Vanstar Reports Results from 2023 Drilling Program on the Nelligan Project

Rhea-AI Summary

Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) announces results from the 2023 diamond drill program on the Nelligan joint venture project. The Nelligan Gold project hosts Indicated Mineral Resources of 2.0 million ounces and Inferred Mineral Resources containing 3.6 million ounces of gold. The deposit remains open in all directions, showing significant growth potential. The exploration program has provided encouraging results, and drilling will resume early this winter.

Positive

• Indicated Mineral Resources of 2.0 million ounces
• Inferred Mineral Resources containing 3.6 million ounces of gold
• The deposit remains open in all directions
• The exploration program has provided encouraging results

Negative

• None.

Montreal, Quebec--(Newsfile Corp. - December 4, 2023) - Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) ("Vanstar", or the "Company") is pleased to announce results from the 2023 diamond drill program on the Nelligan joint venture project (IAMGOLD Corporation ("IAMGOLD"): 75%, Vanstar: 25%) completed by its partner IAMGOLD. Results announced today are from eleven holes completed in the resource area of the Nelligan deposit as well as two exploration holes completed to test targets in the southern portion of the Nelligan property (see Figures 1 and 2, and Table 1). Drilling results reported herein relate to 5,553 metres for a total of 9,934 metres drilled in 2023 (see news release dated July 5, 2023 for results from the first 3,381 metres).

Today's Highlights include:

• Hole NE-22-206
  • 2.08 g/t Au / 15.5 m from 292.0 m depth
  • 1.21 g/t Au / 35.3 from 323.7 m depth
  • 3.08 g/t Au / 8.0 m from 413.5 m depth

• Hole NE-22-208
  • 2.41 g/t Au / 13.5 m from 396.0 m depth
  • 1.46 g/t Au / 13.5 m from 460.5 m depth

• Hole NE-22-211
  • 2.15 g/t Au / 13.8 m from 148.50 m depth
  • 2.55 g/t Au / 34.4 m from 289.10 m depth
  • 1.92 g/t Au / 28.5 m from 396.00 m depth
  • 2.88 g/t Au / 13.5 m from 447.00 m depth
  • 1.31 g/t Au / 31.5 m from 472.50 m depth
  • 2.97 g/t Au / 13.5 m from 549.00 m depth

J.C. St-Amour, President and CEO, said, "The results of the summer drilling program continue to demonstrate the growth potential of the Nelligan deposit. The deposit remains open in all directions, especially at depth and in the eastern down plunge of the mineralized zones, where we have seen some holes return better than average grade and widths. The infill program results support the current block model and there is ample room for additional expansion and growth. The exploration holes completed south of the resource area have identified the presence of altered rocks outside the known resources which remain to be further explored for their gold potential. The IAMGOLD exploration team is currently defining other targets in the extensions of the Nelligan deposit and on undrilled areas of the project."

The Nelligan Gold project (on a 100% basis) hosts Indicated Mineral Resources of 2.0 million ounces grading 0.84 g/t Au and Inferred Mineral Resources containing 3.6 million ounces of gold grading 0.87 g/t Au (refer to Vanstar's news release dated February 23, 2023).

Nelligan Next Steps

The summer exploration program, including geological mapping and sampling and a MMI soil sampling survey, has provided encouraging results that are being compiled and will be integrated for exploration targeting for future exploration programs. Drilling will resume early this winter with a portion of the program on the resource area and the rest on identified priority exploration targets. IAMGOLD is currently defining the exploration plan for 2024 and we will provide an update in the coming weeks.

Figure 1: Results of the 2023 Drill Program - Nelligan Infill and Western Extension

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8185/189757_065f572f549a8b92_002full.jpg

Figure 2: Location Map - Exploration Drill Program

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8185/189757_065f572f549a8b92_003full.jpg

Table 1: Nelligan Project Drilling Results - 2023 Drilling program

Hole No.	UTM NAD83 Zone18			AZ	Dip	Depth	From	To	Interval	True Width (1)	Au (2) (3)	NOTE
	Easting	Northing	Elevation	(°)	(°)	(m)	(m)	(m)	(m)	(m)	(g/t)
Nelligan Resources Area - Infill and Western Extension
NE-23-206	522788.87	5473693.87	381.81	330	-49	600	36.30	48.50	12.20	10.20	1.55	ZONE 36
							98.50	108.00	9.50	8.02	2.37
							113.80	127.50	13.70	12.34	1.36
							292.00	307.50	15.50	13.40	2.08	RENARD ZONE
							323.70	359.00	35.30	30.69	1.21
							387.00	393.00	6.00	5.31	0.84
							413.50	421.50	8.00	7.13	3.08	RENARD FOOTWALL ZONE
							463.50	473.00	9.50	8.66	0.91
							475.50	480.00	4.50	4.13	1.83
							504.00	510.00	6.00	5.54	1.14
NE-23-207	521824.54	5473633.46	377.35	334	-52	552	373.50	388.50	15.00	13.47	1.35	RENARD FOOTWALL ZONE
NE-23-208	522870.91	5473706.20	377.82	328	-52	690	72.00	82.80	10.80	8.91	1.22	ZONE 36
							91.50	99.00	7.50	6.20	0.52
							117.00	135.80	18.80	15.64	0.71
							174.80	186.60	11.80	9.84	1.47
							304.50	308.15	3.65	3.10	1.85	RENARD ZONE
							319.05	335.00	15.95	13.61	1.14
							388.50	390.00	1.50	1.32	22.70	RENARD FOOTWALL ZONE
							396.00	409.50	13.50	11.91	2.41
							418.50	420.00	1.50	1.33	6.45
							460.50	474.00	13.50	12.20	1.46
							478.50	480.00	1.50	1.36	12.65
							496.50	501.00	4.50	4.13	1.48
							519.00	522.00	3.00	2.77	2.72
NE-23-209	521984.67	5473647.20	374.07	334	-52	567.6	387.20	399.00	11.80	10.58	0.86	RENARD FOOTWALL ZONE
							516.50	518.00	1.50	1.39	8.54
NE-23-210B	522053.01	5473710.39	373.10	334	-57	501	159.15	162.70	3.55	2.87	1.98	RENARD ZONE
							338.90	353.35	14.45	12.34	1.67	RENARD FOOTWALL ZONE
							429.00	442.50	13.50	11.76	0.73
NE-23-211	523093.48	5473648.19	374.66	330	-51	765	148.50	162.25	13.75	11.56	2.15	ZONE 36
							289.10	323.50	34.40	29.87	2.55
Including (3)							315.00	321.00	6.00	5.24	8.84
							337.80	354.00	16.20	14.22	1.06	RENARD ZONE
							393.00	393.90	0.90	0.80	32.20
							396.00	424.50	28.50	25.42	1.92
							447.00	460.50	13.50	12.13	2.88	RENARD FOOTWALL ZONE
							472.50	504.00	31.50	28.67	1.31
							549.00	562.50	13.50	12.56	2.97
							619.50	634.50	15.00	14.23	0.88
							639.00	645.00	6.00	5.71	1.35
							672.00	679.50	7.50	7.19	0.85
NE-23-212	522053.36	5473710.25	373.11	6	-60	540	279.00	289.50	10.50	8.42	2.29	RENARD FOOTWALL ZONE
							321.00	330.00	9.00	7.28	1.52
							340.50	352.50	12.00	9.76	1.22
							391.50	397.50	6.00	4.95	1.37
							426.00	447.00	21.00	17.61	0.58
NE-23-213	522478.71	5473712.25	371.86	330	-46	531	240.00	256.50	16.50	14.69	1.23	RENARD ZONE
							294.00	298.50	4.50	4.06	1.14	RENARD FOOTWALL ZONE
							313.50	328.50	15.00	13.62	1.40
							411.00	423.00	12.00	11.18	0.68
NE-23-214	522070.00	5473950.43	371.92	340	-45	309	No significant results
NE-23-215	521905.96	5473915.22	371.10	340	-45	219	57.00	67.50	10.50	9.55	1.44	RENARD FOOTWALL ZONE
							117.00	124.50	7.50	6.95	0.69
NE-23-216	522556.75	5473718.66	374.73	327	-53	576	251.70	272.40	20.70	17.23	0.86	RENARD ZONE
							281.20	293.15	11.95	9.96	1.70
							339.00	357.00	18.00	15.31	0.92	RENARD FOOTWALL ZONE
							363.00	370.50	7.50	6.40	1.06
							378.00	385.50	7.50	6.42	0.69
							393.00	417.00	24.00	20.64	0.84
							426.55	429.00	2.45	2.12	2.04
							457.10	462.00	4.90	4.27	1.08
Nelligan Exploration
NE-23-217	521125	5472055	380	320	-50	345	No significant results
NE-23-221	521988	5472043	401	340	-50	357	No significant results

 

Notes:

1. True widths are estimated at 80 to 96% of the core interval.
2. Drill hole intercepts are calculated with a lower cut of 0.50 g/t Au and may contain lower grade interval of up to 5 metres in length. They are generally reported with a minimum g*m (or Metal factor) of 5.
3. Assays intervals are reported uncapped and high-grade sub-intervals are highlighted.

Qualified Person

Mr. Gilles Laverdière, P.Geo, consultant geologist and qualified person under NI 43-101 has reviewed and approved this press release.

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 ounces grading 0.84 g/t and Inferred Mineral Resources containing 3.6 million ounces of gold grading 0.87 g/t 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. Owns 100% of the Felix property in the Chicobi Group (Abitibi mining camp, 65km East of Amex Perron property), the Amanda property, (7,306 ha) located on the Auclair formation with historical 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/189757

FAQ

What are the results from the 2023 diamond drill program on the Nelligan joint venture project by Vanstar Mining Resources Inc. (TSXV: VSR)?

The results show significant growth potential, with the deposit remaining open in all directions.

How many ounces of gold are contained in the Indicated Mineral Resources at the Nelligan Gold project by Vanstar Mining Resources Inc. (TSXV: VSR)?

The Nelligan Gold project hosts Indicated Mineral Resources of 2.0 million ounces.

What are the next steps for the Nelligan project by Vanstar Mining Resources Inc. (TSXV: VSR)?

The exploration program has provided encouraging results, and drilling will resume early this winter.

Who is the President and CEO of Vanstar Mining Resources Inc. (TSXV: VSR)?

J.C. St-Amour is the President and CEO.

Who is the qualified person under NI 43-101 for the press release by Vanstar Mining Resources Inc. (TSXV: VSR)?

Mr. Gilles Laverdière, P.Geo, consultant geologist, and qualified person under NI 43-101 has reviewed and approved this press release.