Highlights:
- Magnometry and geochemistry sampling exploration program to
cover approximately 71 line kilometers over 49 contiguous claims
covering 1,012 acres that comprise the Port Snettisham property,
located about 30 miles (50 km) southeast of Juneau, Alaska.
- Reconnaissance on significant exploration including
geophysics and 11 hole drill program, metallurgy and benefication
work completed by previous explorers
- Outcome will be identification of drilling targets for core
drilling program late this summer.
TSX-V: AWS
VANCOUVER, May 15, 2012 /PRNewswire/ - Robert L. Card, President of Arrowstar Resources
Ltd., ("Arrowstar" or the "Company") (TSXV: AWS), is pleased to
report on the Company's proposed exploration program for the Port
Snettisham, Alaska property and to
report further details of the program. The field-work will be begin
as soon as the snow melts on the property, expected in late May or
early June.
The Arrowstar exploration team has planned a
program of measuring the magnetic susceptibility of surface and
trenched samples and with some geochemistry analysis to correlate
the Fe magnetic and total values with the magnetic susceptibility
values. The petrographic data is very basic and will also be
enhanced through analysis and thin section work.
The Company also plans a ground based IP and
Gravity anomaly survey once this initial work is completed. After
this work is completed Arrowstar expects to have sufficient data
for a diamond drill program to determine an inferred or indicated
43-101 resource estimate.
This project is a titaniferous magnetite deposit
on the Snettisham Peninsula. Ore has been subjected to several
programs of beneficiation test work and reports indicate that the
ore is amenable to magnetic separation. It is possible to produce
an iron ore concentrate containing in excess of 60% Fe with good
iron recoveries. The concentrate can then be smelted to produce pig
iron and a slag containing high TiO2 values. On average, the
Snettisham deposit is believed to contain: 18% - 20% magnetite, 2%
- 6% titanium, c. 0.05% vanadium and c. 0.0114% platinum (Source:
Scoping Study Proposal for the Metallurgical Development of
Snettisham Titano-Magnetite Deposit. Tata Steel Consulting -
Jan 2011).
The first major effort to explore the iron
potential of the deposit was in the 1950's by the US Department of
the Interior, Bureau of Mines, who drilled 11 holes, conducted a
geophysical survey over the body, and had beneficiation tests done
on the ore. The magnetite-bearing pyroxenite intrusive occupies a
land area of approximately 390 acres along the northeast shore of
the Snettisham Peninsula. The work outlined a magnetite rich area
of pyroxenite about 2,400 feet by 9,600 feet in area with a
vertical extent of 1,500 feet at an average SG of 5.1 representing
an estimated historical resource deposit of 4 billion metric
tonnes. Altitudes ranged from sea level to 1000 feet. The
pyroxenite extends northwestward under the waters of
Snettisham Inlet for an unknown distance. A section of 1900
feet of the deposit was explored to a depth of 1000 feet, totaling
6,546 linear feet of drill holes. The work done by the Bureau of
Mines indicated a favorably-situated, potentially-large deposit
containing titaniferous magnetite that can be recovered as a
high-grade magnetite, using standard, comparatively low-cost
methods of beneficiation. A qualified person has not done
sufficient work to classify the historical estimate as current
mineral resources, and the Company is not treating the historical
estimate as current mineral resources.
In 1969, Marcona Corporation optioned the iron
deposit and carried out extensive exploration including diamond
drilling and metallurgical tests. It was reported in 1969, that
Marcona Corporation and the Marubeni Company of Japan, had developed plans to pelletize two to
four million tons of iron ore annually. By 1970, Marcona completed
a feasibility study on the deposit and announced plans to put the
deposit into production at a rate of 5 million tons of concentrate
per year over a 50 year mine life. (State
of Alaska, Mines Bulletin, February
1970.) However, iron ore prices declined and the project did
not proceed.
Port Snettisham, Alaska - Exploration Program
The Snettisham Iron Ore (magnetite) Deposit is
located on the Snettisham Peninsula on the south side of Port
Snettisham and west of Gilbert Bay, about 30 miles southeast of
Juneau, Alaska. The latest
exploration work was done in 1970, using less sophisticated
equipment than is currently available now. No gravity survey
work was done, but some magnetic surveys, sampling, and
benefication test work has been done.
Access to the tenement is by boat, float plane
or helicopter from Juneau.
There are more than 13 hours of sunlight from April to
September.
Work Program Timeline - Two Phase
Program
In Summary the main program activities are:
Arrowstar has prepared an exploration plan which will include:
Early Summer, 2012
- Reconnaissance of the historical data and grid soil and rock
chip sampling with an XRF gun and magnetic susceptibility meter.
This will allow us to correlate Fe Total and Fe mag values with
magnetic susceptibility.
- An outcrop and trenching sampling study using a magnometer to
correlate Fe with magnetic susceptibility. Mineralogy and
petrology studies will also be conducted to analyze the presence of
the titanium and vanadium mineralization in the magnetite and the
extent of silica, sulphur, phosphorous and alkalis.
- A ground based IP magnetic and gravity study to identify key
changes in mineralogy and the extent of mineralization. No
gravity surveys have been completed to date and this will be
completed prior to a drilling phase.
Late Summer, 2012
- In phase two, a diamond drilling program directed by the
results of the above studies that will allow suitable targets to be
identified so that a Resource Estimate can be produced followed by
a Feasibility Study.
- A benefication study using samples to ensure the results are
statistically significant and the proposed benefication process
design is proven at pilot plant size. This stage is particularly
important to the success of the project given the high cost of
crushing to 100 mesh.
The field season in the Snettisham region
extends from April through to September. While it is possible to
drill during the winter, it becomes very inefficient when drilling
shorter holes. A two phase, exploration program is proposed
to complete the drilling necessary to confirm a CIM and NI 43-101
compliant inferred (and possibly indicated) mineral resource in the
Snettisham area. If chemical analysis results are favourable, then
further drilling at closer spacing will be required to identify a
measured or indicated resource.
Phillip Thomas,
BSc, MBus, MAIG, a Qualified Person under NI 43-101, has
reviewed the content of this release.
On Behalf of the Board of Directors,
Gulfside Minerals Ltd.
"Robert L. Card"
Robert L.
Card
President
"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."
Forward-Looking Statements: This document
includes forward-looking statements. Forward-looking statements
include, but are not limited to, statements concerning AWS's
planned exploration programs and other statements that are not
historical facts. When used in this document, the words such as
"could," "plan," "estimate," "expect," "intend," "may,"
"potential," "should," and similar expressions are forward-looking
statements. Although AWS believes that its expectations reflected
in these forward looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to
differ from these forward-looking statements are disclosed under
the heading "Risk Factors" and elsewhere in the corporation's
periodic filings with Canadian securities regulators.
SOURCE Arrowstar Resources Ltd.