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09/27/13 - C$0.14
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canstar resources inc (ROX) Details

Canstar Resources Inc., a junior resource company, acquires, explores, and develops mineral properties in Canada. It primarily explores for gold, silver, copper, zinc, lead, and other base metal deposits. The company’s principal property consists of the Mary March Project that has 18 staked claims, 2 licenses, 1 lease, and 2 patented lots covering 1,616 hectares and located in central Newfoundland. Canstar Resources Inc. is headquartered in Toronto, Canada.

canstar resources inc (ROX) Top Compensated Officers

Chief Executive Officer and President
Total Annual Compensation: C$16.7K
Compensation as of Fiscal Year 2013.

canstar resources inc (ROX) Key Developments

Canstar Resources Commences Drill Program Targeting High Priority Geophysical Anomalies

Canstar Resources Inc. announced the commencement of a summer exploration drilling program. The program follows up a series of geophysical programs aimed at providing substantive exploration targets. Five holes have been designed to test two borehole electromagnetic (BHEM) and several induced polarization (IP) anomalies. These targets coincide with areas where mineralization is known to occur on the property but has never been detected using modern geophysical methods. The two key areas of exploration on the property will be the Mary March Zone, which represents the discovery area on the property, and the Nancy April Zone which occurs further to the southwest. Results from Canstar's Fall 2013 drilling program confirmed the continuity of massive sulphides at the Mary March Zone both along strike and at depth. BHEM work that followed up this drilling indicate an offhole anomaly downdip and to the east of these intersections. Two targets will be tested from these data. A recent IP survey over the Nancy April area was designed to follow up on 2013 drilling results which confirmed the continuity of a previously recognized mineralized stockwork zone in the Nancy April area, located 500 meters southwest of the Mary March zone. Preliminary results from the IP survey indicate this area has continuous chargeability along strike in this vicinity with concomitant lower resistivity. This is consistent with a mineralized-type anomaly and is interpreted to represent the geophysical response from a stockwork zone. Stockwork zones are important indicators of VMS systems and represent the lower root zones of these types of orebodies through which metal-bearing fluids percolate to an upper main zone. Stockworks are also important sources of copper mineralization in many VMS systems. The chargeability measurements are noted to occur in areas proximal the area targeted during the Fall 2013 drilling program and exhibit a notable increase in magnitude to the southwest. These targets are currently being modeled in 3D in order to refine how and where they occur down to depths of greater than 200 meters.

Canstar Resources Announces Acquisition of Kenora Gold Project

Canstar Resources Inc. announced it has entered into an option agreement to acquire several properties in the Kenora, Ontario area, collectively called the Kenora Gold Project. The Kenora Gold Project represents four separate properties made up of 19 mining claim blocks comprised of 182 units for an area of 7,280 hectares. The properties are situated in the Wabigoon sub-province, and located approximately 20 km east of the Town of Kenora. The Kenora Gold Project represents an area of historic mining during the 19 and early 20 century, and has seen little exploration since that time. During its time of production, the area accounted for 55% of gold production in Ontario. Geologically the properties occur near the boundary of the English River and Wabigoon subprovinces. Gold occurrences on the Project are typically high-grade and associated with regionally extensive shear zones, as well as dilational breccias.

Canstar Resources Inc. Provides Exploration Update on Mary March Joint Venture Project

Canstar Resources provided an update on the current exploration activity for its Mary March Project, located near Buchan's Junction in Central Newfoundland. The Company's recent borehole geophysical program conducted on holes drilled during 2013 has provided results that distinguish a high priority drill target near the Mary March massive sulphide zone. All of the holes surveyed clearly point to a more conductive zone downdip and to the east of holes MM13-29 and MM13-30, suggesting the mineralization is open for expansion in these directions. The Mary March zone is the initial discovery area drilled by Phelps Dodge in 1999 where they encountered impressive grades of 10.1% Zn, 1.68% Pb, 0.64% Cu, 122.1 grams per tonne (g/t) Ag, and 4.2 g/t Au over 9.63 meters. The drilling completed by the Company in the Mary March area successfully added to these results, encountering massive sulphide zones with two separate holes. In drillhole MM13-30, 11.6 meters of mineralization containing 3.6% Zn, 0.1% Cu, 0.8% Pb, 25 g/t Ag, and 1.5 g/t Au; including a 3.6-meter high-grade zone containing 7.5% Zn, 0.04% Cu, 1.37% Pb, 26.1 g/t Ag, and 1.7 g/t Au, and extended the Mary March Zone to depth. In MM13-29, 5.0 meters of mineralization was encountered, containing 4.82% Zn, 0.38% Cu, 1.04% Pb, 71.3 g/t Ag, and 1.8 g/t Au, including 3.5 meters of 6.21% Zn, 0.13% Cu, 1.42% Pb, 82.8 g/t Ag, and 1.9 g/t Au. Results for surveys completed for holes in the Nancy April area, which is located approximately 500 meters southwest of the Mary March zone require more data and investigation, remaining relatively underexplored compared to the Mary March zone.


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