VANCOUVER, July 22 /CNW/ - First Star Resources (FS - TSX:V) announced today it has contracted Pacific Rim Geological Consulting Inc. (PRGCI) of Fairbanks to implement First Stars exploration programs on the LMS and WP gold properties in the Goodpaster Mining District, Alaska. The Company further announced that is has signed a contract with Spring Valley Drilling Inc. to for a core drilling program on its LMS gold property. Exploration drilling on LMS is expected to start on August 10th, 2010.
Located in the Goodpaster mining district, the LMS gold property consists of 92 State of Alaska mining claims covering 61 square kilometers. Gold mineralization is believed to be intrusive related, similar to the Pogo Gold Mine (+ 5 million ounces) operated by Sumitomo Metal Mining Pogo LLC, located 40 kilometers to the northeast.
Two different types of gold mineralization occur on the LMS property:
1) Gold within a folded, stratabound tabular zone consisting of silicified graphitic quartzite breccia. Mineralization within the graphitic quartzite breccia zone has been defined through drilling to a down-plunge depth of 500 meters
2) High grade narrow veins with free gold. Drilling has confirmed high grade veins within the Camp Zone with grades up to 713.1 g/t gold over 1.8 meters.
A NI43-101 compliant inferred resource was calculated for the Camp Zone area using drill intercepts through the gold-bearing graphitic quartzite breccia, consisting of 5.86 M tonnes of material that are estimated to contain 167,000 oz of Au at a grade of 0.89 g/t Au using a cutoff grade of 0.3 g/t (see "SUMMARY REPORT ON THE LMS GOLD PROJECT, GOODPASTER DISTRICT, ALASKA, June 1, 2010", prepared by Mineral Resource Services Inc. and Giroux Consultants Ltd. and filed with SEDAR). This Resource estimate does not include high grade values that probably represent gold in veins through the graphitic quartzite breccia, nor does it include any other vein material above or below the graphitic quartzite breccia.
First Star intends to undertake a first phase exploration program during the summer and fall of 2010 consisting of 1,500m of oriented diamond core drilling on its LMS property. Drilling will continue to assess the existing Camp Zone in an effort to 1) expand the existing inferred resource calculated for the gold-bearing graphitic quartzite breccia, and 2) to identify the extent of high grade gold vein zones. Contingent upon successful outcome of the first phase exploration program, First Star intends to conduct a follow-up reverse circulation drilling program this winter.
All exploration work will be carried out under the supervision of Dr. Karsten Eden, the Company's Vice President Exploration, and a Qualified Person as defined by NI43-101, who has also prepared and approved the information contained in this release.
An announcement regarding First Star's 2010 exploration program on its WP property will be released soon.
About First Star Resources Inc.
First Star Resources is a junior exploration company focused on gold exploration in the world famous Tintina Gold Belt (TGB) in Alaska. The TGB hosts major gold deposits and several mines, such as; Fort Knox Mine-(3.7 million oz gold), the Donlin Creek deposit (33.5 million oz. gold), the Livengood deposit (8.1 million oz gold), the White Gold deposit (1.4 million oz gold) (Recently taken over by Kinross Gold Corp), and the Pogo Mine (5.6 million oz gold), which is adjacent to one of First Stars Resources' key targets for this year and the WP property. International Tower Hill (ITH-T) spent several million dollars on the WP and LMS properties which they optioned to First Star Resources after they made their discovery at Livengood. Both of these properties have well defined Gold Targets which First Star Resources will immediately be following up with this summer season.
First Star resources trades under the symbol FS on the TSX.V.
Visit the Company's website, www.firststarresources.com and Facebook page.
ON BEHALF OF THE BOARD
Bill Wishart, President & CEO
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."
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Forward-looking statements relating to future events or future performance and reflecting First Star Resources management's expectations or beliefs regarding future events include, but are not limited to, statements with respect to completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Petro Horizon to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Petro Horizon's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although Petro Horizon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
SOURCE FIRST STAR RESOURCES INC.
For further information: For further information: Bill Wishart at (604) 609-0555 or Patrick Forseille, P.Geo. at (604) 608-0300 or toll free at 1-877-609-0555