GlobeStar Mining Update on
Nickel Exploration Program in Dominican Republic: Discovery of two New Nickel
Laterite Zones
Toronto, Ontario -- January 17, 2008 -- GlobeStar Mining Corporation
(“GlobeStar “ or the “Company”) (TSX.GMI) is pleased to
announce initial exploration results from two new nickel bearing laterite zones
at Corozal Ridge and Cuaba Quemada in the Dominican Republic (see map at http://www.globestarmining.com/media/images/GlobeStarNickelJan2008.jpg). Results include 21 metres grading 1.85 %
Nickel from Corozal drilling and 2.2% Nickel from a channel sample in a pit at
Cuaba Quemada.
Corozal Ridge
The Corozal Ridge nickel lateritic zone is located approximately 3.5 km east of
GlobeStar’s Cumpi� Hill nickel deposit and 1.5 km west of the
Company’s Cerro de Maim�n copper/gold project. GlobeStar first identified
nickel laterite at Corozal from a shallow test pit which contained saprolite
grading 1.8% nickel (see release of 12 October 2006). Drilling at the Corozal
Ridge target began in mid-November 2007 on 50 meter centers. To date,
23 diamond drill-holes out of the programmed total of 30 holes have been
completed and this press release discloses assay results of the first 7 holes.
(see
http://www.globestarmining.com/media/images/CorozalDrillingJan08.jpg).
Table 1. Corozal Ridge Drilling
Program
Intercepts >= 1% Ni cut-off
(Holes CM-LATD-172 to CM-LATD-179)
|
Hole
|
From (m)
|
To
(m)
|
Width (m)
|
Ni %
|
Co %
|
CM-LATD-172
|
1.5
|
7.0
|
5.5
|
1.79
|
0.02
|
CM-LATD-173
|
0.0
|
6.7
|
6.7
|
1.90
|
0.03
|
CM-LATD-174
|
0.0
|
5.0
|
5.0
|
1.58
|
0.03
|
CM-LATD-174
|
8.0
|
11.5
|
3.5
|
1.31
|
0.02
|
CM-LATD-175
|
1.5
|
9.6
|
8.1
|
1.48
|
0.04
|
CM-LATD-176
|
0.0
|
4.0
|
4.0
|
1.28
|
0.03
|
CM-LATD-177
|
0.0
|
5.0
|
5.0
|
1.78
|
0.03
|
CM-LATD-178
|
2.0
|
23.0
|
21.0
|
1.85
|
0.04
|
CM-LATD-179
|
4.0
|
9.1
|
5.1
|
1.64
|
0.13
|
The compositing of the nickel grades
in the individual holes was done using a nickel cut-off of 1% with a minimum
intercept length of 1.5
meters and a maximum length of internal waste of 2 meters. The compositing
was done across geological boundaries. As the nickel laterite deposits are
essentially flat-lying, all widths given are true widths.
Cuaba Quemada
Cuaba Quemada is located within the
optioned Elsa I concession, 18
km southeast of Cumpi� Hill and 14 km southeast of
GlobeStar’s Cerro de Maim�n project, about 75 metres from the
Yamasa/Maim�n public highway.
From the north face of the discovery
pit at Cuaba Quemada a 1
metre channel sample from 2 metres to 3 metres depth returned
2.19% nickel and a further 1
metre channel sample from 3 metres to 4 metres returned 2.05%
nickel. The pits bottomed in mineralization. Any estimation of the
thickness of the lateritic profile will require drilling through the laterite
into fresh bedrock.
These results represent the first
on-ground exploration done on this area. The discovery is part of a systematic
scout pitting and auger drilling program which is exploring from north to south
along GlobeStar’s 43
kilometer strike length of the nickel bearing peridotite
belt. Cuaba Quemada is less than half way along the Company’s nickel belt
and over 20 kilometers
to the southeast has yet to be mapped on the ground. In 2006
trial pitting by GlobeStar at Loma Prieta, 25 kilometres
southeast of Cuaba Quemada, discovered 8 metres grading 2.2% nickel on the ridge top
and channel samples in pits up to 1.73% nickel at the base of the ridge.
(see release of October 12 2006).
GlobeStar is optioning Elsa 1, Loma
Cambronal, La Parcela and Loma Bambara concessions under previously announced
agreement with Energold (TSX-V. EGD). Under the terms
of this agreement, GlobeStar can earn up to a 100% interest in any nickel
laterite deposits within these concessions, which total approximately 116.6 sq.
km (see release of 12 May 2006). GlobeStar is the operator and can earn an
initial 75% interest by completing a US$900,000 work program and making
payments of US$50,000 per year for three years, payable in cash or shares.
GlobeStar has the right to scale back the work program to US$300,000 if it is
discovered that there is potential for less than 5 million tonnes of nickel
bearing laterite in the concession area. GlobeStar also has the right to
purchase Energold’s remaining 25% interest for a payment of US$500,000 in
cash or shares, converting Energold’s interest to a 2% net smelter
royalty. Subsequently, GlobeStar may purchase 1% of Energold’s NSR at any
time for $1 million in cash or shares.
Pitting and Auger targets are
selected after integrating slope analysis, EM/Mag geophysics and surface
mapping. The discovery pit in Cuaba Quemada was dug by hand to a depth of 4 meters and halted in
mineralization due to harder rock conditions. Results of meter-long channel
samples taken in two opposite faces of the pit are detailed in Table 2.
Table 2. Assay results
from pit at
Cuaba Quemada
|
|
|
North
Face
|
|
South
Face
|
From
(m)
|
To
(m)
|
Ni
(%)
|
Co
(%)
|
|
Ni
(%)
|
Co
(%)
|
0
|
1
|
0.95
|
0.102
|
|
0.75
|
0.082
|
1
|
2
|
1.23
|
0.165
|
|
1.20
|
0.137
|
2
|
3
|
2.19
|
0.035
|
|
1.68
|
0.068
|
3
|
4
|
2.05
|
0.038
|
|
2.01
|
0.031
|
The Company’s nickel laterite program is achieving a series of
milestones as exploration develops, and the
mineralization is understood. From the full time debut of the program in March
2007 to the end of the 2007, 127 holes were completed at an average rate of 1
hole per 2.2 days. This rate of drilling is expected to continue in 2008. The
drilling has resulted in the publication of a National Instrument 43-101 report
at Cumpie Hill in December 2007, which will be updated to include the Loma Mala
mineralization, with a target date for publication of February 2008.
Sample preparation and analyses
Samples from the Corozal Ridge drill
cores were crushed at the ACME laboratory in Maim�n,
Dominican Republic and then
pulverized at SGS laboratories, in Lakefield,
Ontario. Pulps have been analyzed
at SGS using tetraborate fusion XRF. Full QA/QC procedures were implemented,
including the insertion of standards, duplicates and blanks. Check samples
representing approximately 10% of all the samples will be sent to another
international laboratory for analysis by XRF.
Channel samples from Cuaba Quemada were
prepared and analyzed by XRF in the Falcondo (Xstrata) mine laboratory in the Dominican Republic.
No QA/QC procedures were implemented for these analyses.
This news release was prepared by GlobeStar and the data validated by F.
Roger Billington, P.Geo., Consulting Geologist, who is the designated
independent Qualified Person as defined in NI 43-101 for GlobeStar’s
nickel laterite exploration program.
About GlobeStar
GlobeStar is a well-funded minerals exploration company, developing the
permitted Cerro de Maim�n copper/gold project in the Dominican Republic. Production from
the 6 million tonne, high-grade open pit mine is currently expected in the
summer of 2008. GlobeStar is exploring an extensive base and precious metals
exploration portfolio in the Dominican Republic with over C$4.0 million
committed to exploration during 2007 and early 2008.
Contact:
GlobeStar Mining
Corporation
William
Fisher
JP
Chauvin
CEO
President and
COO
Email: wfisher@globestarmining.com
Email:
jp.chauvin@globestarmining.com
Tel.: (416)
868-6678
Tel.: (416) 868-6678
Bay Street Connect
Coal Harbor Communications
Gus Garisto
Dale Paruk
Email: gus@baystreetconnect.com
Email: dale@coal-harbor.com
Tel.: (416) 607
6023
Tel.: (604) 662-4505
Reader Advisory
The information in this news release
may include certain information and statements about management's view of
future events, expectations, plans and prospects that constitute
forward-looking statements. Assumptions made are subject to significant risks
and uncertainties. Because of these risks and uncertainties and, as a result of
a variety of factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and indicated by these
forward looking statements. Although GlobeStar believes that the expectations
reflected in its forward-looking statements are reasonable, we can give no
assurances that the expectations of any forward-looking statements will prove
to be correct. GlobeStar disclaims any intention, and assumes no obligation, to
update or revise any forward-looking statements to reflect actual results,
whether as a result of new information, future events, changes in assumptions,
changes in factors affecting such forward-looking statements or otherwise,
except as required pursuant to applicable securities laws.