Drilling for Preliminary Economic Assessment Begins at Tristar Gold’s Castelo de Sonhos Project
August 29, 2016
TriStar Gold Inc. (the “Company” or “TriStar”) is pleased to announce the preliminary economic assessment (PEA) phase of drilling at its Castelo de Sonhos (CDS) gold project in Pará State, Brazil. Two core drill rigs have been mobilized and are scheduled to arrive at CDS in the coming days, with drilling commencing shortly thereafter. This is the beginning of several months of drilling aimed at validating the exploration target range published in March of this year, and culminating in a NI 43-101 PEA (Scoping Study) report by mid-2017.
The initial holes in this program will test the Esperança South area to the southwest, where it extends onto a mineral concession that has not yet been drilled. Field work earlier this year, guided by Dr. Rael Lipson, has confirmed the strong analogy between CDS and the paleo-placer gold deposits at Tarkwa, and has improved the understanding of the deposit type and the directions of grade continuity. The next phase of drilling leverages this new information, as well as a wide variety of older data that also point to significant mineralization along strike: a strong gold-in-soil geochemical anomaly, gold in trench samples across the conglomerate band, the presence of large and continuous historical workings at surface, and airborne geophysics.
Mr. Nick Appleyard, President and CEO, commented: “This year’s work on Castelo de Sonhos gives us every reason to believe that this is a project that can be developed into a significant mine. We know that the conglomerate band is mineralized at surface, and also at depth wherever it has been drilled. The next several drill holes are significant step-outs beyond previous drilling and will, if successful, extend the strike length of Esperança South by more than two kilometres.”
TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have potential to become significant producing mines. The Company’s current flagship property is Castelo de Sonhos in Pará State, Brazil. The Company’s shares are listed on the TSX Venture Exchange under the symbol TSG. Further information is available at www.tristargold.com.
For further information, please contact:
TriStar Gold Inc.
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the "safe harbour" provisions under the United States Private Securities Litigation Reform Act of 1995. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects” or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward looking statements in this press release include, the scope and success of the planned exploration program at the Castelo de Sonhos project and the Company's opinion that it has clear title to the Castelo de Sonhos property Such forward-looking statements are based upon the Company's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans to change include changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the Company’s projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.