Vanstar Mining Resources Inc (CVE:VSR) shares nudged up as the gold explorer revealed it had increased its ground at the Eva project in the James Bay region of Quebec, following encouraging results from an airborne magnetic survey.
The firm’s wholly-owned Eva and Frida projects span 107 claims over 5,517 hectares and the study at Eva showed a "prominent iron formation" folded in the north.
WATCH: Vanstar Mining Resources and JV partner IAMGOLD 'in great position' with Nelligan gold project
"The magnetic signature of the iron formation on the Eva property is very strong," the CEO of Vanstar JC St-Amour told investors in a statement.
"Folded iron formations in this type of geological setting are often a good host for gold mineralization and we proactively acquired additional claims contiguous the Eva project, enhancing our land position in this area," he added.
The company said it was now keen to carry out follow-up exploration, to include mapping and sampling, once interpretation of the geological data to date was complete.
Meanwhile, at the Frida property, a number of magnetic anomalies are present along trend between Quebec Precious Metals Corp's (CVE:QPM) JR Zone and Genius Metals Inc’s (CSE:GENI) gold Trans-Taïga showing, the company said.
The Matagami-Radisson road runs 30 kilometres (km) west of the Frida and Eva assets and summer access is via a jetty at the northern end of Sakami Lake at Km 56 on the Trans-Taïga gravel road, which sits 30 km north of the property.
Quebec-focused Vanstar also owns a 25% interest in the Nelligan project and a 1% net smelter return (NSR) royalty. The company also owns 100% of the Felix property under development in the Abitibi belt and 100% of Amanda, a 7,679 hectare property on the Auclair formation.
Vanstar shares in Canada nudged up 2.83% on the day to C$1.09 each.
Contact the author at giles@proactiveinvestors.com