Uranium Star Corp. (OTCBB:URST) (FRANKFURT:YE5)is very pleased to report that there are strong indications of gold mineralization on both the Three Horses and the Ianapera Properties, located in southern Madagascar.
As part of its agreement for the Three Horses massive sulphide property in southern Madagascar, Uranium Star also acquired the 5-claim (30+km²) Ianapera Property located 15 km to the north.
While exploring on the northern property, the exploration team came across local villagers panning gold from a secondary stream. Coarse gold flakes up to 2-3mm were noted. As a consequence a stream sediment sampling program has been completed in order to attempt to locate a bedrock source for the gold.
Uranium Star’s airborne geophysical survey covered a portion of the northern Ianapera claims, and a number of airborne EM conductors of significance have been defined close to the alluvial gold occurrence. It is interesting to note that these conductors exhibit varying characteristics and any one of them may be caused by gold hosting mineralization.
On the Three Horses Property the emphasis has been on locating massive sulphide mineralization. However, the results of the property wide stream sediment survey coupled with the airborne geophysical survey have produced 22 individual gold target areas that deserve further follow up work on the ground. One stream sediment sample returned 2.99 g/t Au which is proximal to several AEM responses making this a priority target. Several other gold in stream sediment anomalies (another sample returned 1.56g/t Au) are interpreted to be related to a fold structure that has multiple AEM conductors associated with it. The AEM conductors are associated with a complex magnetic pattern making this an area of priority for further follow up work looking for gold mineralization.
On a more regional basis the exploration team has noted local villages panning gold from streams and recovering gold from outcrop areas. It is believed that the gold is associated with quartz in graphitic horizons. Uranium Star is focusing its attention in this area on airborne EM conductors that are suspected to be caused by graphite.
Immediately, south of the town of Fotadrevo, where Uranium Star have built their base camp, it was discovered that locals had established an extensive area of pits and trenches and are extracting by panning gold flakes and nuggest up to 2mm in diameter. The Company has established an extensive grid in the area and has defined an attractive geophysical target over a strike length of 700 meters, and a width of 80 meters. In the past month, local villagers have begun excavating the area and have exposed an isoclinally folded shear zone. When panned, the villagers are regularly obtaining gold while panning from the alluvium above the shear zone. It is difficult to quantify how much gold they have been extracting from the shear zone itself, but villagers report wire gold is being taken from the ground at this location.
The Company is pleasantly surprised as to the unexpected gold potential of its properties, however, an opportunity has presented itself and the Company will assess this new avenue as it moves forward with its exploration efforts in Madagascar. Uranium Star will ultimately drill a number of these gold targets as part of its overall exploration program to attempt to define a mineral deposit of economic consequence.
Bill Nielsen, P.Geo., Director, is the designated qualified person for the technical information contained in this press release.
Craig Scherba, P.Geo., of Taiga Consultants is the Exploration Manager and is
supervising Uranium Star’s exploration activities on the Three Horses, Madagascar Property and the Sagar Property.
For more information, please visit our website at www.uraniumstar.com
Director of Business Development
Uranium Star Corp.
Toll Free: 800.818.5442 or 416.364.4911
J. A. Kirk McKinnon, President and Chief Executive Officer
Richard Schler, Vice President & CFO
WARNING: The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from expectations and projections set out herein.