Drill Results Continue to Expand Montezuma Porphyry Systems

/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, May 31, 2011 /CNW/ - Polar Star Mining Corporation (TSX: PSR) ("Polar Star" or the "Company") today announced assay results from the last eleven diamond drill holes from its Phase III diamond drill program. These holes were drilled in 2011 as part of the Company's ongoing exploration programs on its wholly owned Montezuma Project in Region II, Chile.

Eight of the 11 holes were drilled in Zones A and C. These holes were designed to investigate the Induced Polarization ("IP") chargeability anomaly that extends north from Zone A through Zone C and which, based on prior reverse circulation ("RC") drill holes 3 and 4, is believed to reflect the pyritic gold-enriched thrust in Zone A. Notable intercepts of copper, gold and zinc mineralization were encountered in seven of these holes, the results from which are presented in the table below. The remaining three holes were drilled in Zone D. All three holes cut strongly oxidized and leached intrusive rocks but do not contain any notable assay intercepts. Maps of the drill holes are available at: www.polarstarmining.com/NewsCentre/maps-and-charts/Montezuma/default.aspx.

To date, 39 diamond drill holes have been completed in Zones A, B, C, D, F and G (Zones that were identified as targets for follow-up drilling from prior IP geophysical surveys on the eastern part of the Montezuma property). Assay results have now been received for all 39 diamond drill holes, of which results for 28 drill holes were previously released.

Highlights

  • The results for the most recent eight diamond drill holes completed in Zones A and C confirm that the pyritic gold-enriched thrust zone continues north from Zone A and through Zone C for at least six kilometres. The top of MODD56-10, the most north-easterly hole in Zone B, appears to cut the lower contact of this same pyritic gold-enriched thrust zone and, as previously reported, potentially adds a further three kilometres of strike length to the south of Zone A for a total strike length of nine kilometres.
  • Of the newly released diamond drill hole assay results, intercepts include:
    • 18 metres grading 0.05%Cu, 0.25 g/t Au, 3.9 g/t Ag in MODD61-11
    • 28 metres grading 0.07 g/t Au, 1 g/t Ag and 0.7% Zn in MODD62-11
    • 9 metres grading 0.15 g/t Au, 25.1g/t Ag and 0.96% Zn in MODD63-11
    • 6 metres grading 0.25% Cu, 0.54 g/t Au, 4.1 g/t Ag and 0.13% Zn in MODD69-11
  • By comparison with the majority of the holes at Zone A, the mineralogy and metal content of six of the seven holes drilled in Zone C cut the lower zinc enriched base of the thrust zone.

"Now that all assay results have been received from drilling to date, we are carrying out a detailed analysis of all geological, analytical and geophysical data to plan the next phase of the Company's exploration activities at Montezuma," said Doug Willock, President and CEO.  "We plan to target additional drilling on the most prospective areas identified by exploration to date."

The Company has already identified two highly prospective targets within its Montezuma property.

  1. Approximately 2.5 square kilometres of mineralized porphyry delineated by widely spaced drilling in Zone B that has the potential to host a significant Cu-Au-Mo mineralized porphyry of a style similar to local world class copper porphyry deposits found 30 kilometres north and 20 kilometres south of Montezuma in the producing Chuquicamata and Esperanza Districts.
  2. A nine kilometre long pyritic gold-enriched thrust zone delineated in Zones A, B and C.

The Company also has additional target areas within its Montezuma property that are still the subject of ongoing reconnaissance exploration.

Significance of Geological Context

The porphyry copper-gold mineralization Polar Star is pursuing within Zones A, B and C at Montezuma is expected to display a comparable surface footprint to the economic ore bodies in the Chuquicamata District to the north of Montezuma and the Esperanza District to the south. The Chuquicamata District deposits surface footprints range from as narrow as 85 metres in the case of Codelco's Ministro Hales deposit to approximately 600 metres with Codelco's main Chuquicamata deposit. The Ministro Hales deposit has a resource of 1.3 billion tonnes at a grade of 0.95% Cu. In the Esperanza District, Antofagasta plc's new Esperanza Mine's ore body (1.3 billion tonnes grading 0.45% Cu) is reported to have a footprint of 0.28 square kilometres - about one-tenth of the surface area covered by the currently known extent of the porphyry system in Zone B.

The pyritic gold-enriched thrust zone now intersected over nine kilometres from Zone B and north into Zones A and C, offers a second target type of a bulk tonnage open pit gold deposit.

Montezuma Zones A and C Phase III Reconnaissance Diamond Drilling

Diamond
Drill No.
From
(m)
To
(m)
Width
(m)
Cu
%
Au
g/t
Ag
g/t
Zn
%
Comments
                 
ZONE A                
MODD61-11 331 349 18 0.05 0.25 3.9   Thrust zone +py, cpy
  349 361 12 0.03 0.10 2.4 0.31 Zinc Halo (sulphide)
ZONE C                
MODD62-11 2 19 17 0.03 0.03 0.8 0.1 Zinc Halo (oxide, leached)
  19 191 172 0.01 0.05 1.1 0.28 Zinc Halo (oxide + sulphide)
including 66 94 28 0.02 0.07 1.0 0.7  
                 
MODD63-11 2 16 14 0.03 0.03 0.7 0.19 Zinc Halo (oxide, leached)
  58 127 69   0.04 1.7 0.17 Zinc Halo (sulphide)
  179 188 9   0.16 25.1 0.96 Zinc Halo (sulphide)
  260 274 14   0.05 3.8 0.23 Zinc Halo (sulphide)
                 
MODD65-11               No significant values
                 
                 
MODD66-11 136 175 39   0.02 1.3 0.08 Zinc Halo (sulphide)
                 
MODD67-11 10 35 25   0.07 0.3 0.39 Zinc Halo (oxide)
  95 150 55   0.04 1.0 0.23 Zinc Halo (sulphide)
                 
MODD68-11 149 170 21   0.04 1.0 0.1 Zinc Halo (sulphide)
  182 216 34   0.03 1.2 0.16 Zinc Halo (sulphide)
                 
MODD69-11 110 125 15 0.02 0.04 0.7 0.05 Zinc Halo (oxide)
  191 218 27   0.08 0.6 0.24 Zinc Halo (sulphide)
  286 292 6 0.25 0.54 4.1 0.13 Zinc Halo (sulphide)

Summary Results of Phase III Reconnaissance Diamond Drill Program

Assay results have now been received for all 39 holes completed during the Phase III reconnaissance diamond drill program. These results include noteworthy intercepts from the pyritic gold enriched thrust in Zones A and C as noted in the table below.

Zones A and C

Diamond Drill
No.
From
(m)
To
(m)
Interval
(m)
Cu
%
Au
g/t
Ag
g/t
Zn
%
ZONE A              
MODD32-10 6.0 26.0 20 0.21 0.36 14.2  
MODD33-10 277.0 377.0 100 0.15 0.72 2.8 0.1
MODD35-10 56.0 77.0 21 0.15 0.13 1.6  
MODD46-10 138.0 175.0 37 0.19 0.15 1.9  
MODD52-10 248.0 270.0 22 0.11 0.34 1.1  
MODD61-11 331.0 349.0 18 0.05 0.25 3.9  
ZONE C              
MODD62-11 66.0 94.0 28 0.02 0.07 1.0 0.7
MODD63-11 179 188 9   0.16 25.1 0.96
MODD69-11 286 292 6 0.25 0.54 4.1 0.13

The 12 diamond drill holes completed during this phase of drilling in Zone A outline a two kilometre long, pyritic gold-enriched horizon that appears to be an imbricate thrust zone.  The presence of chalcopyrite-rich phyllic and potassic altered intrusive clasts within the thrust suggest the presence of a porphyry system in the lower plate.  The thrust zone varies in thickness from 26 metres in MODD32-10 to 360 metres in MODD46-10. Drill core mineralogy and assays indicate that the mineralized thrust zone has a copper-enriched top and zinc-enriched base.

Of the seven diamond drill holes completed in Zone C, six cut what appears to be the same pyritic gold-enriched thrust zone encountered in Zone A. These widely spaced holes cover a strike length of 1.5 kilometres and suggest continuity of the pyritic gold-enriched thrust zone from Zone A for a strike length of at least six kilometres. The pyritic gold-enriched thrust zone cut in Zone C appears to split into several sub-parallel bands and the drill intersections to date are predominantly zinc and gold enriched. By comparison with the pyritic gold-enriched thrust zone mineralogy in Zone A, the holes drilled to date in Zone C cut the lower zinc enriched base of the thrust zone.

The top 13.4 metres of MODD56-10, the most north easterly hole in Zone B, appears to cut the lower contact of this same pyritic gold-enriched thrust zone and adds the potential for a further three kilometres of strike length to the south of Zone A.

Zone D

Zone D is a geological and geochemical target sub-parrallel to, and one kilometre east of, the north end of Zone A. A 300 metre wide by 600 metre long zone of argillically altered porphyry with coincident strong copper geochemical anomaly up to 2,300 ppm copper occurs in this area. Three holes, MODD59-11, MODD60-11 and MODD64-11 were completed to test this area. All cut strongly oxidized and leached intrusive rocks to a maximum depth of 280 metres but do not contain any notable intercepts.

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 and Lima, Peru.  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 news 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's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.polarstarmining.com.

About Polar Star
Polar Star Mining Corporation (TSX: PSR) is an emerging exploration company with a focus on building value in Chile through discovery and development.  Its flagship property, Montezuma, covers 40 kilometres of the West Fault and the cross-cutting Esperanza Fault system and is located between Codelco's Radomiro Tomic - Chuquicamata - Mansa Mina group of copper-molybdenum porphyry deposits, and Antofagasta PLC's El Tesoro - Esperanza - Polo Sur group of copper-gold porphyry deposits.

Share Capitalization
Shares outstanding: 90,472,669 as at May 31, 2011

www.polarstarmining.com


 

SOURCE Polar Star Mining Corporation

For further information:

Adam Rochacewich, CFO
Tel: (416) 368-3496
Email: info@polarstarmining.com

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