- Vanstar Mining Resources (VSR) announced an updated Mineral Resource Estimate (MRE) for the Nelligan Project in Quebec
- The project is a joint venture between IAMGOLD (IMG) (75 per cent) and Vanstar (25 per cent)
- Mineral resources have increased by 92 per cent in tonnage, with a 15 per cent decline in gold grades, for an overall gain of 63 per cent in metal content – relative to the 2019 Mineral Resource estimate
- President and CEO J.C. St-Amour joined Sabrina Cuthbert to discuss the results
- Vanstar Mining Resources Inc. (VSR) opened trading at C$0.375 per share
Vanstar Mining (VSR) announced an updated Mineral Resource Estimate (MRE) for the Nelligan Project in Quebec.
The project is a joint venture between IAMGOLD (IMG) (75 per cent) and Vanstar (25 per cent).
The updated MRE comprises 72.2 million tonnes of Indicated Mineral Resources averaging 0.85 grams of gold per tonne for 1.97 million ounces of gold, as well as 114.1 million tonnes of Inferred Mineral Resources averaging 0.88 grams of gold per tonne for 3.24 million ounces of gold.
Mineral Resources have increased by 92 per cent in tonnage, with a 15 per cent decline in gold grades, for an overall gain of 63 per cent in metal content – relative to the 2019 Mineral Resource estimate.
Additional infill drilling completed last year and refinement of the deposit and structural models contributed to the conversion of 62 per cent of Inferred Mineral Resources to an Indicated Mineral Resource category relative to the 2019 estimate.
The company noted there is potential for further resource expansion.
The updated MRE for the Nelligan Project includes results incorporated into the resource model from the 2020 to 2022 drilling programs (53 holes for a total of 22,045 metres drilled), as well as an additional 24 historic drill holes previously located outside mineralized domains for a total of 84,490 metres in 267 diamond drill holes.
President and CEO J.C. St-Amour joined Sabrina Cuthbert to discuss the results.
“With a very targeted drill program, we were able to achieve a 63 per cent increase in gold resources at Nelligan, as well as improve the quality and increase the ounces in the indicated category. With another 10,000-metre drill program planned for this year, we believe there is immediate expansion potential of the known resource and an opportunity to test newly defined exploration targets outside of the resource area.”
Vanstar Mining Resources is a gold exploration company with properties in northern Quebec.
Vanstar Mining Resources Inc. (VSR) opened trading at C$0.375 per share.
