Archean Completes Diamond Drill Program at Gnaweeda and Exercises Gnaweeda Option
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/24/13 -- Archean Star Resources Inc. (TSX VENTURE: ASP) (the "Company") announces that it has completed a diamond drill program on its Gnaweeda Gold Project in Western Australia. On completion of the drill program, the Company has also completed AUD$3,201,550 in exploration expenditures on Gnaweeda.
The diamond drill program, which was co-funded by the Western Australia Department of Mines and Petroleum, was conducted at the Far East and Bunarra zones, and consisted of four diamond drill holes totaling 829 meters. Two holes were drilled at Far East zone and two holes were drilled at Bunarra Central.
The north-south trend of gold mineralization at Bunarra Central, as defined by the Company's earlier drilling, was extended to the south by DDH BN011, which intercepted 38 metres of the gold-bearing assemblage quartz-tourmaline-arsenopyrite-pyrite (QTAP) hosted in gabbro. QTAP was not intercepted in DDH BN012 which may place a northern limit on the gold zone.
The two holes drilled at Far East intersected the sulfides pyrite and pyrrhotite, disseminated and as veinlets, that are common up to about 3% through much of the intersections. Trace amounts of galena, chalcopyrite and chalcocite are present. Host rocks at Far East are mafic volcaniclastic strata and felsic intrusive rocks, both of which carry the sulfides. There are locally numerous small quartz veins.
The drill core has been logged and split, and 1.0 metre samples have been submitted to ALS Chemex laboratories in Perth, WA, for assay.
By completing in excess of A$3,200,000 in property expenditures, including the permitted 12% administration fee, on the Gnaweeda Gold Project within the time period as outlined in the Archean Option Agreement, entered into between the Company and Teck Australia Pty. Ltd ("Teck"), the Company has earned Teck's approximately 87.97% interest in Gnaweeda, subject to a 75% back in right by Teck, and the Company has provided Teck with a Notice of Exercise of the Option.
Archean Star Resources Inc., is a junior exploration company listed on the TSX Venture Exchange that has, through its wholly owned subsidiary, Archean Star Resources Australia Pty Ltd, earned 100% of Teck Australia Pty Ltd.'s ("Teck") approximately 88% interest, subject to a 75% back in right in such interest to Teck, in Chalice Gold Mines Limited's Gnaweeda Gold Project in Western Australia. The Company is also earning an 80% interest in AMCOR's Monitor Copper, Gold and Silver project in the Coeur D'Alene Mining District in Idaho.
This News Release has been prepared on behalf of the Archean Star Resources Inc. Board of Directors, which accepts full responsibility for its contents. The contents of this news release has been reviewed and approved by Dr. Clay Conway, P.Geol, a Qualified Person as recognized by National Instrument NI-43-101, and a director of the Company.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), has reviewed, nor do they accept responsibility for, the adequacy or accuracy of this news release
Contacts:
Archean Star Resources Inc.
Graeme O'Neill
President
(604) 684-3394
(888) 282-7763 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 24.07.2013 - 18:38 Uhr
Sprache: Deutsch
News-ID 281506
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 288 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Archean Completes Diamond Drill Program at Gnaweeda and Exercises Gnaweeda Option"
steht unter der journalistisch-redaktionellen Verantwortung von
Archean Star Resources Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
