Initial Drill Results from Castelo de Sonhos Confirm Extension
October 31, 2016
Assays from the first two step-out holes at the Castelo de Sonhos gold project of TriStar Gold Inc. (the “Company” or “TriStar”) have been received and confirm that gold mineralization extends well beyond the current resource area.
Table 1 below shows the significant intervals for CSH-16-144, for which all assays have now been received from the lab, and for the top half of CSH-16-145. The samples from the bottom of this hole are being shipped to the laboratory this week, with results expected before the end of November.
|Hole ID||Thickness and gold grade||Downhole depth|
|CSH-16-144 (252 m total depth)||
3.10 m @ 3.90 g/t
|121.80 ‒ 124.90 m|
|CSH-16-145 (239 m of 347 m total depth)||
3.90 m @ 0.70 g/t
12.70 ‒ 16.60 m
|Esperança South historical average||4.14 m @ 2.43 g/t|
Table 1. Significant gold intervals in CSH-16-144 and top half of CSH-16-145. Both drill holes were drilled towards an azimuth of 140 degrees, with a dip of 55 degrees. The downhole intersections are approximately true width of the mineralization.
Mr. Nick Appleyard, TriStar’s President and CEO, commented: “Based on what we were seeing last month as we drilled these holes, we felt confident that the new drilling was supporting our geological assumptions. It’s great to have the first assay data, and to have direct measurements of the thickness and grade of mineralized bands similar to what has been seen in the adjacent resource area. We’ve got several more holes to go on that southwestern extension, supported by both gold-in-soil geochemistry and the presence of historical informal mine workings.”
For the Esperança South area, previous drill hole intervals with significant gold mineralization were reported in the 2014 Technical Report, a total of 116 intervals in 69 drill holes, with most holes showing one or two intervals. These intervals ranged in thickness from 1 to 29 metres, with an average slightly over 4 metres; their grades ranged from 0.6 to 16.8 g/t, with an uncut average of 2.4 g/t.
As shown in Figures 1 and 2, resources reported in the 2014 NI 43-101 Technical Report were restricted to the drill holes available at that time. With 16 km of outcrop showing a strong soil anomaly, only 4 km of which had been drilled, TriStar recognized the potential for considerable additional resources. In March 2016, TriStar filed a new 43-101 Technical Report on a quantitative risk assessment (QRA) that integrated all available data and information on the deposit into a calculation of the project’s Exploration Target Range. This QRA involved several assumptions that are now being tested by diamond drilling. The principal assumption is that gold mineralization occurs throughout the band of conglomerates that host the majority of the mineralization, i.e. that gold mineralization continues along strike from where it has been previously encountered in drill holes, and that it continues down dip from where it appears in surface trenches and in the workings left behind by small-scale informal miners.
Figure 1. The southwestern limb of the Castelo de Sonhos deposit, showing the footprint of the 2014 resource estimate in blue, pre-2016 drill holes in light blue, and new drill holes in green.
Figure 2. Castelo de Sonhos project with the conglomerate outcrop, geochemical soil anomaly, footprint of 2014 resource estimate, and 2016 drill targets.
Even with half of CSH-16-145 remaining to be assayed, it is already clear that the mineralized bands encountered in the resource area do continue to the southwest, at least 600m beyond the 2014 reported resources. This supports and potentially exceeds the quantitative risk assessment, which assumed that mineralization would continue but weaken in this direction as it became further from the original source rocks whose erosion fed the paleo-placer.
Four of the six drill holes planned for Esperança South were completed in October; these holes will be logged in detail, photographed and samples will be sent for assaying in the coming weeks. In November, the drill rigs will move to the northern end of Esperança Center (see Figure 2), to test extensions of the conglomerate band beyond the resources previously reported in this area of the deposit.
Sample analysis procedures and QA/QC protocols
Sample preparation and analytical work for the Castelo de Sonhos drilling program were carried out by SGS Geosol in Parauapebas, Para State (sample preparation) and Belo Horizonte, Minas Gerais (analysis), an ISO 9001:2008 and 14001:2004 certified laboratory which employs industry-standard analytical methods. As part of TriStar´s QA/QC protocol, standard samples and blanks were inserted into the sample processing stream at a rate of one per 10 samples. Duplicate and alternate laboratory check samples also form part of this sampling protocol.
TriStar's Vice-President, R. Mohan Srivastava (P.Geo.), is the QP for this press release and has prepared or supervised the preparation of the scientific or technical information in this press release.
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.