Feasibility Drilling Underway at Tristar Gold’s Castelo de Sonhos
TSX VENTURE: TSG
SCOTTSDALE, Ariz., Sept. 12, 2019 (GLOBE NEWSWIRE) -- TriStar Gold Inc. (the Company or TriStar) (TSG-TSX.V) is pleased to announce that infill drilling has started at Castelo de Sonhos, This campaign focuses on Esperança South, with approximately 200 holes (20,000 to 25,000m) that aim to increase confidence in resource estimates which will serve as the basis for the pre-feasibility study (PFS) slated for completion by the end of 2020. The first reverse circulation rig began drilling this week; a second will begin in the coming weeks.
“With Royal Gold’s recent investment, TriStar is funded through the completion of this study, our team is now solely focused on aggressively moving this amazing project forward,” Mr. Nick Appleyard, President and CEO, commented: “the effort over the next 12 months at Castelo de Sonhos is all about increasing knowledge and reducing risk to expose the full value of this project in what looks like a buoyant gold market.”
As shown in Figure 1 above, the completion of this drilling campaign will bring the drill hole spacing in Esperança South to 50m. In all previous resource estimation studies for the CDS Project, 50m spacing has been adequate for the classification of Indicated Mineral Resources. Considerable additional resource potential exists outside Esperança South, in areas where 100m drilling has already established Inferred Mineral Resources and in areas of outcropping mineralized conglomerate that have not yet been drilled.
An optical televiewer (OTV) will be used to capture an image of the inside of the holes; TriStar’s previous use of OTV confirms that the high-quality images provide excellent data on lithologies and sedimentary structures, and serve as the ideal basis for precise measurements of the orientations of the bedding and structures that control gold mineralization.
TriStar is also happy to announce that CSAGlobal of Toronto Canada has been selected as the lead pre-feasibility consultant.
Highlights of the Preliminary Economic Assessment, published on November 16, 2018 are:
- Life-of-mine recoverable gold of 1.1 million ounces
- Internal rate of return, pre-tax of 51%, post-tax of 43% (using a gold price of $1250 per ounce)
- All in sustaining cost of $687/oz
Last years PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the economic results described in the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
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.