HOUSTON--(BUSINESS WIRE)--TriStar Gold Inc. (the Company) today announced the start-up of exploration activities at the Castelo de Sonhos Property, located in Southwestern Pará State of Brazil, where the Company has an option to acquire 100% of the mineral rights.
Castelo de Sonhos consists of 72,067 hectares of mineral rights located approximately 15km East of the Cuiabá-Santarém road. The host rocks for the property’s gold mineralization are quartzites, meta-arenites and metaconglomerates of the Early Proterozoic (+2 Ga) Castelo de Sonhos Formation. Geologically, the property shows similarities with Witwatersrand in South Africa and Jacobina in Brazil. The property encompasses a 15km by 12km plateau with an average elevation of 300 meters above ground. The main creeks and drainages that flow from the plateau were extensively mined for alluvial gold from 1987 to 1992 and the gold output from these artisanal mining operations has been estimated between 250,000 ounces to 320,000 ounces.
Barrick Gold Corp. conducted significant exploration at Castelo de Sonhos from June 1995 to November 1996 for which TriStar has recovered the data for geological mapping, 509 stream sediment samples; 3.093 soil samples; 1,472 rock samples; 2,313 trench samples and 23 diamond drill holes for a total of 2,027 meters. Barrick also conducted an airborne geophysical survey with flight lines spaced 200 meters covering an area of 750 km2 for which TriStar is trying to recover the digital information. All these activities led to the definition of two large and expressive gold in-soil anomalies extending for more than 5 km as well as positive gold intercepts in trench and drill core samples.
The soil anomaly in the Esperança South target is 2.5 km long and 0.8 km wide with gold assays higher than 100 ppb gold. The soil anomaly in the Esperança Center target is also 2.5 km long and 0.8 km wide but with gold assays higher than 250 ppb. These two anomalies both run north-south and are located in the same trend, being split only by the existence of a narrow valley in between them.
Most of the trenches and drill-holes (22 holes) were located in the Esperança South target, and only one (1) hole was drilled in Esperança Center. Of the 23 holes drilled, 11 are vertical and 16 have an average depth of about 50 meters. TriStar management is confident that the drilling made by Barrick is insufficient to adequately test such a large property and in particular, the two large soil anomalies.
The two tables below summarize the most significant drill and trench results.
| Hole | Intercept (gold) | From (m) | To (m) | ||||||||||||||||
| DH-03 | 20 m @ 2.80 g/t | 82.00 | 102.00 | ||||||||||||||||
| DH-07 |
4 m @ 11.42 g/t |
0.00 | 4.00 | ||||||||||||||||
| DH-14 | 24 m @ 0.85 g/t | 0.00 | 24.00 | ||||||||||||||||
| DH-16 | 7 m @ 3.64 g/t | 0.00 | 7.00 |
| Trench | Intercept (gold) | |||||||||||||||
| TR-03 | 15 m @ 1.37 g/t | |||||||||||||||
| TR-04 | 14 m @ 1.23 g/t | |||||||||||||||
| TR-05 | 16 m @ 1.01 g/t | |||||||||||||||
| TR-06 | 24 m @ 0.66 g/t | |||||||||||||||
| TR-07 | 18 m @ 1.33 g/t | |||||||||||||||
| TR-12 | 77 m @ 1.39 g/t | |||||||||||||||
| TR-17 | 18 m @ 1.20 g/t | |||||||||||||||
| TR-29 | 22 m @ 1.59 g/t | |||||||||||||||
| TR-30 | 28 m @ 2.26 g/t | |||||||||||||||
| TR-31 | 44 m @ 1.59 g/t | |||||||||||||||
| TR-33 | 10 m @ 1.68 g/t | |||||||||||||||
| TR-35 | 10 m @ 1.32 g/t | |||||||||||||||
The information provided above was obtained from records prepared by Barrick Gold Corporation and TriStar cannot verify the adequacy of sample preparation, security and analytical procedures.
TriStar’s exploration program will in the first instance check all Barrick’s results, followed by a more detailed soil sampling program over the two main soil anomalies, extending the exploration to areas that Barrick did not cover. A drilling program is planned for the second half of 2011.
Mr. Rodrigo Mello, an independent consultant and a Qualified Person as defined in NI 43-101, who has already visited Castelo de Sonhos prospect, has read and approved the technical portions of this release.
About TriStar:
TriStar Gold is a well-financed gold exploration company focused on high-potential properties in Brazil. As well as Castelo de Sonhos, TriStar holds exploration projects in the Tapajós district known as the Bom Jardim and the Andorinhas Property. The Company’s shares are listed on the TSX Venture Exchange under the symbol TSG-V. Further information is available at www.Tristarau.com
For further information, please contact:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward-Looking Statements
Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the "safe harbour" provisions under the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon the Company's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans to change include changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the company’s projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.