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Polar Star Mining Announces Drilling Results from Montezuma Project

Polar Star Mining Corporation (TSX-V:PSR) today announces results from Hole 38 in its ongoing program of diamond drilling at its wholly owned Montezuma Project. The Montezuma Project is located in the Sierra Limon Verde District, Region II, Chile, and encompasses 501 square kilometres. 

Fourteen diamond drill holes have been completed to date and three are currently in progress. Hole 38 is the fifth hole for which complete assays have been received and was drilled to follow up on significant widths of copper, gold and zinc mineralization cut by previous reverse circulation ("RC") holes 7, 8 and 16 in IP anomaly Zone B.  Significant intercepts from Hole 38 are presented in the table below.

Highlights

  • Highlights from drill Hole 38, the deepest hole drilled to date, at 1,087.7 metres, include:
    • 70 metres of 0.37% Cu with 0.12 g/t Au and 7.8 ppm Mo (includes 44 metres of 0.55% Cu with 0.17 g/t Au)
    • 114 metres of 0.23% Cu with 0.07 g/t Au and 19.7 ppm Mo
  • Hole 38 is continuously mineralized for 867 metres, from about 220 metres with disseminations and veinlets of pyrite-chalcopyrite in porphyry style phyllic alteration and averages 0.1% copper and 0.05 g/t gold.
  • Copper, gold, molybdenum and rhenium assay distributions indicate that in the two zones of highest copper grades, the upper zone is enriched in gold with low molybdenum indicative of higher levels in the phyllic zone.  The lower zone is enrichment in molybdenum and rhenium, indicative of deeper levels close to the potassic zone which generally hosts the highest copper grades in porphyry systems.
  • Four step-out holes from Hole 38 - Hole 42, located 200 metres to the west; Hole 47, located 200 metres to the east; Hole 43, located 400 metres to the east and Hole 45, located 500 metres to the northeast - have encountered the same style of pyrite-chalcopyrite mineralization starting at depths varying from about 90 metres in Hole 45 to about 390 metres in Hole 42. Holes 43 and 45 have also cut a near surface zone of exotic copper minerals, mainly copper wad and cupriferous limonite from seven to 54 metres depth.
  • The Company believes that the early results from this phase of drilling strongly suggest the presence of at least two porphyry systems in Zones A and B, which appear to be preserved below barren litho-caps.
  • Zone B is one of nine target zones, each two to four kilometres long, defined by Polar Star's detailed geological, geochemical and geophysical surveys.

Diamond Drill Hole 38 Assay Summary

Phase III Reconnaissance Diamond Drill Program

The current ongoing diamond drill program is designed to supplement and expand on the two previous RC programs in the areas of the IP anomalies in which sulphide mineralization was intersected previously and test additional combined chargeability, geological, and geochemical targets suggested by previous geochemical, trenching and IP/Resistivity programs. Diamond drilling was chosen for this round of exploration to obtain critical geological, mineralogical and structural data necessary to confirm the presence of porphyry copper systems.

Hole 38, the first diamond drill hole to test the strong IP chargeability core of Zone B, was terminated at 1,087.7 metres, the maximum capacity of the drill.  The hole ended in disseminated and veinlet pyrite-chalcopyrite mineralization in porphyry style alteration. The mineralized zone was first encountered at 220 metres depth below weakly altered volcanic and intrusive breccias. The copper, gold, molybdenum and rhenium assay distribution in Hole 38 indicate that the two zones of highest copper grades have different associated element signatures i.e. the upper zone is enriched in gold with low molybdenum, the lower gold with enrichment in molybdenum and rhenium.  The former is consistent with higher levels in the phyllic zone of porphyry systems the later deeper levels in the same zone close to the potassic zone.  The potassic zone generally hosts the highest copper grades in porphyry systems.

The Company has completed three step-out holes from Hole 38, one 200 metres of the west (Hole 42 - terminated at 642 metres), one 200m east (Hole 47 - terminated at 596 metres) and one 400 metres east (Hole 43 - terminated at 603 metres) and is currently drilling a fourth 500 metres to the northeast (Hole 45 - currently at a depth of 910 metres). All four holes have encountered the same style of pyrite-chalcopyrite mineralization starting at depths varying from about 90 metres in Hole 45 to about 390 metres in Hole 42.  Holes 43 and 45 have also cut a near surface zone of exotic copper minerals, mainly copper wad and cupriferous limonite from 7 - 54 metres in depth. The surface area covered by this section of Zone B is about seven square kilometres and hence could also encompass a major porphyry copper-gold system.

The Company believes that the early results from this phase of drilling are strongly suggesting the presence of at least two porphyry systems in Zones A and B.  This drilling also highlights that both systems are capped by barren volcanic and or intrusions which in the case of Zone A have been thrust over the mineralized system. These barren caps may also explain why prior shallow drill programs by other companies have met with little success.

The Company plans to continue detailing Zones A and B with the three drills currently onsite and also expects to add one or two more drills in the near future to explore the remaining anomalies.

Qualified Person

The drill program is being carried out under the direction of Terence Walker, M.Sc., P.Geo., a qualified person within the meaning of National Instrument 43-101.  Mr. Walker has reviewed the contents of this news release.  All the analysis was done at ALS Chemex Laboratory in Coquimbo, Chile and Lima, Peru.  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 gold or silver values greater than 10g/t were re-analyzed by fire assay and gravimetric finish. Copper and 48 other elements including silver were routinely analyzed by the ICP technique following a hot four acid digestion.  Samples with copper, zinc and lead values greater than 1% were re-analyzed using a hydrofluoric-nitric-hypochloric acid digestion, hydrochloric acid leach and AAS finish.

Source: POLAR STAR MINING CORPORATION

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