2007 Field Program Commences at Ruddock Creek Property
Proceeds Received from Damoti Lake Sale
May 11, 2007
VANCOUVER
, British Columbia
- Doublestar Resources Ltd. (DSR-TSXV) advises that Selkirk Metals Corp has provided a schedule of operations on the Ruddock Creek Property, which is located 100 km north-northwest of Revelstoke in the Kamloops and Revelstoke Mining Divisions, British Columbia (the "Property"). Selkirk and Doublestar (the "Company") are in 70-30 joint venture on the Property and have entered into an arrangement that sets out the terms by which Selkirk will acquire 100% of Doublestar [see March 1, 2007 news release]. In addition, the Company advises that it has received $700,000 from Anaconda Mining Inc as final payment for the sale of the Damoti Lake claims raising cash balances to $1.1 million (see November 30, 2006 news release). The Company retains a 20% working interest in certain of the Damoti claims.
Ruddock Creek:
Road construction equipment has been mobilized to the Property and has commenced clearing snow from the access roads to and on the project area. The roads have been cleared to within one kilometre of where the road construction ended in 2006. At the close of operations in 2006, the access route was within 500 metres of the proposed exploration camp and core processing facilities and 1.7 km from the proposed portal and main mining camp area. The first phase of operations this season is to complete and install the exploration camp so Diamond drilling can begin. The road construction will continue to the portal and main mining camp in order to mobilize underground mining equipment to the site. A 30 person trailer camp has been purchased by Selkirk and will provide housing, cooking, and recreation and office facilities for the workforce.
Three surface Diamond drills have been contracted to complete a minimum of 10,000 metres of surface drilling focused on the E Zone, the Creek Zone, and the Q, R, V and U showings in Oliver Creek. Drilling operations are expected to commence on the Oliver Creek targets by early June, with the drilling on the higher E Zone and Creek Zone targets when ground conditions are favourable. Snow levels in the Ruddock - Oliver Creek drainages this winter were marginally less than historical averages thereby allowing for an earlier start on the 2007 program.
The 2007 underground work program on the Ruddock Creek Property will include a 1.1 kilometre decline at the E Zone to undercut the deepest drilling intersections to date. A total of 600 metres of development is planned sub-parallel to the mineralized horizon for detailed underground Diamond drilling. Over the winter season a series of avalanche hazard assessments were completed to determine the optimal location for the proposed portal site, camps and access routes.
The metallurgical test work, begun in 2006, will continue to determine the optimal process flowchart for the mineralization. To date, the results have proven to be positive with the Acid Base Accounting of the host rock of the mineralization shown to be dominantly non acid generating. The preliminary Heavy Liquid or Dense Media Separation (DMS) testing at a crush size of 5/8 inch and a specific gravity of 2.7, sends 34% of the feed mass or volume to the tails with only 1% lead loss and 0.3% zinc loss. The first Flotation testing results have been received and at a grind size of 100 microns 93.4% of the lead and 99.4% of the zinc were floated into rougher concentrates. The results to date show that there are insignificant concentrations of deleterious or environmentally unfriendly elements.
Baseline environmental studies were ongoing over the winter and will continue to accumulate the data necessary for future permit applications.
As a result of the successful 2006 drilling program on the Ruddock Property, the Company is comfortable with the decision to proceed with the major surface drilling program, underground decline including Diamond drilling and the camp installation. This work will enable the joint venture, for the first time, to operate on a year round schedule with no shut down due to winter conditions. This will facilitate underground Diamond drilling to fully delineate the E Zone mineralization and allow for eventual bulk sampling.
Doublestar holds a 30% interest in the Ruddock Creek Property under the terms of a joint venture agreement with Selkirk who holds the 70% balance. Selkirk and Doublestar have signed an Arrangement Agreement which sets out the formal terms and conditions for the acquisition of Doublestar by Selkirk.
Exploration on the Ruddock Creek Property is being conducted under the supervision of Selkirk's Qualified Person (as defined by NI 43-101), Jim Chapman, P.Geo.
For further information on Doublestar Resources Ltd please visit our website at www.doublestar.net
.
Contact:
Alan C. Savage
Chairman
Phone: 604-688-7377
www.doublestar.net
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward‑looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com
for further information.
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