SCOTTSDALE, Ariz., May 08, 2018 (GLOBE NEWSWIRE) -- TriStar Gold Inc. (the “Company” or “TriStar”) (TSX.V:TSG) is pleased to announce that the 2018 exploration campaign at its Castelo de Sonhos gold project (“CDS”) has identified two new gold-bearing targets.
Mr. Nick Appleyard, President and CEO, commented: “Our goal with the current exploration program is to continue to expand the mineral resource at Castelo de Sonhos, so we’re very pleased to have confirmation of gold mineralization in outcrops that add more than three kilometers to the known strike length. It is great to see that we’ve been able to leverage the strong geological understanding developed by our Brazilian team and our consultants. At the same time that we’re identifying new targets, we’re also improving our resources and confidence in areas that have previously been drilled, filling in gaps and extensions. With the early successes in this year’s program, we’re looking forward to updating the resources and completing a preliminary economic assessment.”
Dr. Rael Lipson of TriStar’s technical advisory group recommended extending the existing soil sampling grid into new areas since, elsewhere on the property, anomalous gold in surface samples has consistently been a reliable indicator of gold mineralization at depth. The sampling, descriptive and analytical work to follow up on this recommendation is now complete, and reveals two new targets (see Figure 1) that now need to be drill tested.
2018 New Discovery Zone (“NDZ”)
The NDZ conglomerate outcrops on the western edge of the property and has a mapped strike length of approximately 2 km. Ten soil sampling lines at 200m spacing have now confirmed that the NDZ is highly anomalous in gold, with all lines showing a distinct continuous zone of mineralization coincident with the conglomerate.
2018 Upper Conglomerate Zone (“UCZ”)
The UCZ conglomerate was initially recognized by Dr. Rael Lipson in 2016 as an additional band of conglomerate that sits in the arenite above the main conglomeratic band at CDS. Four sampling lines were strategically located to cross the UCZ; assays from soil samples on these four lines encountered anomalous gold grades on every line. The size of this secondary band of mineralized conglomerate has not yet been fully established, but the mapping and sampling work to date confirms more than a kilometer of strike length for this previously unrecognized and undrilled target.
Figure 1. The two new surface gold anomalies identified by soil sampling and new drill holes.
As of May 4, a total of 26 reverse circulation (“RC”) for 3,020m and 8 core holes for 960m have been completed (see Figure 1). The RC drilling program includes infill drilling in Esperança Center (now complete) and Esperança South (yet to be done), and broad definition drilling in Esperança East (underway). The RC rig will finish the first round of Esperança East holes in May and will then move to Esperança South to follow up on high-grade intervals previously encountered there and still open in several directions. Following analysis of the results, TriStar plans to continue RC drilling, to maximize the data available for expanding mineral resources in the next resource update. The man-portable core rig targeted resource extensions on steep slopes; that program is now complete, and the core rig has been demobilised.
Following completion of RC drilling, TriStar will log the RC holes using the same petrophysical probes and optical televiewer that provided valuable data in the 2017 drilling program and that improved understanding of local continuity directions for resource estimation.
For the nine holes for which assays are now available (all RC holes in Esperança Center and East), all show one or more significant intervals. Due to the large number of drill holes this year, both completed and planned, and the expectation that the rate of drilling will increase, TriStar will use its website to make available detailed summaries of drill hole locations and significant intervals; a file has been added to the CDS project page of the company website (www.tristargold.com) with a complete list of significant intervals for the project. This information will be updated regularly, allowing investors direct access to complete and up-to-date information whenever they choose.
Full evaluation of the drill holes will be possible when drilling has been completed in each zone and when the OTV and petrophysical logging are available. With the partial information currently available, the assay values are consistent with expectations established by previous drilling, both in terms of grade and thickness.
Assay methods, quality assurance and quality control (QA/QC)
All soil samples have been analyzed by fire assay of a 50g aliquot of material taken from the “A” horizon. In 2018, all drill hole samples are analyzed using a Leachwell analysis of 1kg of material taken from either ½ core in diamond drill holes or ¼ of the chips in reverse circulation holes. Samples are transported by truck from site to the ALS lab in Goiania, Brazil, where they are dried, crushed, pulverized and packaged for shipment to the ALS analytical lab in Lima, Peru.
The ALS preparation and analytical labs are accredited to ISO 17025:2005 UKAS ref 4028, and have internal QA/QC programs for monitoring accuracy and precision. In addition to this, TriStar uses standards, blanks and field duplicates in an external QA/QC program to provide independent monitoring of laboratory analyses.
R. Mohan Srivastava (P.Geo.), Vice President of TriStar, is the Qualified Person who has reviewed the technical information contained in this news release and has approved its disclosure.
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.