata.
The Montezuma Project
The Montezuma Project is located in the Sierra Limon Verde oxide copper mining district and is readily accessible by paved and good gravel road from the city of Calama, 20 kilometres to the north. The Project consists of a contiguous group of 100% owned exploration concessions totaling 50,100 hectares. The Property lies within the central sub-zone of the main Chilean porphyry belt and covers approximately 25 kilometres of strike of the West Fault, well known for the exceptional size of its associated porphyry copper deposits such as Chuquicamata and Radomiro Tomic, and 20 kilometres of associated sub-parallel and NNE-SSW cross-cutting faults which apear to be part of the El Tesoro-Polo Sur copper-gold porphyry trend which includes Antofagasta PLC’s Esperanza deposit 20 kilometres to the south west. The hills of Sierra Limon Verde generally expose the same group of metamorphosed Palaeozoic intrusive, volcanic and sedimentary rocks that host the Chuquicamata porphyry copper deposits.
Polar Star’s geological mapping, enhanced satellite imagery studies and geochemical surveys to date have identified several large areas of leached, hematite stained and sulphate rich caps containing locally significant amounts of copper wad, brochanthite, chrysocola and chalcocite developed along and lateral to the West Fault where it strikes through the northern half of the Montezuma property and within the northeast trending Esperanza fault system in the south west quadrant of the property. The most significant of these is the showings 200 metres north of Polar’s reconnaissance hole 7 and consists of a 10,000 metre square of copper oxides including chrysocola, atacamite, cuprite and chalcocite within 20 centimetres of surface. This showing lies on the south edge of a 1.5 square kilometre area of alteration and staining visible on the enhanced satellite image. Grab sample assays from a 20 x 70 metre zone within it grade from a low of 0.22% to a high of 31.3% Cu, from a low of 0.08 g/t to a high of 11.75 g/t Au, and from a low of 0.5 g/t to a high of 618 g/t Ag. Soil sample and trench sample assays from below the sulphate cap show a moderate to strong multi-element anomaly for Cu, Au, Mo, As +/- Zn, Pb and Ag extending over at least 12 kilometres of strike along the West Fault and Esperanza trends. Peak values within this anomaly range up to 2980 ppm Cu, 1.72 g/t Au, 80 ppm Mo, 2510 ppm As, 6590 ppm Zn, 4100 ppm Pb and 26 g/t Ag.
Between August 2008 and January 2010, Quantec Geoscience of Santiago Chile completed 242 line kilometres of IP/Resistivity surveying covering a belt some 6-9 kilometres wide along the West Fault and Esperanza structural trends. These surveys have detected several anomalies. The main anomaly, which is entirely covered either by a sulphate cap or pediment gravels is 0.8 – 2.3 kilometres wide, is 23.5 kilometres long and extends to depths of at least 300-500 metres. The central anomaly straddles the West Fault but to the north and south it appears to be controlled by NNE trending splay and cross faults. This cross fault trend is very prominent to the southwest and could be a NNE extension of El Tesoro – Polo Sur copper-gold porphyry trend which includes the Antofagasta PLC Esperanza deposit. In detail the main anomaly contains five 3-4 kilometre long sub-zones of higher chargeability and moderate resistivity. One of these straddles the West Fault (A Zone). The other four occur within the Esperanza trend, two to the SW (B and E Zones), one to the north east (C Zone) of the West Fault and one flanks the A Zone 500 metres to the east (D Zone). In addition reconnaissance lines across the West Fault, 3 kilometres north of the main anomaly, indicate that a strong chargeability – resistivity anomaly underlies and flanks the valley marking the West Fault trace (F Zone). The anomaly is at least 600-800 metres wide, 6 kilometres long and open to the north, south and west. Significant oxide copper mineralization has been discovered at three points along the west side of the valley.
During March 2009, a widely spaced 15 hole, 3,502 metre reverse circulation drill program was completed along the main trend defined by Quantec’s Fall 2008 reconnaissance survey. Eleven of the holes tested a variety of combined chargeability-geology-geochemical targets within the main IP/Resistivity anomaly. The other three were drilled into satellite anomalies on its east flank. Of the holes drilled in the main anomaly five holes, i.e. 3, 4, 5, 7 and 8, cut significant lengths of copper mineralization ranging from 6m averaging 0.32% Cu in Hole 3 to 122m averaging 0.04% Cu in Hole 8. The mineralization style and alteration in these holes is characteristic of the outer margins of porphyry copper systems.
During August 2009 re-interpretation of the project satellite imagery and local geology suggested that the main north-south West Fault trend, host to the RadomiroTomic-Chuquicamata-Mansa Mina trend of copper-molydenum porphyry deposits was intersected and possibly crossed by the north-northeast Telegrafo-Esperanza-El Tesoro trend of copper-gold porphyries. In consequence the sulphide bearing intercepts from drill holes 3, 4, 5, 7 and 8 were re-analysed for gold, silver and a variety of other associated elements. All five holes contain interesting gold values in the range of 0.2 – 1.8 g/t and silver values in the range of 2 – 49 g/t. The significant widths and average grades for these holes are included in the attached table.
Qualified Person
The drill program was carried out under the direction of Terence Walker, M.Sc., P.Geo., a qualified person within the meaning of National Instrument 43-101. Mr. Walker has reviewed the contents of this news release. All the analysis was done at ALS Chemex Laboratory in 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 gold or silver values greater than 10g/t were re-analyzed by fire assay and gravimetric finish. Copper and 48 other elements including silver were routinely analyzed by the ICP technique following a hot four acid digestion. Samples with copper, zinc and lead values greater than 1% were re-analyzed using a hydrofluoric-nitric-hypochloric acid digestion, hydrochloric acid leach and AAS finish.
Forward-Looking Statements
This press release may contain forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, 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.
About Polar Star Mining Corporation
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 274,000 hectares prospective for gold, copper-gold, uranium, phosphate and lithium.
Share Capitalization:
Shares outstanding: 70,338,526 as at February 11, 2010
Montezuma Phase I and II Reconnaissance RC Drilling Summary
————————————————————————-
Hole No. From To Width Cu Au Ag Zn Comments
————————————————————————-
(m) (m) (m) % g/t g/t %
————————————————————————-
MORC-03-09 22.0 28.0 6.0 0.32 1.030 44.5 nsv Oxide Zone
————————————————————————-
MORC-04-09 50.0 148.0 98.0 0.046 0.170 2.0 nsv Top of Sulphide
Zone – Copper
Halo
————————————————————————-
including 94.0 144.0 50.0 0.06 0.210 2.4 nsv
————————————————————————-
MORC-05-09 56.0 78.0 22.0 0.13 0.250 13.4 nsv Oxide Zone
————————————————————————-
152.0 168.0 16.0 0.07 0.140 1.9 nsv Top of Sulphide
Zone – Copper
Halo
————————————————————————-
198.0 250.0 52.0 nsv 0.136 3.4 0.42 Zinc sulphide
halo
————————————————————————-
MORC-07-09 122.0 172.0 50.0 0.035 0.031 1.7 nsv Top of Sulphide
Zone – Copper
Halo
————————————————————————-
MORC-08-09 180.0 302.0 122.0 0.037 0.130 4.9 nsv Copper Sulphide
Halo
————————————————————————-
MORC-16-09 22.0 66.0 44.0 0.18 0.174 0.9 0.11 Leached and
oxidized Zone
————————————————————————-
including 28.0 38.0 10.0 0.39 0.552 2.3 0.05
————————————————————————-
92.0 158.0 66.0 0.04 0.115 0.7 nsv Top of Sulphide
Zone – Copper
Halo
————————————————————————-
Wet Hole Abandoned prior to reaching IP target zone
————————————————————————-
MORC-17-09 244.0 264.0 20.0 0.05 0.047 1.8 0.26 Top of Sulphide
Zone – Zinc
Halo
————————————————————————-
Wet Hole Abandoned prior to reaching IP target zone
————————————————————————-
MORC-18-09 152.0 212.0 60.0 nsv 0.055 3.3 0.38 Top of Sulphide
Zone – Zinc
Halo
————————————————————————-
including 152.0 158.0 6.0 0.05 0.241 10.6 1.53
————————————————————————-
Wet Hole Abandoned prior to reaching IP target zone
————————————————————————-
MORC-19-09 72.0 110.0 38.0 0.03 0.081 6 0.22 Leached and
oxidized Zone
————————————————————————-
including 72.0 76.0 4.0 0.18 0.252 40.8 0.21
————————————————————————-
120.0 148.0 28.0 0.09 0.116 6.4 0.29 Top of Sulphide
Zone – Zinc
Halo
————————————————————————-
including 130.0 138.0 8.0 0.14 0.176 8.6 0.43
————————————————————————-
————————————————————————-
Zone
————————————————————————-
including 232.0 254.0 22.0 0.12 0.195 2.2 0.05
————————————————————————-
MORC-20-09 0.0 280.0 280.0 0.02 0.083 3.6 0.72 Zinc Halo
(oxide + sulphide)
————————————————————————-
including 58.0 66.0 8.0 0.12 0.285 3.6 0.49 Local copper
oxide zone
————————————————————————-
190.0 250.0 60.0 0.02 0.156 7.1 1.35 Zinc enriched
zone
————————————————————————-
MORC-21-09 0.0 210.0 210.0 nsv 0.051 2.0 0.22 Zinc Halo
(oxide + sulphide)
————————————————————————-
including 128.0 204.0 76.0 nsv 0.023 1.8 0.39 Sulphide Zone
————————————————————————-
MORC-24-09 14.0 162.0 100.0 nsv 0.123 1.7 0.28 Zinc Halo
(oxide + sulphide)
————————————————————————-
including 14.0 36.0 22.0 nsv 0.046 1.5 0.40 Oxide Zone
————————————————————————-
36.0 78.0 42.0 nsv 0.025 2.8 0.42 Oxide Zone
————————————————————————-
150.0 162.0 12.0 nsv 0.954 5.3 0.37 Gold enriched
zone
(sulphides)
————————————————————————-
Wet Hole Abandoned prior to reaching IP target zone
————————————————————————-
MORC-25-09 30.0 112.0 82.0 0.03 0.038 nsv 0.14 Zinc Halo
(oxide + sulphide)
————————————————————————-
including 30.0 42.0 12.0 0.05 0.096 2.3 0.20 Oxide Zone
————————————————————————-
MORC-26-09 140.0 170.0 30.0 nsv 0.039 nsv 0.18 Top of Sulphide
Zone – Zinc
Halo
————————————————————————-
252.0 302.0 50.0 0.03 0.067 1.4 0.29
————————————————————————-
MORC-27-09 146.0 170.0 24.0 0.26 0.145 5.8 0.11 Copper Sulphide
Zone
————————————————————————-
188.0 238.0 50.0 nsv 0.024 3.2 0.35 Zinc sulphide
halo
————————————————————————-
MORC-28-09 0.0 28.0 28.0 0.05 0.044 12.1 0.27 Oxides in
paleo-channel
————————————————————————-
72.0 84.0 12.0 0.03 0.134 12.2 0.27 Enrichment at
Oxide/Sulphide
contact
————————————————————————-
142.0 162.0 20.0 0.03 0.043 3.9 0.42 Zinc sulphide
halo
————————————————————————-
Wet Hole Abandoned prior to reaching IP target zone
————————————————————————-
MORC-30-09 48.0 70.0 22.0 0.07 0.053 nsv nsv Copper oxide
zone
————————————————————————-
70.0 150.0 80.0 0.05 0.038 nsv nsv Copper Sulphide
Zone
————————————————————————-
170.0 192.0 22.0 0.03 0.032 nsv nsv Copper Sulphide
Zone
————————————————————————-
NB: nsv = no significant values
The Toronto Stock Exchange Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and the information contained herein.
%SEDAR: 00025710E
SOURCE: Polar Star Mining Corporation
David Speck, Vice President, Polar Star Mining Corporation, (416) 368-3496,
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