Vanstar Announces Drilling Resumes at the Nelligan Project

Montreal, Quebec–(Newsfile Corp. – July 18, 2023) – Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) (“Vanstar”, or the “Company”) is pleased to announce that fire bans in the area of the Nelligan joint venture project (IAMGOLD Corporation (“IAMGOLD”): 75%, Vanstar: 25%) have been lifted and that drilling has resumed with two drills on the property.

A 10,000-metre drill program is planned on Nelligan for 2023. Drill results from the first 3,381 metres were announced on July 5, 2023, demonstrating that mineralization extends to the east of the Nelligan deposit. A minimum of 5,000 metres is planned to focus on infill and extension drilling in the central and western parts of the Nelligan deposit. One drill will begin on the main resource area while the second drill will focus on the western extension. Approximately 1,500 metres of exploration drilling is also planned to continue to evaluate other targets located elsewhere on the property. In addition, an MMI soil survey is also planned for this summer to support future exploration targeting.

J.C. St-Amour, President and CEO, said, “I am pleased to report that the 10,000-metre drilling program for 2023 has resumed on the Nelligan project. I am confident that the program goal of expanding the Nelligan resource will be achieved. The deposit remains open in all directions, especially at depth, where we have seen some holes return better than average grade and widths, suggesting there is ample room for additional expansion and growth.”

The Nelligan Gold project (on a 100% basis) hosts Indicated Mineral Resources of 2.0 million ounces grading 0.84 g/t and Inferred Mineral Resources containing 3.6 million ounces of gold grading 0.87 g/t Au (refer to Vanstar’s news release dated February 23, 2023).

Qualified Person

Mr. Gilles Laverdière, P.Geo, consultant geologist and qualified person under NI 43-101 has reviewed and approved this press release.

About Vanstar

Vanstar Mining Resources Inc. is a gold exploration company with properties located in Northern Québec at different stages of development. The Company owns a 25% interest in the Nelligan project (2.0 million indicated ounces and 3.6 million inferred ounces Au, NI 43-101 February 2023) and 1% NSR. The Nelligan Project won the “Discovery of the Year” award at the 2019 Quebec Mineral Exploration Association Xplor Gala. Vanstar is also earning 75% into the Bousquet-Odyno project located along the Cadillac Break and owns 100% of the Felix property in the Chicobi Group (Abitibi mining camp, 65km East of Amex Perron property), the Amanda property, a 7,306 ha property located on the Auclair formation with historic gold showings up to 12.1 g/t Au over 3 meters, and the Frida and Eva properties located in the James Bay area.

SOURCE:

JC St-Amour.
President and CEO
+1 (647) 296-9871
[email protected]
www.vanstarmining.com

The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.

FORWARD-LOOKING STATEMENTS:

This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/173817

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