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Canstar Resources has received $410,000 through the early exercise of 8,200,000 warrants at $0.05 per share from its January 2024 financing. The company plans to use these proceeds for general working capital. Currently, 18,465,500 warrants remain outstanding, set to expire on January 23, 2026. Additionally, the Board has approved granting 400,000 stock options to employees at $0.04 per share, exercisable until August 13, 2029. Some employees have voluntarily canceled 450,000 previous options that were exercisable at $0.28.
CANSTAR RESOURCES INC. (TSXV: ROX) (OTC Pink: CSRNF) has announced preliminary results from a high-resolution airborne geophysical survey over its Little River Trend (LRT) mineral licenses within the Golden Baie Project in Newfoundland. The survey, conducted using ALS GoldSpot Discoveries 's Multi-Parameter Airborne Acquisition System (M-PASS), has tripled the data density compared to previously available information.
The new magnetic gradient and VLF-EM data, combined with existing LiDAR and geochemistry data, will aid in mapping and targeting geological structures that could host gold and antimony mineralization. The survey has already identified underexplored areas with similar geophysical expressions to the high-grade Kendell Prospect, as well as potential large fold and fault structures.
The company plans to use this data to guide future surface exploration and drill hole targeting. Canstar's CEO, Juan Carlos Giron Jr., emphasized the company's commitment to a data-informed approach to mineral exploration, aiming to deepen geological understanding and inform new discoveries at Golden Baie and Facheux Bay projects.
Canstar Resources has reported high-grade antimony findings at its Golden Baie project, located 89 km southwest of the Beaver Brook Antimony Mine. Highlights include bedrock and channel samples assaying between 20.4% and 74.4% antimony (Sb) with up to 24.1 g/t gold at the Le Pouvoir prospect. China's impending antimony export restrictions, effective September 15, 2024, have heightened the significance of these discoveries. The restrictions are expected to cause supply disruptions and price increases, with antimony prices already having doubled this year. Canstar has also staked an additional 1,100 hectares of prospective claims and continues to explore other high-grade antimony occurrences at the Swanger's Cove prospect.
Canstar Resources Inc. (TSXV: ROX) (OTC Pink: CSRNF) has been appointed as a member of the University of Nevada, Reno's Tech Hub Program for critical and EV materials. This membership is a significant milestone in Canstar's critical minerals strategy, complementing its gold exploration work. The Tech Hub Program, part of the CHIPS and Science Act, has received an initial US$21 million grant from the U.S. Economic Development Administration.
Canstar's strategy aligns with the Minerals Security Partnership and the U.S.-Canada Joint Action Plan on Critical Minerals. The company's Buchans-Mary March Projects in Newfoundland are associated with copper, lead, and zinc, while its Golden Baie Project offers exposure to gold and antimony. This positions Canstar to capitalize on the anticipated bull market for precious and critical metals in a Tier 1 mining jurisdiction.
Canstar Resources Inc. (TSXV: ROX) (OTC Pink: CSRNF) has announced the grant of 3,344,000 stock options to its officers, directors, consultants, and employees. These options have an exercise price of $0.035 per share and will expire on July 14, 2029. The options are subject to certain vesting provisions as determined by the company's board of directors and in accordance with TSX Venture Exchange policies.
Additionally, a former officer of the company has agreed to voluntarily cancel 1,150,000 options with an exercise price of $0.28 per share.
Canstar Resources has resumed extensive exploration activities at its Golden Baie and Buchans-Mary March projects in Newfoundland, following a management change and a strategic review. The company has staked additional mineral claims and identified numerous high-priority exploration targets. Notably, some rock samples from the Golden Baie project demonstrated significant gold concentrations, including 11.8 g/t. A new geological model has been developed for both projects, indicating substantial potential. Historical data from the Buchans project show previous mining yields of high-grade polymetallic deposits, suggesting further exploration opportunities. The company plans to communicate its advanced exploration strategies soon.
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