Megastar JV drills 3 metres of 20.4 g/t gold at Simkar
2010-03-25 03:14 ET - News Release
See News Release (C-MDV) Megastar Development Corp
Mr. Dusan Berka of Megastar reports
SIMKAR DRILLING RESULTS ADD SIGNIFICANT POTENTIAL BELOW HISTORIC MINE WORKINGS; ELORO INTERSECTS UP TO 20.4 G/T GOLD OVER 3.0 METRES IN MULTIPLE ZONES ON MEGASTAR PROPERTY
Megastar Development Corp. has received the first assay results from its joint venture partner Eloro Resources Ltd. from the continuing surface diamond drilling program at the Simkar gold project located in the prolific Abitibi greenstone belt, 20 kilometres east of Val d'Or, Que. Simkar consists of two contiguous mining concessions totalling 226 hectares in Louvicourt township, which is wholly owned by Megastar under option to Eloro.
Drill hole SK10-12 intersected 9.4 grams per tonne (g/t) gold (Au) over a 5.9 metres including 24.6 g/t Au over 2.1 metres. Drill hole SK10-13 intersected 20.4 g/t Au over three metres including 40.3 g/t Au over 1.3 metres. Drill hole SK10-16 intersected four g/t Au over five metres including 11.9 g/t Au over one metre. The reported intersections are relatively shallow, ranging from 170 metres to 275 metres vertical below surface.
"The initial results from the first stage of exploration confirm the newly developed 3-D models of the deposit. The early outstanding results clearly highlight the potential of the project and also provides additional confidence in the structural continuity of the zones in order to key into high-grade ore shoots which would significantly impact the deposit's economic viability," said Dusan Berka, president and chief executive officer of Megastar.
The current drilling program incorporates 17 holes totalling 6,125 metres, of which 11 holes have been completed to date for 3,400 metres. The holes are being drilled in reverse order to the hole numbers, and assay results are available for the first six holes drilled, including; SK10-12 to SK10-17 (inclusive). Highlights of the analytical results received to date are in the table, with no significant results to report from holes SK10-14, SK10-15 or SK10-17.
DDH No. From To Core length Gold
(m) (m) (m) (g/t)
SK10-12 313.9 319.8 5.9 9.4
incl. 317.7 319.2 2.1 24.6
SK10-13 246.0 249.0 3.0 20.4
incl. 246.0 247.3 1.3 40.3
SK10-14 No significant intervals
SK10-15 No significant intervals
SK10-16 194.0 199.0 5.0 4.0
incl. 194.0 195.0 1.0 11.9
SK10-17 No significant intervals
(1) All holes are inclined and from and to
distances tabulated are metres drilled
downhole not vertical depths.
(2) Sample and intersection length
tabulated are downhole lengths and not true
widths.
(3) All assays are reported uncut.
The current Simkar mineralization model was generated from a comprehensive 3-D compilation and synthesis of historic mine and drill hole data that include the A, B, C, Montana, East and South zones from which there is historic gold production. Even though the gold mineralization is interpreted to continue downdip and downplunge of the mine workings, only a few of the historic holes tested the gold mineralization below the lower levels of the mine. The 2010 drilling specifically targets the extensions of the modelled zones, primarily below 200 metres vertical depth under the historic underground workings, specifically along the projections and intersections of the planar shear zones.
The intersection in SK10-16 occurs along the eastern extension of the B zone, near the projected northeast extension of the C zone. The intersection may represent a new high-grade zone, previously unexplored and open in all directions at relatively shallow depth. SK10-12 intersected the B zone over 100 metres downdip from historic workings, whereas SK10-13 intersected the East zone more than 100 metres downdip from historic stoping.
The drilling results to date indicate that the gold-mineralized structures are continuous over significant distances, both along strike and downdip. The presence of higher gold grades may be indicative of localized chutes. Additional drilling will be required to further test the multiple targets and chutes identified to date.
The Simkar gold project
The property hosts a thick sequence of east-west trending, near-vertical-dipping rhyolites, pyroclastics and quartz-feldspar porphyry dikes and sills closely associated with the lode gold vein mineralization and the Louvicourt-type volcanogenic massive sulphide (VMS) mineralization.
The higher-gold grade vein mineralization is similar to the nine-million-ounce Sigma-Lamaque gold deposit in Val d'Or. The historic production of 30,500 ounces of gold (1946 to 1949) came from extensive underground workings along the A, B and C zones. From 1987 to 1993, surface exploration and underground development work successfully outlined additional gold mineralization in the immediate extensions of the previously mined zones, as well as defining new gold resources in three new gold-bearing structures, the East, F and Pillar zones. Subsequently, the existing underground workings were dewatered and new underground development was completed to access the East zone. This underground development work led to the extraction of 20,000 ounces of gold.
Megastar acquired all rights, titles and interests of the project in 1996. Since then, Megastar completed ground geophysics; surface diamond drilling, and integrated the former Simkar gold mine underground workings into a 3-D mine model. This work led to two National Instrument (NI) 43-101-compliant technical reports, one in 2004 and a second in 2008 (available on SEDAR. The 2008 technical report outlines mineral resource estimates of 1,482,000 tonnes grading 3.01 g/t gold containing 143,160 ounces of gold to vertical depth of 200 metres.
Eloro and Megastar are in the first year of an option and joint venture agreement that provides Eloro with the option to earn a 50-per-cent interest in Simkar by completing $4-million in exploration work, paying Megastar $350,000 and issuing 4.5 million shares of Eloro to Megastar over three years.
Quality assurance/quality control (QA/QC) procedures
Eloro has implemented QA/QC procedures to ensure best practices in sampling and analysis of the core samples. The NQ drill core is logged and then split in half with one-half sent for assay. Duplicates, standards and blanks are inserted randomly into the sample stream. The samples are delivered, in secure tagged bags, directly to the ALS Laboratory Group facility in Val d'Or, Que., for analysis. Samples with visible gold are analyzed by the total metallic sieve method, whereas the remaining samples undergo more conventional fire assays. For the reported intersections, total metallic screen check assays were completed on the coarse crushed reject for all samples reporting greater than 10 g/t gold from the initial fire assay. Other samples within the intersection are resubmitted for check fire assay using the original pulps. The final reported gold grade for a sample is either the total metallic sieve assay result or it is the average of the two fire assays.
The technical information contained in this news release was prepared and approved by Martin Bourgoin, PGeo, executive vice-president of Eloro, and John Langton, PGeo, vice-president of exploration of Eloro and project manager of the Simkar gold project. Both individuals are qualified persons as defined by National Instrument 43-101. -----------
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