TriStar Drilling Extends CDS Two Kilometers; Warrants Exercised
SCOTTSDALE, AZ--(Marketwired - January 06, 2017) - TriStar Gold Inc. (the "Company" or "TriStar") (TSX VENTURE: TSG) is pleased to announce that a total of 13.2 million warrants for total proceeds of C$2.05 million have been exercised since October 1, 2016. This includes warrants with expiration dates of December 21, 2016 (exercise prices of C$0.13 and C$0.20) and January 6, 2017 (exercise price of C$0.20). As at January 6, 2017, the Company has 138,353,376 common shares issued and outstanding.
The Company has now received all of the assay results from new drill holes in the Esperança South area of the Castelo de Sonhos gold project. These assays confirm that gold mineralization now extends at least two kilometers to the southwest beyond the resource area defined by the Company in 2014.
Table 1 shows the significant intervals for all the drill holes completed in Esperança South during the 2016 drill program.
|Hole ID||Thickness and gold grade||Downhole depth||Grade x Thickness|
|CSH-16-144(1)||3.10 m @ 3.90 g/t||121.80 - 124.90 m||12.1 gm/t|
|CSH-16-145(1)||3.90 m @ 0.70 g/t
1.85 m @ 1.10 g/t
2.00 m @ 4.96 g/t
|12.70 - 16.60 m
163.40 - 165.25 m
177.20 - 179.20 m
|Total: 7.75m @ 1.89 g/t||14.7 gm/t|
|CSH-16-146(1)||2.10 m @ 7.51 g/t||144.90 - 147.00 m||15.8 gm/t|
|CSH-16-147(1)||1.80 m @ 0.63 g/t
4.10 m @ 3.68 g/t
|65.10 - 66.90 m
182.30 - 186.40 m
|Total: 5.90m @ 2.75 g/t||16.2 gm/t|
|CSH-16-149||1.85m @ 3.28 g/t||67.2 - 69.05 m||6.1 gm/t|
|CSH-16-150||1.95m @ 1.95 g/t||21.85 - 23.80 m||3.8 gm/t|
|2016 Southwestern extension average:||3.78 m @ 3.03 g/t||11.4 gm/t|
|2014 resource area average:||4.14 m @ 2.43 g/t||10.1 gm/t|
|CSH-16-151 North of Esperança South, see Figure 2||2.00 m @ 1.12 g/t
2.00 m @ 0.71 g/t
|63.80 - 65.80 m
214.35 - 216.35 m
|Total: 4.00m @ 0.92 g/t||3.7 gm/t|
|Table 1. Significant gold intervals from all holes completed in Esperança South in 2016. Drill holes were drilled towards an azimuth of 140 degrees (except Hole CSH-16-151, which has an azimuth of 90 degrees), with a dip of 55 degrees. The downhole intersections are approximately true width of the mineralization. (1) indicates holes previously released.|
Mr. Nick Appleyard, TriStar's President and CEO, commented: "The results from the Esperança South drilling have validated the exploration target model released earlier this year. We now know that in Esperança South alone the strike length of near-surface mineralization is two kilometres longer than reported in 2014. We are looking forward to continued drill results from the northern extension of Esperança Center, and incorporating these results into the PEA scheduled for 2017."
Figure 1 shows the new drilling on the south west limb of the Castelo de Sonhos deposit. The drill-tested strike of mineralization has now been extended by approximately two kilometers, with grades and thicknesses very similar to those in the 2014 mineral resource estimate. Infill drilling will be required to calculate a new resource estimate, it is anticipated that this drilling will be start early in 2017 using Reverse Circulation (RC). Petrophysics and televiewer will be used in the RC holes to assist lithology logging, and to provide marker horizons for defining the stratigraphy within the 250m-thick conglomerate band, subject to a successful testing of the technology onsite in February.
Hole CSH-16-148 was abandoned when rods became stuck in the hole at 80m, well short of its target length; this hole was re-drilled as CSH-16-150. Hole CSH-16-151 was drilled on the northern end of Esperança South (Figure 2).
Both core drill rigs have been drilling the northern extensions of Esperança Center, the locations of the drill holes are shown in Figure 2, this drilling will be completed in early January, with assay results expected soon after.
Sample analysis procedures and QA/QC protocols
Sample preparation and analytical work for the Castelo de Sonhos drilling program were carried out by SGS Geosol in Parauapebas, Para State (sample preparation) and Belo Horizonte, Minas Gerais (analysis), an ISO 9001:2008 and 14001:2004 certified laboratory which employs industry-standard analytical methods. As part of TriStar´s QA/QC protocol, standard samples and blanks were inserted into the sample processing stream at a rate of one per 10 samples. Duplicate and alternate laboratory check samples also form part of this sampling protocol.
TriStar's Vice-President, R. Mohan Srivastava (P.Geo.), is the QP for this press release and has prepared or supervised the preparation of the scientific or technical information in this press release.
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.