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Goldstar reports additional drill results at its Lac Anctil Property in Northern Québec, Canada

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES MONTRÉAL, April 28, 2022 (GLOBE NEWSWIRE) — Goldstar Minerals Inc. (“Goldstar”…

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NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

MONTRÉAL, April 28, 2022 (GLOBE NEWSWIRE) — Goldstar Minerals Inc. (“Goldstar” or the “Corporation”) (TSX-V: GDM) announces that it has received additional assay results for 4 diamond drill holes from its first phase drilling program at its Lac Anctil Property, located near the town of Chapais in Northern Québec, Canada. The program consisted of 13 holes totaling 2,703 metres aimed to test new gold occurrences identified at surface, to confirm the presence of the gold mineralization discovered by limited historical drilling (16 holes – 2,256 metres), to gather structural and geological information on the felsic intrusion outlined by historical drilling and to test a potential prominent structural feature, possibly oriented northeast-southwest.

Best results obtained in these 4 holes were 0.32 g/t Au over 0.9 m in hole AN-21-13.

Results from these 4 holes are detailed down below:

Hole number Azimuth Plunge From (metres) To (metres) Interval* (metres) Gold (Au) (g/t) Remarks
AN-21-03 40° -45°       No significant results  
AN-21-07 130° -45°       No significant results  
AN-21-08 310° -45°       No significant results  
AN-21-13 230° -45° 135.9 136.8 0.9 0.32 Spatially related to a tonalite intrusion

* Reported drill intersections are not true widths. Currently there is insufficient information with respect to the mineralization to evaluate true orientations. This mineralization is not necessarily representative of the mineralization hosted on the property.

Gold assays were performed at AGAT Laboratories located in Mississauga, Ontario using fire assay and an AAS finish on 50 g charge samples. Standards and blanks were inserted every 25 samples.

The Corporation will report the assays from the 3 remaining holes (holes AN-21-04, AN-21-11 and AN-21-12 / 630.0 metres) once they are received and compiled. Of note, among these remaining holes, two intersected the felsic intrusion.

Assay results confirm the felsic intrusion is gold-bearing

Of the four holes reported, only hole AN-21-13 intersected the felsic intrusion between 145.6 and 184.8 m. Near and within that interval, results showed that 10 gold assays yielded values over 50 ppb Au (0.05 g/t Au and up to 0.32 g/t Au.
Sulfides are usually less than 0.5% and locally up to 2% when hematite and quartz veinlets are present. Mineralization occurs at or near geological contacts between felsic dykes or the intrusion and the host mafic volcanics. Overall, assay results indicate that the gold bearing mineralization to the east and the south is fading and disappearing. Of note, again, the 3 remaining holes that are assay pending were drilled to the west and may indicate that the mineralization is stronger in that direction.

The size of the intrusion and related associated felsic dykes, its direction and shape are unknown at the moment.

Next steps

The Corporation awaits the remaining assays, and they will be reported as soon as possible once received and compiled.

Disclosure

The technical information contained in this news release has been reviewed and approved by Benoit Moreau, P.Eng., a consultant of the Corporation. Mr. Moreau is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Chief Financial Officer

The Corporation announces that its Chief Financial Officer, Ercan Ugur, has retired and has been replaced by Mr. Jonathan Federico as Interim Chief Financial Officer. The Corporation wishes to express its appreciation for the services provided by Mr. Ugur during his tenure as an officer of Goldstar and wishes him all the best on the occasion of his retirement.

For further information, please contact:

David Crevier
Chairman
Telephone: 514-284-3663
[email protected]

François Perron
President
Telephone: 416-312-4811
[email protected]

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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