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Vanstar Mining (TSX-V:VSR.V, OTCQX:VMNGF, Frankfurt: 1V8) owns several Quebec gold exploration projects. Its flagship project, the Nelligan project, is being developed with IAMGOLD which currently owns 75% and Vanstar owns 25%. IAMGOLD can earn a further 5% by completing a feasibility study. Vanstar retains a 20% undivided non-contributory carried interest until commencement of commercial production as well as a + 1% NSR on the 8 original claims. The project has inferred resources of 3.2m oz @1.02 g/t Au and is located in the NE of the Abitibi region. IAMGOLD is expected to launch 10,000 m drill program as well as other groundwork and IP followed by an updated resource by year end pending results.
The 100% owned Felix project is located 86km NE of Rouyn-Noranda on the Chicobi belt where Amex Exploration has made a high-grade gold discovery on their Perron Gold project. Vanstar has completed a high-resolution magnetic survey on the and subsequently launched a 3000m drill program. Assays are expected in the coming months. Program will test historical hole that assayed gold, test MEGATEM conductors and structural traps in Iron Formations.
The 100% owned Amanda Project is located 275 km northwest of Chibougamau within the regional county municipality of Jamésie in the southern part of the Nord-du-Québec administrative region, Quebec, Canada. There is historical gold showings up to 12.1 g/t Au over 3 meters on the project. Vanstar plans to conduct a very high-resolution aerial magnetic survey in the first half of 2021 to map the property and uncover structural discontinuities in iron formations that may prove to be the site of gold deposits. The company also plans to carry out stripping and sampling work in the summer of 2021.
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