Archean Star Samples 13.55% Copper and 15.30 g/t Gold at Monitor
06 Dezember 2012 - 2:25PM
Marketwired Canada
Archean Star Resources Inc. ("Archean" or the "Company") (TSX VENTURE:ASP)
reports that it has received High Grade copper and gold assay results from
samples taken at the historic Monitor Mine, located approximately 30 km (17 mi)
ESE from the town of Wallace, Idaho, in the historic and highly prolific Coeur
D'Alene Mining District.
The Company has engaged Dr. G. E. Ray, P. Geol., to conduct a National
Instrument NI-43-101-Compliant Report on the Monitor Property. During a property
visit to the Monitor as part of the NI-43-101 Technical Report preparation,
fifteen mineralized samples were taken by Dr. Ray at random locations from the
historic (1910) mine waste dumps. Two samples were taken from the Upper Richmond
shaft waste dump, eight samples from the Monitor shaft waste dump, and five
samples from the Richmond adit portal waste dump.
The most significant sample assay reported was 13.55% Cu, with two samples
assaying over 7% Cu, and two samples containing over 5% Cu. Of the fifteen
samples, only two assayed less than 1% Cu. The highest gold assays reported were
15.45 g/t Au, 9.67 g/t Au and 3.83 g/t Au from three samples taken from near the
Monitor shaft location. Anomalous gold and silver values were also reported in
fourteen of the fifteen samples taken with one sample assaying 57.70 g/t silver.
These assay results confirm the presence of high-grade copper-gold
mineralization at the Monitor. The complete assay information from all the
samples assayed are tabulated below.
Subsequent to completing the sampling program, the Company commenced clearing
and making safe the portal to the Monitor adit, that is approximately 1,700 feet
lower in elevation than the Monitor shaft collar at 5,820 feet elevation. This
was done in order to commence an underground mapping and sampling program of the
adit. In a historic report published by the Montana Idaho Copper Company titled:
"To the Monitor Vein", it is stated that up to the late 1920s, 25 men worked on
developing the 10 foot wide and 10 foot high adit. About 3,865 feet in from the
adit portal a copper-gold bearing siderite vein between 10 to 30 feet wide was
reportedly intersected.(i)
Historic production records from past underground exploration and development
work at the Monitor Mine reported that 1,561 tons were shipped to the Tacoma
smelter in the early 1900's with average reported smelter returns of 14.92%
copper, (298.3 lb/ton), 23.6 g/t silver (0.76 opt Ag) and 7.7 g/t Au (0.24
opt/Au).(i)
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Sample Copper Gold Silver
Sample Location Sample Notes (%) (g/t) (g/t)
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Mon1 Richmond Qtz. carbonate quartzite with 3.63 0.643 3.37
shaft abundant Cu and Fe oxides
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Mon2 Richmond Qtz rich siltstones with minor 0.19 0.015 0.15
shaft Cu oxides
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Mon3 Monitor Bedded quartzite with minor 0.06 - 0.02
shaft coatings of Cu & Fe oxides
----------------------------------------------------------------------------
Mon4 Monitor Bedded quartzite with minor 2.90 0.104 0.37
shaft carbonate and abundant Cu-Fe
oxides with siderite
----------------------------------------------------------------------------
Mon5 Monitor Massive quartzite with abundant 8.60 0.113 0.84
shaft Cu-Fe oxides
----------------------------------------------------------------------------
Mon6 Monitor Bedded argillite with minor Cu- 13.55 0.215 1.29
shaft Fe oxides with pyrite &
chalcopyrite
----------------------------------------------------------------------------
Mon7 Monitor Quartz rich dolomite with 7.30 0.571 1.79
shaft siderite, Cu-Fe oxides,
malachite and trace chalcopyrite
----------------------------------------------------------------------------
Mon8 Monitor Bedded qtz-carbonate metaseds 5.48 15.45 4.25
shaft with Cu oxides, siderite, quartz
veining and trace chalcopyrite
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Mon9 Monitor Composite sample of fine grained 1.99 3.83 2.05
shaft rusty & Cu oxide stained quartz
rich material
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Mon10 Richmond Bedded carbonate-bearing 7.14 0.104 3.11
adit quartzites with Cu-Fe oxides,
minor pyrite, chalcopyrite &
siderite
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Mon11 Richmond Massive quartzite with Cu-Fe 3.77 0.021 3.62
adit oxides and minor quartz veining
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Mon12 Richmond Bedded quartzites with Cu-Fe 2.71 0.011 3.45
adit oxides
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Mon13 Richmond Bedded carbonate-bearing 2.46 0.011 1.89
adit quartzites with Cu-Fe oxides and
siderite
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Mon14 Richmond Quartzite with abundant 5.80 0.032 0.29
adit secondary Cu-Fe minerals
(including wad) & siderite
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Mon15 Monitor Quartzite with minor pyrite- 1.76 9.67 57.70
shaft chalcopyrite, abundant Cu-Fe
oxides and abundant grey qtz
veins
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(i) The Company advises that historic information presented is not
NI-43-101-Compliant and a Qualified Person has not done sufficient work to
confirm the historic information thus it should not be relied upon.
Archean Star Resources Inc. is a junior exploration company that, through its
wholly owned subsidiary, Archean Star Resources Australia Pty Ltd, has entered
into an Option Agreement, subject to a 75% back in right, to earn 100% of Teck
Australia Pty Ltd's interest in Chalice Gold Mines Limited's Gnaweeda Gold
Project in West Australia. Kent Exploration Inc. (TSX VENTURE:KEX) holds
approximately 10,000,000 shares, or 18% of the outstanding common shares. The
Company has entered into a binding letter agreement to enter into an Option
Agreement to earn an 80% interest in the Monitor/Richmond Copper/Gold property
in the Coeur D'Alene Mining District by spending $2,100,000 and issuing 3
million common shares of the Company over a three year period.
This News Release has been prepared on behalf of the Archean Star Resources Inc.
Board of Directors, which accepts full responsibility for its contents. The
contents of this news release have been reviewed and approved by Dr. Clay
Conway, P. Geol., a Qualified Person as defined by National Instrument NI-43-101
and a director of the Company.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Archean Star Resources Inc.
Graeme O'Neill
President
(604) 684-3394
(888) 282-7763 (FAX)
www.archeanstar.com
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