Archean Star (TSXV:ASP) Completes First Hole of Drill Program at Gnaweeda Gold Project in Australia - Video Summary Posted on www.InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, December 7, 2011 - Archean Star (TSXV:ASP)
completes first of two drill holes from the current diamond drill program at the
Gnaweeda Gold Project in Western Australia.
InvestmentPitch.com has produced a "video news alert" about Archean Star. If
this link is not enabled, please visit www.InvestmentPitch.com and enter
"Archean Star" in the search box.
Gnaweeda hosts several gold prospects on two contiguous tenements over a 28
kilometre strike length of highly prospective rocks in the Archean-age Gnaweeda
Greenstone Belt.
This program is on the southernmost of the three earlier identified higher grade
gold zones within the main 2.5 kilometre by 750 metre Turnberry zone. Drill hole
#TB006 was completed to a depth of 326.9 metres and was a step out hole,
approximately 50 metres from drill hole #TB003 where Archean Star had
intersected 3 metres grading 8.27 grams per tonne gold as well as 16 metres
grading 2.34 grams per tonne gold, and where a previous Teck Australia hole
GNRC009 had intersected 4 metres of 17.77 grams per tonne gold. Assay results
from TB006 will be released as received.
The second hole, TB007 is collared 50 metres east of hole TB003 and is targeting
down dip of the supergene enriched zone of 16 metres of 2.34 grams per tonne
gold encountered in TB003.
In drill hole TB006, mineralization begins approximately 150 metres down hole
and consists of significant quartz veining along with pyrite, that is present
over much of the same interval, locally up to 5%, and is notably abundant in the
lower parts of the hole. Gold intersections in both TB003 and Teck Australia's
GNRC009 are associated with pyrite. The collar of the third diamond drill hole,
TB008, is located approximately 50 metres north of TB006.
Archean Star, through its wholly owned Australian subsidiary, has an option to
earn 100% of Teck Australia's interest in Chalice Gold Mines' Gnaweeda Gold
Project in Western Australia, subject to a 75% back in right, and has already
met over 65% of its earn in commitment and is expected to complete the earn-in
early in 2012.
Approximately 30 kilometers to the south-west, the Meekatharra-Wydgee Greenstone
Belt hosts several 1 million plus ounce gold deposits, including the Big Bell,
Meekatharra, and Reedy deposits.
Immediately to the west of Gnaweeda, Australia Exchange listed Doray Minerals,
has identified a high grade deposit of approximately 200,000 ounces.
The company recently closed an over-subscribed private placement of $0.08 units,
raising gross proceeds of approximately $1,044,000.
Back in April 2011, Archean Star was spun off from Kent Exploration Inc, which
trades on the TSX Venture Exchange under the symbol KEX. Kent holds
approximately 10 million shares or 22% of the outstanding shares of Archean.
Archean Star trades at $0.09.
For more information about Archean Star please visit their website
www.archeanstar.com, or contact President & CEO, Graeme O'Neill at
604-684-3394, or by email at go(at)archeanstar.com.
InvestmentPitch.com is a multimedia company that provides a combined solution
for creating and hosting financial video content, and distributing it across
multiple platforms to investors and financial professionals.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
604-684-5524
bmorgan(at)investmentpitch.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1569814]
Unternehmensinformation / Kurzprofil:
Datum: 07.12.2011 - 16:25 Uhr
Sprache: Deutsch
News-ID 94851
Anzahl Zeichen: 4291
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Kategorie:
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