5000 M Drilling Program has now commenced on First Star’s LMS project located in the heart of the Tintina Gold belt
FSE: F2U OTCBB: FSRFF
TSX.v : FS
VANCOUVER, June 2, 2011 /PRNewswire/ – First Star Resources Inc. (TSX-V: FS)
(“First Star”) is pleased to announce that it has started its 2011
summer exploration drilling program on its flagship property, LMS, in
Alaska this week. The LMS property is under Joint Venture with Corvus
Gold Inc. (TSX: KOR), A spin off from International Tower Hill
(TSX:ITH). During the next few months, First Star intends to drill
5,000m plus of oriented diamond core on its LMS property. Drilling will
continue to assess the existing Camp Zone in an effort to: 1) expand
the gold-bearing graphitic quartzite breccias; and 2) to drill a
NE-striking structural corridor within the lower gneiss zone that is
known to contain high grade gold mineralization.
It is the company’s intension to extend the existing mineralization of
roughly 500 metres down dip to a 1,000 metres down dip. Further, the
company intends to have a new resource estimate completed by the end of
2011 which will also include silver.
First Star Resources completed a 640 metres winter drilling program in
April this year. Assays are still pending and will be announced soon.
First Star Resources has contracted Spring Valley Drilling Inc. for its
winter and summer core drilling program on its LMS gold and silver
property. All exploration work on the LMS property will be conducted by
First Star’s exploration contractor Pacific Rim Geological Consulting
Inc. of Fairbanks, Alaska, under the supervision of Dr. Karsten Eden,
Vice President Exploration of First Star Resources Inc. All sample
shipments will be sent to ALS Chemex in Fairbanks, Alaska, for
preparation and then on to ALS Chemex in Reno, Nevada, or Vancouver,
B.C., for assay. ALS Chemex’s quality system complies with the
requirements for the International Standards ISO 9001:2000 and ISO
17025:1999. First Star will have its own quality control / quality
assurance programs in place.
The LMS claim block is located in the Goodpaster Mining District of
Alaska and consists of 92 State of Alaska mining claims covering 61
The company also is granting options to buy 650,000 shares total to
consultants of the company. The options shall be exercisable at a price
of 15 cents per share and shall have a term of five years.
About First Star Resources Inc.
First Star Resources is a junior exploration company focused on gold
exploration in the world famous Tintina Gold Belt in Alaska. The
Tintina Gold Belt hosts major gold deposits and several mines, such as;
Fort Knox Mine – 3.7 million oz. gold, the Donlin Creek deposit – 33.5
million oz. gold, the Livengood deposit- 8.1 million oz gold, White
Gold deposit- 1.4 million oz gold (Recently taken over by Kinross Gold
Corp), and the Pogo Mine 5.6 – million oz gold, which is adjacent to
one of First Stars Resources’ key targets for this year, the LMS and
West Pogo property. The LMS and West Pogo properties have well defined
Gold Targets which First Star Resources will be addressing in 2011.
ON BEHALF OF THE BOARD
John Campbell CEO
Visit the Company’s website, www.firststarresources.com
Forward-looking statements relating to future events or future
performance and reflecting First Star Resources or beliefs regarding
future events include, but are not limited to, statements with respect
to completion of the private placement and related matters. In certain
cases, forward-looking statements can be identified by the use of words
such as “plans”, “expects” or “does not expect”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates” or “does not anticipate”, or “believes”, or variations of
such words and phrases or statements that certain actions, events or
results “may”, “could”, “would”, “might” or “will be taken”, “occur “or
“be achieved” or the negative of these terms or comparable terminology.
By nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of First Star Resources to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such factors
include, among others, risks related to actual results of current
exploration activities; changes in project parameters as plans continue
to be refined; future prices of resources; possible variations in ore
reserves, grade or recovery rates; accidents, labour disputes and other
risks of the mining industry; delays in obtaining governmental
approvals or financing or in the completion of development or
construction activities; as well as those factors detailed from time to
time in Petro Horizon’s interim and annual financial statements and
management’s discussion and analysis of those statements, all of which
are filed and available for review on SEDAR at www.sedar.com. Although First Star Resources has attempted to identify important
factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there
may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue reliance
on forward looking statements.
“NEITHER 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.
SOURCE First Star Resources Inc.