Prospecting Work Commences on The Amanda Project

Rhea-AI Summary

Vanstar Mining Resources Inc. announces start of prospecting program on Amanda project

Positive

• Prospecting program on Amanda project begins through joint-venture with Mosaic Minerals
• Technical team will assess historical data and resample core to verify presence of lithium
• Objective is to trace and sample new pegmatites for further discoveries
• Access path will be marked for future drilling
• Interesting gold potential in Amanda project may be subject of exploration work in 2024

Negative

• None.

Montreal, Quebec--(Newsfile Corp. - October 17, 2023) - Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) ("Vanstar", or the "Company") is pleased to announce the start of a prospecting program on the Amanda project, through a joint-venture with Mosaic Minerals (see August 17 press release). The Mosaic technical team will revisit and sample the different pegmatites identified in previous years by the Ministry of Natural Resources and Forests (MRNF) and Vanstar Mining Resources Inc.

Historical drilling carried out on the Amanda project from 1997 to 2010 also intersected several pegmatites but no analysis was done to verify the presence of lithium. The technical team will assess the historical data and resample and assay any available core.

Mosaic Minerals objective with this program is to trace and sample new pegmatites through sampling the previously identified pegmatites. The presence of beryl, spodumene, and rubidium was noted in three different sectors of the property that are prospective for further discoveries.

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An access path will also be marked in anticipation of future drilling on this project. The campaign will benefit from helicopter support to improve the productivity of the team on the ground.

The Amanda project also contains very interesting gold potential and the various gold showings, including the lithium results, could be the subject of exploration work in 2024.

J.C. St-Amour, President and CEO, stated, "This prospecting program marks a significant step forward in our joint venture with Mosaic Minerals. We are committed to unlocking the full potential of the Amanda project and are eager to see the results of this comprehensive sampling effort."

Nelligan Update

The 10,000m drill program at the Nelligan joint venture project (VSR 25%, IMG 75%) has been completed by IAMGOLD, and the team is awaiting assay results.

About Vanstar

Vanstar Mining Resources Inc. is a gold exploration company with properties located in Northern Québec at different stages of development. The Company owns a 25% interest in the Nelligan project (2.0 million indicated ounces and 3.6 million inferred ounces Au, NI 43-101 February 2023) and 1% NSR. The Nelligan Project won the "Discovery of the Year" award at the 2019 Quebec Mineral Exploration Association Xplor Gala. Vanstar is also earning 75% into the Bousquet-Odyno project located along the Cadillac Break and owns 100% of the Felix property in the Chicobi Group (Abitibi mining camp, 65km East of Amex Perron property), the Amanda property, a 7,306 ha property located on the Auclair formation with historic gold showings up to 12.1 g/t Au over 3 meters, and the Frida and Eva properties located in the James Bay area.

SOURCE:

JC St-Amour.
President and CEO
+1 (647) 296-9871
jc@vanstarmining.com
www.vanstarmining.com

The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.

FORWARD LOOKING STATEMENTS:

This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDARPLUS.CA).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184265

FAQ

What is Vanstar Mining Resources Inc. announcing?

Vanstar Mining Resources Inc. is announcing the start of a prospecting program on the Amanda project through a joint-venture with Mosaic Minerals.

What will the technical team be doing?

The technical team will assess historical data and resample and assay available core to verify the presence of lithium.

What is the objective of the program?

The objective of the program is to trace and sample new pegmatites for further discoveries.

Will there be future drilling on the project?

Yes, an access path will be marked in anticipation of future drilling on the Amanda project.

Is there potential for gold in the Amanda project?

Yes, the Amanda project contains very interesting gold potential and may be the subject of exploration work in 2024.