Vanstar Mining Resources Inc (TSX-V:VSR, OTCQX:VMNGF) reported new assay results from its Nelligan project, which is under a joint venture with IAMGOLD Inc.
The junior resource company said it had drilled 86.7 metres at 1.34 grams per ton (g/t) gold, including 12 metres at 2.65 g/t gold, and a separate interval of 45 metres at 2.13 g/t gold and 12 metres at 6.27 g/t gold.
Vanstar owns a 25% stake in the project, while IAMGOLD owns the remaining 75%.
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Nelligan hosts inferred mineral resources containing 3.2 million ounces of gold grading 1.02 g/t.
Other highlights from the latest round of assay results include 45 metres at 2.13 g/t, including 6.27 g/t gold; 111 metres at 1.11 g/t gold, including 16.5 metres at 2.05 g/t gold; and 46.5 metres at 1.26 g/t gold.
The bulk of the intercepts were drilled at the Renard zone, according to Vanstar. At the West Extension of the Renard Zone, drilling intersected 40.5 metres at 1.28 g/t gold and 15 metres at 7.81 g/t gold.
Vanstar CEO JC St Amour called the results encouraging, adding that they clearly demonstrate the resource is open and is expanding to the west. The infill drill program is confirming and improving the existing resource, according to the CEO.
“It is important to note that the Western Extension drill results reported today are near surface and are showing similar grade and widths as the results reported from the infill program,” St Amour said in a statement. “We are keen to see the impact of the winter drill program as IAMGOLD further tests the western extension of the Nelligan gold deposit."
Craig MacDougall, IAMGOLD’s executive vice president, growth, added that the results “confirm the continuity of mineralization in the resource area at similar observed grades and widths as we work to improve resource classification.”
IAMGOLD is hoping to put out an updated resource estimate for Nelligan by the end of 2022.
Contact Angela at angela@proactiveinvestors.com
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