|
September 13/2011
Archean Star Announces preliminary Gnaweeda IP Survey Results: Plans Diamond Drill Program
Archean Star Resources Inc. (TSX.V: ASP) (the "Company" or "Archean") announces that it has received preliminary results from the recently completed, approximately 12 line km IP Survey at the Gnaweeda Gold Project in Western Australia. The Gnaweeda Gold Project consists of four tenements of approximately 170 square kilometers and is in close proximity to the town of Meekatharra in the Murchison Gold District of Western Australia, where historically approximately 3.5M ounces of gold has been mined previously from open pits around the town.
The survey, conducted by Quantec Geoscience ("Quantec"), covered portions of the St. Anne's and Bunarra gold prospects and successfully imaged resistivity and IP chargeability to a depth of approximately 500 meters. Quantec incorporated an overlay of historic and current drill results to assist in interpreting the information gained during the survey, which, along with a review by the Company's senior geologist, Dr. Clay M. Conway, Ph.D. P.Geol, and Mr. W. Robertson, Chief Geophysicist of Value Adding Geophysics of Perth, WA, is to be used to assist in locating drill holes for the upcoming Diamond drill program at Gnaweeda that is expected to commence mid October.
At the St. Anne's prospect, a north-trending IP chargeabilitylow to the west corresponds with a belt of felsic volcaniclastic rocks and a north-trending IP chargeabilityhigh to the east corresponds roughly with a belt of mafic volcanic rocks. The boundary area between the two belts is a major shear zone as interpreted by aeromagnetic data and corresponds to a fault on a 1997 map based on lithologies at the base of RAB holes. The IP data and local shallow resistivity highs at St. Anne's coincide with gold anomalies identified in previous shallow drilling in this boundary zone and provides guidance for the upcoming drilling program.
At the Bunarra gold prospect, the IP survey identified a large resistivity zone at depth under the general drill area, but also a pronounced IP chargeability high in the near vicinity where the Company intersected 11.71 g/t Au over 18 meters in its 2010 Diamond drill program, and 0.31 g/t Au over 79 meters during its March 2011 Diamond drill program. Follow up drilling is planned to test the extension of the mineralization and particularly to drill the IP chargeability high.
Additionally, the Company intends to conduct a follow up Diamond drill program in the vicinity of the 3 meters of 8.27 g/t Au and 16 meters of 2.46 g/t Au intersections identified at the Turnberry zone during the 2010 drill program.
To date, the Company has incurred approximately AUD$1.8M of the AUD$3.0M expenditure required by October 31, 2013 to earn, subject to a 75% back in right, 100% of Teck Australia Pty, Ltd's ("Teck") interest in the Gnaweeda Gold Project and anticipates it will complete the earn in expenditure by February, 2012.
The Company will be participating at the Cambridgehouse Toronto Investment Conference, September 15 and 16 at the Sheraton Toronto Center, and at the Sydney Mines and Money Australia Conference at the Sydney Darling Harbour Convention Center, October 10 and 11.
The Company announces the appointment of Dr. Clay M. Conway, Ph.D. P.Geol, a Qualified Person as recognized by National Instrument NI-43-101, as a director of the Company and Mr. Robin Peterson, CGA, as Chief Financial Officer ("CFO") and the resignation of Mr. Marvin A. Mitchell P. Eng as a director and Mr. G. Amor as CFO. The Company thanks Mr. Mitchell for his service as a director and Mr. Amor for his service as CFO since the inception of the Company.
ON BEHALF OF THE BOARD
"Graeme O'Neill"
Graeme O'Neill, President
Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), has reviewed, nor do they accept responsibility for, the adequacy or accuracy of this news release
ASP 2011-12
|