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Canstar Resources (TSXV:ROX) reveals Newfoundland exploration plans

Mining
TSXV:ROX
07 July 2020 07:43 (EDT)

Canstar Resources (TSXV:ROX) has revealed the extent of its summer exploration plans at the Buchans-Mary March project in Newfoundland.

The Buchans-Mary March project is a 22,786-hectare mineral lease in central Newfoundland, which includes the historic Buchans Mine and the Mary March gold deposit. 

The exploration the program will consist of examining archived core samples, lithogeochemical sampling, prospecting and mapping work.

The company will be reviewing the historical information from an airborne time-domain electromagnetic survey that was completed on the site in 2017, along with the trenching work completed on the site in 2019. 

That trenching work led to the discovery of a high-grade copper-gold massive sulphide occurrence, close to the site’s Mary March discovery.

The geological mapping will include investigating along strike on the Mary March discovery, and building a 3D map of that deposit.

The company also received some significant help from the federal and provincial governments during the COVID-19 pandemic.

The Government of Newfoundland and Labrador implemented a credit plan which allowed Canstar to apply for assessment credits equal to the 2020 work requirement on the mineral leases. The credits total almost $600,000, essentially eliminating the maintenance requirement on all the company’s licenses for 2020.

Speaking on behalf of Canstar, Kerry Sparkes, the Exploration Advisor for the company said Newfoundland was beginning to ease public health restrictions, allowing field work programs to restart.

“The 2019 surface discovery of a bedrock occurrence with numerous blasts of base metal rich massive sulphide will be a priority target for 2020.

“We want to thank the Government of Newfoundland and Labrador and the Ministry for Natural Resources for the recent financial support incentives in this unprecedented year, including the deferral of spending requirements and fees on mineral concessions and the continuation of the Junior Exploration Assistance Program.

“These financial initiatives directly benefit Canstar’s exploration activities, our in-province team, and our shareholders,” he said.

Canstar Resources (ROX) is trading up 10 per cent and is trading at 5.5 cents per share at 2:55 pm EDT. 

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