Vanstar Mining Resources Inc (CVE:VSR) OTCMKTS:VMNGF) (FRA:1V8) announced that it has concluded an Induced Polarity (IP) survey and planned to drill targets soon on its Felix property under development in the highly prolific Abitibi mining camp, in Quebec, Canada.
The gold exploration company with properties in Northern Québec at different stages of development, said the IP survey focused on a western portion of the property, which had a “folded banded iron formation and preliminary results identified a number of chargeability anomalies that are consistent with previously reported MEGATEM conductors.”
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As a result, the company is refining phase 2 of its drill program on the property and said it “intends to drill the targets as soon as possible.” Vanstar said a drill rig has been secured that will be available to begin the program in September.
In addition, the company said that phase one of the drill program “did not return significant gold values.” The company explained that phase one was designed to test a historical hole that was drilled in the late 1970s, which reported gold values ranging from 0.9 grams per tonne (g/t) to 1.8 g/t.
“The historic and phase one holes were drilled in metasediments and not in the iron formations that are the target of the phase two program,” noted the company.
The Felix project is located in an environment of volcano-sedimentary origin comprising a unit of volcanic rock in the north, another in the south and the central part is occupied by sedimentary rocks. The property rests mainly on the rocks of the Chicobi Group, noted the company. Significantly, the sedimentary basin contains mudstones and graphitic turbiditic sandstones, with a minor magnetite-chert and hematite-jasper banded iron formation.
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