GlobeStar Mining Update on Dominican Republic Copper Exploration / Development Program
TORONTO, ONTARIO–(Marketwire – Aug. 20, 2008) – GlobeStar Mining Corporation (“GlobeStar” or the “Company”) (TSX:GMI) is pleased to announce results of the first 11 holes of the current drilling program at the Loma Pesada copper deposit in the Dominican Republic, including 6.82 meters of true width @ 2.66 % copper (“Cu”) (hole LP- 22) and 9.14 meters @ 1.85 % Cu (hole LP-24).
The Loma Pesada deposit is a copper-zinc massive sulphide with minor amounts of silver and gold and is located 14 kilometers to the northwest of GlobeStar’s Cerro de Maimon project. The mineralized zone is stretched in a shear zone and has an N 140 degrees orientation with a south-west dip of between 40 and 50 degrees. The mineralized lens is hosted by a bimodal, mafic dominated volcanic sequence. A disseminated mineralization (fine interstitial pyrite, chalcopyrite and sphalerite) envelope is present around the massive sulphides lens.
The discovery of Loma Pesada dates back to the early 1990′s when Falconbridge carried out magnetic and soil surveys in the Loma Pesada area and other prospective areas in the Maimon formation. Falconbridge completed two drilling programs on Loma Pesada: including 2,680 meters in 13 drill-holes in 1990 and 905 meters in 6 drill-holes in 1995. The latest Loma Pesada National Instrument (NI) NI-43-101 compliant estimated inferred mineral resource of 1.09 million tonnes grading 2.22 % Cu at a 1% Cu cut-off grade (see press release of February 23, 2006) is based exclusively on the data of the Falconbridge programs.
In late May 2008, GlobeStar initiated a 4000 meter drill hole program in Loma Pesada with three main objectives: (a) to explore the southern and northern continuity of the known mineralized lens, as suggested by strong electromagnetic/magnetic data and new induced polarization (“IP”) results (as reported below); (b) to increase the confidence of the estimated mineral resource; and (c) expand the known estimated resource.
The current drilling program is designed to complete a 50 meter regular spacing on the previous drilling and to test extensions of the known mineralization. Through August 18, 2008, 24 holes have been completed (totalling 3117 meters) concentrated mainly in the northern half of the deposit (see map on http:// www.globestarmining.com/pressreleases/2008.08.20/ LomaPesada2008DDH.jpg). The results of the first 11 holes are summarized in Table 1 (below); results of the other drilled holes are pending. The best intersections (true lens width) from this program include 6.82 meters @ 2.66 % Cu (hole LP-22) and 9.14 meters @ 1.85 % Cu (hole LP-24).
——————————————————————– ——– ______________________Table 1. Loma Pesada Drilling Program ____________________Intercepts Greater Than 1% Cu cut-off (1) ——————————————————————– ——– Drill__ Hole______From______To__ Length__________True____Cu__ Zn__ Ag____Au Hole____ Dip________(m)____ (m)______ m______ Width m____________(g/ t) (g/t) ——————————————————————– ——– Infill holes ——————————————————————– ——– LP-20____-68____ 140.2__ 143.3____ 3.12__________2.75__2.85 0.70 7.57__0.14 ——————————————————————– ——– LP-21____-45______88.4____94.5____ 6.10__________6.08__1.07 0.05 4.07__0.11 ——————————————————————– ——– LP-24____-45______98.0__ 107.1____ 9.14__________9.14__1.85 0.65 5.45__0.09 ——————————————————————– ——– LP-25____-90____ 144.6__ 151.2____ 6.64__________4.70__3.16 0.34 6.83__0.25 ——————————————————————– ——– LP-28____-60______57.5____62.0____ 4.50__________4.23__1.03 0.04 2.70__0.10 ——————————————————————– ——– LP-29a__ -65____ 128.0__ 129.5____ 1.50__________1.45__1.60 0.39 3.00__0.09 ——————————————————————– ——– LP-29a__ -65____ 135.1__ 137.8____ 2.73__________2.64__1.08 0.61 4.55__0.15 ——————————————————————– ——– LP-30____-65____ 141.9__ 149.0____ 7.11__________6.87__1.63 1.32 6.06__0.14 ——————————————————————– ——– Northern extension holes ——————————————————————– ——– LP-22____-50______95.2__ 102.1____ 6.85__________6.82__2.66 1.01 4.67__0.15 ——————————————————————– ——– LP-23__________________________ No Significant Intersection ——————————————————————– ——– LP-26____-60____ 51.65____56.0____ 4.35__________4.28__4.67 0.03 8.94__0.18 ——————————————————————– ——– LP-27__________________________ No Significant Intersection ——————————————————————– ——– (1) Intercepts were calculated allowing 2 meters of internal dilution and ____using a 1% Cu cut off grade.
New IP survey
In May and June of this year, Geofisica TMC S.A. de C.V. from Mexico, conducted an IP survey on Loma Pesada to test the north and south continuation of the massive lens. The IP survey was carried out using a dipole-dipole electrode configuration. The dipole dimension was 25 meters and successive separations at multiples of n=1 to n=6 times the dipole dimensions were used in order to investigate at depth. A total of approximately 7.7 line kilometers were surveyed in Loma Pesada.
Gerard Lambert, consulting geophysicist, processed the IP data. The results show a continuous IP corridor which extends for more than 600 meters. The latter can be correlated with the known mineralized lens and with some previously unknown extension of the mineralization towards the northwest. The northwest extension of the IP corridors coincide with a Cu geochemical anomaly and its significance was tested in two traversal sections: section LP-4800 (holes LP-22 and LP-23) and Section LP-4850 (holes LP-26 and Lp- 27). In both sections, the shallower drill holes show significant high grade intersections (LP-26: 4.28 meters @ 4.67% Cu and LP-22: 6.82 meters @ 2.66% Cu), defining a previously unknown northern zone of the massive sulphide lens. The IP corridor extends for an additional 200 meters more to the northwest, suggesting continuity of the ore body. This possible extension will be tested with future holes.
Holes LP-20, LP-21, LP-24, LP-25, LP-28, LP-291 and LP-30 were drilled to infill previously known mineralized zones and confirmed the average Cu grade for Loma Pesada, as well as, the general geometry and true thickness of the massive sulphide lens.
Currently, the Loma Pesada deposit is the best known and the largest satellite VMS deposit in the vicinity of GlobeStar’s Cerro de Maimon project. After the current drilling program is finalized GlobeStar will update the NI 43-101 compliant mineral resource estimate of Loma Pesada and expects to evaluate the economic and technical feasibility of mining the mineralized material from Loma Pesada and processing it at the Cerro de Maimon processing facility.
A.E. Olson, M AusIMM, the Company’s Vice President Projects, a Qualified Person as defined by NI43-101, supervised the preparation of and verified the technical information contained in this release.
Control sampling program of blanks and duplicates have been put in place to monitor the integrity of all assay results. Standards have been intercalated to duplicates that are being analyzed in an external Lab. All core samples are split at the Cerro de Maimon mine site and prepared by ACME Analytical Laboratories (ACME), in Maimon, Dominican Republic. Pulps were sent to ACME in Santiago, Chile to complete sample preparation and assays. The first analytical step is a 30 element ICP analyses. Au above detection limit is analysed by fire assay. Cu, Zn and Ag above detection limit were reanalyzed by ICP-ES (aqua regia digest).
GlobeStar is a mining and exploration company, currently developing the permitted Cerro de Maimon copper/gold project in the Dominican Republic.
The information in this news release may include certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. Assumptions made are subject to significant risks and uncertainties. Because of these risks and uncertainties and, as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although GlobeStar believes that the expectations reflected in its forward-looking statements are reasonable, we can give no assurances that the expectations of any forward-looking statements will prove to be correct. GlobeStar disclaims any intention, and assumes no obligation, to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise, except as required pursuant to applicable securities laws.
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