While IAMgold (IMG.TO, IAG) spends its exploration dollars on the Nelligan project, Vanstar Mining (VSR.V) decided to go ahead with its summer exploration program on the Felix gold project. The company is planning to complete approximately 2,500 meters of drilling after an airborne magnetic survey (which was completed in June) showed some high-priority drill targets.
According to Vanstar’s update, several of the drill targets are located near faults and folded areas which will now be drill-tested while the company also aims to verify a historical drill hole that carried significant gold values. Although Vanstar didn’t clarify the details of said historical hole, we assume this refers to hole 728-06-01 which was completed by Amax Exploration and all nine samples returned very intriguing gold values:
As Amax only assayed portions of the hole, Vanstar’s drill hole appears to be the very first one to be assayed in the past few decades, and we’re looking forward to see if more gold values will be encountered.
Disclosure: The author has no position in Vanstar Mining. Vanstar is not a direct sponsor of the website, but we were compensated by a third party.