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Polar Star Mining Receives Additional Results from Montezuma Project

Polar Star Mining Corporation (TSX: PSR) today announced assay results from five additional holes drilled in Zones A and B at its wholly owned Montezuma Project as part of its ongoing program of diamond drilling.

"Results from the drill program continue to expand on and confirm the significant size of the copper and gold bearing porphyry systems discovered in both Zones A and B," said Doug Willock, President and CEO, "and our discovery intercepts are at least twice the discovery hole intercepts at Corporación Nacional del Cobre de Chile's ("Codelco") nearby Toki deposit of 2.6 billion tonnes averaging 0.49% Cu." Mr. Willock announced the Company is accelerating its commitment to the Montezuma project with a 20,000 metre drill program for 2011, which will focus on expanding Zones A and B and continuing to test the other seven anomalies. "Our team in Chile, led by Terry Walker, continues to deliver very encouraging drill results that more than justify our doubling of the level of activity at Montezuma."

A total of 26 diamond drill holes have been completed to date and two are currently in progress. Complete assays have now been received for the first 15 drill holes. Of these, seven - 31, 32, 33, 35, 37, 41 and 44 -- were drilled to follow up on significant widths of copper, gold and zinc mineralization cut by previous reverse circulation ("RC") holes 4, 5, 19 and 20 in Zone A. Four holes - 38, 42, 43 and 45 -- were drilled to follow up on significant widths of copper, gold and zinc mineralization cut by previous RC holes 7, 8 and 16 in Zone B. Significant intercepts from holes 32, 33, 35 and 38 are the subject of prior news releases in 2010.

Highlights

  • Discovery intercepts include 100 metres of 0.51% copper equivalent ("Cu Eq") in Hole 33, Zone A and 44 metres of 0.66% Cu Eq in Hole 38, Zone B.
  • By comparison the published discovery hole intercepts for Codelco´s Toki deposit (2.6 billion tonnes grading 0.49% copper), the southernmost of the Chuquicamata District deposits, were 24 metres averaging 0.3% copper and 21 metres averaging 0.27% copper.
  • Leached cap and secondary copper sulphide enrichment zones varying from 10 to 70 metres were cut in five holes in Zone B over an area of one square kilometre. A near-surface zone of exotic copper minerals, mainly copper wad and cupriferous limonite, was also intercepted in several holes. These zones are characteristic of the Chilean mega copper porphyry deposits.
  • The altered and mineralized system in Zone A has been intersected to date over a surface area of about one square kilometre and to a vertical depth of 384 metres and at Zone B over a surface area of about two square kilometres and to a vertical depth of 1,150 metres. Both systems are open along strike and at depth.
  • Zones A and B are two of nine target zones, each two to four kilometres long, defined by Polar Star's detailed geological, geochemical and geophysical surveys.
  • 20,000 metres of additional diamond drilling have been approved to expand on the current program.

Phase III Reconnaissance Diamond Drill Program

The Phase III diamond drill program was designed to supplement and expand on the two previous RC programs in the areas of the IP anomalies in which sulphide mineralization was previously intersected. Phase III also tested 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 copper porphyry systems.

A total of 26 holes have been completed to date in this ongoing program and two are currently in progress.  Complete assays have now been received from the first 15 drill holes. These results include highs in:

By comparison, the published discovery intercepts for Codelco´s Toki deposit (2.6 billion tonnes grading 0.49% copper) were 24 metres averaging 0.3% copper and 21 metres averaging 0.27% copper.

Of the 11 diamond drill holes completed to date in Zone A, eight holes -- 31, 32, 33, 35, 37, 46, 50 and 52 -- have cut a pyrite-rich, auriferous zone that appears to be an imbricate thrust zone separating a generally barren upper volcanic plate from an underlying altered intrusive complex. The presence of chalcopyrite-rich phyllic and potassic altered intrusive clasts within the thrust suggest the presence of a porphyry system in the lower plate. The zone varies in thickness from 26 metres in Hole 32 to 258 metres in Hole 33. These eight holes test this zone over a strike length of 1.2 kilometres and to a vertical depth of 384 metres. The drill holes, mineralogy and assays suggest the zone has a copper-enriched top and zinc enriched base. Re-evaluation of the prior RC drill holes in Zone A in light of this new diamond drill hole data suggests that holes 5, 19, 20 and 24 may also have cut this structural zone. If so, its minimum strike length could be in the order of several kilometres.

Of the 10 holes completed in Zone B, nine holes -- 38, 43, 45, 47, 49, 51, 53, 54 and 55 -- cut an extensive zone of disseminated and veinlet pyrite-chalcopyrite mineralization in porphyry style phyllic to potassic alteration up to 1,145 metres deep in Hole 45.  This mineralized zone occurs below a cover of younger unaltered volcanics and leached cap varying in thickness from 220 metres in Hole 38 to 90 metres in Hole 45. Secondary chalcocite-pyrite enrichment zones have been encountered within and at the leached cap - hypogene sulfide contact in Holes 38, 43, 45, 53 and 56. This zone varies in thickness from 10 metres in Hole 43 to 70 metres in Hole 38, which contains an intercept of 44 metres averaging 0.55% copper and 0.17 g/t gold, or 0.66% Cu Eq. The hypogene copper mineralization in all the holes to date occurs primarily within the phyllic zone however Holes 38 and 45 also cut the outer edge of the potassic zone at depths of 935 metres in Hole 38 and at 144 and 567 metres in Hole 45. Hole 45 also transitions into the silicic core zone at about 915 metres exhibiting strong quartz-molybdenite stockwork veining.

In general, the copper, gold, molybdenum and rhenium assay distribution in Holes 38 and 45 indicate the two zones of highest hypogene copper grades have different associated element signatures.  Specifically, the upper zone is enriched in gold with low molybdenum, the lower zone gold with enrichment in molybdenum and rhenium.  The former is consistent with higher levels in the phyllic zone of porphyry systems and the latter is consistent with deeper levels in the same zone and the outer margins of the potassic zone. In Hole 38 the outer potassic zone contains a 68-metre section of 0. 27% copper plus 0.07 g/t gold (0.31% Cu Eq). In Hole 45 the upper potassic zone intercept contains a 24-metre section of 0.29% copper plus 0.25 g/t gold and the lower intercept contains a 44-metre section of 0.21% copper plus 0.34 g/t gold. The main potassic zone generally hosts the highest copper grades in porphyry systems. Radiometric age dating of the mineralized intrusive from holes in both zones yielded ages in the 38.5-39.7Ma (millions of years) range, comfortably within the 43-37Ma range for mineralized intrusives in both the Chuquicamata and Esperanza mining districts. 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 in depth.

The Company believes results to date from this phase of drilling confirm the presence of at least two porphyry systems in Zones A and B. This drilling also highlights that both systems are capped by barren volcanics and 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.

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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