Vancouver, BC – TheNewswire – October 3, 2023 – Western Star Resources Inc (CSE:WSR) (the “Company” or “Western Star”) is pleased to announce that it has entered into an agreement (the “Agreement”) to acquire (the “Acquisition”) the Mount Anderson Property (the “Property in the Yukon.
The Mt Anderson is 163 contiguous quarts claims covering 30 km2 that is approximately 60 km south of Whitehorse. The Property is underlain by two intrusive bodies including the Early Jurassic Bennett Granite and the Early-mid Cretaceous Whitehorse Intrusive suite. The latter is referred to as the Mount Anderson Intrusion. Several roof pendants of Nisling Assemblage metasedimentary rocks (Snowcap Group), including quartzites and calcareous meta-clastics, outcrop over a significant area of the NE portion of the Property.
Several historical prospects be identified on the Property
The Adanac Zone is a continuous galena vein ranging from 0.1 to 0.4m in width, within strongly limonitic and moderately azurite-bearing granodioritic host rock. Sample results from a 15m by 0.9-metre pit averaged 62.2 g/t Au and 171.1 g/t Ag
The EPI Zone is a northeast-trending quartz-agate-fluoride epithermal vein roughly 1.0 metre in width within a 50-metre-long limonite and manganese-bearing shear zone.
The Ridge Zone is broad area of quartz-galena veining, returned up to 6.273 opt gold and 15.21 opt silver. Mineralized float was found in all trenches and anomalous values were returned from the soil sampling program
The Rob Skarn mineralization consists of sulphide-rich garnet actinolite-calc-silicate skarn with up to 5% pyrite and pyrrhotite and trace chalcopyrite.
The e Fleming Zn-Pb-Cu-Ag-(Au) skarn mineralization occurs as lenticular zones comprised of pyrrhotite-chalcopyrite- pyrite galena associated with massive magnetite and specular hematite-in a gangue of quartz, calcite, epidote,
47 Target Zone with three mineralized quartz veins in a shear zone ~ 30 m long and 5 metres wide
Blake Morgan, the CEO and President of Western Star, stated “The 100% acquisition of the Mount Anderson Property is a huge accomplishment. Given the recent market conditions Western Star was able to pick up an absolute bargain in a well establish mining district. The asset is near drill ready with multiple high-grade zones. The team at Western Star is thrilled to get started on such an outstanding project. We will have some more information regarding the asset shortly”.
Terms of the Acquisition
Pursuant to the Agreement, the Company will acquire the Mount Anderson Property through a 100% acquisition, the Company will issue an aggregate of 1,000,000 common shares in the capital of the Company (each, a “Common Share”) to the Vendors and grant a 1% NSR royalty in respect of commercial production from the Property.
Derrick Strickland, P. Geo (1000315), a shareholder, and a “Qualified Person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
Western Star is a mineral exploration and development company. The Company’s objective is to increase shareholder value through the development of exploration properties using cost-effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders. The Company currently owns nine non-surveyed contiguous mineral claims totalling 2,797 hectares, which are located within the Revelstoke mining division of British Columbia. The Western Star property group is located approximately 50 kilometres southeast of Revelstoke, B.C., and roughly 10 kilometres north of the abandoned community of Camborne. Access to the Camborne area is via paved highway from either Revelstoke or Nakusp. Access to the property area is best via helicopter from Revelstoke or Nakusp.
Additional information about the Company is available on SEDAR at www.sedar.com under the Company’s profile.
Blake Morgan, CEO and Director
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This news release contains certain forward-looking statements that are “forward looking information” within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements respecting the potential existence of a larger mineralized system on the Property, future exploration programs on the Property and their results, the future demand for copper, the terms of the Agreement, the completion of the Acquisition, and statements respecting the vesting and exercise of the Options are “forward-looking information”. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.