/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES/
TORONTO, Oct. 13, 2009 /CNW/ - Polar Star Mining Corporation (TSXV: PSR) ("Polar Star" or the "Company") announces an exploration update on its 100% owned Talca Gold District Properties which are believed by the Company to have potential to host epithermal gold, silver and base-metal deposits. Ongoing reconnaissance and detailed geological mapping, rock and soil sampling by Polar Star staff have to date outlined five targets areas of multiple auriferous veins at surface.
- Cover 21,200 hectares, and are located 100 kilometres south of
Yamana's La Florida Mine in the southern Chilean Coastal Gold Belt.
- Prior exploration in the claim area during the early 1990's including
trenching and diamond drilling outlined four open ended auriferous
vein and stockwork zones.
- Five new 1 - 2 km sq. areas of multiple auriferous veins outlined by
Polar Star personnel.
- Individual veins within these areas range from 0.5-25m in width and
can be traced at surface along strike from 200m - 1,000m.
- Continuous chip samples across individual veins assay from 0.5 g/t
gold over 5m width to 3.5 g/t gold over 3.2m width.
- Infrastructure in place at Chépica to leverage exploration efforts in
The Talca Gold District Properties
Located 25 kilometers west of the city of Talca, the properties consist of three contiguous groups of exploration concessions; Batuco, Corinto and Botalcura totaling 21,200 hectares staked and owned 100% by Polar Star. These claims cover a NE-SW trending roof pendent of Cretaceous volcanics, sub-volcanic porphyry bodies and sediments within Cretaceous granodiorites of the southern Chilean Coastal Gold Belt which contains Yamana's La Florida Mine (4.2 million tonnes grading 5.55 g/t gold and 41 g/t silver Source: Mineria Chilena, June 2009) 100 km to the north.
Extensive gold mineralization in the form of epithermal to upper mesothermal veins, pipes and disseminations occur throughout this roof pendent generally associated with the sub-volcanic porphyries. Gold occurs both with banded chalcedonic quartz veins, sheets and stockworks containing weak disseminated pyrite (+/- chalcopyrite) and associated with phyllic alteration or colloform banded ferruginous multistage quartz breccia veins and sheets containing pyrite, chalcopyrite, galena and sphalerite associated with sericite - clay alteration containing limonite, hematite and goethite. Exploration by Noranda and others in the early to mid 1990's including geological mapping, stream and soil geochemistry, trenching and 4,150 metres of drilling defined four open ended zones amenable to open pit mining and heap leaching.
Polar Star's claims in the Batuco and Corinto groups cover open sections of several resource areas and their probable extensions. The rest of Polar Star's claims in the Corinto group cover 15 sub-volcanic plugs many of which, from previous reconnaissance exploration are known to contain gold bearing veins and alteration zones with values from 2-14 g/t Au and stream sediment anomalies to 536 ppm Au.
Geological mapping, rock and soil sampling programs initiated during February 2009 have to date outlined five 1 - 2 km square areas of multiple, 0.5-25m wide, massive and banded quartz veins. Continuous chip samples across individual veins assay from 0.5 g/t gold over 5m width to 3.5 g/t gold over 3.2m width. Significant associated lead anomalies are also associated with the veins. In the near surface in this camp base metal sulphides are oxidized and leached however lead is relatively immobile and mostly remains in situ and can act as a useful pathfinder element for gold and silver.
Chépica Letter of Intent
On October 9, 2009 Polar Star finalized a Letter of Intent agreement to acquire 100% of the Chépica property and associated assets. The Company has made an initial payment of US$100,000 on acceptance of the Letter of Intent and expects to complete the necessary legal documentation over the next 60 days. The full cost of the option is US$7 million to be paid over 26 instalments terminating in 2016. Polar Star may, at its sole discretion, terminate the agreement at any time with no obligation to continue paying instalments.
"Securing this option agreement at Chépica is important to our overall strategy in the Talca Gold District," said Doug Willock, President and CEO of Polar Star. "The mill and mine infrastructure on site is centrally located and will serve as our base of operations. The identified gold, silver and copper resources on these additional 1,390 hectares complement the earlier stage findings at our other adjacent properties."
The mill and mining operations at Chépica will be put on care and maintenance to facilitate intensified exploration to justify significantly higher levels of production.
In June 2009, Polar Star filed a NI 43-101 compliant Technical Report on the Chépica project summarizing its' initial due diligence drilling in 2008, which is available on SEDAR.
The qualified person within the meaning of National Instrument 43-101 is Mr. Terence Walker, M.Sc., P.Geo. Mr. Walker has reviewed the contents of this news release.
To view Polar Star Mining Talca Project, please click here: http://files.newswire.ca/716/PolarStar.doc
This press 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 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 Mining Corporation
Polar Star Mining Corporation (TSXV: PSR) is an emerging exploration company with a focus on building value in Chile through discovery and development. The company has 272,679 hectares prospective for gold, copper-gold, uranium, phosphate and lithium.
Shares Outstanding: 59,831,241 as of October 13, 2009
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.
SOURCE Polar Star Mining Corporation
For further information: For further information: David Speck, Vice President Corporate Development and Director, Polar Star Mining Corporation, (416) 368-3496, firstname.lastname@example.org