Polar Star Releases Drill Results From Chépica Property

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

TORONTO, March 31 /CNW/ - Polar Star Mining Corporation (TSX: PSR) ("Polar Star" or the "Company") announces results from 24 diamond drill holes from the Chépica Mine project in Region VII, Chile.

The results include holes CH10-76 to CH10-99, comprising the balance of the Phase II drilling program at Chépica.  The program was designed to expand on the resource identified in SRK Consulting's 2009 NI 43-101 report on the No. 1 vein system, define resources on the No. 2 vein systems and test the nearby No. 3 and No. 4 vein systems, which contain significant surface gold and silver values. A map of the drill holes is available at http://www.polarstarmining.com/maps-and-charts/Chepica/default.aspx 

"In addition to our flagship property of Montezuma, we have other projects in Chile, one of the most promising of which is Chépica," said Doug Willock, President and CEO.  "The drill results released today provide further evidence of Chépica's potential. SRK's Santiago office will incorporate the results into an updated NI 43-101 resource report and produce an updated Mine Plan which is expected to be completed by June 2011."

Highlights

  • Phase II drilling on the Chépica No.1 vein system extends the previous resource sector from 250 to 450 metres in length and down dip from 150 to 250 metres. In addition a new gold-copper bearing vein system was intersected 30 metres east of and in the hanging wall of the Chépica No.1 vein system.
  • Drilling on the Chépica No.2 vein system has identified a potential resource sector 350 metres in length and up to 250 metres down dip.
  • Significant new gold-silver-copper +/- zinc and lead intercepts from the Chépica No. 1 and No. 2 vein systems, including highs of: 2m grading 1.37 g/t Au, 10.6 g/t Ag and 1.79% Cu in CH10-99 and 3m grading 2.14 g/t Au, 13.3 g/t Ag, 1.09% in CH10-76.
  • First time reconnaissance drilling on the No. 3 vein system returned very encouraging intercepts of 2m grading 1.05 g/t Au, 7.8 g/t Ag, 0.88% Cu and 0.39% Zn in CH10-80 and 3.1m grading 1.15 g/t Au, 5.2 g/t Ag and 0.59% Cu and 0.15% Zn in CH10-97.
  • Prior surface channel sampling from the No. 3 vein system returned gold values from lows of 0.5 g/t over five metres to a high of 30.5 g/t over 1.5 metres.
  • All three vein systems are open along strike and at depth and are part of a swarm of seven similar banded auriferous quartz-sulphide vein systems with a mapped cumulative length of over five kilometres.

Phase II Diamond Drill Results

Hole No. From To Interval Au Ag Cu Zn Pb
  (m) (m) (m) g/t g/t % % %
No. 1 VEIN SYSTEM              
Section D                
CH10-99 138.0 142.0 4.0 1.26 8.2 1.18    
includes 138.0 140.0 2.0 1.37 10.6 1.79    
Section G                
CH10-93 88.4 90.0 1.6 0.38 3.8 0.03 0.23 0.16
  176.0 179.3 3.3 0.58 6.2 0.92    
CH10-94 76.0 78.1 2.1 0.68 3.3 0.17 0.63 0.35
Section H                
CH10-91 96.8 103.0 6.2 0.93 10.3 0.7 0.1 0.1
includes 99.4 102 2.6 1.74 13.6 1.06 0.11 0.13
CH10-92 43.2 45.2 2.0 0.29 5.7 0.52 0.76 0.53
  118.0 124.0 6.0 0.07 3.2 0.29    
includes 120.0 122.0 2.0 0.13 5.7 0.53    
Section I                
CH10-95 44.7 48.7 4.0 0.25 3.7 0.29 0.29 0.13
includes 45.7 47.7 2.0 0.38 5.0 0.56 0.16  
  131.3 134.8 3.5 1.41 5.1 0.63    
includes 132.0 134.8 2.8 1.73 4.8 0.56    
CH10-96 41.3 43.6 2.3 0.28 5.4 0.39 0.45 0.32
  102.0 103.0 1.0 0.3 7.9 1.04    
No. 2 VEIN SYSTEM              
Section 7                
CH10-81 87.9 93.4 5.5 0.47 16.7 0.29 0.32 0.49
includes 87.9 90.0 2.1 0.40 34.5 0.51 0.88 1.32
CH10-82 94.0 99.0 5.0 0.14 8.2 0.60 0.28  
includes 95.0 97.0 2.0 0.15 10.8 0.99 0.42  
  154.0 162.0 8.0 0.07 6.1 0.26    
Section 8                
CH10-83 62.0 65.0 3.0 0.17 7.4 0.46    
  71.0 75.0 4.0 0.17 4.6 0.89    
includes 72.0 74.0 2.0 0.22 6.8 1.30 0.14  
  134.0 136.0 2.0 0.50 5.9 1.20    
CH10-84 133.0 135.0 2.0 0.16 22.1 0.45 1.04 0.66
  188.0 190.0 2.0 1.24 8.4 2.40    
Section 9                
CH10-76 92.0 123.0 31.0 0.46 5.9 0.46 0.11  
includes 93.0 96.0 3.0 0.93 20.4 0.40    
  107.0 110.0 3.0 2.14 13.3 1.09    
  115.0 117.0 2.0 0.67 9.0 1.04 1.05  
CH10-88 117.0 120.0 3.0 0.37 5.0 0.55    
  129.0 133.0 4.0 0.13 3.3 0.34 0.1  

Hole No. From To Interval Au Ag Cu Zn Pb
  (m) (m) (m) g/t g/t % % %
No. 3 VEIN SYSTEM              
Section 1                
CH10-79 32.7 33.9 1.2 0.25 2.6 0.35 0.11  
  48.0 50.0 2.0 1.10 1.5   0.22 0.17
CH10-80 49.2 51.2 2.0 1.05 7.8 0.88 0.39 0.09
Section 2                
CH10-89 56.0 58.0 2.0 0.13 2.9   0.28 0.15
CH10-90 3.0 11.0 8.0 0.03 1.7   0.87 0.34
includes 9.0 11.0 2.0 0.04 3.4   2.49 1.01
  43.0 45.0 2.0 0.06 5.1 0.10 0.97 0.26
  174.0 176.0 2.0 0.13 4.7 0.11 0.16 0.08
  190.0 192.0 2.0 0.10 6.2 1.16    
Section 3                
CH10-97 36.9 40.0 3.1 1.15 5.2 0.59 0.15  
  46.0 47.0 1.0 0.32 3.6 0.45 0.09 0.44
  189.4 190.4 1.0 0.16 2.8 0.33    
CH10-98 50.0 53.0 3.0 0.14 3.9 0.18 0.70 0.21
includes 52.0 53.0 1.0 0.34 6.1 0.49 0.26 0.13

The Chépica Mine Project

The 1,390 hectare Chépica Mine project is located 225 kilometres south of Santiago and includes a fully permitted 200 t/d floatation mill, tailings disposal facility, mine offices, onsite process water supply, active power supply contract and is 20 km by paved highway from the city of Talca, Region VII, Chile. In December 2009 Polar Star finalized an agreement to acquire 100% of the Chépica property and associated assets. The full cost of the option is US$7 million, to be paid over 26 installments terminating in 2016. Polar Star may, at its sole discretion, terminate the agreement at any time with no obligation to continue paying installments. The plant and facilities were installed new in January 2009 and processed sulfide ore from the No. 2 vein system until mid-October 2009.  At that time Polar Star acquired control and placed the mine and mill on care and maintenance pending results from the Phase II exploration program, which was designed to  expand the resource at Chépica.  Results will be incorporated into an updated NI 43-101 Resource Report and Mine Plan to be produced by the Santiago office of SRK.

Phase II Diamond Drilling Program

Chépica No. 1 Vein System

The 7 diamond drill holes completed during Phase II complete a series of nine fences of two holes, each drilled to extend along strike and at depth the resource identified in SRK's 2009 NI 43-101 footwall vein of the Chépica No.1 vein system. These new drill holes extend the previous resource sector 200 metres along strike from 250 to 450 metres in length and a further 100 metres down dip from 150 to 250 metres. Most of these new holes also intersected a new vein 20 to 30 metres above and east of the footwall vein. The footwall vein as noted in the 2008 drill program and confirmed by this drilling program is actually a complex of two or more discrete banded quartz-sulfide veins with intervening stockworks which can anastamose to form one larger vein up to 25 metres thick. Noteworthy intercepts from the Phase II drilling on the Chépica No. 1 vein system include:

Hole No. From To Interval Au Ag Cu Zn Pb
  (m) (m) (m) g/t g/t % % %
CH10-66 64.0 72.0 8.0 1.81 17.6 1.64    
  147.0 149.0 2.0 4.60 30.3 1.33    
CH10-67 160.0 163.5 3.5 1.99 25.6 1.97 2.20 1.64
CH10-68 117.0 119.2 2.2 1.02 4.9 0.91    
  121.0 123.0 2.0 1.80 4.5 1.04    
CH10-70 69.0 71.0 2.0 1.1 2.9 0.2 5.82 0.3
CH10-71 86.0 88.0 2.0 0.19 24.6 1.61    
  111.0 113.0 2.0 1.68 7.3 0.78    
CH10-75 98.1 101.0 2.9 0.26 6.7 0.84 0.46 0.14
CH10-91 99.4 102.0 2.6 1.74 13.6 1.06 0.11 0.13
CH10-93 176.0 179.3 3.3 0.58 6.2 0.92    
CH10-95 131.3 134.8 3.5 1.41 5.1 0.63    
CH10-96 102.0 103.0 1.0 0.3 7.9 1.04    
CH10-99 138.0 140.0 2.0 1.37 10.6 1.79    

Note: Holes CH10-66 through CH10-75 were reported previously. 

Chépica No. 2 Vein System

The six diamond drill holes completed during Phase II complete a series of three fences of two holes each, which together with the six fences of holes drilled in 2008 investigate a 350 metre long section of the Chépica No. 2 vein system to a depth of about 250 metres. As with Chépica No. 1, Chépica No. 2 vein system is actually a complex of two or more discrete banded quartz-sulfide veins with intervening stockworks which can anastamose to form one larger vein up to 30 metres thick. Noteworthy intercepts from both phases of drilling on the Chépica No. 2 vein system include:

Hole No. From To Interval Au Ag Cu Zn Pb
  (m) (m) (m) g/t g/t % % %
CH08-30 47.0 53.0 6.0 1.2 19.0 1.00    
CH08-31 61.0 62.5 1.5 0.43 18.0 1.63    
  65.0 66.5 1.5 0.38 7.0 2.75    
CH08-34 64.0 67.5 3.5 0.29 19.0 2.20    
CH08-36 21.0 26.0 5.0 2.40 6.4 1.39    
CH08-43 58.0 60.0 2.0 4.96 4.0 1.17    
  89.0 92.3 3.3 0.14 18.0 4.88    
CH08-47 31.0 33.0 2.0 2.22 45.0 3.97    
  36.0 39.0 3.0 0.86 49.0 6.40    
CH10-76 107.0 110.0 3.0 2.14 13.3 1.09    
  115.0 117.0 2.0 0.67 9.0 1.04 1.05  
CH10-81 87.9 90.0 2.1 0.40 34.5 0.51 0.88 1.32
CH10-82 95.0 97.0 2.0 0.15 10.8 0.99 0.42  
CH10-83 72.0 74.0 2.0 0.22 6.8 1.30 0.14  
  134.0 136.0 2.0 0.50 5.9 1.20    
CH10-84 188.0 190.0 2.0 1.24 8.4 2.40    

Note: Holes CH08-30 through CH08-47 were reported previously.

Chépica No. 3 and No. 4 Vein Systems

The No. 3 and No. 4 vein systems are identical in character to the No. 1 and No. 2 vein systems, i.e. multiple banded quartz-sulfide veins with intervening stockworks, and are discontinuously traceable at surface over a strike length of 500 metres. Prior surface channel sampling from these vein systems returned gold values from lows of 0.5 g/t over five metres to a high of 30.5 g/t over 1.5 metres.  Neither these veins have been drilled previously.

Three fences of two reconnaissance holes spaced approximate 50 metres apart were drilled across the No. 3 vein system at its southern exposed end where it crosses the main access road between the No. 1 and No. 2 vein systems. Very encouraging intercepts worthy of follow-up drilling were obtained from two holes comprising two metres grading 1.05 g/t Au, 7.8 g/t Ag, 0.88% Cu and 0.39% Zn in CH10-80 and 3.1 metres grading 1.15 g/t Au, 5.2 g/t Ag and 0.59% Cu and 0.15% Zn in CH10-97.

Three fences of one to two reconnaissance holes spaced approximately 100 metres apart were also drilled across the No. 4 vein system at its southern exposed end. Assays from these holes indicate the veins are enriched in gold and copper with the best intercept being in the northernmost hole CH10-87, which intersected three metres grading 0.58 g/t Au, 2.1 g/t Ag and 0.56% Cu.

Qualified Person

Terence Walker, M.Sc., P.Geo., is the qualified person within the meaning of National Instrument 43-101. Mr. Walker has reviewed the contents of this news release. Individual core samples where halved using a diamond core saw, one half bagged and sealed on site for assay the other half retained on site in sealed metallic core boxes for future reference. All analyses were carried out at ALS Patagonia Laboratories, Coquimbo, Chile. 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 values greater than 10g/t were re-analysed by fire assay and gravimetric finish. Silver, copper, zinc and lead were also routinely analysed by ICP following a hot four acid digestion. Samples with values over 1% were re-analysed using a hydrofluoric-nitric-hypochloric acid digestion, hydrochloric acid leach and AAS finish.

Forward-Looking Statements

The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties.  Actual events or results could differ materially from the Company's expectations and projections. Accordingly, readers should not place undue reliance on forward-looking statements.  For a more detailed discussion of such risks and other factors, refer to Polar Star Mining Corporation'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: 90,410,435 as at March 31, 2011



 

SOURCE Polar Star Mining Corporation

For further information:

Adam Rochacewich, CFO
Polar Star Mining Corporation
416-368-3496
info@polarstarmining.com

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