OTCBB:FSRFF FSE:F2U TSX.V:FS
VANCOUVER, Feb. 8 /CNW/ - First Star Resources Inc. (TSX-V: FS) ("First Star") is pleased to provide an update on its activities on the
LMS and West Pogo (WP) Gold and Silver Projects, its flagship
properties in Alaska under Joint Venture with Corvus Gold Inc (A spin
off from International Tower Hill ). (TSX: KOR).
The evolution of First Star has seen the company change from a junior
focused in Oil and Gas, to a well-managed precious metals explorer with
advanced exploration properties in Alaska with a tight float.
Here is a summary of the accomplishments for 2010:
Sale of its Oil and Gas Assets for US$300,000 in May.
Entered into a Joint Venture with International Tower Hill (TSX: ITH,
NYSE-A: THM) in Alaska on the LMS and WP properties - These properties
have had several millions of dollars spent delineating a resource at
LMS and potential exploration targets at both the LMS and (WP)
Completed Financings of $1,700,000 and $900,000 in July and October
Started and completed a drill program on the LMS property in late
September, which successfully delineated high grade gold and silver
mineralization in the Camp Zone area.
Completed a changeover of the entire board from a Vancouver based group
to a International enriched Mining group
Revamped the Management team with the addition of Mr. John Campbell and
Dr. Karsten Eden.
Moved corporate headquarters to 550-999 West Hastings Street in
Vancouver, BC V6C 2W2.
Summary of the Geological work completed in 2010
In September, First Star drilled three NC core holes totalling 3,618
feet (1,103 metres) within the Camp Zone area of LMS. The goals of this
drilling program were to: 1) expand the stratiform gold-bearing
graphitic quartzite breccia horizon; and 2) confirm the extent of
high-grade gold vein feeder zones in the lower gneiss zone. All three
holes were designed to test both targets. The results of this drilling
program were announcedon November 10, 2010 (http://www.firststarresources.com/pdf/November-10.pdf).
First Star is very pleased with its recent achievements on the LMS gold
property: 1) the company successfully determined that the thickness of
the gold bearing graphitic quartzite breccia is greater than previously
thought and encountered significant gold and silver grades within the
graphitic quartzite breccia, as well as, directly above and below the
graphitic quartzite breccia in schist; and 2) successfully delineated
the high-grade gold vein feeder systems in the lower gneiss zone.
In 2007, a 43-101 compliant resource estimate was made for the Camp Zone
area using the AngloGold Ashanti and International Tower Hill drill
intercepts through the gold-bearing graphitic quartzite breccia. An
Inferred Resource consisting of 5.86 M tonnes of material 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 (this report is available on SEDAR). However, 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 as this style of mineralization was not adequately
defined back then to be part of a resource estimate.
First Star believes that based on the results of its recent drilling
program and geological interpretation the high grade feeder
intersections in the lower gneiss zone, as well as, the high grade
values within, above and below the gold-bearing graphitic quartzite
breccia can be included in a future resource calculation. The company
intends to have a new resource estimate completed by the end of 2011
which will also include silver.
In September, First Star also conducted reconnaissance work on its
second property, the West Pogo gold property, which included chip
sampling of three traverses over mineralized rubble crops. The results
of this sampling program were announced were announced on October 19,
The 2010 work programs were designed and supervised by Dr. Karsten Eden,
the Vice President Exploration of First Star Resources. All exploration
work was conducted by First Star's exploration contractor Pacific Rim
Geological Consulting of Fairbanks, Alaska.
Objectives for 2011
During the next few months, First Star intends to carry out the
following work programs on its LMS property:
Cut and sample drill core from above and below the graphitic quartzite
breccia that was not sampled by the previous operators during the 2005
and 2006 drilling. As outlined above, significant gold and silver
grades also occur above and below the gold-bearing graphitic quartzite
breccia which currently has an inferred resource of 167,000 gold on it.
The company intends to begin this work program in the first quarter of
The company also plans to address and assess the silver assays that were
never released by the previous operators of the LMS property. Drill
data from 2005 and 2006 suggests that silver may be economically
important competent of this system.
Conduct a winter drilling program in early 2011 consisting of 1,000 plus
metres of oriented core. This will be followed up by an aggressive
summer drilling program of 5,000 metres.
During the summer of 2011, First Star intends carry out the following
work programs on its WP property:
Conduct a 3D Induced Polarization (IP) Survey in mid-May over the main
target area. This geophysical survey, along with the existing 3D
airborne magnetic survey will aid in defining drill targets.
Conduct geological mapping and geochemical surveys to test areas
presumed to be underlain by favorable geology and to expand the
geochemical expression of mineralized zones. This work is intended to
be conducted in June.
Conduct a 1,500 metres plus oriented core drilling program in July and
August. This drilling program will test the E-NE striking gold and
silver anomalous zone.
The 2011 work programs will be designed and supervised by Dr. Karsten
Eden, the Vice President Exploration of First Star Resources. All
exploration work will be conducted by First Star's exploration
contractor Pacific Rim Geological Consulting of Fairbanks, Alaska.
The technical information in this news release was reviewed by Dr.
Karsten Eden, First Star's Vice President Exploration, and a Qualified
Person as defined in NI 43-101.
About First Star Resources Inc.
First Star Resources is a junior exploration company focused on gold
exploration in the world famous Tintina Gold Belt in Alaska. The
Tintina Gold Belt 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, 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, the LMS and WP
property. The LMS and West Pogo properties have well defined Gold
Targets which First Star Resources will be addressing in 2011.
Visit the Company's website, www.firststarresources.com
ON BEHALF OF THE BOARD
John Campbell, President & CEO
Forward-looking statements relating to future events or future
performance and reflecting First Star Resources 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 First Star Resources 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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTSRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE First Star Resources Inc.
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